Hornets Sports & Entertainment is accepting applications for its second innovation summit, an initiative that seeks to create opportunities for minority entrepreneurs and businesses.
The Hornets Innovation Summit launched last year, with Bank of America Corp. (NYSE: BAC) as the presenting partner. The Charlotte Hornets award $15,000 to one applicant. Eligible businesses must be at least 51% operated and controlled by racial minority groups and within 150 miles of the Spectrum Center.
About 20 applicants moving on to round two will post one-minute pitch videos for fan voting. Four finalists are then chosen via voting and an internal selection committee. They will pitch their ideas in March in a live panel session. Winners will be announced at the March 21 Hornets game.
The summit grew out of the Hornets' social justice platform started in 2020. That platform focuses on three areas, including voting, economic mobility and racial equity, said Betsy Mack, senior director of corporate social responsibility and executive director of the Charlotte Hornets Foundation.
"As an organization, we feel it's really important to use that platform to use our voice to speak out and to help highlight and empower individuals, communities (and) organizations that don't have that platform," Mack said. "It's not just, 'OK, this is a contest. We have one winner, and then we move forward from there,' but how do we really align with all of our entrepreneurs to create a fabric of success within our community?"
Last year's event brought in almost 150 applications and nearly 50,000 fan votes.
Brandi Long, creator of The Jurse, took home the $15,000 prize in 2021. The Jurse, as the name suggests, converts from a jacket into a purse. Long is a South Carolina-based fashion entrepreneur and trained chemist who launched her product in late 2020. A friend heard about the summit on the radio.
Long used the funds for purchasing bulk orders, obtaining a full patent and advertising. She said the summit team contacted her throughout the year to check in and offer business resources. Long said the summit was a scary experience, but it helped break her out of her comfort zone. She said entrepreneurs should not be afraid to ask questions and reach out for help.
"I believed in myself, but I didn't know how valuable what I was doing was until the innovation summit," Long said.
Long quit her job in December to focus full-time on The Jurse and is now turning a 40% profit from each sale. This year, she is launching a hoodie version and looking for more licensing deals and partner stores to carry the product.
Mack said the intent is to make the innovation summit a long-term initiative as long as the need is there. The goal is to eliminate barriers and offer support for all of the applicants. The team is finalizing this year's panelists, following last year's group of big names, such as Hornets executive James Jordan and Red Ventures founder Ric Elias.
Applicants will receive one year of access to The Lonely Entrepreneur's Learning Community. Those advancing to round two will receive three group coaching sessions through BofA's Better Money Habits.
"We are honored to join the Charlotte Hornets in improving the economic progress of minority small business owners," Kieth Cockrell, Charlotte market president at BofA, said in a statement. "Supporting small businesses is one of the four key focus areas of our $1.25 billion commitment to advance racial equality and economic opportunity. We’re helping to level the playing field and open more doors for minority led businesses, entrepreneurs and innovation."
Mack said there is already reserved space in Spectrum Center for the top four finalists to pitch, although attendance could be limited due to Covid-19. There will also be a virtual option to watch.
The application period runs through Feb. 10.
