Pharrell Williams has announced the fourth annual Black Ambition Prize Competition is now open for applications for the 2024 prize cycle.
Black Ambition is a non-profit initiative, created by Williams, that aims to provide a bridge to success for Black and Latinx entrepreneurs who are launching tech, design, healthcare and consumer products services start-ups.
In a statement to PvNew, Williams said: “Our Black Ambition entrepreneurs have raised more than $95 million and generated more than $23 million in revenue. There is a growing opportunity here and we need the investment community to continue leaning in. It’s great for people of color to have a seat at the table, but that’s not the only goal — we want to see more people of color at the head of the table.”
The goal of Black Ambition is to serve as a platform for innovation and aims to bridge the racial wealth gap by empowering underrepresented founders.
2024 prize eligibility verticals include technology (Web 3.0 inclusive), healthcare, consumer products and services and media and entertainment. A new vertical, Artificial Intelligence, has been introduced.
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.
Since its inception in 2020, the initiative 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. They 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 where the opposite is happening in the ecosystem,” said Felecia Hatcher, CEO of Black Ambition.
The organization also announced season 2 of their “So Ambitious” podcast, hosted by Black Ambition Hatcher. The podcast centers around stories of Black founders and entrepreneurs.
Applications for the fourth annual Black Ambition Initiative can be made here.
