Pharrell Williams is investing in young black entrepreneurs at Historically Black colleges and Universities through a new collaboration with Florida A&M University.
“Black Ambition” is a non-profit initiative that opens doors for Black and Latinx entrepreneurs looking to launch into industries like tech, design, healthcare and consumer products.
There will be two competitions in July.
The first, The Black Ambition HBCU Prize, will offer mentorship to current and former HBCU students looking to launch companies in tech, design, healthcare or consumer products and services. The grand prize winner will receive up to $250,000 and at least nine additional teams will receive smaller prizes.
The second, The Black Ambition Prize, will find, support and seed early-stage companies in the same categories. The grand prize winner will receive up to $1 million and at least nine additional teams will receive smaller prizes.
“We see a future where ideas flourish, ruinous risk is diminished, and Black & Latinx entrepreneurs are positioned to realize America’s promise. This is #BlackAmbition,” Williams said in a tweet.