They’re continuing the mission of empowering Black entrepreneurs!

For five years, Black Ambition has been a transformative force in closing the wealth gap in innovation—and in 2025, it’s reaching an exciting new chapter. Founded by Pharrell Williams in 2020, the initiative continues to reshape the startup landscape by providing capital, mentorship, and vital business resources to early-stage founders from historically underrepresented backgrounds. On February 24, 2025, the organization officially opened applications for its 5th Annual Black Ambition Prize Competition, reaffirming its commitment to creating a more equitable entrepreneurial ecosystem.

Since its launch, Black Ambition has awarded nearly $13 million to 131 visionary entrepreneurs. The ripple effect has been remarkable: those founders have collectively raised more than $280 million and generated over $265 million in revenue.

With venture funding for Black and Brown founders declining—dropping 54% in just the past two years—organizations like Black Ambition are more essential than ever. CEO Felecia Hatcher has been central to the initiative, ensuring that founders receive uninterrupted access to wealth-building opportunities, mentorship, and industry-changing connections.

“What we’ve seen is an attack on diversity, inclusion, and equity in the venture space,” Hatcher shared. “That’s why Black Ambition exists—to create massive opportunities and uninterrupted access to wealth creation, resources, and community impact. Pharrell dreamed of this, and our team is working every day to be a resource magnet for our entrepreneurs.”

This year’s Black Ambition Prize Competition goes far beyond funding. It provides a holistic support system designed to strengthen founders at every stage. More than $1 million in funding is available, along with immersive mentorship, influential networking events, and personalized strategic guidance. Between 150 and 200 semifinalists will join a three-month mentorship program, with 40 advancing to a public voting round and pitch training. Ultimately, the top 20 finalists will receive financial awards and tailored pitch development support.

Pharrell Williams reflected on the milestone:

“Five years ago, Black Ambition was an idea. Today, it’s a force—a catalyst for change. Underrepresented entrepreneurs aren’t just getting a seat at the table; they’re building new ones. This is only the beginning. Let’s keep breaking barriers and redefining what’s possible.”

The competition is open to innovators in consumer products and services, healthcare, media and entertainment, technology, and artificial intelligence. The nine-month journey will culminate in a high-energy Demo Day in November, where finalists will be awarded funding and introduced to key investors.

For Hatcher, the impact of Black Ambition goes well beyond who wins a prize.

“Wealth has a need for speed,” she explained. “People have gotten too comfortable wasting the time of Black and Brown entrepreneurs. Whether or not founders win funding, the application process changes them. They leave more confident, more informed, and more empowered.”

Black Ambition’s high-powered partnerships—with names like Louis Vuitton and Visa—along with its curated learning labs featuring C-suite executives, continue to expand the ecosystem of support. The resources, Hatcher says, have been nothing short of “life-changing.”

This year, the organization is urging bold, imaginative founders to apply—and to keep applying, even if they aren’t selected on their first attempt. The goal is lasting empowerment, not a one-time win.

“We designed the Prize so that even if you don’t win, you grow. In a moment where so many doors feel like they’re closing for Black people, it’s calling us to support each other in ways we never have before. Our theme this year is ‘We Got Us’—and we mean it.”

Beyond the competition, Hatcher also hosts the So Ambitious podcast, which highlights candid stories from entrepreneurs who’ve bet it all to build their dreams. The conversations explore resilience, identity, and a powerful concept Hatcher calls “ancestral intelligence.”

“As a people, we’ve been here before. Our ancestors have done this. They are guiding us even now. It might be rocky, it might be uncomfortable, but we’re going to be good. We stand on the shoulders of giants.”

Applications for the 2025 Black Ambition Prize are now open at the organization’s official website.

Here’s to the next generation of world-changing entrepreneurs.