Black Ambition Prize Competition – May 8

Posted by Black Ambition on March 21, 2023

Black Ambition announces third annual prize competition

Black Ambition is a nonprofit initiative founded by Pharrell Williams that aims to close the opportunity and wealth gap by empowering Black and Hispanic entrepreneurs.

Its annual Black Ambition Prize Competition provides capital, mentorship, resources, and connections to founders innovating in consumer products and services, media and entertainment, healthcare, technology, and Web 3.0 industries. Awardees will also receive bi-weekly office hours with leaders in marketing, PR, and brand building with global brands such as Heineken, Snapchat, Netflix, and other participating companies. Eligible ventures will compete for awards between $15,000 to $1 million, and up to 250 semi-finalists will be selected, with one grand prize winner receiving $1 million. Applicants must have demonstrated progress against a business concept illustrated by a minimum viable product and/or existing consumer base. There are two tracks through which applicants can apply:

HBCU Prize: To support HBCU students and graduates. Eligible teams must have at least one founding team member who is the team leader and an HBCU-affiliated individual (a current student, a recent alum within five years of graduating, or a former student within five years of attending the institution) that identifies as Black/African/African American and/or Hispanic/Latina/Latino/Latinx.

Early Stage Startups: For early-stage founders with a demonstrated MVP.

To be eligible, applicants must be a for-profit venture in the aforementioned fields, be already, or intend to be, legally incorporated in the United States, and have raised less than $1 million in dilutive funding when applying for the award. Each team must have at least two team members, all team members must be at least 18 years of age, and eligible teams must include at least one founding member that identifies as Black/African/African American and/or Hispanic/Latino/Latina/Latinx. A founding member has the title of CEO, vice president, or other C-level roles (e.g., the CEO or an executive-level direct report to the CEO). Each team must have a minimum of two team members. A team member is defined as an individual playing a critical role in the venture (e.g., employee, essential contracted support) with responsibilities for specific work streams or deliverables for the venture. The venture lead must be a legal U.S. resident based in the U.S.

For complete program guidelines, application instructions, and information about previous prize winners, see the Black Ambition website.

Deadline: May 8, 2023