In 2024, we made significant changes to the Because Accelerator pitch competition that will shape future events. Here’s everything you need to know about the changes and why we made them.

ABOUT THE BECAUSE ACCELERATOR PITCH COMPETITION

The Because Accelerator is a 16-week virtual training program for entrepreneurs around the world. Participants attend training sessions throughout the cohort to learn about entrepreneurship and business growth.

After completing two trainings on pitch development and presentation, each entrepreneur presents a five-minute pitch to a small group of alumni and members of the Advisor Network (a group of professionals who volunteer to support the program). They receive feedback, refine the pitch, and submit a final version, which helps determine who is invited to participate in a competition at the end of the program, where winners receive a cash prize.

Cohort engagement and mentor feedback also determine who is invited to participate in the competition. With limited slots, only eight entrepreneurs are invited to present to an online audience of Advisor Network members, Because Accelerator alumni, Because International team members, potential investors, and anyone interested in joining the open-invite event.

Winners are determined by votes from the Advisor Network, and a “People’s Choice” winner is selected through votes from all other attendees.

THE DISTRIBUTION OF PRIZE FUNDS

Previously, prize funds have been distributed exclusively to the winner, with a smaller prize for the People’s Choice recipient. This year, we introduced a new approach.

“We gave each member of the Advisor Network $1,000 to vote with,” explained Entrepreneurship Programs Manager Sarah Hille. “At the end of the competition, they could allot that $1,000 however they wanted to—giving each entrepreneur the opportunity to receive funds.”

The Advisor Network had $19,000 to distribute, while the People’s Choice award process remained the same—providing the People’s Choice winner with an additional $2,000. In the end, each of the eight entrepreneurs who pitched in 2024 received prize funds.

“A few members allocated their funds fairly equally amongst entrepreneurs, but a majority chose to give their money towards a few that stood out to them,” shared Sarah. “It ended up being fairly spread out, which shows that entrepreneurs can connect differently with different people.”

THE BENEFITS AND FUTURE OF DISTRIBUTING PRIZE FUNDS

One of the biggest challenges entrepreneurs face, especially in communities impacted by poverty, is access to funding. The ability to invest in areas of the business like equipment or marketing can help them reach the next growth phase.

This new process allows more entrepreneurs to access funding and grow their businesses.

“The test was a success overall. We received feedback from the entrepreneurs that they were thrilled,” said Sarah. “And Advisor Network members loved the ability to evaluate each pitch individually and decide how to allocate their money.”

Because International will continue distributing prize funds using this new method during pitch competitions. Additionally, we will begin collecting more data on how the funds are being used and how they support the growth of the business, giving us one more way to assess and improve cohorts each year.

You can watch the 2024 Pitch Competition here.