As reported by Variety, Pharrell Williams just announced the fourth annual Black Ambition Prize Competition is back for the 2024 prize cycle and accepting applications. 


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What’s cool about Black Ambition, outside of being created by Pharrell Williams, is that it’s a non-profit initiative providing a path to success for emerging Black and Latinx entrepreneurs launching tech, design, healthcare, and consumer products services start-ups. The mission of Black Ambition is to operate as a major platform for innovation to close the racial wealth gap through the empowerment of underrepresented founders.

Williams told Variety, “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.”

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This is a big deal when you think about it, as there aren’t many avenues for POC entrepreneurs in these sectors to be set up for success, let alone work with a seasoned visionary such as Williams. 

For 2024 prize eligibility, the verticals encompass technology (Web 3.0 inclusive), healthcare, consumer products and services, and media and entertainment. With the emergence of Artificial Intelligence, that vertical has been added this year.

As Variety reports, up to 250 semi-finalists will be selected to participate in the 3-month “cohort-based mentorship program,” but “only one exceptional winner will receive the prestigious $1,000,000 prize.” 

The Black Ambition Initiative has awarded nearly $10 million since 2020 to over 100 Black and Hispanic founders. However, the initiative has vigorously supported 750 entrepreneurs with mentorship to aid in their entrepreneurial ventures. The founders of the Black Ambition network have successfully raised nearly $100 million while generating revenue of over $23 million. Talk about credible big business, Variety reports 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,” in a statement from Felecia Hatcher, CEO of Black Ambition.

Hatcher, through the organization, has also announced season 2 of their So Ambitious Podcast, which she hosts. The podcast focuses on stories concerning Black founders and entrepreneurs.

The fourth annual Black Ambition Initiative Applications can be found here.