For months now, in promotions of the new video conversation app called Convoz, rapper-turned-tech entrepreneur Chamillionaire and music mogul E-40 have been hosting cash-prize contests to give up-and-coming minority-based start-up companies the opportunity to receive funding and aid in the mission to showcase more minority tech creators. Previous contest awarding $25,000, today the two Hip Hop tycoons announce a $100,000 contest guest judged by Shark Tank’s Daymond John.
Daymond John is best known for his groundbreaking fashion brand Fubu. Following fashion endeavors, John has invested in several multi-million dollar products during its infancy stages. Like Chamillionaire and E-40, Daymond John is an Angel investor in partnership with Republic.co.
Created to bring awareness to the new Convoz app, the latest investment contest will be awarded to the best woman or minority-founded startup company; a historically underserved entrepreneurial community. This has been a longtime passion for the Houston-bred Chamillionaire.
“When people say they can’t find African-American startups to invest in, that sounds a little crazy to me,” Chamillionaire told CNBC on investing in minority start-ups. “I feel like minority and women founded startups have been historically under-appreciated so I’m honored that legends like E40 & Daymond John would be willing to help bring more awareness to this problem. Capital and information are things that our community needs more of so we are trying to do what we can to spark some change”.