Pharrell Williams has announced the launch of his new non-profit, Black Ambition.
What We Know:
- During a press conference on Tuesday, the visionary artist recalled the tragic events of 2020 that heavily affected marginalized people. He acknowledged the “long-standing barriers to success” they’ve been forced to face within the American experience. Williams shared the goal of Black Ambition is “to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources.”
- The non-profit is specifically intended for individuals of the Black and Latinx communities who are launching start-ups in consumer products and services, tech, healthcare, and design. Williams strives to give a voice to those who rarely get heard in society. “We have the smallest slice of American pie,” he says, stating that the Asian dollar remains in this community for 30 days while the Jewish dollar lasts in every community for 20 days. Yet the African-American dollar can only go 6 hours in its own community “because we don’t own much.” The initiative’s website reminds visitors that “black and Latinx people make up ~30% of the U.S. population, but only ~20% of its entrepreneurs.”
- In addition to establishing the non-profit, Williams is also teamed up with historically black colleges and universities to create The Black Ambition HBCU prize and The Black Ambition prize. Both off platforms for eligible entrepreneurs to access mentorship, growth capital, and feedback.
- The Black Ambition prize grants up to $1 million in funding to the winning participants. The HBCU prize consists of two tracks. On one track, those applying could win up to $50,000 in funding. On the other track, the entrepreneurs could win up to $250,000 in funding.
- The applications will be open until Feb. 18. The semifinalist will have the opportunity to take part in a “mentorship cohort” where they will refine their applications and develop their businesses further. By July at Black Ambition Demo Day, the official grand prize winners will be announced.
Pharell giving back to his community is a promising upside for the future of Black and Latinx individuals. It is the necessary light needed in these times of unrest.
