Lightship Capital, the investment arm of Hillman Accelerator, wasn't going to let a pandemic stop its mission to fund underrepresented entrepreneurs.
When the firm's in-person events were canceled this spring, organizers decided to utilize streaming platform Twitch for a virtual pitch competition that awarded thousands in funding to early-stage companies. The result, Twitch Pitch, is a four-week-long competition where a dozen companies from across the country pitch against each other in front of a panel of judges and a virtual audience.
"We're the first VC group to have a pitch competition on Twitch," Hillman Accelerator Founder Candice Matthews Brackeen told Cincy Inno. "There's been a lot of excitement. It gives people something to do during Covid."
Twitch Pitch has attracted startups from a variety of industries, including sustainability, e-commerce, health care and consumer product goods. Companies that wish to participate must apply by sending in their pitch deck and a five-minute video of them presenting. Lightship then reviews these submissions and invites companies to pitch in front of a panel of judges.
During the first season, one company was supposed to walk away with $5,000, but Brackeen said judges were so impressed with the presentations that they awarded $5,000 to two companies. She added that Lightship plans to once again give away $10,000 in season two, which starts next month.
Twitch Pitch has already secured sponsors for the next three seasons. Brackeen would not share their names but said the added support could allow Lightship to award much more prize money to participants.
Brackeen said the firm's decision to use Twitch was an easy one. Some streaming platforms time out or have trouble hosting large crowds, but Twitch can handle these things.
"There can be a lot of awkwardness with Zoom calls. You get a lot of weird, random interactions," Brackeen said. "But we don't have that at all. It's more like a live TV production than a video call."
Not every company is accepted to Twitch Pitch and even fewer walk away with cash prizes. But Lightship views the competition as a valuable opportunity for startups to improve their investability.
"There are a lot of underserved markets out there and they need a place for their voices to be amplified," Brackeen said. "Why not do it now when we're sitting at home and make a huge change in the world?"
