Pharrell Williams' non-profit Black Ambition has announced that applications for its second annual Black Ambition Prize are now open.

The company, founded by Williams in 2020 to empower Black and Latinx entrepreneurs, is looking to fund and support ventures in consumer products and services, media and entertainment, healthcare, technology and Web 3.0.

To enter, ventures must have at least one founder or co-founder that identifies as Black or Latinx. The grand prize winner will receive a $1 million prize. At least six additional teams will receive smaller prizes.

Black Ambition is also offering the HBCU Prize, in which current and former students at HBCUs have the chance to win prizes and mentorship as they develop ideas and launch companies. The grand prize winner will receive a $100,000 prize, while at least seven other teams will receive smaller prizes.

"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," Pharrell says in a statement. "At Black Ambition, we find you and then we fund you."

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