On Tuesday, Lowe’s(LOW) announced it is partnering with Daymond John, star of ABC’s “Shark Tank,” in an effort to help change that.
They’re inviting minority entrepreneurs and other owners of diverse small businesses to applyfor a chance to pitch their products to Lowe’s executivesand win some shelf spacein the home improvement giant’sstores.
Lowe’s defines diverse small businesses as at least 51% owned, operated and controlled by minorities, women, veterans, the disabled or those who are LGBTQ.
The idea is to helpstreamline the process and let these business owners make their case directly to Lowe’s executives with the help of John, who is also the founder of hip hop apparel company FUBU.
“Lowe’s is giving these minority-owned businesses a much-deserved chance to shine while uncovering unique, smart products that will make Lowe’s shelves even more appealing to customers,” John said.
Entrepreneurs can apply between September 15 and September 25. From the general pool of applicants, Lowe’s will identify 375 businesses for consideration and then select 75 to submit their stories by video. From there, five will then be invited to a one-day virtual pitch challenge hosted by John, who will also mentor the finalists before they make their presentation to Lowe’s CEO Marvin R. Ellison and other executives.
Products from the business with the winning pitch will be sold in Lowe’s stores, and online.
Finalists will be announced and featured on Lowes.com later this year.
Someother major companies have recently made efforts to promote minority businesses as well. Sephora, for instance, pledged to dedicate 15% of its shelf space to products from Black-owned businesses. Johnson & Johnson has invested in Sunday II Sunday, a Black-owned hair care products company.
