About the Black Ambition Tanzania Prize Competition
Black Ambition is partnering with AfroFuture's Culture Beach Jam and Fearless Fund to provide capital and training to local Tanzanian entrepreneurs who are growing early-stage businesses in consumer products & services, healthcare, media & entertainment, technology, and AI.
Black Ambition’s goal is to fund bold ideas, and to help reduce barriers to capital. Up to 50 top applicants will be invited to attend a founders' reception and live in-person pitch competition at Kendwa Rocks on July, 4th in Zanzibar, Tanzania. The pitch competition will be multi-faceted and include network building opportunities and a fireside chat. Entrepreneurs operating businesses in Tanzania will be eligible to win up to $10,000 in funding**. The first place winner will recieve $5,000, the 2nd place winner will recieve $3,000, and the 3rd place winner will recieve $2,000.
The Application opens on Tuesday, June 10, 2025 and closes on Monday, June 23, 2025 at 11:59pm ET. A panel of luminary judges will review applications and select up to 50 applicants to participate in the exclusive founders' reception and up to 8 entrepreneurs to participate in the pitch competition on July 4th.
Black Ambition:
Founded by Pharrell Williams in 2020, Black Ambition empowers underrepresented innovators and communities to excel, uninterrupted, by connecting entrepreneurs to capital, coaching, and a robust community of supporters. To date, Black Ambition has awarded approximately $13M to 131 innovative entrepreneurs. Black Ambition network founders have gone on to raise more than $280M collectively. Black Ambition has been recognized by Forbes, Essence, Complex and many more for driving meaningful change. It also was the winner of Fast Company’s 2021 World Changing Ideas award for Impact Investing.
AfroFuture:
AfroFuture is a celebration of Africa’s diverse culture and the vibrant work of African creatives and entrepreneurs. The festival is designed to elevate and highlight the thrilling and thriving millennial talent in Africa by introducing an interactive event that teaches, explains and explores various cultures through a pioneering approach. AfroFuture’ns will experience art and creative activations from the continent, celebrate African music, and taste premium and cultured cuisine.
Fearless Fund:
Fearless Fund is a premiere leader in global economic inclusion. Fearless is home to the world’s first venture capital fund built by women of color for women of color. The impact Fearless has made includes equity investments to over 45 founders, grants to over 500 business owners and a 9-figure loan program. In addition to firms' success in the United States, in Africa alone, Fearless has deployed multimillions in startups, awarded grants across multiple countries, and has educated over 200,000 founders in entrepreneurial education. The work of Fearless Fund has been recognized by CNN, Bloomberg, Inc, Wall Street Journal, Forbes, and others. Fearless Fund’s mission is to stimulate the global economy through scaling and growing businesses, driving a prosperous world for all.
Eligibility
Eligible applicants must meet the following criteria:
- Business at least 51% owned, operated, and controlled by person(s) who identify as Black/African/African-American.
- Founder and business residing/operating in Tanzania.
- Business operating for less than five (5) years
- No direct or indirect operating relationship with an existing large scale corporation, investment fund, or government agency
- Founders and their immediate family members cannot be employed or contracted by Black Ambition or AfroFuture Festival.
- Annual business revenues less than $1,000,000
- Have not yet raised more than $1,000,000 in dilutive capital
- Businesses must be in consumer products & services, healthcare, media & entertainment, technology, and Web 3.0.
All determinations of participant eligibility shall be made in the sole discretion of Black Ambition.