Happy singer Pharrell Williams has reintroduced an initiative for Black and Latinx entrepreneurs that awards prizes of up to $1 million.

In December 2020, the mega music producer announced the launch of an initiative for Black and Latinx entrepreneurs called Black Ambition. The purpose of the nonprofit is to provide a bridge to success for entrepreneurs of color working in tech, design, healthcare, and consumer products/services start-ups.

As of Mar. 22, the nonprofit announced that applications for its second annual prize competition are now available at BlackAmbitionPrize.com. Ventures in consumer products and services, media and entertainment, healthcare, technology and Web 3.0 are eligible to win up to $1 million.

Last year, Black Ambition awarded funding and resources to 34 prize winners while also helping an additional 250 entrepreneurs with mentorship. Over $3.2 million was awarded to finalists. Finalists have collectively raised over $40 million since receiving the Black Ambition Prize.

“When you realize how lucky you are to be in the constellation of the universe and when you learn how it really works, you stop buying vehicles and you create vehicles to drive you. That’s what Black Ambition is, it’s a vehicle for impact. At Black Ambition, we find you and then we fund you,” Williams said.

The first Black Ambition contest received more than 1,700 applications, which led to a group of 34 finalists.

The Black Ambition prize offers more than access to funds and opportunities. It helps cultivate the pipelines of diverse talents and skills through mentorship and giving individual access to resources. The initiative promises to increase the number of Black and Latinx entrepreneurs who will have a chance to succeed at raising the start-up capital needed for their businesses.

The Black Ambition Network will also give aspiring business owners access to established entrepreneurs and peers while building a community committed to creating the businesses of tomorrow.

Black Ambition is committed to leveling the playing field and fostering the ingenuity, determination, and resilience of underrepresented entrepreneurs.