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Black-owned businesses earned top award funding from the Hornets through a pitch competition that took place over the weekend.
Hornets Sports & Entertainment and Bank of America announced during Sunday’s game that two local entrepreneurs were selected as the winners of the fourth annual Hornets Innovation Summit.
The grand prize winner, Mahogany Brown Bridal, earned a $20,000 investment from the competition.
The summit
The summit began in 2021 and allowed minority-owned businesses — who are 51% or more owned by Asian, Black, Hispanic or Native American people — to apply and pitch their concepts for funding. Initially, the prize was $15,0000, but thanks to an additional match from Hornets Sports & Entertainment, the total pot increased to $20,000, with the grand prize winner earning $20,000 and the runner-up taking home $10,000.
Businesses within 150 miles of the Spectrum Center applied, submitted a one-minute video and then pitched to a panel of judges to move throughout the process.
This year’s Hornets Innovation Summit received over 100 applications, according to a press release sent Sunday, which were narrowed down to fourteen applicants in the second round, which then were voted on by Hornets’ fans.
‘One of the closest decisions’
In the end, the final four contestants represented local Black-owned businesses. The four finalists — including Hip Hop Smoothies owner Roberto Brooks and owner of Archive CLT, Cheryse Terry — presented their final pitches in a live event at Spectrum Center on March 28.
Whitney Stephenson, owner of the specialty bridal boutique Mahogany Brown Bridal, received the grand prize investment of $20,000. Mahogany Brown Bridal is located in Concord but has a location in Charlotte before moving last year.
Camille Hughes, owner of a creative space, The Frame, earned the secondary prize of $10,000. The Frame is a photography studio that also allows small special events and gatherings.
“I really believe in myself,” Hughes said. “So, just to see other people believe in my vision has been very humbling,” Hughes told QCity Metro as she expressed her excitement about the investment.
Hughes told QCity Metro she plans to use the money toward continued marketing efforts and potentially moving the studio to another area like NoDa or the West End. For now, the move is still in its planning phase, but Hughes said it is a possibility.
A judge of the competition, Hornets Sports & Entertainment Vice President of Corporate Social Responsibility Betsy Mack, said in a statement that this contest was one of the “closest decisions” made over the past four years of the summit.
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