Pharrell Williams’ non-profit, Black Ambition, is gearing up to host its highly anticipated 4th Annual Demo Day on Friday, November 15, where the winners of the 2024 Black Ambition Prize Competition will be announced. The event will showcase the top Black and Hispanic-founded startups, awarding over $2.7 million in funding to companies that exemplify innovation and potential in Consumer Products, Healthcare, Media, Technology, and AI. Key sponsors, including Visa, Comcast, Louis Vuitton, and Adidas, support this exciting initiative, which aims to break down barriers and advance diversity in entrepreneurship.
This Demo Day marks the culmination of a rigorous nine-month journey for these emerging businesses, with eight finalists vying for a grand prize of $1 million. These promising founders have undergone a 3-month mentorship program, public voting, and pitch training to prepare them for the big stage. Beyond the national competition, Black Ambition’s HBCU Pre-Accelerator also prepared top innovators from Historically Black Colleges and Universities for a chance to join the final cohort and secure awards of up to $250,000.
“With mentorship to over 1,000 founders and generating over $265 million in revenue, we’re excited to continue showcasing the next generation of innovative companies,” said Felecia Hatcher, CEO of Black Ambition. “As other corporations scale back support for businesses of color, Black Ambition is doubling down on its commitment to accelerated growth for Black and Hispanic business owners.”
The day’s program will feature a live pitch competition judged by prominent CEOs and industry leaders, with the grand prize awarded to one outstanding venture. Following the pitch, Pharrell Williams and Hatcher will lead a discussion on the future of Black Ambition and the ongoing mission to support underrepresented entrepreneurs. The celebration will continue with a cocktail hour and VIP networking reception, inviting attendees to connect with the Black Ambition founders and network partners.
“Each year, the pool of talented innovators, thought leaders, and business owners grows,” Williams said, “further affirming Black Ambition’s mission to unlock the potential of underrepresented entrepreneurs.”
Since its inception in 2020, Black Ambition has awarded $10 million in capital to 101 entrepreneurs, extending beyond financial support to include holistic business development resources. From executive coaching and mental health workshops to bi-weekly office hours with industry experts from brands like Heineken, Adidas, and Microsoft, Black Ambition ensures that founders are well-equipped to tackle entrepreneurial challenges.
The impact of the Black Ambition Prize is profound. “Winning the 2023 Black Ambition Prize has been transformative,” said Antoinette Banks, CEO of Expert IEP. “The prize provided essential funding and an empowering community that drives our positive impact forward.”
As Black Ambition prepares to crown this year’s top innovators, it continues to make strides in bridging the gap for Black and Hispanic entrepreneurs, laying the foundation for a more inclusive future in business.
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