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Pharrell Williams on Wednesday announced the launch of Black Ambition, a non-profit initiative that will support Black and Latinx entrepreneurs who are launching tech, design, healthcare, and consumer products/services start-ups.
“Black Ambition is committed to leveling the playing field and fostering the ingenuity, determination, and resilience of underrepresented entrepreneurs,” says a press release.
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 in July 2021.
The rapper said that the new initiative’s 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.
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.
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