Pharrell Williams’ Black Ambition Grants $3.2 Million to 36 Entrepreneurs

By Derrick Simms

Pharrell Williams’ Black Ambition, a non-profit initiative committed to supporting Black and Hispanic entrepreneurs, recently granted $1 million to Antoinette Banks, the CEO and Founder of Expert IEP. This parent-facing app utilizes predictive AI to optimize Individualized Education Plans for children with disabilities. Banks secured the Grand Prize at the 2023 Prize competition during the third annual “Demo Day” event on November 9th at Spring Studios in New York, NY.

Among the other top prize recipients were ECOMSPACES, offering e-commerce solutions, and Monocle, an HBCU Grand Prize Winner for its community-focused social e-reader. They were awarded $250,000 and $200,000, respectively, along with 33 other prize recipients who also received financial support.

The Demo Day 2023 marked a significant milestone, celebrating funding for over 100 entrepreneurs since Black Ambition’s inception in 2020. This year, over 2,000 applicants entered the competition across the General and HBCU Prize tracks, representing various industries, including Consumer Products and Services, Healthcare, Media and Entertainment, Technology, and Web 3.0. The nationwide competition whittled down to 50 finalists, with the top 36 all receiving prize awards ranging from $20,000 to $250,000. The final eight finalists had the opportunity to pitch live for the grand prize of $1,000,000.

The distinguished panel of judges, including Marilyn Webber from Louis Vuitton, Erik Moore from Base Ventures, and Jay Lundy from Combs Global, determined the prize winners. Two-time Emmy award-winning talk show host Mario Armstrong hosted the event.

After the pitch presentations, Pharrell Williams, along with Black Ambition CEO Felecia Hatcher and Warby Parker Co-CEO David Gilboa, engaged in a compelling discussion on their entrepreneurial journeys. Previous Black Ambition prize winners also shared their successes in a conversation moderated by Glenise Kinard-Moore.

The highlight of the evening was the announcement of the prize winners, with Antoinette Banks receiving a $1,000,000 check on stage from Pharrell and Felecia. Banks expressed her gratitude, stating, “Black Ambition is more than a prize award; it’s a shift in expectation for our culture.”

The event concluded with a celebratory cocktail hour and a networking reception, featuring gift bags from partners such as Louis Vuitton, Adidas, Billionaire Boys Club, JOOPITER, and more.

The 2023 Black Ambition Prize Demo Day brand partners included presenting sponsor Louis Vuitton, Adidas, Valor Equity Partners, and Spring Studios.

Black Ambition, dedicated to closing the opportunity and wealth gap for Black and Hispanic entrepreneurs, has provided support to over 5,000 founders through virtual training initiatives since its launch in 2020. The organization has awarded funding and resources to 101 prize winners, supported 750 entrepreneurs with mentorship, and distributed approximately $10 million to finalists.

Felecia Hatcher, CEO of Black Ambition, expressed excitement about Demo Day and the organization’s impactful journey, stating, “Demo Day is a powerful testament to the transformative potential of the Black Ambition Prize.”

Beyond monetary rewards, Black Ambition Prize winners receive mentorship, resources, connections to additional investors, and funding opportunities. Awardees also benefit from bi-weekly office hours with leaders in marketing, PR, and brand building from global brands. Additionally, recipients attend town hall meetings with Pharrell, participate in life coaching and therapeutic workshops, enhancing a holistic career approach.

Black Ambition has garnered recognition from Forbes, Essence, Bloomberg, and Fast Company’s 2021 World Changing Ideas award for Impact Investing. The organization continues to support and fund entrepreneurs who are shaping the future.