The right connection can completely change a company’s trajectory.

At the inaugural Black Founders Demo Day–hosted by the Detroit-based networking platform, Plain Sight–the founders of 16 companies will have the opportunity to showcase their startups to an audience of over 2,000 potential customers and investors, through both demo booths and an onstage pitch presentation. The two-day event–for which Inc.’s parent company, Mansueto Ventures, is a media sponsor–will take place in Miami on August 19 and 20. 

Applications are open from now until June 30for Black and Latinx founders who lead U.S-based companies with under $2 million in revenue and under $2 million in investment capital. Eligible businesses must fall under one offour categories: SaaS, entertainment, fintech, or transportation. The businesses should be established for-profit entities with a product or service ready for sale.

Contestants will be judged based on their value proposition, the strength of their team, ability to scale, and potential for growth. The 16 winners will be notified by mid-July and announced to the public August 1. The winners will receive $3,000 for travel, accommodations, and planning. At the event, entrepreneurs will have the chance to raise capital in real time through Wefunder, an equity crowdfunding platform and a sponsor of the event. Plus, Plain Sight claims the winners will have the opportunity to make invaluable connections that can help to propel their business forward. 

While the in-person event will give entrepreneurs some much-need face time, they’ll also be able to connect virtually during and after, through Plain Sight’s mobile app. Attendees can share their interests and goals, and send direct messages to one another–which can help them to forge valuable, game-changing relationships.