Young Entrepreneurs Competition
Third Annual Young Entrepreneurs Competition — a dynamic program designed for minority entrepreneurs aged 18–35 who are ready to scale their businesses.
Presented by ChicagoMSDC & CBOF | Sponsored by Aetna Better Health of Illinois
The Chicago Minority Supplier Development Council (ChicagoMSDC) and the Chicago Business Opportunity Forums (CBOF), in partnership with Aetna Better Health of Illinois and the Cook County Small Business Source, proudly present the third annual Young Entrepreneurs Competition — a dynamic program designed for minority entrepreneurs aged 18–35 who are ready to scale their businesses.
This initiative offers an exceptional opportunity for participants to gain:
- Professional mentorship from established business leaders
- Tailored training sessions and capacity-building workshops
- An opportunity to apply for the National Minority Supplier Development Council (NMSDC) MBE Certification, with the three champions’ application costs reimbursed when submitted by Monday, November 3, 2025.
- Financial awards to help scale their businesses:
- 1st Place (Grand Champion): $7,500
- 2nd Place (Stellar Champion): $5,000
- 3rd Place (Champion): $2,500
Eligibility Requirements
- Age: 18–35 as of July 1, 2025
- Location: Business must be based in Illinois or in the Northwest Indiana counties of Lake, Porter, LaPorte, Newton, or Jasper
- Certification Readiness: To qualify for the NMSDC MBE Certification, the business must :
- Be 51% minority-owned, operated, and controlled
- Be a for-profit U.S.-based business
- Be managed by owners with demonstrated expertise and day-to-day operational control
- Immediate Family Members of the YEP committee are ineligible to participate
- Prior champions are ineligible to participate
Competition Process
Round 1 – Capacity Building (June – July)
Selected participants must attend two mandatory capacity-building sessions to strengthen their business fundamentals. These workshops are critical for advancement and include enrollment in the Cook County Small Business Source via ChicagoMSDC for ongoing support.
- Participants will attend the first phase of workshops, including:
- Capability Statement Workshop (Virtual – June 18)
- YEP Meet and Greet and MBE Panel (July 10- in-person)
Round 2 – Semifinals (July – August)
- Semifinalists will receive:
- Mentorship from seasoned entrepreneurs
- Insights from top businesses
- Workshops on topics such as Doing Business with a Corporation and Supplier Readiness
Final Round – Pitch Event (October)
- Three champions will be selected to receive:
- Full reimbursement for NMSDC MBE Certification application fees
- Hands-on pitch coaching
- A live pitch opportunity to win a grand prize of $7,500 in funding
2025 Program Timeline
- April 11 – May 21: Application Period
- June 7: Participant Selection
- June 10 – July 28: Capacity Building Workshops
- July 15 – August 25: Semifinals
- August 6 – September 19: Mentorship Period
- September 3 – October 3: Finalist Selection & Pitch Prep
- October 16: Live Pitch Event
Interested in Getting Involved?
Should you have any questions about the CBOF Young Entrepreneurs Competition, please contact Vanessa Smith: vsmith@chicagomsdc.org.
1.1. The applicant’s business/nonprofit must demonstrate a positive impact on its community, including creating new jobs, pioneering innovative products, or enhancing accessibility of products and services.
1.2. Preference will be given to organizations in operation for at least one (1) year, with all eligible businesses encouraged to apply.
1.3. The organization must have generated revenue, with a preferred minimum annual revenue of $20,000 and maximum annual revenue of $1,000,000.
1.4. Preference will be given to organizations with a direct impact on their community.
1.5. The organization must be legally formed under United States law and operate within Pilsen or North Lawndale as defined by the maps linked here (PILSEN) (NORTH LAWNDALE).
2.1. A total of $250,000 in funds will be awarded to a minimum of ten small businesses within the Pilsen or North Lawndale community. Selected grant recipients will receive a total of $5,000 -$25,000.
2.2. The grant is intended to build capacity, foster business growth and amplify community impact; use of funds should align with these intentions.
2.3. Funds awarded are to be used explicitly for business development and growth. Misuse of funds may result in revocation and legal action.
3.1. Grants will be awarded in June 2024, with an application deadline of April 30th at 11:59PM CST.
3.2. Applications submitted after the deadline will not be considered.
4.1. All Pilsen or North Lawndale applicants must complete the official AMSG application Powered by Chicago Minority Supplier Development Council. Applicants may only apply to one AMSG program.
4.2. Incomplete applications or those not adhering to guidelines will be disqualified.
4.3. No duplication allowed. Each grant goes to a unique organization entity. CDCs cannot receive compensation from organization owners.
4.4. Award winners collaborate with Allstate and CDC to receive funds, use them to build capacity, and share impact stories for publicity efforts.
4.5. Applicants agree to receive email communications from Allstate Insurance Company.
4.6. Applications are subject to a rigorous review process; additional information may be requested.
5.1. Potential impact on the grant award on the organization and community.
5.2. Track record and credibility of the organization.
5.3. Alignment with the grant’s mission to support organizations impacting underrepresented communities.
5.4. Demonstrated need for financial assistance to enhance community impact.
6.1. Grant recipients will be notified via provided contact information.
6.2. Non-selected applicants will not receive individualized feedback due to the volume of applications.
7.1. By applying, the applicant agrees to abide by all official rules and guidelines.
7.2. Allstate reserves the right to modify terms, eligibility criteria, or any aspects of the grant without prior notice.
7.3. False representation or misleading information leads to immediate disqualification.
7.4. Allstate is the ultimate arbiter of any dispute.
8.1. Submitted data will be used solely for evaluating grant applications.
8.2. Allstate and Chicago Minority Supplier Development Council commit to safeguarding data and will not share it without the applicant’s express consent.
8.2. Allstate and Chicago Minority Supplier Development Council commit to safeguarding data and will not share it without the applicant’s express consent.
