In collaboration with the Thurgood Marshall College Fund, Ally Financial held its seventh annual Moguls in the Making entrepreneurial pitch competition, where 50 HBCU students gathered to develop innovative and impactful solutions to address economic mobility challenges in Detroit.
This year’s competition featured 10 teams that presented concepts designed to address economic mobility and created business plans to bring those ideas to life. Spelman College emerged as the winner, securing a $20,000 scholarship for each team member and an upcoming appearance on The Jennifer Hudson Show on Sept. 25.
Terrence J spoke to students about his career in the entertainment industry
Since Moguls in the Making’s founding in 2019, nearly 400 students have participated in the competition, and Ally has given close to $1.5 million in scholarships and prizes. This year, 10 teams of five students each first toured Detroit to gain a deeper understanding of the city’s community, heritage and challenges. Participating students were then assigned to various industries and tasked with developing concepts to support economic mobility in Detroit within their respective sectors.
“Moguls in the Making provides invaluable early business experience for future leaders, offering students the opportunity to learn from experts and explore how different industries can make an impact,” Kathie Patterson, chief human resources and corporate citizenship officer at Ally, said in a statement. “At Ally, we’re focused on creating brighter futures by intentionally addressing economic mobility challenges facing our communities.”
In addition to the competition, this year’s Moguls in the Making program included talks from executives and community leaders, workshops, fireside chats and mentor engagement. Terrence J spoke to students about his career and how he established himself in the entertainment industry.
“As a graduate of an HBCU, I know the importance of opportunities like Moguls in the Making for young leaders,” the former 106 & Park host said in a statement. “I could not pass up the chance to once again work with Ally to elevate students from all backgrounds and encourage them to pursue their dreams.”
The competition’s top three teams were Spelman College, Hampton University and North Carolina A&T State University
Competing students from various HBCUs, including Delaware State University, Florida A&M University, Hampton University, Howard University, Morgan State University, Norfolk State University, North Carolina A&T State University, North Carolina Central University, Prairie View A&M College and Spelman College pitched their concepts on the final day of the competition to a panel of judges who awarded prizes to the top three teams.
Spelman College claimed victory for its fintech platform Prospera, designed to support women-owned small businesses.
Hampton University came in second place for its food insecurity AI locker concept, FuelU, receiving a $10,000 scholarship for each of its team members.
North Carolina A&T State University finished third with its AI-powered tool, Detroit Capital Connect, which helps small businesses identify grants, loans and funding opportunities while simplifying the application and submission process, earning a $5,000 scholarship for each student.
Students from other institutions received a $1,000 scholarship for their participation.
