Target increases Black community investment with Revolt TV pitch show

A host of companies pledged financial commitments to the Black community and Black-owned media last year following calls for social justice in the aftermath of the murder of George Floyd. Earlier this year, brands including L’Oreal, General Mills and Target announced they would designate at least 2% of ad dollars to Black-owned media companies. Now, Target is taking its promises even further with a new pitch show designed specifically for Black entrepreneurs. Target co-created the series “Bet on Black” with Revolt, the multimedia platform founded eight years ago by Sean “Diddy” Combs. Debuting next month, the show invites Black business owners to pitch their ideas to a panel of judges who will then determine if the company deserves funding. The businesses, which include a mix of categories like beauty, technology and entertainment, will be judged by rapper T-Pain, stylist Zerina Akers and entertainer DJ Envy, as well as Melanie Gatewood-Hall, senior divisional of merchandising in apparel and accessories at Target. Each episode of the four-part series will feature three business owners. Target plans to give away $500,000 through the course of the show; the winner is guaranteed $200,000 and all 12 contestants will receive at least $5,000 in funding. The first, second and third place winners will receive between $5,000 and $20,000. In addition, the four finalists will each be able to meet with a Target executive for advice and mentorship. However, winning the contest does not automatically guarantee a spot on Target’s store shelves, according to a Target spokeswoman. “Bet on Black” will air on Revolt’s digital platforms on Jan. 10 and then all other platforms, including TV, on Jan. 11. See Ad Age's 2021 Marketers of the Year here. The new show follows earlier commitments from Target, which has pledged to spend at least 5% of its annual media dollars with Black-owned companies starting next year. The chain has also said it will spend $2 billion with Black-owned companies and increase its products from Black-owned businesses to more than 500 in stores and online within the next four years. Target’s recent holiday spot featured families celebrating a diverse number of holidays such as Hanukkah, Christmas, Diwali and the Lunar New Year. Recent advertising has included products from Black-owned brands such as Black Cards Revoked. Target’s Cara Sylvester, who was promoted to executive VP and chief marketing and digital officer early this year, recently talked to Ad Age about the retailer’s strategy. “If we are going to take a guest-first approach, that means embracing our responsibility to be a brand for all,” she said, noting Target’s focus on diversity, equity and inclusion in marketing, on store shelves, and in the store experience for customers. “We’re asking ourselves different questions and ensuring we’re making progress across every touchpoint,” she said.

Target increases Black community investment with Revolt TV pitch show

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