This year was filled with pivots, pauses and restarts for L.A.'s tech and startup world. In our first year of chronicling it (we officially launched in late January), our most-read stories reflect the strangeness of 2020, and go some way in predicting some big questions for 2021. From gaming to biotech, movies to music, and transportation to education, the shifts have been dramatic. Where will we be when the dust settles from this year? As we head into our second year, we'll keep a close eye on the trends that have transformed some of L.A.'s core industries.
#1: Bird's Botched Layoffs
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjkwOTAyNS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzMTI0OTg2OX0.XjPdxZkwuisNDImEtwwoQ63ghrehyPCc0kvnTjOYu_U/img.jpg?width=980" id="35f71" class="rm-shortcode" data-rm-shortcode-id="0a5fcc8551294342f63ef3c0e5801fb2" data-rm-shortcode-name="rebelmouse-image" alt="Bird scooters" /><p>The early days of the pandemic, as companies scrambled to shore up cash and preserve their business, provided a number of examples of how to handle a crisis. L.A.-based scooter unicorn Bird, sadly, provided the world a lesson in how not to do it, calling over 400 employees into a glitchy virtual chat and summarily dismissing them all in a two-minute, no-question call that left employees feeling baffled, humiliated and betrayed. In <a href="https://dot.la/bird-layoffs-meeting-story-2645612465.html" target="_blank">a post that went viral</a>, dot.LA spoke with employees and obtained a recording of the call. </p>#2: Ageism and Women in the Workplace
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="74d13fe5e79c2b86616cd4b8d1575763"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/tURu7rWxpRw?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>"When you're older you get discredited and when you're younger you get discredited." Our <a href="https://dot.la/dot-la-convenes-ageism-in-the-workplace-2645955189.html" target="_blank">virtual discussion</a> on how ageism affects women in the workplace struck a nerve with readers. Inclusology founder Cheryl Ingram, PhD and Cue Career founder Heather Wetzler discussed strategies for women to employ at every stage of their careers, and tools that companies can use to combat workplace discrimination.</p>#3. The Twentysomething Who Built LA's COVID Testing Response
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzE4NjUwMS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyNTAxODQyNX0.VUnHkEjwobf6lwllBIn_wsxpwxsoMZGNP-K9KHJTS30/img.jpg?width=980" id="23ea0" class="rm-shortcode" data-rm-shortcode-id="0d19cea1f641cebe81a3e4f5fa601516" data-rm-shortcode-name="rebelmouse-image" /><p>Interest in our <a href="https://dot.la/coronavirus-rapid-test-curative-los-angeles-2645906983.html" target="_blank">profile on Fred Turner</a>, the 25-year-old college dropout who founded of Curative Inc., gathered over the course of the year, as more people became personally familiar with the testing system he helped deploy at Dodger Stadium and throughout the city (and, <a href="https://dot.la/curative-kiosk-covid-testing-2646437371.html" data-linked-post="2646437371" target="_blank">eventually, the country</a>). "We are a strange company because our goal is to essentially put ourselves out of business," Turner told dot.LA at the time. Sadly, his startup has only grown since we published the story.</p>#4. The Rise and Collapse of LA's $164M Cannabis Startup
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUyOTM2OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxNDM5MTk5N30.lJJe-vHUkIRCAhoDMBy3X0z20xtOCrm7s-6qdCvSOg4/img.jpg?width=980" id="cc0a5" class="rm-shortcode" data-rm-shortcode-id="6dfed20a014aed28322e02b79d7a5040" data-rm-shortcode-name="rebelmouse-image" /><p> The killing of a well-connected Russian investor and the missteps of the twenty-something U.S. executives he hired to run his $164 million cannabis empire made for one of the most compelling stories we published this year. dot.LA spoke to dozens of former employees, as well as state and national law enforcement, to bring readers <a href="https://dot.la/genius-fund-collapse-2646865907.html" target="_blank">this 5-part series on the collapse of the Genius Fund</a>. </p>#5. The Tech Startups Poised to Reshape How Music is Made
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU2NTE3Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxNzYzNzM1Mn0.6IJEqaQ9bPGU5slt6A8ey6GTX05cgmzLYvKHJ7_b_5s/img.jpg?width=980" id="57ff7" class="rm-shortcode" data-rm-shortcode-id="21de31edcd0b949f841cc5d0ee6a0547" data-rm-shortcode-name="rebelmouse-image" /><div>"Music is no longer just music." The pandemic has completely reshaped the music industry, and transformed how music is made, performed and distributed. In a post that was reached far beyond Southern California, <a href="https://dot.la/music-startups-2647008629.html" target="_blank">we took a look at the new players </a>that are rapidly growing as the traditional model has hit pause. </div>#6. Where Celebrities Meet the Gig Economy
<img lazy-loadable="true" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQwODEzNS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyMTI5MjEyNH0.Rz4OBSxgOLoCe0x9zeTJGx8sNmxbLWRcveyRkvj5I6I/image.png?width=1245&coordinates=0%2C114%2C0%2C114&height=700" id="bed0f" class="rm-shortcode" data-rm-shortcode-id="44b96f900501d80730c824e2f959c0a0" data-rm-shortcode-name="rebelmouse-image" data-width="1245" data-height="700" />Cameo CEO Steven Galanis<p>In 2020, CEO Steven Galanis moved from Chicago to L.A. with a number of his Cameo cohorts. The <a href="https://dot.la/virtual-fireside-chat-with-founder-ceo-of-cameo-steven-galanis-2646352676.html" data-linked-post="2646352676" target="_blank">app has increasingly found itself</a> at the intersection of two mega-trends: the growth of gig work and the rise of the influencer economy. Social media stars have been leveraging their massive audiences and forcing the advertising industry — so often fixated on TV, film and sports celebrities — <a href="https://dot.la/influencer-marketing-2648899321.html" data-linked-post="2648899321" target="_blank">to take notice</a>. Our <a href="https://dot.la/cameo-ceo-on-his-move-to-l-a-and-his-companys-future-2646225672.html" target="_blank">profile of Galanis</a> and his company revealed a world of celebrities eager to take hold of their audiences — and monetize them.</p>#7. The Investors Who Remained Unfazed
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzNTgzNS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxNTQxMjc3OX0.vPXX3wgKJ7qfiC4_2F7tLUSKBon_ovnXunBpgIpcnEM/img.jpg?width=980" id="00b33" class="rm-shortcode" data-rm-shortcode-id="1a967abb5c66c0b78a879b7b437fa605" data-rm-shortcode-name="rebelmouse-image" /><p>When the pandemic brought the economy to a standstill in March, many L.A. entrepreneurs found themselves staring down a frightening future. But investors were still spending. Inspired by a LinkedIn post from Luma Launch partner Laurent Grill, <a href="https://dot.la/here-are-the-192-investors-still-writing-checks-during-coronavirus-2645576980.html" target="_blank">dot.LA published a list of local investors</a> still looking to fund great ideas. The resulting post took off and <a href="https://dot.la/top-venture-capital-funds-2649623434.html" data-linked-post="2649623434" target="_blank">so did the dealmaking</a>.</p>#8. FAANG Reimagines LA Real Estate
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzI3MDA0Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NDEyNTU2OX0.A8SKHh326QBC_H1XayK90-A-tbCzmSWtBu5ZrZ2eLbY/img.jpg?width=980" id="75a98" class="rm-shortcode" data-rm-shortcode-id="dfcd9ad7b639b01165349c0482ba7b41" data-rm-shortcode-name="rebelmouse-image" /><p>Among the trends that have reshaped L.A. during the pandemic has been the rapid rise of streaming services and the equally stunning shift in audience habits for movies and TV. As the world emerges from the pandemic in 2021, it will find <a href="https://dot.la/netflix-google-los-angeles-2645965570.html" target="_blank">Netflix, Google and other FAANG companies have gobbled up real estate</a> — especially on the Westside, where Netflix alone is poised to occupy 10% of commercial real estate by 2023.</p>#9. Sketchy's Product Plans and Edutainment's Rapid Rise
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQzNTQ3Mi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxNTgyMTIzNH0.Ri9lvtrAQA5ocuOAq53rCgh_3eIdezihEDrEctzbAw4/img.png?width=980" id="f5659" class="rm-shortcode" data-rm-shortcode-id="dbf6b94b48d194733826a1139da9059b" data-rm-shortcode-name="rebelmouse-image" /><p>In 2020, Sketchy Medical grew <a href="https://dot.la/sketchy-medical-2647784595.html" data-linked-post="2647784595" target="_blank">from a cult startup</a> that helped medical students efficiently memorize clusters of information into an edtech darling, with big raises, a <a href="https://dot.la/sketchy-medical-2649521016.html" data-linked-post="2649521016" target="_blank">new CEO lured from Disney</a> and plans to leverage its foothold in education technology into a full-blown media empire <a href="https://dot.la/saud-siddiqui-sketchy-2649103276.html" data-linked-post="2649103276" target="_blank">that aims to make remote learning more effective</a> and far more entertaining. Its story parallels the incredible disruption taking place in schools and homes globally, as parents, teachers and school districts confront the pandemic and rethink how education can happen. </p>#10. Karma's IPO Push and Electric Cars' Banner Year
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUxMzYxMS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MTI1NzIxM30.AVCWBnazt9nMN677n7y5Jm-UQAz4vPADY7h_mmjZV3w/img.jpg?width=980" id="dd926" class="rm-shortcode" data-rm-shortcode-id="5d3b9cebd56cdccf93c902a86e5c90ac" data-rm-shortcode-name="rebelmouse-image" /><p>dot.LA <a href="https://dot.la/karma-automotive-ipo-2646804376.html" target="_blank">got the scoop</a> on luxury electric car company Karma's moves to go public via SPAC, but it was far from the only SoCal electric vehicle startup to do so. In the wake of Tesla's turbocharged stock market rise, <a href="https://dot.la/dotla-newsletter-2649535973.html" data-linked-post="2649535973" target="_blank">Canoo</a>, <a href="https://dot.la/fisker-gets-ready-for-wall-street-debut-picks-up-manhattan-beach-hq-2648211958.html" data-linked-post="2648211958" target="_blank">Fisker</a>, <a href="https://dot.la/xos-trucks-2647020951.html" data-linked-post="2647020951" target="_blank">Xos</a>, <a href="https://dot.la/culver-city-based-envoy-gets-11m-to-make-electric-cars-an-apartment-perk-2648866406.html" data-linked-post="2648866406" target="_blank">Envoy</a> and many others sought their own IPOs or raised massive rounds. It's a trend we'll be watching closely as <a href="https://dot.la/electric-vehicles-boom-los-angeles-2645360911.html" data-linked-post="2645360911" target="_blank">California ramps up its plans</a> to go fossil fuel free by 2035. </p>Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
Today:
- Fidelity Seeking to Unload Bird Shares at a Loss
- Warner Bros.' 2021 Films Will Be Released in Theaters, HBO Max Simultaneously
- Plug-In South LA Opens New Accelerator Cohort for 2021
Fidelity Reportedly Seeks To Unload Bird Shares at a Loss
Fidelity Investments is attempting to unload some of its shares in Bird Rides Inc. at a loss, according to a report published Wednesday night by Business Insider.
The move comes after dot.LA reported in October that the mutual fund giant has marked down the value of its Bird investment by 17% since the beginning of the year.
As a private company, Bird does not have to share its financials. Nor do the venture funds that hold most of its shares. However, Fidelity is required to account for shares at their fair market value so it provides a rare glimpse into the company's health.
But a source close to the matter said the sale should not be seen as any indication of Bird's financial performance. The shares represent less than ten percent of Fidelity's position and the intended sale is the result of a new portfolio manager taking over who does not want to invest in pre-IPO companies, the source said.
Neither Bird nor Fidelity would respond to dot.LA's request for comment.
Bird became the fastest company in history to reach unicorn status in 2018 and achieved a $2 billion valuation less than a year later. But as the pandemic hit, it abruptly laid off 406 employees via a Zoom call and was forced to remove its fleet from city streets just as it was gearing up for its normally lucrative summer season.
dot.LA reported in October the company put its Santa Monica offices up for sublease less than a year after completing a costly renovation.
Bird has maintained the pandemic has been a positive as riders prefer scooters over crowded buses and subways. It says it is seeing riders take longer trips than they did before the pandemic.
Last month, Bloomberg reported Bird is looking to go public via a blank-check company. Bird said it had no plans to go public "this year," which did not exactly rule out a SPAC sometime in the near future.
Plug-In South LA Opens New Accelerator Cohort for 2021
Plug In South LA's Accelerator Program is returning in 2021. The outfit is looking for 10 Black and Latinx founders who have proof of product-market fit and traction. The organization, founded in 2015 by Derek Smith, aims to build a network for Black and Latinx founders in South Los Angeles.
Last year was the inaugural accelerator program funded by Verizon, Silicon Valley Bank and Nike. The 2019 cohort hosted five startups including Spooler, a tech-based clothing design startup that credits the program with helping to increase revenue two fold since March. During the program, the company received a contract to launch a Sesame Street active wear product line.
The last day to apply for the program is Dec. 9
Warner Bros.’ 2021 Films Will Be Released in Theaters, HBO Max Simultaneously
Warner Bros. will be streaming all its 2021 theatrical releases on HBO Max in a blow to already struggling theater chains as the pandemic continues to reshape Hollywood.
The AT&T-owned studio's 17-film slate, including "Godzilla vs. Kong," "Mortal Kombat," "The Suicide Squad" and "Matrix 4," will be available on the streaming platform exclusively for one month, starting when they are released in theaters and then will disappear from the platform.The move comes shortly after the company announced it would bring its expected blockbuster "Wonder Woman 1984" directly to HBO Max.
"We're living in unprecedented times which call for creative solutions, including this new initiative for the Warner Bros. Pictures Group," said Ann Sarnoff, chair and CEO of WarnerMedia Studios and Networks Group, in a statement released on Thursday. "No one wants films back on the big screen more than we do. We know new content is the lifeblood of theatrical exhibition, but we have to balance this with the reality that most theaters in the U.S. will likely operate at reduced capacity throughout 2021."
Sarnoff said the model is a temporary one, but the decision will reverberate across an industry that has taken away screening exclusivity from theaters and reshaped how studios function.
"With this unique one-year plan, we can support our partners in exhibition with a steady pipeline of world-class films, while also giving moviegoers who may not have access to theaters or aren't quite ready to go back to the movies the chance to see our amazing 2021 films," Sarnoff said. "We see it as a win-win for film lovers and exhibitors."
AT&T's decision to favor its streaming service over theaters comes in response to the pandemic, but it also aligns with CEO John Stankey's public comments that he wants to center his company's strategy around streaming. It's part of a broader blueprint meant to goose AT&T's broadband business, which led the company to acquire Time Warner in 2018 for $85 billion. Comcast, AT&T's chief broadband rival, is pursuing a similar game plan with its own streaming service, Peacock, which falls under its subsidiary NBCUniversal.
AT&T last month announced layoffs at WarnerMedia to focus the company around HBO Max. Elsewhere, Disney — which logged nearly 74 million paid subscribers to its Disney Plus streaming service last quarter — has refocused on that format. It's another example of a shift toward streaming that was already underway but which has been accelerated by the pandemic.
- Fidelity Reportedly Seeks to Unload Bird Shares at a Loss - dot.LA ›
- Bird Scooters Could Benefit From a Post-Covid World - dot.LA ›
- Bird Seeks to Unload Santa Monica HQ - dot.LA ›
Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
Today:
- Apple Podcast Veteran Steve Wilson Joins Startup QCODE
- Amazon in Exclusive Talks to Buy Podcast Studio Wondery, Wall Street Journal Reports
- Pharrell Launches Black Ambition Incubator
Apple Podcast Veteran Joins Startup QCODE
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUzNTQzMC9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzNDUzMzYyNH0.pOGV2lL0qOJQDiWw1T5i4SqsGfaL54hLWED6_5Mf1Ww/img.png?width=980" id="8d68d" class="rm-shortcode" data-rm-shortcode-id="f2a47797239f360473fead53338231d4" data-rm-shortcode-name="rebelmouse-image" alt="qcode" />www.sonos.com <p>QCODE, a Los Angeles podcast startup run by a former Creative Artists Agency talent agent, snagged longtime Apple podcast executive Steve Wilson. The 15-year veteran will become QCODE's chief strategy officer.</p> <p>QCODE, which <a href="https://dot.la/sonos-podcast-qcode-2648395035.html" target="_self">last month raised $6.4 million</a> in a Series A round led by Sono, is positioning itself as a funnel for Hollywood. </p> <p>Founded by Rob Herting, a former agent who had represented largely writers and filmmakers, the company has produced eight shows since 2019. Several have been auctioned for film and television, including "Dirty Diana." Amazon picked up the 6-part erotic drama for a TV series.</p>Wilson, who most recently ran marketing for Apple Podcasts, brings insights from the behemoth platform as the industry sees revenues soar. Advertising brought in near $1 billion this year, according to Interactive Advertising Bureau's podcast report prepared by PwC.Amazon Reportedly in Exclusive Talks to Buy Wondery
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDc5NDU5OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0MjgyMDY3NX0.BHKSXjwra-gGsFEa7lXCCCMJXWV5cYxrZqhddj3-uds/img.jpg?width=980" id="d401d" class="rm-shortcode" data-rm-shortcode-id="c9c9eee1f9adc4c1d5edeca1af986a84" data-rm-shortcode-name="rebelmouse-image" alt="Hernan Lopez" />Hernan Lopez started Wondery with the belief that in-depth, narrative audio stories were poised to bloom.<p>Amazon is in "exclusive talks" to buy podcast company Wondery and subsume its 30 hit shows and over 8 million monthly listeners into its empire, the Wall Street Journal reported on Wednesday.</p> <p>The talks reportedly value Wondery above $300 million, in line with previous estimates from analysts, when Apple and Sony were said to have expressed interest.</p> <p>Wondery has produced dozens of original series including "Dr. Death" and "Business Wars," and has 19 shows currently in development to become television series. </p> <p>The company does not publicly disclose its financials, but chief executive Hernan Lopez has previously said the company is profitable. About three-quarters of Wondery's revenue comes from advertising, but Lopez has said the company's revenue share from content licensing is growing (Wondery owns the intellectual property for all of its originals). It also launched a subscription service, Wondery Plus, in June and is currently looking to expand its international footprint. </p> <p>Wondery, the West Hollywood-based company with the largest audience of any independent podcast producer, has been the subject of swirling rumors that several suitors are interested in acquiring it.</p> <p>After a pandemic-induced decline that struck much of the podcasting industry, Wondery's audience has surpassed its pre-COVID levels. Its Q3 revenue was about double year-on-year and its Q4 performance has been strong, Lopez previously told dot.LA. </p> <p>Podcasting overall now attracts over 100 million monthly listeners, according to Edison Research. The Interactive Advertising Bureau projects podcasting revenues to exceed $1 billion by 2021.</p> <p>That growth has spurred somewhat of an arms race, most evident in Spotify's spending spree, which also has helped that company diversify from its reliance on streaming. Amazon Music is one of Spotify's biggest competitors along with Apple Music, and <a href="https://www.wsj.com/articles/amazon-music-joins-podcasting-fray-11600261201?mod=article_inline" target="_blank" rel="noopener noreferrer">recently expanded into podcasts as well</a>. </p> <p>Acquiring Wondery would give Amazon more content to slide into Amazon Music, a scaled-down version of which is free for Amazon Prime subscribers. Combining that content with its Alexa smart speaker also could empower the company to capture more eyes and ears in the increasingly competitive attention economy. </p> <p>The talks are reportedly ongoing and no deal has been confirmed. </p>Pharrell Launches Black Ambition Incubator
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU3NDU2OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1OTc3NTM1OH0.qD_LA3B7rgAasJRgiMNup8vVcLMlbeEh_6aU__xF7hU/img.jpg?width=980" id="796a8" class="rm-shortcode" data-rm-shortcode-id="0246af1c20fc54b8835cf2a32abde021" data-rm-shortcode-name="rebelmouse-image" alt="Pharrell Williams" />Pharrell Williams Launches Black Ambition Incubator<p>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.</p><p>Called <a href="https://blackambitionprize.com/" target="_blank">Black Ambition</a>, 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 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. </p><hr><p>The first competition will award up to $250,000 to current students or recent alumni from a historically Black college developing or in the seed stage of a company. Smaller prizes will be awarded to at least nine additional teams. </p><p>The second competition, called the Black Ambition Prize, will give $1 million in seed money to an early-stage company focused on tech, design, healthcare or consumer products and services. Another nine teams will get smaller prizes. Finalists will be connected with and mentored by a network venture capitalists and angel investors. </p><p>"Because we don't have enough of the market share, our kids end up having issues with disproportionate access to healthcare, disproportionate access to education and as a culture, we have disproportionate access as it pertains to legislation and representation," Williams said in a video announcing the news.</p><p>Williams was inspired to pool talent from historically Black colleges and universities and build a new pipeline of investment and resources to young people. </p><p>"We want to lift our HBCUs. They lift so many of us. They deserve to be in lights," Williams said. "We think it's high time that we own more companies.</p><p>In August, Williams published a piece in Time Magazine that accompanied a cover spread on "<a href="https://time.com/collection/the-new-american-revolution/" target="_blank">The New American Revolution</a>." It coincided with his release of "Entrepreneur," the song and music video he produced with Jay-Z as <a href="https://dot.la/pharrell-williams-entrepreneur-2647055995.html" target="_self">a tribute to Black founders across the nation</a>. </p><p>"Recent events and tragedies have illustrated the always existent stark divisions in the American experience, and while entrepreneurship has long been a tenet of the American dream, marginalized people have faced long-standing barriers to success," Williams said in a statement. </p>- Sonos backs LA Podcast Studio QCODE with $6.4M Investment - dot ... ›
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