Happi Staff12.26.20
A year marked by so much pain is ending on a hopeful note. Music industry mogul Pharrell Williams is launching Black Ambition, a business accelerator for Black and Latinx entrepreneurs. Under Williams direction, Black Ambition will award grand prizes ranging from $1 million for a national competition to a $250,000 Historically Black College or University (HBCU) prize.
In addition to the awards, Williams and his backers say the mentorship and training they will provide will help bridge the racial wealth and equity gap.
According to Black Ambition, among founders of VC-backed companies, only 3% are Black or Latinx. Furthermore,Black and Latinx people make up ~30% of the US population, but only ~20% of its entrepreneurs. Black Ambition notes that if Black and Latinx people were supported to succeed as entrepreneurs at the same rate as white people, the US would add 1.1 million new businesses and nine million new jobs.
In addition to the awards, Williams and his backers say the mentorship and training they will provide will help bridge the racial wealth and equity gap.
According to Black Ambition, among founders of VC-backed companies, only 3% are Black or Latinx. Furthermore,Black and Latinx people make up ~30% of the US population, but only ~20% of its entrepreneurs. Black Ambition notes that if Black and Latinx people were supported to succeed as entrepreneurs at the same rate as white people, the US would add 1.1 million new businesses and nine million new jobs.