Pharrell's Latest Philanthropic Act Will Net A Minority-Owned Business $1M

HipHop News Posted on December 2, 2020 at 9:26am

Pharrell's Latest Philanthropic Act Will Net A Minority-Owned Business $1M

"The goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources."

Pharrell is taking his support of minority-owned businesses to the next level.

On Tuesday (December 1), the legendary producer announced his new initiative Black Ambition, with the goal of being a resource to help close the wealth gap. The N.E.R.D co-mastermind  explained the inspiration behind the idea in a statement..centered-ad {

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“Recent events and tragedies have illustrated the always existent stark divisions in the American experience, and while entrepreneurship has long been a tenet of the American dream, marginalized people have faced long-standing barriers to success,” Pharrell said. “With Black Ambition, the goal is to help strengthen the pipeline of talented entrepreneurs and close the opportunity and wealth gaps derived from limited access to capital and resources.”

 

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As part of their launch, Black Ambition has announced The Black Ambition Prize and The Black Ambition HBCU Prize. The former will “provide a platform for eligible entrepreneurs to access growth capital, pitch feedback, and mentorship” and will award mentorship and up to $1,000,000 in funding to Black or Latinx entrepreneurs in consumer products and services, design, healthcare and tech.

The HBCU Prize “will help to fund high potential ideas with our capital that

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