Mega music producer Pharrell Williams has announced the launch of an initiative for Black and Latinx entrepreneurs called Black Ambition. The purpose of the nonprofit is to build a bridge to success for paint entrepreneurs working in technology, design, healthcare, and consumer goods / services startups.
As part of the Black Ambition announcement, Williams has announced two award competitions: the Black Ambition HBCU Prize and the Black Ambition Prize, which will culminate in a major national event.
"Recent events and tragedies have highlighted the persistent strong divisions in the American experience, and while entrepreneurship has long been a tenet of the American dream, marginalized people have long faced obstacles to success," Williams said in a written statement. "With Black Ambition, the goal is to strengthen the pipeline of talented entrepreneurs and to close the opportunity and asset gaps that result from limited access to capital and resources."
The Black Ambition HBCU Award offers prizes and mentoring for current and former HBCU students. The grand prize winner will receive up to $ 250,000 and minor prizes will be awarded to a minimum of nine teams. Teams must include at least one current HBCU undergraduate or graduate student, a former student who graduated within two years, or a former student within two years of attending the institution that is a member of the founding team.
The Black Ambition Prize will help identify and support early-stage seed companies in the technology, design, healthcare, and consumer goods and services sectors. Participants must have at least one founder or co-founder who identifies as Black / African / African American and / or Hispanic / Latino / a / Latinx. The grand prize winner will receive a prize of up to $ 1 million and at least nine other teams will receive minor prizes.
For more information on Black Ambition and how to apply, please visit blackambitionprize.com. Follow us on Facebook (@blackambitionprize), Twitter (@blackambitionpz) and Instagram (@blackambitionprize).