Call For Application: 5th Annual Black Ambition Prize Competition, Check out on how to Apply and Application processes.
5th Annual Black Ambition Prize Competition
The Black Ambition Prize competition strengthens pathways to entrepreneurship, increases access to capital, expands pathways to growth, and highlights the talents of underrepresented founders.
Black Ambition seeks to support entrepreneurs from backgrounds that have historically been overlooked by venture capital funding. Eligible ventures must not have raised more than $1M in dilutive funding and have at least one founder or co-founder who identifies as an underrepresented founder. Businesses innovating within technology, healthcare, consumer products and services, media and entertainment, and AI are eligible to apply. Enter to compete for awards between $20,000 to $100,000.
Black Ambition seeks to support entrepreneurs from backgrounds that have historically been overlooked by venture capital funding. To be eligible to apply, a team must have at least one founding member from such a background, including, but not limited to, backgrounds such as Black/African/African American, Hispanic/Latino/Latina/Latinx, LGBTQ, parents with earned income below the poverty level, first-generation immigrants, first-generation college graduates, and those raised by a single parent. Founders from any background traditionally overlooked in venture capital funding may apply regardless of race.
Teams applying for the Black Ambition Prize must have at least one founder or co-founder, who identifies as an underrepresented founder. A member of the founding team is defined as having a C-Suite or VP-level role. Eligible ventures must be growth-ready companies that have not yet raised more than $1M in dilutive funding to date and innovating in:
Technology
Healthcare
Consumer Products and/or Services
Media and Entertainment
Artificial Intelligence
Why Apply?
Because it’s time to even the playing field. There’s not just space for more diverse leaders in these industries, there’s an overwhelming necessity. Your ideas and innovation, combined with the right support, will tip the scales in a way that permanently changes the landscape in these arenas. We know that building bold ideas and innovative companies requires collaboration and support.
Eligible ventures will compete for awards between $20,000 to $100,000.
Select applicants will receive the following support services.
Growth capital
Coaching
Pitch, Wellness, and Leadership workshops
Community
Online and in-person events and funder introductions
Cohort-based Mentorship
Exclusive Training Opportunities with Global Brands
Resources – Supports valued at more than $20k through partners
Marketing, vending and product placement opportunities
This competition is for ventures that have shown progress against the venture concept (tested the concept, working prototype, minimum viable product). To learn more about the eligibility requirements for the Black Ambition Prize, please visit our website. For additional support to complete your application please refer to our application resource guide. Applications close May 2nd, at 9 PM ET.
Winning The Black Ambition Prize competition requires a strong application, strategic planning, and a compelling vision. Here are some key strategies to boost your chances:
1. Understand the Competition
- The Black Ambition Prize supports underrepresented entrepreneurs in industries like consumer products, healthcare, media, entertainment, technology, and AIl.
- Selected founders go through a 12-week mentorship program to refine their business strategies.
2. Craft a Strong Application
- Clearly define your business idea and its impact.
- Highlight how your venture addresses a real problem and has market potential.
- Ensure your application aligns with the competition’s evaluation criteria, which include problem-solving, market position, and team quality.
3. Leverage Mentorship and Resources
- Black Ambition provides mentorship and business development support.
- Engage with mentors and industry leaders to strengthen your pitch and business model.
4. Prepare for the Demo Day
- The competition culminates in a Demo Day, where finalists pitch their businesses for funding
- Practice your pitch and refine your presentation skills to stand out.
- Another useful session, From Hesitation to Submission: Winning Strategies for the Black Ambition Prize, offers guidance on building a strong application.
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