Many entrepreneurs have an excellent business plan and a strong elevator pitch but are missing the funding needed to develop their businesses. Every industry requires access to resources such as technologies, workspace, and staff to develop products or provide services. With this in mind, new entrepreneurs may not have the funding to take their businesses to the next level. 

To aid Black and Latinx entrepreneurs who want to get their business ideas off the ground, the Black Ambition Prize 2022 competition provides an opportunity to get funding.

Black Ambition is a philanthropic nonprofit organization founded by musician Pharrell Williams that strives to increase capital access and community wealth for Black and Latinx entrepreneurs. The Black Ambition Prize 2022 competition is a “tiered opportunity for early-stage Black and Latinx founders to compete for more than $2,000,000 and learn with a network of talented founders and cross-sector business leaders.” This competition provides a powerful platform for Black and Latinx entrepreneurs to present their companies in the following industry categories: Consumer Products and Services, Healthcare, Media & Entertainment, Technology, and Web 3.0.

The competition is divided into two prize tracks: the HBCU Prize Track and the Black Ambition Prize Track, with the HBCU Prize Track only for Black and Latinx founders who are HBCU-affiliated. Prize awards range from $25,000 for semi-finalists and $1,000,000 for the grand prize winner. 

Entrepreneurs must meet the following criteria to participate in the competition:

• Must have at least one founding member of Black or Hispanic descent.

• Ventures must be for-profit in the above-listed categories.

• The venture hasn't raised $1 million in investment funds before applying. 

• Ventures are incorporated (or soon-to-be) in the United States.

• Each team must have two members (no cut-off on team size).

• The CEO or president of the competing team must be a legal resident of the United States.

• (For HBCU Prize Track only) At least one founding team member must be affiliated with an HBCU (student, faculty, alumni) of Black or Hispanic descent.

The deadline to apply for the Black Ambition Prize 2022 is June 6th, 2022. You can learn more about the competition and apply here. 

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