Since filing for bankruptcy back in 1996, MC Hammer has made several smart business decisions. He became a reality television producer, founded a martial arts management company and launched a number of websites. Riding on the success of these ventures, Hammer feels that it is time to impart some of his business savvy upon the black business community if California.

On June 16, MC Hammer will be one of several entrepreneurs to lead the New Media Entrepreneurship, or NewMe, accelerator program in Silicon Valley. The nine-week program provides advice and networking opportunities to minorities and women interested in tech start-up companies.

In an interview with the Wall Street Journal reports said his focus will be on how to build a profitable niches in already-existing markets. "You don't have to invent the wheel, but you might want to be the company that invents the rims."

Business developers at Foursquare and Twitter will also present during the program.

Photo: Michael Loccisano/Getty Images for Maxim