They’re continuing the mission of empowering Black entrepreneurs!
For five years, Black Ambition has been a driving force in closing the wealth gap in innovation, and in 2025, it’s reaching new heights. Founded by Pharrell Williams in 2020, Black Ambition is a game-changing initiative that provides capital, mentorship, and business resources to early-stage entrepreneurs from historically underrepresented backgrounds. On Monday, February 24, 2025, the organization officially opened applications for its 5th Annual “Black Ambition Prize Competition,” continuing its mission of transforming the entrepreneurial landscape.
Since its inception, Black Ambition has awarded approximately $13 million to 131 visionary entrepreneurs. The impact of this investment is undeniable—collectively, these founders have raised over $280 million and generated more than $265 million in revenue.
With Black and Brown founders receiving only a fraction of traditional venture funding, initiatives like Black Ambition are crucial in creating a more inclusive entrepreneurial ecosystem. CEO Felecia Hatcher has been at the forefront of this mission, ensuring entrepreneurs gain uninterrupted access to financial support, mentorship, and invaluable industry connections.
“What we’ve seen over the past two months is just the attack on diversity, inclusion, equity, and things that are happening in the venture space,” Hatcher told Because Of Them We Can. “Fifty-four percent of funding in the VC space specifically for Black entrepreneurs has been on a decline in the past two years. And so, you know, those two things alone are the reason why we exist…to create massive opportunities and uninterrupted access to wealth creation, resources, and community impact… That’s why Pharrell dreamt of Black Ambition. And that’s why me and the team have been leading this charge to make sure that we really become like a resource magnet for everything that our entrepreneurs need,” she explained.
The “Black Ambition Prize Competition” isn’t just about funding—it’s about building a support system that helps founders thrive. This year’s competition will provide a holistic business support system and more than $1 million in funding for applicants, including exclusive networking events, immersive mentorship, and tailored strategic guidance. Participants will gain connections to influential investors, top business leaders, and a growing network of past Black Ambition winners. 150-200 semifinalists will embark on a three-month mentorship program, ensuring they receive expert guidance and strategic support, with the top 40 advancing to a public voting round and pitch training. The top 20 finalists will receive financial funding, with additional pitch deck design support and coaching for select founders.
“Five years ago, Black Ambition was an idea. Today, it’s a force. A catalyst for change. A platform where underrepresented entrepreneurs don’t just get a seat at the table – they build new tables, positioning themselves for uninterrupted success… when we invest in diverse talent, we unlock limited potential. But this is just the beginning. Let’s keep building, keep breaking barriers, and keep rewriting the rules. I can’t wait to see what we do in the next five years,” said Founder Pharrell Williams.
The competition is open to entrepreneurs innovating in consumer products & services, healthcare, media and entertainment, technology, and artificial intelligence (AI). The nine-month journey will culminate in the highly anticipated Demo Day in November, where winners will be announced and awarded funding.
For Hatcher, it is more than just a competition. Whether they win funding or not, they leave with stronger business acumen, strategic connections, and an empowered mindset. This year, Hatcher said they’ve doubled down on their commitment to helping entrepreneurs access wealth quickly while also expanding the amount of resources available to applicants. Black Ambition also addresses the personal challenges that many underrepresented founders face through a holistic model of support and engagement.
“The prize is what gets the most attention, but the organization is around year-round…My mentor always says, ‘Wealth has a need for speed…’ People have gotten too comfortable wasting the time of Black and Brown entrepreneurs. We know time is a commodity that none of us get back, so it’s really, really expensive when people waste our time. Whether it’s unnecessary delays in vetting Black and Brown entrepreneurs, the cycle of going back and forth to investors and getting a bunch of no’s, or the lack of the right type of resources at the right moment for the right entrepreneur,” said Hatcher.
Black Ambition boasts partnerships with Louis Vuitton and Visa, alongside curated learning labs with C-suite executives. Hatcher called the resources “life-changing” for business owners.
With applications now open, the organization is calling on bold, ambitious founders to step forward and claim their place in the future of entrepreneurship. Hatcher encourages everyone to apply, and if you’re not chosen this time, apply again. The hope is that you learn something along the way and tap into an ever-expanding ecosystem of support through the “Black Ambition Network.”
“We designed the ‘Black Ambition Prize’ so that even if you don’t win, you are changed and different as an entrepreneur, just based off of the questions and going through the process… In this moment where it feels like every door is shutting on Black people, it is not the case, right? It’s just requiring us to support us in a way that we have never done before. And maybe we have never been called to do until we’ve been challenged in [this] way. And so, you know, We Got Us is like our theme for this year would be for the fifth year, and we truly, truly, truly mean it,” said Hatcher.
In addition to her work spearheading the funding of the next generation of entrepreneurs, Hatcher also hosts Black Ambition’s “So Ambitious” podcast, which deep dives into what’s possible when Black and Brown entrepreneurs are allowed to build uninterrupted. Hatcher encourages entrepreneurs to listen in and glean wisdom from others who have paved the way, reminding us of the urgency of now.
“The ‘So Ambitious’ podcast I absolutely love, and that is not just because I’m the host; it’s just really phenomenal storytelling for some entrepreneurs that have really bet the house, did all these things in their most ambitious moments, and they get to share those words with us… It’s a different type of AI. I cannot remember the name of the guy who said it, but he was just like, there’s artificial intelligence, and then there’s ancestral intelligence. And this moment is requiring us to lean on our ancestral intelligence, explained Hatcher.
“As a people, we’ve been here before, we’ve done it, [and] done it again. Our ancestors have been here before; they’ve done it, and they’re now in a position to guide us on what we should do, even though they’re physically not here. And so we’re gonna be good. It’s gonna be a little rocky, going to be a little uncomfortable, but we are going to be good if we remember that we stand on the shoulders of giants that are guiding us to stand really tall in this moment where the world [is] telling us to shrink and pretty much disappear,” she added.
To apply for the 2025 “Black Ambition Prize,” visit www.blackambitionprize.com.
Cover photo: Pharrell Williams’ ‘Black Ambition’ Announces 5th Annual Prize Competition Funding Black Entrepreneurs/Black Ambition 2024 Demo Day/Photo credit: Black Ambition