Black Ambition, a non-profit initiative founded by Pharrell Williams, has launched its third annual Black Ambition Prize Competition. According to a press release, the third annual competition will provide “mentorship, resources, connections, and up to $3 million dollars in Prize awards to founders innovating in consumer products and services, media and entertainment, healthcare, technology, and Web 3.0 industries.” The competition is open to brands with at least one founder of color that aim to take their business to the national or global level.
“We’ve accomplished so much in such a short time, and it’s been amazing to see our impact so far. Every year just gets better,” Pharrell said.
“It’s not just about creating space for our Black, Hispanic and HBCU entrepreneurs, it’s about equity, it’s about giving them the tools, resources and hands-on mentorship to excel uninterrupted. I am constantly blown away by the ideas and businesses that our applicants have developed and created.”
The third annual competition will also offer a platform for students at historically Black colleges and universities. Pharrell’s nonprofit will provide a “unique Black Ambition Prize application track” for HBCU students. Brands, founded by at least one current or recent HBCU student, with an aim to expand nationally or globally will have an opportunity to apply for a $200,000 prize.
In addition, Pharrell’s nonprofit is partnering with 3Day Startup and Cinematica Labs to run an eight-week “So Ambitious HBCU Pre-Accelerator” Program. The program will help up to 100 students create compelling Black Ambition Prize applications.
“As we approach year three of the Black Ambition Prize, we continue to build on our legacy of supporting and empowering Black and Hispanic entrepreneurs to achieve unparalleled success, this year presents even greater urgency with reports showing a drastic decline in funding for diverse founders in the venture space. The work that we’re doing is more important than ever,” Black Ambition CEO Felecia Hatcher said.
“This year’s Prize is designed to provide a plethora of resources and opportunities to Black, Hispanic, and HBCU founders, allowing them to transform their innovative ideas into successful and impactful businesses.”
Our founder @Pharrell speaking to the class of 2022 about the importance of investing in creativity and talent. ?
Did you hear the big news yesterday? Applications for the 2023 Black Ambition Prize are NOW OPEN!#linkinbio #blackambition #blackambitionprize #pharrell pic.twitter.com/uyzHEbJuRy
— Black Ambition (@blackambitionpz) March 2, 2023
