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Detroit Regional Chamber > Racial Justice & Economic Equity > Black and Latino Early-Stage Businesses Invited to Apply for Second Cohort of Black Ambition Competition; Win Cash and Investment Prizes Up to $1M

Black and Latino Early-Stage Businesses Invited to Apply for Second Cohort of Black Ambition Competition; Win Cash and Investment Prizes Up to $1M

March 30, 2022
width=If people of color and women were supported and provided resources to succeed as entrepreneurs at the same rate as white men, the United States could add 1.1 million new businesses and nine million new jobs to the economy. This is one of the many stats that encouraged music producer Pharrell to create the Black Ambition prize competition.

Launched in December 2020, the competition was created to fund bold ideas and reduce barriers to capital for Black and Latino entrepreneurs working in tech, design, health care, and consumer products and services start-ups. There were 34 finalists in the first cohort, curated from the 1,700 initial applicants.

On March 7, 2022, applications for the second Black Ambition cohort opened, and early-stage businesses in consumer products and services, media and entertainment, health care, technology, and Web 3.0 are invited to apply for a chance to win awards between $25,000 and $1 million.

Black Ambition provides two separate prize tracks for applicants to compete, including Black and Latino founders across the U.S. (Black Ambition Prize Track) and students and recent alumni from Historically Black Colleges and Universities (HBCU Prize Track). Both tracks offer applicants an opportunity to access growth capital (up to $100,000 for the HBCU track and up to $1 million for the regular track), pitch feedback, and mentorship.

width=“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,” said Pharrell Williams, founder of Black Ambition, on the competition’s website.

There must be at least two members per team – all based in the U.S. – with no maximum size team. Find the eligibility requirements for the Back Ambition Prize Track here and the HBCU Prize Track here.

Applications will close on Friday, May 8. Other key dates include:

  • June 2022: Semi-finalists announced and mentorship cohorts begin
  • August 2022: Finalists announced and public voting begins
  • September 2022: National Demo Day

To assist businesses in applying, Black Ambition will also host virtual workshops in April 2022. Click the event names below to register.

  • Tuesday, April 5, at 3 p.m. EST: Ask Me Anything – Application Development
  • Thursday, April 7, at 3 p.m. EST: Black Ambition Prize Winners’ Panel Discussion

Start your application here.