Aveeno is pitch competition for Black Women Entrepreneurs is back and it’s launching with a new name.

Originally launched in 2021 as Aveeno’s Skin Health Startup Accelerator, the newly named Startup Collective by Aveeno is designed to empower Black female-identifying entrepreneurs. The program is for those small business owners with a product, brand, or technology that meets Black consumers’ skin or hair care needs. The program provides the necessary resources to educate and fund their winner while addressing Black customers’ skin and hair needs. This will include packaging and design, marketing, and more. The Startup Collective by Aveeno will award grants of $100,000 and $50,000 to two exceptional Black female-identifying entrepreneurs this year.

Black Women Receive Less Than 1% of Venture Funding

Black women are one of the most significant contributors to the beauty industry. Yet, they receive less than one percent of venture funding for their businesses. According to the World Economic Forum, venture capital investments in Black-founded startups plummeted by 45% in 2022.  The Startup Collective by Aveeno aims to close that gap.

Entries for the program opened on June 16 and will close August 18. All contestants must create a 1-2-minute video introducing themselves, their business, and explainwhy they started.

Aveeno Partnered with CultureCon

According to Happi, the hair and skin brand announced its accelerator program’s return at CultureCon. The initiative aligns with Aveeno’s existing Aveeno #SkinVisibility program’s commitment to enhancing skin health and well-being for people of color.

Recently, the brand partnered with CultureCon to host a panel discussion featuring last year’s winner and founder of Bea’s Bayou, Arielle Brown. Brown. Aveeno’s chief principal scientist and brand ambassador, Sabrina Henry, Aveeno’s chief principal scientist and brand ambassador, moderated the panel and featured entrepreneur influencer Jewel Burkes.     

The panel shared the past winners’ experiences, grant impact, and applying for this year’s grant. Winners will be announced at CultureCon NYC in October.