The Mississippi-based beauty brand surpassed 900
other applicants to take home the top prize from the Dallas-based competition.
PEARL,
Miss., June 24, 2024
/PRNewswire/ -- On Saturday, June 15,
2024, ten small business owners from across the country took
to the AT&T Performing Arts Center stage hoping to be announced
the grand prize winner of the 2024 Good Soil Forum Seed
Capital Pitch Competition. But only one of the ten finalists,
Ameka Coleman, founder and
CEO of Strands of Faith walked away with the $200,000 grand prize.
"I was completely overcome with gratitude and joy," Coleman says
about the moment her company was announced. "It felt like a huge
affirmation of our work. And the cash prize is significant
enough to really move the needle for the company," Coleman
states.
The seed capital pitch competition, co-presented by T.D. Jakes
Enterprises, Wells Fargo and the Stand Together Foundation, is one
of the most generous pitch competitions in the country, awarding a
total of $500,000 in cash prizes at
one time– and there is no equity stake or repayment.
The pitch competition included a rigorous, multi-layered
application process that Coleman began on May 15, 2024. Coleman completed a business
plan, prepared a pitch deck, and produced a short video to make it
to the top 10 finalists in early June. Once on-site in Dallas, Coleman delivered a live pitch with
Q&A before a panel of expert judges.
During her pitch, Coleman shared statistics that amplify the
challenges many women face. "Women with textured hair are 2x as
likely to face discrimination and microaggressions because of their
hair, and that often affects one's self-esteem," says Coleman. "I
believe all hair textures should be celebrated and that's why I
decided to build a brand to enrich women– hair and
soul."
The day Coleman began the pitch competition application process,
she shared on Instagram that she had faith that she would come out
a winner. Fortunately for Ameka, her faith did not fail. "I believe
in the law of sowing and reaping. I give customers a mustard seed
with each product order to encourage them to 'keep the faith.'
Right now, it feels like those seeds are returning as a harvest,"
Coleman affirms.
By faith and hard work over the last six years, Coleman has
scaled Strands of Faith to a multi-million dollar brand without any
outside investment. In May 2023,
Strands of Faith landed an exclusive contract with Premier Inc, one
of the nation's leading hospital suppliers, to supply hair products
within its network of 4,400 hospitals nationwide.
Coleman's business prowess has also garnered her recognition at
the national level. In March 2024,
Ameka was appointed by the Assistant Secretary of Commerce for
Global Markets to serve a four-year term on the Mississippi
District Export Council.
As for how Coleman will utilize the proceeds from her win, the
grant will enable Coleman to fund two key hires to liaise with
hospitals and beauty supply stores and invest in marketing. "Right
now, I serve in all the roles– CEO, CMO, R&D, COO, CFO, and
business development. I've bootstrapped my way to where we are, but
it's time to go to the next level," declares Coleman. "This funding
will help us to scale, and for that, I am incredibly grateful."
About Strands of Faith
Strands of Faith (SOF) is
a clean beauty brand dedicated to nourishing and revitalizing
textured hair with cruelty-free, non-toxic ingredients that provide
moisture for up to seven days. SOF was founded in 2018 by
Ameka Coleman out of her struggle to
find products that could maintain moisture for longer than a
day. A trained scientist, Ameka leaned on her background in
microbiology and clinical research to develop a moisturizing
formula free of sulfates, silicones, parabens, mineral oil,
phthalates, and paraffin. Now a multi-million company, Strands of
Faith has been listed as one of the top 6 brands to buy in
People Magazine and listed in "40 Founders Of Black-Owned
Hair Care Brands You Should Know About" in ESSENCE Magazine.
In May 2023, SOF landed a contract
with Premier Inc, to supply hair care products to over 4,400
hospitals nationwide and on June 15,
2024, Strands of Faith was announced as the $200,000 grand prize winner of the Good Soil Seed
Capital Pitch Competition. Strands of Faith is on a Mission to
bring joy to textured hair while elevating faith within. To learn
more, visit: www.StrandsofFaith.com.
Media Contact:
Anita S. Lane | 310.824.3193
Anita@SenseiCommunications.com
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SOURCE Strands of Faith