Rapper and producer Pharrell Williams released "Entrepreneur" with Jay-Z earlier this summer, a song that became an anthem for Black ambition. Now, Williams is launching an incubator to put money behind his message.

Called Black Ambition, the nonprofit aims to invest in Black and Latino startup founders, and it's beginning by creating two prize competitions set to close in July 2021. The effort is backed by Adidas, Chanel and philanthropic organizations including The Rockefeller Foundation and the Chan Zuckerberg Foundation. Silicon Valley startup investor Ron Conway and Buzzfeed founder and CEO Jonah Peretti also contributed.

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