NewsPharrell Williams’ Black Ambition Announces 4th Annual Prize Competition, Application Portal Open...

Pharrell Williams’ Black Ambition Announces 4th Annual Prize Competition, Application Portal Open Now

This year’s Black Ambition Prize Competition is sponsored by Adidas, Comcast NBCUniversal, Heineken, Lennar Foundation, Louis Vuitton, and others.

Nationwide — Today, Black Ambition, an organization dedicated to fostering the success of Black, Hispanic, and HBCU entrepreneurs, proudly announces its fourth annual Black Ambition Prize Competition is now open for applications for the 2024 prize cycle. The annual prize competition serves as a platform for innovation and aims to bridge the racial wealth gap by empowering underrepresented founders. 2024 prize eligibility verticals include technology, healthcare, consumer products and services, media, and entertainment and now introducing a new vertical this year, Artificial Intelligence. Apply now at blackambitionprize.com/apply-now/. The deadline has been extended to May 17th, 2024.

Eligible ventures participating in the Black Ambition Prize competition have the opportunity to compete for awards ranging from $20,000 to a grand prize of $1,000,000. Up to 250 semi-finalists will be selected to participate in a 3-month cohort-based mentorship program, and one exceptional winner will receive the prestigious $1,000,000 prize. To date, Black Ambition has awarded nearly $10 million to over 100 Black and Hispanic founders and has supported an additional 750 entrepreneurs with mentorship to strengthen their ventures. Black Ambition network founders have raised more than $95 million and generated more than $23 million in revenue, and are landing deals with big box retail and being acknowledged for their leadership, with several founders named to the prestigious Forbes 30 under 30.

“The Black Ambition Prize is more than a competition; the year-round support we provide our entrepreneurs-it’s a movement dedicated to unlocking the potential of underrepresented entrepreneurs and reshaping the landscape of innovation. As we launch our fourth annual prize competition, we reaffirm our commitment to empower diverse founders and to bridge the racial wealth and opportunity gaps. Together, we are getting these entrepreneurs the investments, resources and support they need during a time when the opposite is happening in the ecosystem,” said Felecia Hatcher, CEO of Black Ambition

“I’m honored, that three years later we are still able to find and fund these incredible entrepreneurs – who may not have had the opportunity to change the world as they have with their innovative companies and ideas without the support of Black Ambition,” says Founder Pharrell Williams. “ To see what we have created and continue to build on each year gives me immense hope for the future in closing the opportunity and wealth gaps and establishing equity for people of color.”

Black Ambition’s commitment to founders extends beyond funding. The Black Ambitionist Mentorship Program is designed to cater to each founder’s specific industry and needs. The transformative 3-month program provides entrepreneurs with invaluable access to strategic relationships, tailored programming, and cutting-edge tools. During the program, lead mentors take charge of small groups of 6 to 8 founders, guiding them through a comprehensive Curriculum. Expert Special Guests lead deep-dive sessions that connect founders across cohorts, addressing critical topics such as building a team, financial management, fundraising, legal considerations, go-to-market strategies, partnerships, and much more.

With a commitment to build the path to success early on for young entrepreneurs at Historically Black Colleges and Universities (HBCUs), an 8-week HBCU pre-accelerator program will be launched where up to 10 prize winners will be selected to participate in a virtual pitch competition for prize awards totaling $250,000. Applications for the pre-accelerator will open in June.

Along with the announcement of Black Ambition’s 4th annual prize competition, the organization has also announced season 2 of their well-received “So Ambitious” podcast, hosted by Black Ambition CEO Felecia Hatcher. “So Ambitious” is a series about what’s possible when Black and Hispanic entrepreneurs can build uninterrupted. From the tech founder to the creative entrepreneur, “So Ambitious” tells the stories of the people building, creating, and organizing – against all odds, with authenticity, and in community. Esteemed guests range from previous Black Ambition prize winners to influential thought leaders of tomorrow. Watch and listen to the first six episodes available now.

The Black Ambition Prize is a gateway to opportunity, empowerment, and liberation. It supports Black, Hispanic, and HBCU-affiliated founders on their entrepreneurial journeys and equips them with the tools and knowledge to succeed, no matter what may have been stacked against them. Entrepreneurial equity could unleash a new era of business growth, hiring, and wealth for Black and Hispanic communities along with a new level of solutions that serve those communities.

“The Black Ambition Prize not only provided vital financial support but also opened doors to merge special education and luxury. For many families, having help to navigate special education is a luxury, and we aim to provide that experience by offering top-tier technology advantages without the struggle. This approach is made possible through Black Ambition’s extensive network, resources, and empowering community. With the support of Black Ambition, we are empowered to pursue our dreams confidently, knowing we have a strong community backing us every step of the way.” — Antoinette Banks, 2023 Black Ambition $1 Million Prize, Winner and Founder and CEO of Expert IEP

“For the first time in this entire journey, I have finally felt seen and heard…and that’s thanks to everyone at Black Ambition. I don’t know any other programs that are like this one – that truly take the time and care to fully support in all facets, Black and brown entrepreneurs.” — Camille Bell, 2022 Black Ambition $1 Million Prize, Winner and Co-Founder of Pound Cake Cosmetics

“People who think that winning Black Ambition is about the prize money have it all wrong. The network, the education, and the resources are so much more important than the dollars. Being part of this organization has changed the trajectory of all of our lives here at Livegistics. Everyone who is part of this process will leave better off than they came. — Justin Turk, 2021 Black Ambition $1 Million Prize, Winner and Founder and CEO of Livegistics

About
Black Ambition empowers Black and Hispanic innovators and communities to excel, uninterrupted. Founded by Pharrell Williams in 2020, Black and Hispanic-led growth stage ventures in technology, healthcare, consumer products and services, media and entertainment, and Artificial Intelligence are eligible to win up to $1M. To date, Black Ambition has trained approximately 750 founders and awarded nearly $10M in growth capital to 101 founders. Black Ambition’s endeavors have been recognized by Forbes, Essence, Complex, and many more for driving meaningful change. It also was the winner of Fast Company’s 2021 World Changing Ideas award for Impact Investing and named one of Fast Company’s 2022 Most Innovative Companies. For more information, please visit BlackAmbitionPrize.com

Be sure to follow Black Ambition on LinkedIn, Instagram, X, and Facebook.

For media inquiries, contact Viveca Ortiz-Torres at Viveca.Ortiz-Torres@ledecompany.com


Source: BlackNews.com

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