Pharrell Williams has announced the launch of Black Ambition, an initiative for Black and Latinx entrepreneurs.
Black Ambition is a non-profit initiative working to close the opportunity and wealth gap through entrepreneurship.
Black Ambition offers two programs, The Black Ambition Prize and The Black Ambition HBCU Prize.
The Black Ambition Prize provides a platform for eligible entrepreneurs to access growth capital, pitch feedback, mentorship and up to $1,000,000 in funding.
Eligible applicants consist of Black and Latinx founders building across consumer products and service, design, health care and technology.
Black Ambition taps into the HBCU community to help fund high potential ideas that can spark and support the next generation of entrepreneurs.
The Black Ambition HBCU Prize contains two tracks, in one, entrepreneurs will be eligible for up to $50,000 in funding and in the other, entrepreneurs will be eligible for up to $250,000 in funding. Entrepreneurs in both tracks will be eligible for mentorship.
Williams said, "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."