Pharrell‘s new business initiative, Black Ambition, will grant funds and mentorships to Black and Latinx entrepreneurs in design, healthcare, tech, and consumer products. The website holds details on how to apply for an award ranging from $250,000 to $1 million.
Pharrell announced the new program on December 2 via Instagram with a video highlighting the beauty of Black excellence. “Honored to launch and introduce BLACK AMBITION. Our goal with #BlackAmbition is to close the opportunity and wealth gap through entrepreneurship.. investing capital and resources in high-growth startups founded by Black and Latinx HBCU students and entrepreneurs,” the megastar captioned the post.
The musical business owner also spoke about the importance of Black Ambition and its mission in an interview with Forbes. “White VC founders and those in private equity represent north of 80 percent of people who receive funding, while African Americans represent less than 1 percent,” he told the Forbes. “Whether it’s a $15,000 prize or a $250,000 prize, if founders win something, they’re going to get the mentorship and strategic scaffolding. We are setting founders up for the odds to be in their favor. That’s the game-changer here.”
Virgil Abloh helped design the logo.
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Photo via Pharrell/Virgil Abloh