A new pitch competition, called IndigiPitch, is looking for Indigenous entrepreneurs in Michigan who have ideas for startups.
The event is organized by a Traverse City-based technology and business organization called 20Fathoms. It will be hosted at the Odawa Casino in Petoskey on Dec. 5.
Shiloh Slomsky, 20Fathoms’s chief financial officer and tribal liason, has worked with many Native American business owners in Michigan. She says Indigenous culture and business creativity go hand in hand.
“The beautiful thing is that our culture is innovative at the very core," Slomsky said. "We're taught to not waste anything and to utilize everything that we take. And in order to utilize everything we take, it really takes an innovative mindset to be able to do that."
Indigenous principles like supporting a community for seven generations, she says, make for "beautifully unique" approaches to entrepreneurship.
Slomsky runs a business and marketing class for Indigenous entrepreneurs through 20Fathoms. She says there are often unnecessary barriers in place in Native communities to starting up businesses.
"Oftentimes there are perspectives that aren't really true, [like] 'I'm not credit worthy,' or, 'not innovative enough or scalable enough,'" she said. "So one thing I always share with the businesses I work with is, we are innovative and we see things in different ways."
In some cases, the barrier is as simple as a lack of access to the cash it takes to start something new.
"Number one is capital," said Slomsky, "capital is definitely a roadblock."
She said it's rare for Indigenous communities to have an opportunity like this pitch competition to get in front of investors or venture capital.
Slomsky is looking for applications from Native Americans anywhere in Michigan who have startup ideas, and from Native small business owners who want to have a vendor booth at the event. The application is open until Oct. 13.
Finalists will present at the event for a chance to win awards of $5,000, $2,000 and $500. They will have opportunities to meet investors and community supporters, get personalized pitch coaching and participate in a fundraising coaching session. They will also get complementary lodging at Petoskey's Odawa Hotel.
And there may be some other surprises for finalists, Slomsky said. "We have some other things lined up that really come from the community and culture, but we'll save that for the event."
"I'm hoping it inspires others," Slomsky said, "whether in Michigan or other states ... to provide Indigenous-only pitch competitions or pitch competitions for other underserved communities, and give us the opportunity to do it in our own way."
