Happy singer Pharrell Williams has relaunched an initiative for Black and Latinx entrepreneurs that offers prizes of up to $1 million.
In December 2020, the mega music producer announced the launch of an initiative for Black and Latinx entrepreneurs called Black Ambition. The nonprofit aims to provide a bridge to success for entrepreneurs of color working in tech, design, healthcare, and consumer products/services start-ups.
As of March 22, the nonprofit announced that applications for its second annual prize competition are now available at BlackAmbitionPrize.com. Enterprises in consumer products and services, media and entertainment, healthcare, technology and Web 3.0 are eligible to win up to $1 million.
Last year, Black Ambition awarded funding and resources to 34 awardees, while helping an additional 250 entrepreneurs with mentorship. The finalists were awarded more than $3.2 million. The finalists have collectively raised over $40 million since receiving the Black Ambition award.
“When you realize how lucky you are to be in the constellation of the universe and when you learn how it really works, you stop buying vehicles and you build vehicles to drive. That’s Black Ambition Well, it’s a vehicle of influence. At Black Ambition, we find you and then we fund you,” Williams said.
The first Black Ambition contest received over 1,700 applications, leading to a pool of 34 finalists.
Black Ambition offers much more than access to rewards and opportunities. It helps to develop pipelines of diverse talents and skills through mentorship and providing personalized access to resources. The initiative promises to increase the number of Black and Latinx entrepreneurs who will have the chance to be successful in raising the start-up capital they need for their businesses.
The Black Ambition Network will give aspiring business owners access to established entrepreneurs and peers while building a community committed to building the businesses of tomorrow.
Black Ambition is committed to leveling the playing field and fostering the ingenuity, determination and resilience of underrepresented entrepreneurs.