Female entrepreneurs got cash and validation at a recent pitch competition, and it meant something good for the woman who founded the challenge.
More than 70 business owners applied for the second annual EmpowHERment Pitch Competition. Two rounds of judging later, three finalists went head to head for a share of $25,000 in seed money:
-Audiolo accelerates the production pipeline and saves production studios millions of dollars per show.
-Bairitone Health builds solutions for the millions of people with untreated obstructive sleep apnea.
-Hangio is a Dallas company that makes bendable hangers to keep clothes from stretching.
"I think the common thread was they all have the potential to be multimillion-dollar businesses. These weren't what I call mom-and-pop businesses that just were going to be a lifestyle business. These had big potential and we want to give capital to those businesses so they can reach their potential," said Elsye Dickerson who started the competition.
"They also had really innovative ideas, something, you know, we hadn't seen before in the marketplace."
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Dickerson is the CEO of an ear care company called EOSERA. It launched in 2016 after Dickerson won $50,000 at a pitch competition. She understands the struggles of women who start small businesses and the difficulty of securing funding.
"The reason I'm passionate about female founders, not only because I am one, but because still in this day and age, only 2% of VC funding, venture capital funding, goes to women," she said. "So, it takes a village to bring these women into the light so that other investors and other businesses can see what they are building."
After pitching for eight minutes with four minutes of Q&A, the three judges awarded the top prize of $15,000 sponsored by Simmons Bank to Audiolo.
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Second place was awarded $10,000 sponsored by Higginbotham to Hangio founder Ayo Aigbe. She was an undergrad at Texas Tech majoring in engineering but had this idea for a hanger that wouldn't leave shoulder bumps on clothes. She created a bendable hanger prototype in 2017.
The founder of Bairitone Health won three one-hour coaching sessions with a leadership coach.
"I think all three of them are actually going to make it. I think we're going to be watching them a year from now and they're all going to have incredible traction," Dickerson said. "It's a full circle moment for me because I remember what it felt like for the first check to come into my hands and, and believe that other people believed in me."
Dickerson is a passionate entrepreneur and advocate of women in business and she can't wait to see who'll pitch next year.
"I think the big takeaway is try it. The worst that can happen is you fail but if you don't try, you never know," she said. "There are other women and other individuals, not just women, out there to support you. There are networks you can join. There are incubators and other business owners that are always willing to answer questions and help."
