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Black and other underrepresented racially minoritized (URM) students remain significantly underrepresented in STEM entrepreneurship, despite strong interest. This study introduces and validates the concept of Equity Aspiration, which reflects URM students’ motivation to use entrepreneurship to advance racial justice. Using national survey data from 367 URM STEM undergraduates, we examined how equity aspiration relates to entrepreneurial experience and intent. Exploratory and confirmatory factor analyses confirmed the scale’s validity, and mediation analysis showed that equity aspiration plays a meaningful role in linking experience to intent. These findings show that equity motivations shape how URM students approach entrepreneurship and point to the need for education training programs that are rooted in justice and community impact.