Pharrell Williams and his Black Ambition initiative have opened the application for Black and Latinx entrepreneurs to compete for funding. The non-profit is back for the second round of investments after winning the 2021 World-Changing Ideas for Impact Investing award.
What Is Black Ambition?
Founded in December 2020 by producer Pharrell Williams, Black Ambition is a non-profit that provides resources to entrepreneurs in the field of tech, healthcare, consumer products/services, and design. Company owners have an opportunity to compete for cash prizes up to $1 million to fund their start-ups.
The Ambition Prize and The Black Ambition HBCU Prize are the two separate prize categories. The latter track is open to current students and recent alumni of Historically Black Colleges and Universities.
All applicants must meet a series of criteria, including having at least one of their founders be a person of color.
How Can This Help Musicians?
Though it is unclear if a record label would qualify for the application, podcasters and music app start-ups would fall under the “tech” category. If you are a musician who is looking to break into other aspects of the music business aside from simply recording, this could be an option for you. If you are an artist with a merch offering that consists of clothing, you can also shoot your shot by getting funding under the “consumer products/services.”
What If You Don’t Win?
Even if a creator does not land any of the grand prizes, the program offers mentorships and courses that can help grow your brand.
How Can Creators Appy?
The application opened on March 7th and will remain open until May 8th. The semi-finalists will be announced in June, with finalists and public voting taking place in August. The winners will be chosen in September. Any start-up founders interested in applying should head over to https://blackambitionprize.com/application-process.
As previously stated, while this opportunity may not be tailored for musicians, music entrepreneurs are encouraged to apply.