March 31, 2024 – Hornets Sports & Entertainment (HSE) and Bank of America announced during tonight’s game between the Hornets and Los Angeles Clippers that local entrepreneur Whitney Stephenson and her specialty bridal boutique Mahogany Brown Bridal was selected as the winner of the fourth annual Hornets Innovation Summit Presented by Bank of America. Following the final pitches, the HSE Ownership Group matched the initial $15,000 prize to increase the total investment pool to $30,000, of which Stephenson’s Mahogany Brown Bridal will receive $20,000 and Camille Hughes will receive $10,000 for her creative space The Frame.
Located in historic downtown Concord, North Carolina, Mahogany Brown Bridal is a first-of-its-kind luxury bridal boutique, which offers a unique experience for brides seeking high-end multicultural-designed gowns. In her final pitch, Stephenson noted the boutique offers gowns from “various corners of the world” and, unlike many bridal boutiques, is size inclusive with an additional focus on providing options to match various skin tones. Stephenson said she aims to “collaborate with even more under-represented designers, giving them a platform to showcase their talent and creativity.”
A photographer by trade, Hughes opened The Frame, a natural light photo studio and creative space, in Charlotte’s Oakhurst neighborhood in May 2022, after seeking a similar space to utilize and realizing such a concept only existed in larger markets that would require travel. Since then, The Frame has become a community gathering space for creatives, offering memberships and space rentals for content creation and events. In her live pitch, Hughes described The Frame as “a blank canvas, which allows you to create in your own frame, your own perspective.”
“This was the closest decision we’ve had in the four years of the Hornets Innovation Summit Presented by Bank of America, and we’re appreciative of the matching gift from our ownership group that is allowing us to invest in two outstanding local entrepreneurs,” said HSE Vice President of Corporate Social Responsibility Betsy Mack. “Our judges felt strongly about both concepts, so we’re pleased to have the ability to support them both.”
The 2024 Hornets Innovation Summit received over 100 applications, which included a one-minute video pitch. Fourteen applicants moved on to the second round, in which their video pitches were posted on hornets.com and social media for fan voting. Taking fan voting into account, as well as the initial pitches, an internal committee selected the four pitches in the final round, where Mahogany Brown Bridal and The Frame were joined by Sharon Geter, founder of Ident-Decals – a potentially life-saving car decal to identify people with disabilities or conditions that may not be evident to law enforcement – and Ptah Sankofa, visionary for an eco-friendly and high-end design brand, return.
The four finalists presented their final pitches in a live event at Spectrum Center on March 28 to a panel of judges that included John M. Belk Endowment President & Board Chair and HSE Ownership Group Member MC Belk Pilon, Bank of America Small Business Region Executive Lenore Culpepper, Hip Hop Smoothies Owner Roberto Brooks and ARCHIVE CLT Owner & Founder Cheryse Terry. In addition to the four pitches, the event was opened by HSE Co-Chairman & Governor Rick Schnall and featured two speakers sharing insights and business advice for entrepreneurs: HSE Co-Chairman & Alternate Governor Gabe Plotkin and local entrepreneur Kevin Gatlin, who won the 2023 Hornets Innovation Summit for his unique line of bedsheets and slumber bags for kids, Playtime Edventures.
As part of HSE’s focus on economic mobility, the Hornets Innovation Summit Presented by Bank of America was launched in 2021 to provide social and financial capital for its participants. In addition, every applicant received access to a live Investor Ready training workshop from the UNC Charlotte Center for Entrepreneurship and Innovation, designed to aid them in preparing business pitch decks and conducting customer discovery, along with other entrepreneurship topics. Tonight, all second-round contestants, as well as the panel of judges, were invited to a special networking event at Spectrum Center to provide further social capital and awareness among participating businesses.
The Hornets Innovation Summit Presented by Bank of America was open to entrepreneurs and businesses located within 150 miles of Spectrum Center that are at least 51% operated and controlled by minority group members (i.e., individuals who are at least 25% Asian, Black, Hispanic or Native American), matching the criteria used by the National Minority Supplier Development Council for the Minority Business Enterprise Certification.