March 2nd 2023.
Black Ambition is a non-profit initiative created by Pharrell Williams aiming to bridge the gap between opportunity and wealth for Black & Hispanic entrepreneurs. In 2022, a 45% decrease in financing for Black Entrepreneurs was seen due to the unfavorable market conditions. To level the playing field and give Black and Hispanic founders a chance to succeed, the Black Ambition Prize Competition was established to provide mentorship, resources, connections, and up to $3 million dollars in Prize awards to founders in the consumer products and services, media and entertainment, healthcare, technology, and Web 3.0 industries. Applications for the third annual Black Ambition Prize Competition, opening on Wednesday, March 1st, 2023, and closing on May 8th, 2023, can be found at BlackAmbitionPrize.com.
Brands partnering with the competition include Adidas, Lennar Foundation, the Chan Zuckerberg Initiative, Visa Foundation, Heineken, and Chanel.
Founder Pharrell Williams said, “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.” It is not solely about providing space for Black, Hispanic, and HBCU entrepreneurs, but also about equity and giving them the tools, resources, and hands-on mentorship to flourish. The Black Ambition Prize is not limited to monetary reward, but also includes mentorship, resources, and connections to additional investors and funding. Furthermore, winners are given bi-weekly office hours with industry leaders in marketing, PR, and brand building with global brands, life coaching and therapeutic workshops, and town hall meetings with Pharrell. Previous founders have noted that they have become more confident in pitching their business and are grateful for the network and events provided by Black Ambition.
Black Ambition is looking for founders with the potential to build world-changing companies, strong business viability and fundability, and a team with innovation and expression. These companies must be devoted to transforming their community, hiring practice, and giving back to those around them. Both tracks of the Black Ambition Prize competition require applicants to have, or aspire to have, a national or global business reach and at least one founder or co-founder that identifies as Black/African/African American and/or Hispanic/Latino/a/Latinx, with a senior role such as VP or C-level role. The grand prize winner will receive up to $1 million, with additional teams receiving prizes ranging from $15k–$250k.
In support of historically Black colleges and universities, the Black Ambition Prize also provides an application track for HBCU students and alumni with a chance to win an HBCU Prize. The grand prize winner will be awarded up to $200,000, with additional teams receiving smaller prizes. To be eligible, teams must include at least one current HBCU undergraduate or graduate student, one recent alum within five years of graduation, or one former student within five years of attending the institution who is a member of the founding team, and must identify as Black/African/African American and/or Hispanic/Latino/a/Latinx. Black Ambition is also co-sponsoring an 8-week So Ambitious HBCU Pre-Accelerator Program to aid up to 100 HBCU students in creating applications. Applications open on Wednesday, March 1st, 2023, and close on Monday, March 20th, 2023, and more information can be found at https://www.blackambitionprize.com/startup-accelerator-landing-page/.
Black Ambition is a non-profit organization established by Pharrell Williams with the aim of narrowing the gap between opportunity and wealth by empowering Black & Hispanic entrepreneurs. In 2022, the negative market environment caused a 45% decrease in financing for Black Entrepreneurs. Black Ambition is attempting to balance the playing field by developing the circumstances and relationships for Black and Hispanic founders to succeed, uninterrupted. Its Black Ambition Prize Competition provides mentorship, resources, connections, and up to $3 million dollars in Prize awards to those innovating in consumer products, media and entertainment, healthcare, technology, and Web 3.0 industries. Applications for the third annual Black Ambition Prize competition will start on Wednesday, March 1st, 2023, at BlackAmbitionPrize.com and end on May 8th, 2023.
Famous brands such as Adidas, Lennar Foundation, the Chan Zuckerberg Initiative, Visa Foundation, Heineken, and Chanel are participating in the Black Ambition Prize.
“The progress we have achieved in such a short time is remarkable, and it has been astounding to witness our effect so far. Each year is getting better and better,” said Founder Pharrell Williams. “It's not just about producing a space for our Black, Hispanic and HBCU entrepreneurs, it's about equity, it's about providing them the tools, resources and hands-on mentorship to prosper uninterrupted. The ideas and businesses our applicants have created and formed leave me in awe.”
The Black Ambition Prize is more than a monetary reward. Black Ambition Prize winners will acquire mentorship, resources, and links to extra investors and funding. Awardees will also get bi-weekly office hours with leaders in marketing, PR, and brand building with global companies such as Heineken, Snapchat, Netflix, and other participating firms.
Winning recipients attend town hall meetings with Pharrell and receive life coaching and therapeutic workshops, both in groups and 1-on-1, boosting a holistic career approach. Previous participating founders have disclosed that they are now more confident in pitching their business to other investors and are thankful for the chance to meet new investors through Black Ambition's network and invite-only company events.
Black Ambition is on the lookout for founders who are thinking boldly and constructing the world-changing businesses of tomorrow. These founders are building ventures with solid business viability and fundability, dynamic teams and a spirit of invention and expression. These businesses must be devoted to changing the landscape in their communities, in their hiring practices and in their contribution to giving back and boosting those around them. Both sections of the Black Ambition Prize competition will launch with a national call for applications from qualified founder teams.
To be eligible for the Black Ambition Prize, applicants must have, or aspire to achieve, a national or global business reach for their product and or service and must have at least one founder or co-founder that identifies as Black/African/African American and/or Hispanic/Latino/a/Latinx – a member of the founding team is described as having a senior role, such as VP or C-level role. The grand prize winner will receive a $1 million prize and at least fifteen additional teams will receive prize awards from $15k–$250k.
In support of historically Black colleges and universities, Black Ambition will also provide a special Black Ambition Prize application track for HBCU students and alumni with the chance to win an HBCU Prize. The grand prize winner will be awarded up to $200,000, with additional teams receiving smaller prizes. Teams must include at least one current HBCU undergraduate or graduate student, one recent alum within five years of graduation, or one former student within five years of attending the institution who is a member of the founding team to be eligible. This HBCU-affiliated individual must identify as Black/African/African American and/or Hispanic/Latino/a/Latinx. Black Ambition is also co-sponsoring an 8-week So Ambitious HBCU Pre-Accelerator Program launched in collaboration with 3Day Startup and Cinematica Labs to further help up to 100 HBCU students in creating remarkable Black Ambition Prize applications. Applications will open on Wednesday, March 1st, 2023, and close on Monday, March 20th, 2023. For additional information,
visit https://www.blackambitionprize.com/startup-accelerator-landing-page/.
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