ABOUT THIS CHALLENGE
Underrepresented communities struggle to build and maintain credit, get access to capital, and build overall wealth. This challenge is amplified for business owners and entrepreneurs from these communities. Comcast NBCUniversal has deep relationships with underrepresented business-owners/entrepreneurs and their customers and is seeking startups with eligible solutions addressing these systemic challenges. These action-oriented solutions should be post-minimal viable product and enable trust in, access to and strengthening of the financial safety net for consumer and business long-term success. Examples of solutions include (but are not limited to): building and maintaining credit, alternative pathways to credit, capital access, banking or lending, payment alternatives, financial processing, consumer behaviors and habit building.
An early to mid-stage FinTech startup with at least a minimum viable product in beta testing or live in market
An experienced partner helping startups grow and scale their businesses
|Challenge Launch:||Applications Open July 28|
|Weeks 1 – 4:||Sourcing & Office Hours (7/29 – 8/27)|
|Weeks 5 – 6:||Evaluation & Diligence (8/30 – 9/10)|
|Weeks 7 – 9:||Startup Shortlist Selection & Notification (9/13 – 9/24)|
|Week 10:||Final [virtual] pitch to Comcast NBCUniversal business leaders (late Sept/early Oct)|
|Finalist(s):||Announced and awarded in mid-October|
If You’re Selected
Selected participants in this LIFToff Financial Impact Challenge may be eligible for:
- Up to $300K in investment funding via Simple Agreement for Future Equity (SAFE)
- 12-month membership to Ureeka, an online mentorship, coaching and support community for entrepreneurs
- Access to the Comcast NBCUniversal business leader network, including mentorship and connections to business units, where relevant
For questions about the program or application process, please contact us at LIFT@comcast.com
WHY THIS PROGRAM IS IMPORTANT
Many minority-owned small businesses were in financially precarious positions even before COVID-19 lockdowns and in 2020 alone, 41% of Black businesses, 32% of Latinx businesses, and 30% of women-owned businesses closed.
Amid financial instability and lack of cash flow, operating expenses have become the top financial challenge for small businesses, followed by making payments on debt, paying rent, purchasing inventory and credit availability. According to the Small Business Credit Survey, large banks approve 60% of loans sought by white small-business owners, yet only approve 50% by Hispanic/Latinx and a mere 29% sought by Black owners.
The 1.1 million minority-owned small businesses in the US employ more than 8.7 million workers and generate more than $1 trillion in economic output. The success of underserved communities depends on the success of locally owned small businesses.
About Comcast NBCUniversal LIFT Labs
Comcast NBCUniversal LIFT Labs, part of Startup Engagement at Comcast NBCUniversal, gives talented entrepreneurs access to Comcast NBCUniversal’s renowned network of partners, brands and mentors to foster rapid breakthroughs in connectivity, media and entertainment. Startup Engagement at Comcast NBCUniversal has entrepreneurial programs across the country, including three accelerators in Philadelphia and Atlanta, and offers educational resources and programming for companies at all stages of the startup journey. Our teams canvas the world for revolutionary startup founders and early-stage companies in connectivity, media, entertainment, and sports that can help enhance the products and services we provide. Visit ComcastNBCULIFT.com to learn more.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. Comcast Cable is one of the United States’ largest high-speed internet, video, and phone providers to residential customers under the Xfinity brand, and also provides these services to businesses. It also provides wireless and security and automation services to residential customers under the Xfinity brand. NBCUniversal is global and operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures, and Universal Parks and Resorts. Sky is one of Europe’s leading media and entertainment companies, connecting customers to a broad range of video content through its pay television services. It also provides communications services, including residential high-speed internet, phone, and wireless services. Sky operates the Sky News broadcast network and sports and entertainment networks, produces original content, and has exclusive content rights. Visit www.comcastcorporation.com for more information.
LIFToff FinTech Program Terms and Conditions
These Terms and Conditions (“Terms”) apply to the LIFToff FinTech Program (“Program”) provided by Comcast Cable Communications Management, LLC (“Comcast”). By applying to the Program on behalf of a company, you and your company (“You” or “Your”) agree to be bound by these Terms.
In order to be eligible to apply to the Program, your company must:
- be a corporation (not an LLC, partnership, sole proprietorship, or other form of legal entity) incorporated in one of the states of the United States, unless otherwise agreed in advance in writing by Comcast;
- be an early to mid-stage financial technologies (FinTech) startup with at least a minimum viable product in beta testing or live in market;
- be focused on serving underrepresented communities seeking to build and maintain credit, secure access to capital, and build wealth; and
- be willing to provide additional information about You and Your business as requested by Comcast, and to sign additional agreements as requested by Comcast, including to accept an investment by Comcast or one of its affiliates if You are selected for an investment under the Program.
You expressly acknowledge and agree that:
- any and all information, written or oral, that You disclose or provide to Comcast is not confidential and You waive all such rights to this information;
- Comcast does not receive Your submission in confidence and its disclosure by You does not establish a confidential relationship between You and Comcast;
- Your submission does not obligate Comcast to review Your submission, enter into any transaction with You, or make any investment in your company; and
- Comcast accepts no responsibility for the handling or return of Your submitted materials.
Please be aware that Comcast has a number of employees engaged in the development of ideas and business opportunities. We also rely on brokers, attorneys, and other qualified representatives to assist us in this regard. Also, Comcast may find that Your submission is not new, is in the public domain, or has already been investigated and considered by Comcast. For these reasons, You must understand that Your business and its idea may be already known to us, in whole or in part, prior to Your submission. Finally, Comcast does not seek, and will not accept, ideas for television programs or movies, or scripts of any kind.
Comcast’s Administration of the Program
Comcast shall conduct the Program and make all decisions regarding the Program and its participants, including You, in its sole and absolute discretion. Comcast’s decisions are final. Comcast reserves the right to modify these Terms or apply additional terms to the Program at any time. In that case, Comcast will use reasonable efforts to communicate the modifications or additional terms to You.
Representations and Warranties
You represent and warrant that you have the full power and authority to accept and be bound by these Terms, and that the acceptance of these Terms, and the performance of Your obligations hereunder, will not constitute a breach or default by You or otherwise violate your company’s organizational documents, any agreement to which You are bound or any federal, state, or local law, rule, or regulation applicable to You.
You agree to indemnify and hold harmless, and upon Comcast’s request, defend, Comcast, its affiliates, and their directors, officers, employees, independent contractors and agents from any and all claims, losses, liabilities, damages, taxes, expenses and costs, including, without limitation, attorneys’ fees and court costs, incurred by Comcast and such other persons through claims of third parties against Comcast based on or arising from Your breach of these Terms or Your participation in the Program.
Any disputes that arise between Comcast and You regarding these Terms or Comcast’s use of Your submissions will be governed by Pennsylvania law (without regard to its conflict of laws provisions), and venue for any actions shall be in the Commonwealth or federal courts of Pennsylvania located in Philadelphia County (and courts to which appeals from such courts may be taken).
You agree not to issue a press release or any other publicity relating to these Terms or the Program (including Your participation therein) without Comcast’s prior written approval.