Pharrell Williams’ non-profit project, Black Ambition, has awarded $3.2 million to finalists for its third-annual “Demo Day” program.
According to a release, this year’s competition drew almost 2,000 applicants. They represented companies in five categories: Web 3.0, technology, media and entertainment, consumer goods and services, and healthcare.
“Demo Day is a powerful testament to the transformative potential of the Black Ambition Prize,” stated Felecia Hatcher, CEO of Black Ambition. The dedication of our eminent judges, as well as the support of our brand partners such as Louis Vuitton, Adidas, Valor Equity Partners, and Spring Studios, shows our commitment to supporting black and Hispanic entrepreneurs. Our effect, as demonstrated by the 36 top finalists, demonstrates the actual difference we’re bringing to neglected communities.”
The nationwide competition was trimmed to 50 finalists, and subsequently to 36, who received awards ranging from $20,000 to $250,000.The last eight advancing contestants were given the once-in-a-lifetime opportunity to pitch live on stage for the grand prize of $1,000,000.
Award winners will receive resources and connections to additional investors and financing in addition to mentoring. There will also be twice-weekly office hours with top executives from Heineken, Snapchat, Netflix, and other companies involved.
Beneficiaries of the prize attend town hall meetings with Williams and receive life coaching as well as one-on-one and group therapy sessions that promote a holistic approach to job development.
The panel of judges who selected the prize winners included Marilyn Webber of Louis Vuitton, Erik Moore of Base Ventures, and Jay Lundy, SVP, Head of Investments & New Ventures at Combs Global.
Black Ambition awarded $1 million to Antoinette Banks, CEO and Founder of Expert IEP, a parent-facing program that employs predictive AI to maximize current individualized education plans for children with impairments, as the Grand Prize Winner of its 2023 Prize competition.
Banks said, “Earning this $1M prize puts our kids back in the forefront; it gets people thinking deeply about solving the problems in special education. As founder and CEO, I am deeply grateful to Black Ambition for believing in me, holding space for me, and breaking down barriers. It’s clear that Black Ambition is more than a prize award, it’s a shift in expectation for our culture.”
Other notable prize winners include ECOMSPACES, a one-stop shop for e-commerce solutions ranging from product photography to order fulfillment, and HBCU Grand Prize Winner Monocle, a social e-reader that fosters a community-focused reading experience, in addition to 33 other prize recipients who also received monetary awards. ECOMSPACES and Monocle both earned $250,000 and $200,000 for their businesses.
Adidas, Valor Equity Partners, Spring Studios, and the presenter, Louis Vuitton, were among the brand partners who took part in the 2023 Black Ambition Prize Demo Day.
Since its founding in 2020, the group has provided major assistance to over 5,000 founders through intensive virtual training projects and events, aiding them in overcoming the challenges of building successful firms.
Black Ambition has awarded funding and resources to 101 prize winners and mentored another 750 entrepreneurs to assist them in growing their enterprises.