Originally Posted 11/17/16
Yesterday I went to a pitch competition for Seattle Start up week. Billed as a blend of amateur night at the Apoll and Shark Tank, Showtime at Washington Hall featured a happy hour, live dj, podcasters Hella Black Hella Seattle as hosts and 5 black entrepreneurs from all over the world. At a pitch competition entrepreneurs get the opportunity to describe their business and investors provide cash prizes to the best business. It’s a great way to fund your venture and create buzz about your upcoming projects. In addition to being a cool scene, I was inspired and learned a lot. I am not creating some future “unicorn” status app, but one thing I think fashion companies lack is business knowledge. In a room with investors you need to be able to show that you know what is going on with your business. Here are some questions I wrote down that I am going to add into my business plan:
Who is your Target Market? How big is that market?
How did you determine your pricing?
What is your exit strategy?
What is your proof of concept?
How will you reach your target market?
Where will your company be in a year?
How are you going to use the money you are asking for?
How will you build your team?
Seeing people that look like you, making moves is always inspiring. I also got the opportunity to learn something as well. Not bad for a Wednesday night. I will attend other events for Seattle Start Up Week to connect with business people of color. What are you learning that will help you move forward with your dreams?