Black Ambition Opportunity Inc

Black Ambition Opportunity Inc is a U.S. nonprofit organization dedicated to bridging the wealth and opportunity gap through entrepreneurship. Founded in 2020 by Pharrell Williams, its mission is to support underrepresented entrepreneurs, particularly Black and Hispanic founders, by providing them with capital, mentorship, and community resources.

Mission and Activities

Black Ambition focuses on empowering entrepreneurs in various sectors, including consumer products and services, technology, healthcare, media and entertainment, and AI. It achieves this primarily through its national prize competition, which connects diverse founders to resources and networks necessary for scaling their ventures. The organization recognizes the disparity in venture capital funding for Black and Hispanic entrepreneurs, who make up only 3% of founders of VC-backed companies despite Black and Hispanic people constituting nearly 30% of the U.S. population.

Impact

To date, Black Ambition has awarded over $13 million to more than 131 entrepreneurs, with its network founders raising over $280 million collectively. This impact has been recognized by several publications, including Forbes, Essence, and Complex. Black Ambition was also a recipient of Fast Company's 2021 World Changing Ideas award for Impact Investing.

Financial Overview

As of 2023, Black Ambition reported a revenue of approximately $5.17 million, primarily from contributions. The organization's expenses were $7.31 million, with total assets valued at $12.6 million and liabilities of $3.37 million. Donations to Black Ambition are tax-deductible.

Structure and Leadership

Felicia Hatcher serves as the CEO of Black Ambition. Pharrell Williams is listed as a director and chair, reflecting his founding role in the organization. Other notable board members include Erik Moore and Ron Laffitte.

[1] https://impactopportunity.org/company/3888/black-ambition-opportunity-inc/ [2] https://blackambitionprize.com [3] https://projects.propublica.org/nonprofits/organizations/851559517 [4] https://blackambitionprize.com/apply-now/ [5] https://blackambitionprize.com/news/