In a landscape where access to capital and resources often determines the trajectory of a startup, Silicon Valley Bank and StartupOS are stepping up to be agents of change. On February 27, 2024, the two innovation-focused companies will converge in San Francisco to host a pitch competition aimed at underrepresented, early-stage startup founders. The event, titled “Empowerment Through Innovation: Black History Month Pitch Event,” holds promise not only for the participating founders but for the broader innovation ecosystem.
Catalyst 2045, SVB’s initiative dedicated to diversifying the innovation economy, is leading the charge alongside StartupOS, a new platform reshaping the startup landscape. With travel stipends to the pitch event and over $60,000 prize money up for grabs, this competition is more than just a chance for founders to pitch their ideas — it’s an opportunity to access vital resources, guidance, and connections.
The urgency of this initiative stems from disheartening statistics: last year, companies founded by all-female teams received a mere 2% of venture capital funding, with even less allocated to startups led by Black and Latinx women. SVB and StartupOS are determined to challenge this status quo by actively seeking out and supporting emerging founders from diverse backgrounds.
Women, Black, and Latina early-stage startup founders across the U.S. are encouraged to apply for the pitch event by February 10, 2024. Through the application process, founders not only vie for a chance to win prize money but also gain one-year free access to the StartupOS platform, a valuable resource for navigating the complexities of entrepreneurship.
StartupOS is a catalyst for startup growth, supporting over 5,000 startups since the 2023 introduction of its AI-powered platform and network of mentors, investors, and partners. StartupOS’s intent is to democratize access to innovation, tools, guidance, and capital, thereby increasing startup success. In late January it unveiled StartupOS Launchpad, a managed digital platform that enhances connection and collaboration between early-stage startups and accelerators, enterprises, communities, and universities.
Paul Pluschkell, CEO of StartupOS, expressed enthusiasm for the upcoming event, highlighting the energy and passion demonstrated by founders in past pitch events including those at AfroTech and ArtBasel. “Our partnership with SVB Catalyst 2045 began in mid-2023, and ever since then, we have collaborated on a series of pitch events with the sole purpose of empowering underrepresented, early-stage startups with access to innovation tools, guidance, and capital that supports the growth of their company,” Plushkell said.
Five finalists will be selected to receive a $1,000 stipend for travel, an award of $4,000, and the opportunity to pitch investors at the event. However, the rewards don’t stop there. Winners stand to receive additional cash prizes, with first place taking home $15,000, second place $12,000, and third place $8,000.
The significance of these events extends beyond monetary prizes. They offer founders a platform to showcase their innovations, pitch to investors, and gain exposure to the broader business community, in addition to access to the StartupOS platform. Moreover, they signal a commitment to fostering diversity and inclusion within the startup ecosystem — an imperative for driving innovation and sustainable growth.
SVB will continue to partner with StartupOS with several regional events throughout the U.S. Details for those will be announced soon. The event on February 27 and an upcoming Women’s History Month pitch event will also deliver $120K in combined cash prizes, and most importantly, the opportunity to pitch to investors and gain exposure to the business community and beyond.
“At Silicon Valley Bank, we’re not just banking with the visionaries of our age; we’re partnering with the architects of tomorrow,” head of Catalyst 2045 Tosh Ernest said. “Our clients are at the forefront of innovation, crafting a future that promises not only technological marvels but a brighter, more inclusive reality for all. We are committed to nurturing the success of the diverse pioneers who dare to dream of a better world.”
In the words of Paul Pluschkell, “The innovation, energy, passion, and commitment from founders during our past pitch events with SVB Catalyst 2045 have been outstanding. I can’t wait to hear from our five finalists at the end of the month.” With initiatives like these, the future of entrepreneurship is indeed looking brighter and more inclusive.
As the deadline for applications approaches, the message is clear: the doors of opportunity are open, and SVB and StartupOS are ready to support the next generation of diverse founders on their journey to success. To register for the pitch event and learn more about eligibility criteria, visit the event website.
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