Charlotte – A North Carolina A&T State University team took top honors in the fifth annual Moguls in the Making entrepreneurial pitch competition, where 60 students from Historically Black Colleges and Universities (HBCUs) solved economic mobility challenges using critical business skills. Developed innovative and effective solutions to.
The competition, which ran September 6-10, was organized by Ally Financial (NYSE: ALLY) in collaboration with the Thurgood Marshall College Fund (TMCF), the largest organization exclusively representing the Black college community, including Many people were in special presence. Platinum artist, entrepreneur and philanthropist Big Sean.
Ally Financial CEO Jeffrey J. “Moguls in the Making is an investment that Ally makes to provide career-launching business experiences,” Brown said. “We are being intentional about how we show up as an ally, focused on efforts that support economic mobility and inspire social change. Programs like this provide access and opportunities for HBCU students to learn core business and entrepreneurial skills and help build an early talent pipeline with bright, passionate and creative individuals who will be our future leaders.
Sixty students – 15 teams of four students each – visited Charlotte, one of Eli’s hometown markets, to learn about the city’s rich heritage and community challenges. They were then asked to develop a concept to support economic mobility in Charlotte and create a business plan to execute those ideas. Each team presented their concept to a panel of judges, who awarded awards to the top three teams based on the pitch. Each member of those top teams received a scholarship for the 2024 school year, a guaranteed offer of a paid internship at Ally for Summer 2024, and other awards to support their education.
The top three teams of 2023 and their pitching concepts were:
In first place: NC A&T State University, $20,000 scholarship for each student.
The winning concept, Capital in Color Lending, uses AI-powered products tailored for communities of color to empower aspirations through innovative approaches to access capital. The two-pronged financing program uses alternative credit histories, non-traditional income and financial behavior to prove credit worthiness. “Milestone Loan” offers incremental installments for loan downpayment to establish financial discipline. “Prosperity Path” uses the same loan structure to finance career development through trade schools and professional certifications.
- Techo Bynum, senior computer science student from Charlotte, NC
- Lia Garland, senior entrepreneurship and innovation student from Charlotte, NC
- Nyla Ward, second-year political science student from Charlotte, NC
- Javen Washington, senior accounting and finance student from Fayetteville, NC
second place: North Carolina Central University, $10,000 scholarship for each student.
In second place, the idea of a non-profit organization called Food 4 Thought provides budget-friendly and healthy food solutions for low-income families. The organization aims to tackle food insecurity by providing weekly ready-to-heat meals. Food 4 Thought engages with the community through programs focused on healthy lifestyle, nutrition and financial literacy. Food 4 Thought uses a three-tier membership model, allowing customers to pay more while also earning more.
- Chase Bowman, junior finance student from Memphis, Tennessee
- Jordan Jackson, senior marketing student from Atlanta, Georgia
- Kyndla Ray, senior marketing student from Fayetteville, NC
- Zion Rodgers, senior business administration and financial analysis student from Raleigh, NC
third place: Texas Southern University, $5,000 scholarship for each student.
The third location concept, Queensville, is a community-focused and employee “owned” grocery store dedicated to promoting economic mobility for residents living without easy access to essential items. Queensville invests in its community by providing jobs and offering employees the option to share in company profits through a wage-to-profit (W2P) program. Upon completion of financial literacy training, education and support, Queensville’s goal is to help employees transform their financial situation over time.
- Quentin Ballard, second-year computer science student from Katy, Texas
- Kendall Jenkins, sophomore English education student from Houston, Texas
- Kamaria Marshall, second-year political science, pre-law student from Austin, Texas
- Katelyn Walt, junior public administration student from Dallas, Texas
All remaining students competing received a $1,000 scholarship for their participation.
Dr. Harry L. Thurgood Marshall, Chairman and CEO “Moguls in the Making is an important initiative that is helping to close the racial wealth gap and supporting high-achieving students by creating opportunities to gain practical business experience,” Williams said. College fund. “Each year, these amazing students work together to solve a real-world challenge. They never fail to impress us with their ingenuity and initiative. We’re proud to partner with Ellie once again and are grateful for the intentional work she does to nurture incredible talent.
Since the program’s inception in 2019, more than 250 students have participated. Ally has hired 42 former moguls as trainees and 12 of them as full-time employees across various functions including IT, marketing, product design and corporate services. To date, Eli has awarded over $900,000 in scholarships and awards through Moguls in the Making.
Inspiration from real life Mughals
The 2023 Class of Moguls saw the surprise appearance of two real-life moguls who followed their passion and made a name for themselves in the entertainment industry, Big Sean and Terrence J. Both are admired for their creativity, philanthropic donations and business savvy.
Musician, philanthropist and entrepreneur Big Sean was instrumental in the launch of the program in 2019 and returned this year to offer his support and some advice to the students on the final day of the competition.
“Moguls in the Making gives HBCU students the opportunity to apply their hidden talents that they often cannot showcase in a competitive manner. Students also have the opportunity to meet peers from many HBCUs with whom they may not be able to connect in any other way, as well as communicate, have open conversations and hopefully work together in the future. Will work. These ideas are the future of business,” Big Sean said. “After helping launch this program in 2019 through my foundation (The Sean Anderson Foundation), TMCF and Ally have partnered with these students and the next generation of leaders. “I’m very proud of the work we’ve done to empower.”
(Story courtesy of Ally Financial)