Relay, the banking platform that enables cash flow control for small businesses, has announced the winners of The Reasons To Be Profitable Contest, with $100,000 in prizes. Hosted and adjudicated by Mike Michalowicz, Author of Profit First, the contest celebrates and rewards business owners for their resilience, impact, and commitment to building lasting, profitable businesses.
NEW YORK, Dec. 14, 2023 /PRNewswire-PRWeb/ -- Relay announced today the top winners of their inaugural Reasons To Be Profitable Contest, a celebration of U.S. small businesses dedicated to taking control of their money and getting one step closer to building an enduring and financially sustainable business. 53 prizes totaling $100,000 were awarded by Relay to businesses throughout the United States.
The $50,000 Grand Prize went to Black People Will Swim, the Queens, New York business created to encourage and empower Black people to conquer fears and learn to swim.
"Winning this grant was a cherry on top for 2023," says Black People Will Swim founder Paulana Lamonier. "I'm excited to really spread the gospel of this business, and really make sure that people understand the importance of swimming."
Additional top winners include Made With Lau, the family YouTube channel and media startup dedicated to celebrating and preserving Cantonese culture through food, which earned the $15,000 runner-up prize. Killjoy, Nashville's first retail store dedicated to non-alcoholic beer, wine and spirits, won the $10,000 third-place prize.
"When I entered this contest, I didn't in a million years think I had a chance of winning," said Killjoy founder Stephanie Styll. "I'm just so grateful for everyone who has supported us in this mission."
"Profit is the key to the long-term success of any business," said Eleni Deacon, Relay's VP of Marketing. "With this contest, we're celebrating every small business owner's journey to profitability. More than 60% of entrepreneurs will risk a cash flow crisis in their lifetime, which is why Relay is on a mission to enable true cash flow clarity and control in every business. With the right tools and methods—like Mike Michalowicz's Profit First—business owners can avoid cash crunches and stay resilient."
Profit First is a behavioral-based cash management methodology that helps small business owners increase profitability. Earlier this year, Relay became the official banking platform for Profit First and Profit First Professionals.
Killjoy, Made With Lau, and Black People Will Swim were among more than 6,000 small businesses to enter the contest throughout the United States. Winners of the top three prizes were selected in a blind judging process by a panel of 5 small business experts:
- Mike Michalowicz, Author of Profit First
- Lisa Carmen Wang, Author of The Bad Bitch Business Bible
- Ron Saharyan, Co-Founder of Profit First Professionals
- Elaine Pofeldt, business journalist and Author of Million-Dollar, One Person Business
- Brian Thompson, JD, CFP®, business advisor and founder of Brian Thompson Financial
"As a judge in this contest, I had the privilege of witnessing a remarkable showcase of aspiring entrepreneurs and their innovative businesses," said Brian Thompson. "It's truly inspiring to see individuals with a vision and the determination to make a positive impact. To all business owners out there, remember: You can build whatever you want. These contestants are living proof that with dedication and ingenuity, you can create a successful, impactful business that thrives and provides you with a great living."
How they won
Each application was evaluated on the business' commitment to financial stability, their response to business challenges, their plans to ensure long-term profitability, and ultimately the unique reasons behind the business.
"Profitability for me means more than just making money off of this business," said Styll. "It's largely about freedom, and that aligns very deeply with how I feel about alcohol. I want people to be free, and I want freedom for myself—time freedom, location freedom. I get to choose what I do every day. To me, that feels very profitable."
"If you're not profiting as a business, you can't continue on the mission you set out to," added Lau. "You can't amplify your impact. And you can't enjoy the life that you were hoping for as a business owner."
For Lamonier of Black People Will Swim, profitability ultimately means saving more lives.
"I always say that if it's not making a profit, it's just an expensive hobby," Lamonier said. "Winning this prize will give us a lot of breathing room, so that we can really take time to hire the right people, certify staff. And we'll be able to expand the brand into other areas where pool rental fees are a lot more money."
About Relay: Relay is an online banking platform that puts small business owners in complete control of their cash flow—so they know exactly what they're earning, spending and saving. With Relay, entrepreneurs can make the smartest decisions for their businesses. Disclaimer: Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
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Media Contact
Leigh Doyle, Relay, 1 888-205-9304, [email protected], www.relayfi.com
SOURCE Relay
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