The Black Entrepreneurs Association (BEA) on Tuesday launched its inaugural ‘Emancipation Pitch’ business competition, which would see $2 million up for grab by Afro-Guyanese. 

At the competition’s launch at the Herdmanston Lodge in Georgetown, Vice President of the Association Melissa Varswyk said the competition was birthed from the need to assist Afro-Guyanese business owners, who are faced with a number of challenges, including access to finance.

“40% of our members have noted that their seeking finance between $500,000 to $5 million to help scaling their businesses and also introducing new services,” Varswyk posited.

Varswyk added that the BEA is working to see how it can secure financial opportunities for its members. 

“When we come together, anything is basically possible, and this is why we have been pushing right now that we find other projects that would be successful like this so we can help our brothers and sisters who are looking to finance their businesses and expand to get those kinds of opportunities.”

Carded for August 5, 2023, at the Herdmanston Lodge, the competition is set to earmark Guyana’s Emancipation Day with a competitive platform for innovative minds to exhibit their entrepreneurial abilities.

With a $2 million cash prize for the winning entry, the competition seeks to inspire the next generation of business leaders by providing the seed capital required to transform their unique ideas into successful enterprises.

 Applicants must submit a one-page business summary in PDF format of their business proposal that encapsulates the business name, concept, model, target market, and competitive advantage to be chosen to pitch their idea.

 Applications will remain open until July 10, 2023, and will undergo review by a panel of business experts.

Selections will be made based on the novelty of the business concept, the viability of the business model, potential market size, and the competitive edge.

The BEA was started in 2020 to develop and empower Afro-Guyanese businesses.