By Natalie Rodgers
Even in a world where advancements in diversity are improving, we still have a long way to go before equity can be achieved. Luckily, companies and celebrities are coming together to push diverse entrepreneurs in the right direction.
In 2020, singer and activist Pharrell Williams founded Black Ambition, a nonprofit organization dedicated to supporting Black and Hispanic entrepreneurs. As part of this initiative, the group created the Demo Day competition, where innovators can pitch their innovations in the hopes of receiving one of the grand prizes. In 2023, the organization gave one of its largest donations yet, dispersing $3.2 million to 36 diverse entrepreneurs.
“Demo Day is a powerful testament to the transformative potential of the Black Ambition Prize,” Felecia Hatcher, CEO of Black Ambition, expressed in a press release. “The support of our brand partners…as well as the dedication of our esteemed judges, underscoresour commitment to nurturing Black and Hispanic entrepreneurs. Our impact, illustrated by the 36 top finalists, is a testament to the tangible change we’re creating for underserved communities.”
This last year, over 2,000 applicants participated in the contest. Participating founders represented companies in five categories: Consumer Products and Services, Healthcare, Media and Entertainment, Technology and Web 3.0. The nationwide competition was narrowed down to 50 finalists and condensed even further to the top 36. This year, the 36 top finalists received prize awards ranging from
$20,000 to $250,000. Eight finalists were then picked to pitch for the $1,000,000 prize, which ultimately went to CEO Antoinette Banks. Her app, Expert IEP, was created to optimize existing Individualized Education Plans with predictive AI for children diagnosed with a disability.
Other top prize winners include ECOMSPACES, a one-stop-shopfor e-commerce solutions, and Monocle, a social e-reader that focuses on a community-centered readingexperience. They were awarded with $250,000 and $200,000, respectively.
“Black Ambition is a feeling; it’s an overwhelming drive to show up consistently in excellence to create lasting, unapologetic impact,”Banks stated in a press release. “For so long, Black and Brown kids with learning differences have been underestimated and forgotten. Earning this $1 million prize puts our kids back in the forefront; it gets people thinking deeply about solving the problems in special education. I am deeply grateful to Black Ambition for believing in me, holding space for me and breaking down barriers. It’s clear that Black Ambition is more than a prize award; it’s a shift in expectation for our culture.”
But the Black Ambition prize, much like the group’s overall mission, isn’t just about monetary benefits. In addition to mentorship, prize winners will receive resources and connections to additional investors and funding. Awardees will also receive bi-weekly office hours with leaders in marketing, PR and brand building with global brands such as Heineken, Snapchat, Netflix and other participating companies.
Resources like these are also publicly available to Black and Hispanic entrepreneurs. Through its extensive virtual training initiatives and events, the organization has provided invaluable support to over 5,000 founders since launching and has helped them navigate the challenges of building successful businesses. To date, Black Ambition has awarded funding and resources to 101 prize winners and supported an additional 750 entrepreneurs with mentorship to strengthen their ventures. Approximately $10 million has been awarded to finalists since its founding.
“We felt like if we could make life in the business world more equitable for African Americans, then certainly, we will have the voice and more of an influence on culture,” Williams said of the organization in an interview with Vanity Fair. “It’s more moral than corporate…nurturing the next generation of business leaders through mentorship allows them a chance to garner an unprecedented insight [into]the success of building a business.”
