Prizes and In-Kind Support to USA Latinx and Black Entrepreneurs Affiliated with HBCUs to Support Business Ventures

Black Ambition HBCU Prize

Agency

GrantWatch ID#

193737

Funding Source

BLACK AMBITION OPPORTUNITY INC

Geographic Focus

All USA

Important Dates

Deadline: 05/08/23 6:00 PM PT

Grant Description

Prizes and in-kind support to USA Latinx and Black entrepreneurs affiliated with HBCUs to support business ventures. Funding is intended for businesses in one of the following categories: consumer products and services, web 3.0, healthcare, media and entertainment, and technology. At least one of the founding members of the team must identify as Black/African/African American and/or Hispanic/Latino/Latina/Latinx. In addition to access to cash, applicants may also receive access to an online community, mentoring, and coaching.

Businesses in the field of consumer products and services*, healthcare, technology, Web 3.0 ventures, and/or media and entertainment are eligible to apply.

Consumer products and services: “Businesses that sell goods sold to consumers for their own use or enjoyment and not as means for further economic production activity” (Source: Investopedia) Consumer products include consumer packaged goods, home goods, food/beverage, and fashion/apparel, but does not include music
Healthcare: “Businesses that provide medical services, manufacture medical equipment, provide medical insurance, or otherwise facilitate the provision of healthcare to patients”
Tech: “Businesses revolving around the manufacturing of electronics, creation of software, computers or products and services relating to information technology” (Source: Investopedia)
Media & Entertainment: Businesses focused on meeting consumer needs in creative industries inclusive of cinema, television, radio, theater, publishing, gaming, advertising and music.
Web 3.0: Businesses offering web-based products or services that leverage artificial intelligence, speech recognition, the metaverse, cryptocurrency, NFTs, and/or augmented or virtual reality technologies to empower internet users to search for, organize, and process data.

Note: Black Ambition is not focused on highly capital-intensive businesses that require significant long-term investment (e.g., biotechnology, pharmaceuticals)

Recipient

Eligibility

Others (see text field entitled "Additional Eligibility Criteria" for clarification)

Additional Eligibility Criteria

Black Ambition Prize Recipients Must Meet the Following Eligibility Requirements:
- Be a for-profit venture in the fields of consumer products and services, healthcare, media and entertainment, technology, and / or web 3.0.
- Are already, or intend to be, legally incorporated in the U.S.
- Have demonstrated progress against a business concept as illustrated by a minimum viable product and/or existing consumer base.
- Have raised less than $1M in dilutive funding at the time of applying for the award.
- All team members must be at least eighteen (18) years of age
- Eligible teams must include at least one founding member that identifies as Black/African/African American and/or Hispanic/Latino/Latina/Latinx. A founding member is a team member having the title of CEO, Vice President or other C-level role (e.g., the CEO or an executive-level direct report to the CEO).
- Each team must have a minimum of two team members. A team member is defined as an individual playing a critical role for the venture (e.g., employee, essential contracted support) with responsibilities for specific work streams or deliverables for the venture.
- The lead of the venture (defined as the CEO or President, or most senior role on the founding team) must be a legal U.S. resident and based in the U.S.
- For those applying for the HBCU Track: Eligible teams must have at least one founding team member who is the team lead and an HBCU-affiliated individual (a current student, a recent alum within five years of graduating, or a former student within five years of attending the institution) that identifies as Black / African / African American and / or Hispanic / Latina / Latino / Latinx.

Pre-Proposal Conference

March 8, 2023 | 3pm EST/12pm PST | Black Ambition HBCU Prize Webinar

This workshop will provide an overview of the 2023 Black Ambition HBCU Prize competition and curated support services as well as answer questions from prospective applicants in the Black HBCU Prize track about the application process and eligibility criteria. This discussion will be recorded and posted on the Black Ambition website.

Register at:
https://us06web.zoom.us/meeting/register/tZcvfu2vpz0vEtDHD4Qfgzr9rW1aXGNJkFTl%20

Pre-Application Information

Deadline date: May 8, 2023, 6:00 PM PT

The application will be open for 10 weeks, plenty of time to bring your A-game. Selected semifinalists will participate in a mentorship program to refine their application and advance their business. These teachings will not just serve them in their efforts during this endeavor but through their entire business journey. Prize winners will be announced at the Black Ambition Demo Day in November 2023.

Timeline:
- March 2023: Applications Open
- April 2023: Prior Prize Winner Panel & Q&A
- May 8th, 2023: Applications Close
- June 2023: Semi-finalists announced + mentorship cohorts begin
- September 2023: Finalists announced
- September 2023: Public Voting Begins
- November 2023: National Demo Day

Application Information:
https://www.blackambitionprize.com/apply-now

Application Development Resources:
https://www.blackambitionprize.com/application-development-resources/

FAQs:
https://www.blackambitionprize.com/faqs/

Estimated Size of Grant

The maximum amount of funding for the HBCU Prize is $200,000.

Contact Information

Apply Online:
https://platform.younoodle.com/competition/black_ambition_hbcu_prize_competition_2023

Questions may be addressed to the following e-mail address: info@blackambitionprize.com.

Prizes and In-Kind Support to USA Latinx and Black Entrepreneurs Affiliated with HBCUs to Support Business Ventures

Black Ambition HBCU Prize

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