CHICAGO — Famous Amos, a Ferrero brand, announced the winners of the fourth iteration of its national award program, Ingredients for Success Entrepreneurs Initiative (IFS).
IFS is an annual program that provides $50,000 to three Black-owned early startup entrepreneurs. The winners are also awarded mentorship services and business resources.
This year’s IFS grand prize winners include:
The winners were chosen due to their savviness and business model’s overall viability.
“The Ingredients for Success program is a way for the Famous Amos brand to pay tribute to our history while championing rising entrepreneurs with much-needed capital and mentorship,” said Rachna Patel, VP of marketing for Famous Amos. “Ingredients for Success has so far awarded $600,000 to twelve Black-owned businesses across the country, and we look forward to seeing all of their future accomplishments.”
The IFS winners also received an exclusive membership with the US Black Chambers, Inc. (USBC) to scale up their business operations. Although there are only three winners selected, all finalists become members of the IFS alumni network and receive various business resources, training opportunities, and network engagement.
Mentorship, education and resources provided by the USBC are crucial to IFS as they counteract the factors that affect a fifth of all US small businesses to close within their first year.
The program honors the legacy of the late Wally Amos, creator and founder of Famous Amos. The awards emulate the support he received in the early days of his entrepreneurial journey as a snack business owner.
