Strands of Faith Haircare Brand Wins $200,000 Grand Prize at the Good Soil Forum Seed Capital Pitch Competition

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Jun 24, 2024, 08:30 ET

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.

Ameka Coleman, Founder/CEO of Strands of Faith, showcasing the line of clean hair care products for textured hair.

"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
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SOURCE Strands of Faith