Pharrell Williams has a lot of irons in the fire.
Even though he just snagged one of the most enviable jobs in fashion — men’s creative director for Louis Vuitton — the multihypenate entertainer remains committed to Black Ambition, his nonprofit organization that works to empower Black and Hispanic entrepreneurs.
Since it was founded in 2020, the organization has hosted a competition to provide mentorship, resources, connections and up to $3 million in funding to founders innovating in consumer products and services, media and entertainment, health care, technology and Web 3.0 industries.
Related Galleries
Companies partnering with the nonprofit on the Black Ambition Prize include Adidas, Lennar Foundation, the Chan Zuckerberg Initiative, Visa Foundation, Heineken and Chanel.
In addition to a monetary award, prize winners will receive connections to additional investors and funding, and are able to have biweekly office hours with leaders in marketing, public relations and brand building from companies including Heineken, Snapchat and Netflix. They are also invited to attend town hall meetings with Williams as well as life coaching and other workshops, both in a group setting as well as one-on-one.
According to Black Ambition, adverse market conditions in 2022 led to a 45 percent decrease in financing for Black entrepreneurs, and the organization is doing its part to bridge that gap.
“We’ve accomplished so much in such a short time and it’s been amazing to see our impact so far,” Williams said. “Every year just gets better. 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.”
Applications for the Black Ambition Prize competition open on Wednesday and run through May 8 on the company’s website. To be eligible, applicants must have, or hope to achieve, a product or service with national or global reach and have at least one founder that identifies as Black/African/African American and/or Hispanic/Latino/Latina/Latine.
The grand prize winner will receive a $1 million prize and at least 15 others will receive awards ranging from $15,000 to $250,000.
In support of historically Black colleges and universities, or HBCUs, Black Ambition will also provide another prize for students from the schools. The grand prize winner will be awarded up to $200,000, with additional winners receiving smaller prizes. Teams must include at least one current HBCU undergraduate or graduate student (full time or part time), one recent alum within five years of graduation or one former student within five years of attending the institution.
“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,” said Felecia Hatcher, chief executive officer of Black Ambition. “The work that we’re doing is more important than ever. 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.”
To date, Black Ambition has awarded $6 million in funding to 65 prize winners, and an additional 500 entrepreneurs have received mentorship opportunities.