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 that aims to provide a bridge to success for Black and Latinx entrepreneurs launching tech, design, healthcare, and consumer products services start-ups. The initiative has seen significant success, with Black Ambition entrepreneurs raising over $95 million and generating more than $23 million in revenue.
The goal of Black Ambition is to empower underrepresented founders and bridge the racial wealth gap. The 2024 prize eligibility verticals include technology, healthcare, consumer products and services, media and entertainment, and a new addition, Artificial Intelligence. Up to 250 semi-finalists will be selected to participate in a 3-month mentorship program, with one exceptional winner receiving a $1,000,000 prize.
Since its inception in 2020, Black Ambition has awarded nearly $10 million to over 100 Black and Hispanic founders and supported an additional 750 entrepreneurs with mentorship. The network founders have raised over $95 million and generated more than $23 million in revenue, with several being recognized in prestigious lists like Forbes 30 under 30.
Felecia Hatcher, CEO of Black Ambition, emphasized that the initiative is more than just a competition; it's a movement dedicated to unlocking the potential of underrepresented entrepreneurs and reshaping the landscape of innovation. The organization is committed to empowering diverse founders and bridging the racial wealth and opportunity gaps.
Black Ambition also announced the launch of season 2 of their 'So Ambitious' podcast, hosted by Felecia Hatcher, which features stories of Black founders and entrepreneurs. Applications for the fourth annual Black Ambition Initiative are now open for those interested in participating.
