The number of Black-women owned businesses is on the rise, with recent data indicating that 37.2 percent of all Black-owned businesses and 19 percent of women-owned businesses are led by Black women. However, these entrepreneurs face significant structural barriers, as only 3 percent of them manage mature businesses despite a higher percentage being involved in starting or running new ventures.
Capital One has been actively supporting initiatives to bridge this representation gap through events like the Black Magic Reimagined Summit. In collaboration with Boss Women Media, they have hosted the fourth annual Black Magic Reimagined Pitch Competition, offering grants totaling up to $100,000.
"This year's pitch competition winners are prime examples of aspirational, dynamic entrepreneurship," said Dayna Fleming from Capital One. "We're thrilled to partner with Boss Women Media to provide grants that will help these entrepreneurs continue to achieve their dreams and build sustainable, thriving businesses."
The winners presented their business ideas before a panel including Amber Williams from Le Rouge Cuisine Food Co., Dayna Fleming from Capital One Business Cards & Payments, and Mekina Raga from Capital One Small Business Bank.
Felicia Jackson secured first place and a $50,000 grant for her company CPRWrap Inc. The inspiration came after a personal incident where her son choked on a small object. Despite being CPR trained, panic prevented her from recalling the steps needed during the emergency. Her product aims to guide individuals confidently through CPR procedures using visual hand placements and translated instructions.
Ehime Eigbe-Akindele won second place with Sweetkiwi, receiving $30,000. Following a health scare at age 22 involving uterine fibroids that required surgery, she transformed her diet and developed an innovative frozen dessert promoting gut health while satisfying sweet cravings.
Brittany Coleman’s ToughCutie earned third place with a $20,000 award. Noticing underrepresentation in outdoor brands for women of color throughout her career inspired Coleman to create high-quality products tailored for female consumers who enjoy outdoor activities.