BLACK AMBITION is a set of Prizes to fund bold ideas and companies led by Black and Latinx entrepreneurs.
BLACK AMBITION is reducing barriers to capital, and bridging the wealth gap through entrepreneurship.
BLACK AMBITION provides applicants with resources and access to a network of business leaders.
BLACK AMBITION joins the wave of efforts to open opportunity for Black and Latinx founders.
BLACK AMBITION, these are united stakes.
Certain communities have historically, deliberately, and painfully been excluded from access to growth capital for their businesses. With the Black Ambition Prize, we see a future where ideas flourish, pathways to success are elevated, and more Black and Latinx entrepreneurs are better positioned to build generational wealth that will transform the American landscape.
Among founders of VC-backed companies, only 3% are Black or Latinx.
Black and Latinx people make up ~30% of the U.S. population, but only ~20% of its entrepreneurs.
If Black and Latinx people were supported to succeed as entrepreneurs at the same rate as white people, the United States could add 1.1M new businesses and 9M new jobs to the economy.
Access is not. Black Ambition is a non-profit initiative working to close the opportunity and wealth gap through entrepreneurship. We invest capital and resources in high-growth startups founded by Black and Latinx entrepreneurs. We believe entrepreneurs historically left out of traditional investment funnels are building the companies of tomorrow.
The Black Ambition Prize provides a platform for eligible entrepreneurs to access growth capital, pitch feedback, and mentorship. Eligible applicants consist of Black and Latinx founders building across these distinct categories:
Consumer Products and Services — Design — Healthcare — Tech
Identify which Black Ambition Prize best suits your particular business venture, and apply today:
Black Ambition’s goal is to fund bold ideas, and to help reduce barriers to capital. Black and Latinx entrepreneurs will be eligible to receive mentorship and win up to $1,000,000 in funding.
Black Ambition recognizes HBCUs are vital engines of economic opportunity with important legacies. By tapping into the vibrant and brilliant HBCU community, we will help to fund high potential ideas with our capital that can spark and support the next generation of successful entrepreneurs. The Black Ambition HBCU Prize contains two tracks - in one, entrepreneurs will be eligible for up to $50,000 in funding and in the other, entrepreneurs will be eligible for up to $250,000 in funding. Entrepreneurs in both tracks will be eligible for mentorship.
The application period is open for two and a half months. Selected semifinalists will then participate in a mentorship cohort refining their application and advancing their business. Grand prize winners will be announced at the Black Ambition Demo Day.
Knowledge is power, and so is capital. Through the Black Ambition Prize selection process, we aim to reduce community information asymmetries, providing access to resources to better assist applicants on their entrepreneurship journey and preparing them for the pitch presentation.
Hosted by the Bridgespan Group, this workshop will provide an overview of the Black Ambition HBCU Prize and answer questions from prospective applicants about the process and criteria.
Hosted by the Bridgespan Group, this workshop will provide an overview of the Black Ambition Prize and answer questions from prospective applicants about the process and criteria.
Your network is your net worth. We have tapped into a community of leaders who stand in full support of Black Ambition’s mission. These mentors will pledge time with cohorts of semifinalists weekly, answering questions, and helping to tighten individual team pitches. These individuals will advise on specific topics and share their expertise across all facets of entrepreneurship.
We have cultivated unique relationships with leaders and visionaries across sectors. This hand-selected group will support in various ways along the Prize journey.
The Black Ambition Prize would not be possible without the generous support of our brand and individual partners, both in time and talent.
"With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources."
Pharrell Williams is a visionary recording artist, producer, songwriter, philanthropist, fashion designer, and entrepreneur. He has been a creative force in the music industry and beyond for more than two decades.
We know there are great business ideas that don’t surface in traditional investment processes. Prizes provide an opportunity for a broader set of entrepreneurs to share their ideas, and can spark innovation and dialogue across participants, audiences, and investors that would otherwise not be connected. The Black Ambition Prizes are designed to benefit a broad range of applicants beyond those that receive funding — hundreds of teams will get access to peer support and mentorship to refine their ventures, and all eligible applicants will receive feedback on their idea.
Each step of Black Ambition is designed to support founding teams from backgrounds that are frequently underrepresented in venture capital, with a particular focus on Black and Latinx founders across all genders and orientations. This includes reaching out to networks focused on inclusive entrepreneurship, recruiting a diverse pool of application reviewers and mentors, and reducing traditional bias levers at each stage. In addition, Black Ambition asks all applicants to sign the Kapor Capital Founders’ Commitment — a pledge to build diverse and inclusive companies — to ensure that these values are carried forward beyond the Prize process.
The Black Ambition HBCU Prize and the Black Ambition Prize differ in eligibility criteria and the amount of funding available. The maximum amount of funding for the HBCU Prize is $50,000 for the Business Concept track and $250,000 for the Early Business track. The maximum amount of funding for the Black Ambition Prize is $1,000,000. Teams selected for either prize will receive similar coaching, mentorship, and peer learning opportunities.
For Black Ambition HBCU applicants:
For Black Ambition Prize applicants:
For prizes above $50,000 USD, winners shall receive the financial support prize 50% in the form of cash grant and 50% in the form of a simple agreement for future equity (“SAFE”), with a maximum SAFE investment amount of $250,000 USD. A SAFE is a convertible equity security that allows the investor to buy shares in a future priced round based on the price of the future round, rather than at a predetermined valuation. To receive a SAFE, a winner shall have validly formed its venture under law as a C Corporation in the United States within ninety (90) days after Demo Day. Terms and conditions for the SAFE will be shared on or about January 29th.
Black Ambition will provide a broad range of applicants with support to refine and improve their ventures. All eligible applicants will receive a virtual membership to Betaworks Studios — which includes access to entrepreneurship content and a network of experts — as well as written comments on their application.
Semi-finalists will also be eligible to participate in Black Ambition Circles hosted by Betaworks — a peer-to-peer mentorship program facilitated by seasoned entrepreneurs.
In addition, finalists will have access to 1-1 mentorship and coaching to develop a strong pitch for their ventures to judges and potential investors.
Demo day is when finalists will have the opportunity to share their ideas with judges and potential investors. Black Ambition will host demo day in July 2021.
E-mail info@blackambitionprize.com.
For the Black Ambition HBCU Prize, entrepreneurs do not need to have a venture validly formed under law to apply.
For the Black Ambition Prize, entrepreneurs will need to have ventures that are validly formed under law to apply.
Please also note that all winners for both prizes above $50,000 USD shall receive the financial support prize 50% in the form of cash grant and 50% in the form of a simple agreement for future equity (“SAFE”), with a maximum SAFE investment amount of $250,000 USD. A SAFE is a convertible equity security that allows the investor to buy shares in a future priced round based on the price of the future round, rather than at a predetermined valuation. To receive a SAFE, a winner shall have validly formed its venture under law as a C Corporation in the United States within ninety (90) days after Demo Day. Please refer to section 6.2.3 in the Terms and Conditions for more information. Terms and conditions for the SAFE will be shared on or about January 29th.
We will be asking reviewers to uphold a code of conduct based on Black Ambition’s principles and values, including respect for applicants’ submissions. We will not ask reviewers to sign an NDA. This is in part driven by the fact that NDAs are difficult to enforce in the entrepreneurial space, as it is difficult to pinpoint the specific sources where individuals learned about specific information.
Businesses in the field of consumer products and services*, healthcare, technology, and/or design are eligible to apply.
Consult your team members, take into account your collective experience, and decide which prize is best for your company at this moment. The HBCU Prize is meant for entrepreneurs currently attending, or recently having attended an HBCUs, while the Black Ambition Prize is available to all eligible entrepreneurs. Also, be advised the grand prize amount for the Black Ambition HBCU Prize is up to $250K, and the grand prize for the Black Ambition Prize is up to $1M.
Yes, though at least one founding member must be headquartered in the U.S. and the business(es) must be based in the U.S.
There is a minimum of 2 members per team but no maximum.
No, applicants that apply to both prizes will not be considered.
No. For-profit companies with a social impact are encouraged to apply, and will be evaluated on the same criteria as other companies.
No.
Please submit all applications in English.
We will not accept any applications submitted after the deadlines. Please make sure you submit your application before the relevant deadline.
Yes. If you do not receive funding, you can reapply next year.
As long as your venture does not exceed the current dilutive funding or revenue thresholds on Demo Day, you will still be eligible. If your venture does exceed those limits, you will no longer be eligible for the prize.
If you do not receive funding and still meet our eligibility criteria, you can reapply next year.
Yes. Please review the remaining eligibility criteria to ensure you are eligible to apply.
In addition to thoroughly reading through this FAQ section, the following resources can provide a perspective on what to consider when writing your application :
Strong applications will clearly articulate the following elements of their venture:
A Minimum Viable Product, as defined by Eric Reis (the author of Lean Startup), is a version of a new product or service (e.g., product design/sketch, wireframe, demo video, landing page) that will allow your team to collect the maximum amount of validated learning about customers with the least effort.
If you are applying for a prize that requires an MVP, we encourage you to visit the following resources:
A Minimum Viable Product Is Not a Product, It's a Process by Jim Brikman from Y Combinator
How to Plan an MVP by Michael Seibel from Y Combinator
Black Ambition recognizes that HBCUs are vital engines of economic opportunity and have rich legacies to build upon. Furthermore, if Black Ambition did not tap into the vibrant and brilliant HBCU community, it would miss a differential opportunity for investment capital that could spark and support the next generation of successful entrepreneurs.
Black Ambition’s HBCU Prize will inspire members of the HBCU community to pursue entrepreneurship and provide both funding and support to launch successful businesses. Just as institutions like Harvard, MIT, and Stanford can provide significant resources available to aspiring entrepreneurs, Black Ambition aims to partner with HBCUs to provide the same opportunities to members of their community.
Eligible teams must include at least one of the following as a member of the founding team:
*Part-time students must have completed at least one year of course credits by time of application.
No.
Eligible teams must have at least one member of the founding team who identifies as Black/African/African American and/or Hispanic/Latino/a/Latinx.
A member of the founding team is defined as having a Vice President or C-Suite level role (i.e., the CEO or an executive-level direct report to the CEO).
E-mail info@blackambitionprize.com and our team will get back to you