Joe Faxio is the lieutenant director of economic development for the National Black MBA Association Atlanta Chapter. Faxio was present at the 2023 business pitch competition, where entrepreneurs participated in a business pitch competition in hopes of winning up to $5,000.
Faxio spoke with rolling out about the pitch competition, and tips for entrepreneurs looking to be involved in the future.
What should people know about the business pitch competition?
It’s a competition where people pitch their businesses, there are actual judges as well as audience participation, and the winner gets up to $5,000 for the first place. Second place wins $2,500, and third place wins $1,500.
Something else that people should know regarding this, is that this is part of the initiative on a broader initiative as we’re supporting entrepreneurship in the Black community as part of the National Black MBA Association. It’s under our wealth-building initiative and we find that the largest driver of wealth is entrepreneurship, so we wanted to emphasize that.
What is your role in the pitch competition?
My primary role was to find the judges, and how we went about that. One of the things I wanted to do is get investors who, if they liked the idea that they saw, could either cut a check themselves or introduce them to someone. One judge runs a VC firm that has funds that still need to be allocated and the other one is another investor who invested in companies as well. Then we have an entrepreneur who has raised money.
What are some tips that you can give entrepreneurs who want to be a part of this event in the future?
A friend once told me there’s no shortage of mentors for Black businesses, but when it comes to cutting checks, it’s different. Historically speaking, we have been locked out when it comes to access to capital for small businesses or businesses in general, and we know that the biggest driver is capital that you’re going to need. This could make the difference between someone making payroll or not, or being able to invest in their marketing, especially if they connect with someone here who can get help them get a larger raise in the future that can help transfer their business, help them grow, and now recruiting jobs that weren’t there before, and possibly changing lives as well. It starts small, but it can grow into something pretty big and majorly impactful.
