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Happy Hispanic Heritage Month!
Today, September 15, marks the start of a month-long celebration highlighting the contributions and histories of the Hispanic and Latin-American communities across the U.S. This year, we’re kicking off the celebration by announcing the Forbes 30 Under 30 Latinx Pitch Competition.
The competition will be held on October 9 at our flagship 30 Under 30 Summit in Cleveland, Ohio. There, up to five Latinx or Hispanic founders under the age of 30 will be chosen to present a three to five minute business pitch to a panel of four judges—including award-winning rapper Bad Bunny, who will personally contribute $100,000 of the $300,000 total grand prize.
Bad Bunny, born Benito Martínez Ocasio, made the Forbes 30 Under 30 Music list in 2019. Since his breakout songs “Diles” and “Soy Peor” (which translate to “Tell Them” and “I’m Worse” and were both released in 2016), he’s parlayed his musical talent into three Grammy awards, more than 18.5 billion annual Spotify streams in 2022 and acting roles in movies like Bullet Train and Cassandro. He has also partnered with brands like Adidas, Corona and Cheetos. And he was named on Forbes’ Highest-Paid Entertainers list this year, earning $88 million in 2022 by Forbes estimates.
Bad Bunny is part of the burgeoning Hispanic entrepreneurial community. There are some 5 million Hispanic-owned businesses in the U.S. that contribute more than $800 billion to the American economy annually, according to the U.S. Small Business Administration. And Latines start more businesses per capita than any other racial group in the United States, according to a 2021 report by McKinsey. Yet, Latinx founders receive just around 2% of all venture capital funding.
To support a growing founder in this community, Bad Bunny will be joined by three other judges to determine the pitch competition winner, including Arturo Elizondo, 2020 30 Under 30 Science lister and the cofounder of EVERY; Camila Tellez, 2021 30 Under 30 Retail & Ecommerce lister and founder of Parade; and Jomayra Herrera, 2018 30 Under 30 Education lister and partner at Reach Capital.
If you’re looking for investments for your growing brand, you can apply for the pitch competition here. Applications close tonight, Friday, September 15, at 11:59 p.m. EST.
Until next week,
Andreessen Horowitz And Others Poured $200 Million Into Startup Health IQ. Now It’s Bankrupt
The company, which plans to liquidate, has $1.3 million in assets and nearly $257 million in liabilities, according to court filings. That will likely leave its lenders, investors and vendors with almost nothing.
One Minute With Kayla Castañeda
We’re bringing you the scoop on a new Under 30 community member each week. Up this week: Kayla Castañeda, cofounder and CEO of California-based Agua Bonita, which puts a spin on traditional Mexican drink agua fresca, as a canned, ready-to-drink beverage. Castañeda, a 2022 Under 30 Food & Drink lister, has secured spots for Agua Bonita on shelves at major retail chains including Target, Whole Foods and Costco.
Describe your summer in three words. Challenging, rewarding and exciting.
What was your last trip or vacation? My last trip was to Napa–a retreat for women in beverage.
What’s one thing you do when you want to wind down? Turn the fan on high, grab a blanket and take a nap.
What is something you’re most excited about in the next few months or year, for your business or otherwise? I’m excited about launching a new Agua Bonita flavor that has been highly requested. (Can’t tell you what it is just yet!) And to spend the holidays with family with some time off.
What’s been your proudest moment? My proudest moment was getting to walk into Target with my family and team and buy our own product right off the shelf.
What’s something the Under 30 community might not know about you? That I’m a mother! I just welcomed my first child a couple months ago.
What do you think is overrated (in your field, or in the world in general)? Fundraising. I think there are some big raises that don’t necessarily correlate with success.
What do you think is underrated? Doing your own creative in-house. These days, lots of creative work is outsourced, but there is something incredibly compelling and it takes a ton of talent to do in-house creative. Shoutout to Dillon, our head of creative!
What’s one piece of advice you’d tell your 18-year-old self? Don’t be afraid to take risks. Those risks will lead to some of the best experiences in your life.
What’s one piece of advice you have for other aspiring Hispanic entrepreneurs? Your cultural experiences are your superpower. Use it to your advantage.
Any special plans to celebrate Hispanic Heritage Month at Agua Bonita? Yes! We are kicking off a WeFunder campaign to allow our community the opportunity to invest in us and grow with us. We want to create generational wealth for the entire community.
On Our Radars
-Messi’s Mojo Dojo Casa House: Many of us were shocked by Lionel Messi’s announcement to join Inter Miami this summer. But it looks like the World Cup winner is putting down roots. This week, he closed on a $10.75 million mansion in Florida. Take a look inside. (Forbes)
-Have you, too, been inundated with U.S. Open (and Coco Gauff) content on every social media FYP? Here’s more tennis news to add to the mix: Wondermind, cofounded by Under 30 Media lister Daniella Pierson, Selena Gomez and Mandy Teefy, is taking tennis to the big screen. The mental health company recently announced the development of its first docuseries, Behind The Racquet, which will cover the mental challenges athletes face on and off the court. (Deadline)
-How often is your Lyft driver a woman? Not frequently, given that less than 25% of Lyft’s drivers are women. In a move to improve that number, the company, cofounded by Under 30 Consumer Tech alum John Zimmer, has introduced a new feature called Women+ Connect. This will allow women and nonbinary drivers to customize their preferences to exclusively drive women and nonbinary riders. Rollout, and its potential impact, is still in the works: the feature is currently only available in select cities across three states. (TechCrunch)
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