Rappers Chamillionaire and E-40 plan to line a lucky entrepreneur’s pockets with $100,000 to fund their start-up. On Instagram, the pair announced a competition that’ll benefit a “minority or woman founded startup,” calling for video submissions that details promising pitches.
In addition to the artists’ feedback and partnership with JoinRepublic, Shark Tank and FUBU’s co-founder Daymond John will also lend his expertise to the competition. In an interview with Axios, Chamillionaire said he was initially surprised at business professionals’ desire to share constructive criticism and feedback.
“The surprising thing about it all is that everyone was so open to giving feedback, criticism, contacts–not like in the music industry,” he said. On the subject of leaving the music industry for the tech world, the “Ridin’ Dirty” rapper said it’s important to have a diverse portfolio.
“Investing in tech, I think, is smart for any entrepreneur or business savvy person—you gotta diversify,” he said. “At first it was just information, I just wanted to be along for the journey and learn. Then it turned into some wins… Because I was an angel, I was spending what I could afford to lose. At the end of the day, I think you’re betting on people and at the end of the day I think I’m pretty good at people…” In May, the pair teamed up to invest $25,000 in a startup created by a person of color and/or women.
E-40 manages a lucrative wine business as well as other entrepreneurial ventures while Chamillionaire commands the tech world with innovative apps and investing early in longstanding public services like Lyft.
