Pharrell Williams has launched a new initiative to empower Black and Latinx entrepreneurs. The project Black Ambition, is a non-profit initiative that will fund Black and Latinx entrepreneurs, who are starting up businesses in tech, design, healthcare, and consumer products. Aspirants can apply for their chance to win the grand prizes — which range from $250,000 to $1 million — on the venture’s website.
Pharrell announced the program on Dec. 2, sharing an Instagram video — captured by filmmaker A.V. Rockwell — that spotlights the beauty of Black excellence.
“Honored to launch and introduce BLACK AMBITION(@blackambitionprize),” He said.
“Our goal with #BlackAmbition is to close the opportunity and wealth gap through entrepreneurship… investing capital and resources in high-growth startups founded by Black and Latinx HBCU students and entrepreneurs. Learn more and apply at blackambitionprize.com or link in bio. Huge thank you to @avrockwell for this beautiful video ?? @adidas.”
According to the website, the main objective of Black Ambition is to reduce barriers to capital and bridge the wealth gap through entrepreneurship, provide applicants with resources and access to a network of business leaders, and open opportunities for Black and Latinx founders.
The 47year old star, said at a virtual conference that the inspiration behind the initiative is to give voice to underserved communities. Also, the long term goal of the initiative is to make entrepreneurship a norm in underserved communities.
“With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources,” he stated.
Pharrell Williams announced two prize competitions that was created: the Black Ambition HBCU and The Black Ambition prize, to help fund creators.
For the HBCU Prize, Black Ambition is partnering with historically Black colleges and universities to offer funding and mentorship to current and former HBCU students; as they develop seed or early-stage ideas and launch companies in tech, design, healthcare, and consumer products and services. The grand prize winner will receive up to a $250,000 prize, with at least nine other teams to receive smaller prizes.
The Black Ambition prize, on the other hand, will find, support, and seed early-stage companies in tech, design, healthcare, and consumer products and services. The grand prize winner will receive up to a $1 million prize, with at least nine additional teams to receive smaller prizes.