The Black Ambition Prize Competition is an annual initiative created to support underrepresented innovators in the United States by providing access to funding, coaching, and a curated community of mentors and fellow entrepreneurs. Founded by Pharrell Williams in 2020, Black Ambition aims to close opportunity and wealth gaps for Black, Hispanic, and other historically overlooked entrepreneurs by removing barriers to capital, guidance, and visibility.

The 2025 Black Ambition Prize is open to early-stage ventures across five industries: Consumer Products and Services, Healthcare, Media and Entertainment, Technology, and Artificial Intelligence (AI). To apply, teams must consist of at least two members and have a lead founder who is a legal U.S. resident. All team members must be at least 18 years old. Applicants must demonstrate progress against their business concept, including having a minimum viable product and/or an existing consumer base. Ventures must also have raised less than $1 million in dilutive funding at the time of application.

Eligible teams must include at least one founding member from a historically underrepresented background, including but not limited to Black, African, African American, Hispanic, Latino, Latinx, LGBTQ, first-generation immigrants, first-generation college graduates, parents with income below the poverty line, or those raised by a single parent.

The 2025 competition offers awards ranging from $20,000 to $100,000, with over $1 million in total funding available. Between 150 to 200 semi-finalists will be selected to participate in the Black Ambitionist Mentorship Program, a 3-month accelerator providing pitch coaching, leadership workshops, wellness support, and introductions to funders. Finalists and winners will also benefit from ongoing mentorship, exclusive training with global brands, and graphic design and marketing support.

The application opens on February 26, 2025, and closes on May 2, 2025. Semi-finalists will be announced in June 2025, with the mentorship program kicking off in July 2025. In September 2025, the Top 50 finalists will be announced and participate in a public voting competition. Winners will be officially announced at the Black Ambition Demo Day in November 2025.

Information sessions and webinars will be offered to support applicants, including:

March 12, 2025, at 12pm PST – Ask Us Anything Q&A
March 19, 2025, at 12pm PST – Founders Panel: Prize Winner Alumni Spotlight
To date, Black Ambition has awarded approximately $13 million to 131 entrepreneurs, whose companies have collectively raised over $280 million. Black Ambition has been recognized by Forbes, Essence, Complex, and Fast Company, which awarded it the 2021 World Changing Ideas award for Impact Investing.