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M.visionary and philanthropist Pharrell Williams We work to level the playing field for black and brown founders in the world of entrepreneurship. As part of his Black Ambition Prize initiative, it was recently revealed that he is awarding $2.5 million to innovators of color to fund their ventures.
Access to capital has long been a barrier for Black and Latinx entrepreneurs.research show Determined to change the narrative, Williams fostered the nonprofit Black Ambition to provide underrepresented founders with the resources they needed to grow and improve their businesses. His The Black Ambition Prize, which is affiliated with this non-profit organization, includes funding each year for entrepreneurs who have launched ventures in technology, healthcare, media, entertainment and other fields.
‘We need a voice,’ he shared statement We are discussing the launch of Black Ambition two years ago. “In terms of ownership, we have the tiniest piece of the American pie. The Asian dollar stays in this community for about 30 days. Stays in a community for 20 days.Because we don’t own much, African American dollars stay in that community for 6 hours.Black Ambition’s goal is to strengthen the pipeline of talented entrepreneurs, It’s about closing the opportunity and wealth gap that arises from limited access to capital and resources.”
On November 1st, Williams will return to his hometown of Norfolk to provide donations to 31 entrepreneurs at the Mighty Dreams Forum, as well as grants to HBCU scholars who have started their businesses. Past winners include Livegistics, which uses technology to streamline processes within the construction industry, and Dosso Beauty, a HBCU student-founded company that offers affordable organic hair and beauty products. increase.
News about this year’s Black Ambition Prize comes months after Williams teamed up We work with technology company Cisco to give young people the digital tools they need to succeed in the classroom.
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