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Chamillionaire has long made the seamless transition from award-winning musician to savvy businessman and has used his platform to help others achieve their goals. Having done similar contests in the past, the Texas artist will join forces with E-40 and FUBU’s Daymond John to launch a competition that will grant seed money to the next great minority or woman-owned startup.

Chamillionaire was on CNBC Monday to discuss the new competition, mentioning in the chat that the trio will be working with equity investment firm Republic as he’s done in times past with E-40. This time, the stakes are higher and the startup has the potential to win $100,000 for their idea or company.

While talking with CNBC, Chamillionaire made note that he finds it baffling that venture capitalists claim they can’t find African-American projects to fund, this after he attended the AfroTech conference in Oakland, Ca. this past weekend and came across thousands of tech workers and entrepreneurs of color.

Via Cham’s Convoz app, potential contestants can make their pitch and get connected with the judges.

Check out Chamillionaire’s CNBC chat below. Salute to him, E-40, Daymond John, and Republic.

Photo: Getty