Establishing a business is challenging, but these challenges are even more pronounced for some. Black-led businesses frequently face disproportionate underfunding, with investment into Black founders less than 1% in 2023 (Diversity Beyond Gender 2023, Extend Ventures).
This significant racial disparity in venture capital (VC) funding hinders many from making the necessary investments to grow their businesses. Our Black Entrepreneurs’ Awards programme aims to provide talented black-heritage entrepreneurs with access to funding, publicity, business workshops and mentoring to create a community of likeminded business owners.
What is the Black Entrepreneurs' Award?
BEA is a programme which celebrates Black Heritage entrepreneurs in the UK and provides a platform to market their businesses to a wider audience. Each year there are four winners who receive a cash prize of £25,000 each, and all of the finalists are enrolled onto a bespoke 12-month business acceleration programme, designed to support Black Heritage entrepreneurs and accelerate the growth of their start-ups.
Created in 2018, BEA has supported 36 black heritage founders to accelerate the growth of their business. Some of our previous finalists have gone on to raise over £3m; expanded their business overseas; been listed on the Forbes 30 under 30; and received MBEs for their services in making venture capital more inclusive.
How does it work?
Pre-pitch
Finalists are invited to a pre-pitch workshop and are provided with valuable insights on how to prepare for the pitch night.
Pitch and Ceremony
Finalists will pitch their business to a panel of industry experts for judging. Pitches are reviewed against criteria and winners announced.
What do the winners receive?
Senior mentoring
Winners are paired with dedicated KPMG experts who provide mentorship and coaching.
£25,000 cash prize
The four winners will receive £25,000 each to invest in their business or as a donation to the charity or community project of their choice.
Functional and sector-specific expertise
Winners are enrolled onto a 12-month acceleration programme and receive several expert workshops focused on variety of topics – spanning how to lead, to how to accelerate growth.
Promotion and publicity
Winners will be promoted and celebrated through KPMG’s social channels and our PR teams.
Frequently asked questions
This initiative is aimed at UK entrepreneurs from a Black Heritage background.
To be eligible for the competition, you must:
- Have a registered company in the UK
- At the minimum your company must have a viable product/service.
- Have been actively operating for at least 3 months
- Not be majority owned by a large corporate
What are we looking for?
- Disruption and innovation: How much of a game changer is the product or service. This category aims to score how revolutionary the company is in relation to what the market is doing.
- Market potential: What is the potential market size and scale of the product or service. This could be in relation to an existing market (and therefore taking market share) or in the creation of a new market segment.
- Quality of pitch: How well did the presenter communicate with the audience, tell their story and articulate their value proposition.
- Traction: How much traction has the company achieved. Where the product is not yet in market what testing (and feedback) has the business received.
Q: How can I participate in the competition?
A: To enter the competition, you must fill out the online application form for your company before the application deadline of 21 July 2024.
Q: Who can apply?
A: This initiative is focused on ethnic minorities from a black heritage background. Any individuals who meet the criteria above and own a company based in the UK can apply (excl. KPMG employees and contractors). All entrants entering the competition must be residents in the UK and aged 18 years or over.
Q: When can I apply?
A: Applications are open from Monday 3 June 2024 and close on 21 July 2024. All applications must be received by midnight (GMT) on 21 July 2024.
Q: Is there a limit to the number of entries?
A: During the application period, there is no limit to the number of companies that can apply, however we request that no more than one application per company is submitted.
Q: What information do I need to provide?
A: If you'd like to apply, please see our application form which details the information we'd like you to share.
Q: What stage should my company be at to be considered?
A: We are looking for companies that have been operating for at least 3 months, and must have a viable product or service. If you’re unsure if you meet the criteria, send us an email at KPMG_BEA@kpmg.co.uk.
Q: What does the winner get?
A: The winners will be enrolled onto a 12-month programme receiving:
- A cash prize of £25,000 for each of the four winners to invest in their business or as a donation to the charity or community project of their choice.
- A dedicated senior KPMG professional to provide mentorship and coaching.
- Expert-led skills workshops covering: leadership, strategic growth, negotiation and fundraising.
- Publicity through our PR channels.
None of the prizes can be substituted by an alternative
Q: If chosen as a finalist, what support will I receive ahead of the pitch?
A: Our finalists will be invited to a pre-pitch workshop in our London office where we'll provide valuable insights on how to prepare for the pitch night. The agenda includes an overview of who the judges are, an explanation of the judging criteria and scoring, and advice on delivering a strong pitch. You will also get a chance to practice your pitch and get feedback from KPMG experts.
Q: What are the costs involved in participation?
A: There is no charge for entering into the competition.
Q: Is there any publicity involved?
A: KPMG will be promoting the BEA programme throughout the course of the competition. By entering the competition, you agree that any personal information provided by you with your entry may be held and used by KPMG to administer the competition and its promotion.
If you are a finalist of the competition, you agree that KPMG may use your name, image and company branding to announce the winner and finalists of the competition and for any other reasonable and related promotional and marketing purposes.
Q: Will I receive feedback on my application?
A: Unsuccessful applicants will be notified. Due to the volume of entries received, we are unable to provide detailed feedback to each unsuccessful applicant.
We value the time and effort put into each submission and thank you for your participation.
Q: Who do I get in touch with for further information?
A: For any further information please email KPMG_BEA@kpmg.co.uk.
Hear from our past winners
This is incredible. I'm really honoured to win this award, especially as the competition in this category was immense. I started about seven years ago and to get this award from KPMG is brilliant. My aim with the prize fund is to bring in somebody who's underrepresented in our local area and give them access and opportunity to work alongside the team. I'm really excited to pass on what we've been given by KPMG to the local community.
Dami Hastrup – Moonhub
It's a blessing to have won. There were so many amazing people in our category doing phenomenal work in the social impact space. To be able to represent STEM, and show what is possible for an organisation like Motivez has been extraordinary. We would like to use this win to help us expand beyond our current focus in five London boroughs, to offer support across the 32 boroughs and then beyond, so that we can make even more impact in the STEM space and support more young people.
George Imafidon MBE – Motivez (Motivezcic CIC)
This is such an amazing experience; I could not be happier. This prize will help us provide more internships aimed at encouraging Black heritage people into STEM, particularly machine learning physics and materials science. This support will be amazing and will help us achieve our ambition of solving some of the hardest problems in the world today.
Jonathan Bean – Materials Nexus
The KPMG Black Entrepreneurs Award has been an incredible experience for Definely. Firstly, the cash prize really benefitted us as we used it towards hiring. There are also regular sessions throughout the programme given by experts from different fields on a broad range of insightful topics to assist with running a successful business. In addition, we were given access to a senior KPMG partner as a mentor and in addition to readily offering his time to meet us, he has been instrumental in helping us explore multiple opportunities within KPMG including a pilot with the legal team.
Nnamdi Emelifeonwu – Founder and CEO of Definely
KPMG BEA programme has been great. I’ve really enjoyed the business workshops, listening to fellow founders who are in a position I aspire to be in and hearing their journey has been incredibly inspiring. I’ve learnt so much and can’t wait to continuously implement them into my business.
Mary Adekoya – Founder and CEO of Papachichi Style
Winning most promising small business was affirming and made me feel that what we are doing is really worthwhile and impacting people. I am really excited to be a part of the awards and the support we will receiving over the next year.
Dupe Burgess – Bloomful
Winning the awards really represents our hard work and achievements and the fact that KPMG has recognized it and has honoured it has given it validation!
Paulette Wilson – Academy Achievers
It feels amazing to have won the award for most promising medium sized business. Our hard work really paid off and I’m really excited for the year of mentorship and support from KPMG
Maatin Adewunmi – Loud Parade Inc Ltd
I am absolutely delighted to have won the award of most promising large business and the support of KPMG. We’re looking to grow the business on steroids this next year and with all the expertise and support from KPMG we’ll be able to do that
Erika Brodnock – Kami Optimum Health Ltd
Competition sponsors
We are absolutely thrilled to launch these awards that celebrate the amazing talent of black heritage business owners across the UK. Every year we see brilliant businesses enter the awards and it’s exciting to be able to offer support to Black entrepreneurs who often don’t have access to the resources they need to scale their businesses.
Olu Odubajo
Founder, Black Entrepreneurs’ Awards,KPMG in the UK
Jenny Baskerville
Director, Head of Inclusion, Diversity and Equity,KPMG in the UK