MC Hammer has launched a summer mentoring program for minority-led start-up companies.

Having famously squandered his fortune after selling over 50 million albums worldwide, Hammer filed for bankruptcy in 1996, then went through a series of career and life changes. Following his music career blitz, he became an ordained minister, reality TV producer and actor and founded a mixed martial arts management company and several websites, including

Beginning on June 16, the Oakland rapper, born Stanley Burrell, will be a mentor in the New Media Entrepreneurship accelerator program in Silicon Valley, California. The NewMe program is a nine-week course providing training, advice and networking opportunities to minorities and women, attempting to launch tech start-up companies.

The Wall Street Journal reports that Hammer's advice to budding businesspeople is to search for 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," Hammer told the WSJ. "Hollywood is in the perception business where you create layers to create mystery," Hammer continued. "In Silicon Valley it's about taking away the layers to get to the substance."

Joining Hammer in the NewMe program is an impressive collection of venture capitalists, consultants and executives, including heads of business development for Foursquare and Twitter. For more information, visit the NewMe website.

Last Halloween, Hammer took another jab at music when he released the Jay-Z diss track -- and accompanying video -- 'Better Run Run.' The music was a response to Jay's verse on Kanye West's 'So Appalled,' where he raps, "And Hammer went broke, so you know I'm more focused/ I lost 30 mil so I spent another 30/ Cause unlike Hammer 30 million can't hurt me."

Watch MC Hammer's 'Better Run Run'