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.