NEW YORK, Nov. 8, 2024 — On Friday, November 15, Pharrell Williams’ Black Ambition, the non-profit organization dedicated to building inventive new companies that will help define the future success of Black and Hispanic-founded businesses, is hosting its highly anticipated 4th Annual Demo Day, where the winners of the 2024 Black Ambition Prize Competition will be announced and awarded more than $2.7 million.
Demo Day is the exciting culmination of a 9-month entrepreneurial journey that thousands of underrepresented, growth-stage founders undertake. Participating founders represent companies within five distinct categories: Consumer Products and Services, Healthcare, Media and Entertainment, Technology, and AI. The nationwide competition advances the top 250 most compelling applicants to participate in a 3-month cohort-based mentorship program, before advancing the top 40 founders to participate in a public voting competition and pitch training. Parallel to the national Prize competition, Black Ambition also ran an 8-week HBCU Pre-Accelerator to find, fund, and fuel trailblazing innovators from Historically Black Colleges and Universities. The top 10 participants from the pre-accelerator program will join winners of the annual Prize competition, forming a cohort of dynamic entrepreneurs who will receive Prize awards ranging from $25,000 – $250,000. Eight top ventures will pitch live on stage during Demo Day for the chance to win the grand prize of $1,000,000.
“With mentorship to over 1,000 founders and these founders generating over $265 million in revenue since launching, we’re so excited to continue showcasing the next generation of innovative companies at our 4th annual Black Ambition Demo Day,” said Felecia Hatcher, CEO of Black Ambition. “So many major corporations are reducing or discontinuing their pledge to support businesses owned by people of color, Black Ambition has doubled down on our commitment to the accelerated growth of Black and Hispanic business owners with active mentorship, resources and over $10 million in capital awarded from the prize fund.”
Following the pitching presentations from the eight finalists, Black Ambition Founder Pharrell Williams and CEO Felecia Hatcher will engage in an onstage discussion on the next chapter of Black Ambition and support for diverse founders. The $1 million pitch competition will be adjudicated by a panel of three luminary judges, including the likes of celebrity CEOs and corporate innovation leaders.
Following the panel conversations, Pharrell and Hatcher will welcome the finalists back on stage to announce the 30+ Prize winners and ultimately present the grand prize winner with the $1,000,000 check. To celebrate the winners and the company’s initiatives, guests will then be invited to join in an exclusive celebratory cocktail hour, followed by a networking reception of VIPs and Black Ambition Founders.
“Now in its 4th year, I’m so proud of the doors that have been opened and the many seats at the table that Black Ambition has helped to facilitate,” said Pharrell Williams, Founder of Black Ambition. “Each year, the pool of talented innovators, thought leaders and business owners grows, further affirming Black Ambition’s continued mission of unlocking the potential of underrepresented entrepreneurs.”
Aside from the prize competition, entrepreneurs throughout the year receive extensive virtual training initiatives and events. Since launching in 2020, Black Ambition’s year-round support has extended well beyond the monetary aspect of the competition by providing invaluable support to over 30k diverse founders across the world through their monthly newsletters, curated in-person events, digital training, podcasts and advice in helping entrepreneurs navigate the challenges of their businesses. All awardees also have access to bi-weekly office hours with leaders in marketing, operations, and brand building with global brands such as Heineken, adidas, Microsoft, and other corporate partners to help them throughout their entrepreneurial journey.
Winning recipients attend town hall meetings with Pharrell and receive life coaching and executive mental health workshops, both in group and 1-on-1, encouraging a holistic business approach.
“Winning the 2023 Black Ambition Prize has been a transformative experience for us as an education technology company catering to families and children with learning differences,” said Antoinette Banks, Founder/CEO of Expert IEP and winner of the 2023 Black Ambition Prize. “The Black Ambition Prize not only provided vital financial support but also access to an extensive network, resources, and an empowering community to ensure we’re capable of chasing our dreams and having a positive impact.”
In the past four years, Black Ambition has provided intensive mentorship to 1,000 founders and awarded approximately $10M in capital to 101 entrepreneurs. Black Ambition network founders have gone on to generate more than $265M in revenue.