Black Ambition Opens Applications For 2025 Prize Competition

Black Ambition, the nonprofit founded by Pharrell Williams, has opened applications for its 2025 Black Ambition Prize Competition. The initiative provides early-stage entrepreneurs from underrepresented backgrounds with funding, mentorship, and business development support to help scale their ventures.

This year, the program will award more than $1 million to up to 25 founders. The competition is open to entrepreneurs working in consumer products and services, healthcare, media and entertainment, technology, and artificial intelligence.

Now in its fifth year, Black Ambition was created to help close the wealth gap and increase access to funding and networks for Black and Latinx entrepreneurs. Since 2020, the organization has awarded $13 million to 131 entrepreneurs, with its founders collectively raising over $280 million and generating more than $265 million in revenue.

“Black Ambition’s fifth anniversary is proof of what happens when vision, resilience, and community come together,” said Felecia Hatcher, CEO of Black Ambition, in a statement. “What started as a mission to close the wealth and opportunity gap has grown into a global movement.”

Selected founders will take part in a 12-week mentorship program through the Black Ambitionist Mentorship Program, powered by Cinematica Labs. Participants will receive strategic business guidance, investor connections, and support in refining their pitches and business models.

The competition will follow a multi-stage process:

• 150-200 semifinalists will be chosen for a three-month mentorship program.
• 40 founders will advance to a public voting round and pitch training.
• 20 finalists will receive funding, along with pitch deck design support and coaching from industry experts.

The competition will conclude with Black Ambition’s 5th Annual Demo Day in November, where finalists will have the opportunity to pitch for additional funding and connect with investors.

“Five years ago, Black Ambition was an idea. Today, it’s a platform where underrepresented entrepreneurs are building new opportunities for themselves,” Pharrell said in a statement. “This is just the beginning. Let’s keep breaking barriers and rewriting the rules.”

Past winners say the program provides more than just financial support.

“Winning Black Ambition was a turning point,” said Dr. Monica Williams, CEO & Founder of RedDrop and a 2024 Black Ambition Prize winner. “The investment helped us scale, refine our strategy, and gain visibility, but the mentorship and network have been just as valuable.”

Applications for the 2025 Black Ambition Prize Competition are now open. Interested entrepreneurs can apply at www.blackambitionprize.com by May 2, 2025.