Pharrell Williams’ Black Ambition offers $1M to underrepresented entrepreneurs

Musician and record producer Pharrell Williams’ nonprofit organization, Black Ambition, is accepting applications for the 2025 Black Ambition Prize Competition, which will provide more than $1 million in funding for up to 25 applicants focused on innovating in the healthcare, technology, AI, consumer products and services, and media and entertainment.

Early-stage underrepresented entrepreneurs will receive capital, mentorship and resources to scale their innovations, including a 12-week program with mentorship, access to a network of investors and industry leaders, and business development support. 

The competition will begin with selecting 150 to 200 semifinalists to undergo the three-month mentorship program. The top 40 founders will advance to a public voting round and pitch training. 

The top 20 finalists will then receive funding, with select founders receiving design support for their pitch deck and pitch coaching.

In November, founders will attend the nonprofit’s Black Ambition’s 5th Annual Demo Day, at which time they may receive up to $1 million. 

“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 limitless potential,” Williams said in a statement. 

“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.”

THE LARGER TREND

In 2024, annual funding in digital health totaled $10.1 billion across 497 deals, a decrease from the $10.8 billion in VC funding in 2023, and a slight decline in deals, from 503, the prior year, according to Rock Health. 

A 2023 Deloitte report noted, “Startups led by underrepresented founders face outsized challenges in securing VC investment (even though they have been found to achieve better performance).” 

The report noted that a startup ecosystem with innovators that reflect the country’s diverse demographics can unlock opportunities for greater success, economic value and wealth distribution. 

VC firms investing in underrepresented entrepreneurs include Backstage Capital, which invests in founders who identify as women, people of color or LGBTQ.

Fearless Fund supports women of color-led businesses seeking pre-seed, seed level or Series A financing.

Seae Ventures is a VC firm that invests in underrepresented founders of early-stage healthcare companies aiming to reduce health disparities. Last year, Seae acquired Unseen Capital, a fellow venture capital firm that invests in companies that address the challenges faced by underrepresented entrepreneurs and marginalized communities.