Famous Amos launches nationwide search to award $150,000 to young black entrepreneurs

Ferrero North America, in partnership with the US Black Chambers, Inc., has announced its Famous Amos Ingredients for Success Entrepreneurs Initiative 2024, an annual national program in its fourth year that provides capital, resources and mentoring services to young Black businesses. The program invites qualified start-up companies to apply online by August 4 for the opportunity to receive a $50,000 award.

Eligible businesses must be at least 90 percent black-owned, have been in business for five years or less, and have their headquarters in the United States. Businesses must be owned by individuals who are at least 21 years old. To be considered, applicants must submit a 90-120 second pitch video explaining why their business should receive the $50,000 prize. This year’s winners and finalists will join an established network of entrepreneurs who have grown their businesses using the program.

“Ferrero North America and Famous Amos are continuing their fourth year of supporting the Ingredients for Success program to honor the legacy of Wally Amos,” said Rachna Patel, Vice President of Marketing at Famous Amos. “The purpose of Ingredients for Success is to help Black businesses grow and ensure they are equipped with resources that lead to long-term success. We look forward to continuing to make an equitable impact on the Black business community with the help of our partner this year, the US Black Chambers, Inc.”

US Black Chambers, Inc. will serve as Famous Amos’ community partner for the fourth year of the Ingredients for Success Entrepreneurs Initiative. The partner’s support of the program includes a range of services to support entrepreneurs, including workshops, mentor placement, educational resources and more.

“The U.S. Black Chambers is proud to bring our extensive experience in supporting and advancing Black businesses – from advocacy to mentorship – to the Famous Amos Ingredients for Success network,” says Ron Busby Sr., President and CEO of the U.S. Black Chambers, Inc. “With its mission to reach and empower Black startup companies, Ingredients for Success has impacted nearly 10,000 entrepreneurs to date. As the national voice of Black business, we are committed to providing even more Black business owners with the benefits of the program and access to additional resources and support so that this powerful community of leaders has everything they need to reach their potential.”

At the end of this fourth cycle of the program, three grand prize winners will be selected by a panel of renowned Black entrepreneurs, including Steve Canal, Grant Warner and Kendra Bracken-Ferguson, to receive a $50,000 prize in capital funding, comprehensive business resources and services, and advertising. There have been three previous cycles of the program since 2021, with a total of nine winners awarded $450,000 to date. Each year, the program receives more than 2,000 applications for review and consideration.