Rocket Mortgage Detroit Demo Day announces winners, People’s Choice Awards are still up for grabs
Rocket Mortgage Detroit Demo Day, a pitch competition in which entrepreneurs compete for funding, has announced the winners of its fourth annual competition. However, voting for three People’s Choice Award scholarships of $ 25,000 each is still pending.
Those interested can vote here until 11:59 p.m. on October 25. Viewers can watch videos about the companies before making their decision.
Due to COVID-19, this year’s competition has been changed to ensure the safety of all participants. For example, contest finalists were required to record video pitches at the State Savings Bank in downtown Detroit in a safe and socially aloof format.
The ongoing pandemic has also forced the Rocket Community Fund, formerly the Quicken Loans Community Fund, to change this year’s Rocket Mortgage Detroit Demo Day categories to reflect the unique needs of small businesses affected by the pandemic across Detroit.
“Rocket Mortgage Detroit Demonstration Day has never been more critical than this year, and we are proud to deploy the necessary capital to Detroit’s entrepreneurial community,” said Laura Grannemann, vice president of the Rocket Community Fund. “In the midst of the COVID-19 pandemic, it is imperative that we each support the small businesses that make our community strong, diverse and vibrant so that they can survive and thrive.”
The winners are:
- First place ($ 75,000) – Gildform, jewelry making on demand.
- Second place ($ 50,000)– Beas’s Detroit, a place to work, eat, shop and party.
- Third place ($ 30,000) –Pivot Materials, manufacturer of sustainable materials.
- Grant ($ 10,000) –Shift_Up, online and in-person learning room.
- Grant ($ 10,000)– Sfumato Fragrances, a perfume company.
Under the Support category are businesses that are prevalent in their community and have the potential to recover from the COVID-19 pandemic with the help of additional funding. The following funding has been received:
- Grant of $ 50,000 –Bon Bon Bon, artisanal chocolatier.
- Grant of $ 50,000 –City Bark, community pet supply store.
- Grant of $ 50,000 –The Kitchen By Cooking With Que, demonstration kitchen and shared cooking space.
- Grant of $ 50,000 –Pingree Detroit, a socially responsible design and manufacturing house.
- Grant of $ 50,000 –Yum Village, Afro-Caribbean restaurant.
- Grant of $ 10,000 –Narrow Way Café and Shop, coffee shop.
- Grant of $ 10,000 –The Peacock Room, boutique for women.
The Build category focuses on companies with a unique business model or product that can potentially grow despite the current crisis. The winners are:
- First place ($ 200,000) –Paralee Boyd, uncluttered living room.
- Second place ($ 150,000) –Skinphoria, facial bar.
- Third place ($ 125,000) –Alerje, digital patient engagement platform.
- Grant ($ 10,000) –Monger’s Provisions, specialty food suppliers.
- Grant ($ 10,000) –RIZZARR – content marketplace for creators.
So far, Paralee Boyd has established himself as the big winner of the contest and received the top prize of $ 200,000, with an additional grant of $ 10,000. With the announcement of investments of $ 940,000, the finalists of the Rocket Mortgage Detroit Demo Day will receive a total of $ 1,015,000.
Following the announcement of the People’s Choice Grant Awards, Rocket Mortgage Detroit Demo Day will have invested more than $ 4.4 million in companies based in Detroit over the past four years. The Rocket Community Fund entrepreneurship team also provides long-term mentorship, networking opportunities and support to Rocket Mortgage Detroit Demo Day winners to help position them for long-term success.
Rocket Mortgage Detroit Demo Day is an annual pitch competition that invests over $ 1 million in Detroit-based start-ups with the ambition to grow. Demo Day is part of a larger Rocket Community Fund strategy to elevate Detroit as a destination for small businesses and high-growth startups by deploying capital and support resources.