Pharrell Launches Black Ambition To Help Black and Latinx Entrepreneurs Succeed

Grammy Award-winning entertainer, entrepreneur, investor, and philanthropist Pharrell Williams has announced the launch of Black Ambition, a non-profit initiative that will provide the tools to success for Black and Latinx entrepreneurs who are launching design, tech, healthcare, and consumer products/services start-ups.

The organization’s mission

Currrently, Black and Latinx people make up 30% of the U.S. population, but only 20% of its entrepreneurs, according to its website.

Black Ambition’s goal is to level the playing field and foster the “ingenuity, determination, and resilience” of underrepresented entrepreneurs.

Prizes

As part of the launch, Williams announced two prize competitions – The Black Ambition HBCU Prize and The Black Ambition Prize – which culminate in one major national event.

“Recent events and tragedies have illustrated the always existent stark divisions in the American experience, and while entrepreneurship has long been a tenet of the American dream, marginalized people have faced long-standing barriers to success,” Williams said.

“With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources.”

Black Ambition’s long-term vision is for diversified entrepreneurship to be the new normal. The start-up non-profit initiative will be led by an all-star advisory team that includes Williams, with support from The Bridgespan Group, a global nonprofit organization that advises mission-driven organizations, nonprofits, philanthropists, and impact investors.

In partnership with historically Black colleges and universities (“HBCUs”), The Black Ambition HBCU Prize will offer prizes and mentorship for current and former students at HBCUs as they develop seed or early-stage ideas and launch companies in tech, design, healthcare, and consumer products and services. The grand prize winner will receive up to a $250,000 prize and at least nine additional teams will receive smaller prizes.

The Black Ambition Prize will find, support, and seed early-stage companies in tech, design, healthcare, and consumer products and services. Ventures must have at least one founder or co-founder that identifies as Black/African/African American and/or Hispanic/Latino/a/Latinx.

The grand prize winner will receive up to a $1 million prize and at least nine additional teams will receive smaller prizes. For both prizes, a member of the founding team is defined as having a senior role, such as VP or C-level role. The prize will launch with a nationwide call for applications from eligible founder teams. Independent application reviewers will score eligible applications on the strength of their idea, with the strongest applications advancing to the major national event.

In July 2021, the two competitions will culminate in teams competing for these prizes by presenting to luminary judges and investors. In addition to financial awards, the entrepreneurs will receive mentorship and feedback as well as access to peer networks and expert connections. All screened applicants will receive access to online resources, information about business resources, and high-level feedback. Semifinalists will also receive cohort-based mentorship. Finalists will receive personal mentorship, opportunities for media exposure, and introductions to venture capitalists, angel investors, and accelerator partners.

How to connect with Black Ambition

For more information on Black Ambition, competition eligibility, and how to apply, please visit www.blackambitionprize.com and follow us on Facebook (@blackambitionprize), Twitter (@blackambitionpz) and Instagram (@blackambitionprize).

Black Ambition is a fiscal sponsorship project of PolicyLink.