Pharrell Williams Launches Black Ambition for Black and Latinx Entrepreneurs

Black Ambition, Pharrell Williams’ newest venture dedicated to cultivating Black and Latino entrepreneurs, is the winner of the impact investing category of Fast Company’s 2021 World Changing Ideas Awards.

Williams launched Black Ambition last December 2020, with Louis Vuitton Men’s artistic director and founder of Off White Virgil Abloh is onboard as a member of the Black Ambition advisory team. Black Ambition will act as a non-profit initiative providing a bridge to success for Black and Latinx entrepreneurs who are launching start-ups in tech, design, healthcare, and consumer products.

Beyond leveling the playing field and fostering the ingenuity, determination, and resilience of underrepresented entrepreneurs by rewarding innovation, Pharrell Williams hopes the ventures will enrich and empower Black communities touched by funded talents.

“We’re saying to ourselves, ‘Why are we in the position that we’re in?’ ” Williams says. “Because we don’t necessarily have a voice, because we don’t own enough businesses. It’s time for us to be part of the American pie chart.”

“Our aim is really to dismantle the barriers that stand in the way of equitable futures for these communities,” says Darla Vaughn, head of brand marketing at the organization behind it, I Am Other, a collective of creative talent founded by Pharrell Williams.

As part of the launch, Williams announced two prize competitions – The Black Ambition HBCU (historically Black colleges and universities) Prize of $250,000 and The Black Ambition Prize of $1 million – which culminate in one major national event.

“White VC founders and those in private equity represent north of 80% of people who receive funding, while African Americans represent less than 1%. Whether it’s a $15,000 prize or a $250,000 prize, if founders win something, they’re going to get the mentorship and strategic scaffolding,” Williams told Forbes. ”We are setting founders up for the odds to be in their favor, that’s the game-changer here.”

“Part of what Black Ambition is going to do is say ‘here are folks that are investable and will be creating the next big companies of the future’,” Willa Seldon, partner at Bridgespan, a philanthropic and nonprofit consulting firm partnering with Black Ambition, said. “Venture capitalists are becoming more diverse but there’s still not capital going to those new venture players. Mainstream VCs are also interested in doing more about this, It’s also a huge market opportunity.”

In addition to financial awards, the entrepreneurs will receive mentorship and feedback as well as access to peer networks and expert connections. All screened applicants will receive access to online resources, information about business resources, and high-level feedback. Semifinalists will also receive cohort-based mentorship. Finalists will receive personal mentorship, opportunities for media exposure, and introductions to venture capitalists, angel investors, and accelerator partners.

Black Ambition is backed by Adidas, Chanel, the Chan Zuckerberg Initiative, The Rockefeller Foundation, Tony’s Chocolonely and the Visa Foundation. Individual investors include venture capitalist Ron Conway and BuzzFeed co-founder Jonah Peretti.

Pharrell Williams covers the current issue of Town & Country’s philanthropy issue. Read more about this superstar, Virginia Beach native’s many commitments to Virginia and the VB area. Next up is Pharrell’s Yellowhab non-profit school, heading for next-door Norfolk this fall.