Ally and Thurgood Marshall College Fund gather 60 students to
compete for over $200k in
scholarships and prizes
- In their first year competing, North
Carolina Central University and Texas
Southern University placed second and third
- Multi-platinum artist, philanthropist, and entrepreneur Big
Sean shared personal experiences with students, commitment to
program
- Program enables Ally and TMCF to promote economic mobility
and support the development of future leaders
CHARLOTTE, N.C.,
Sept. 11,
2023 /PRNewswire/ -- The
team from North Carolina A&T State
University took top honors in the fifth annual
Moguls in the Making entrepreneurial pitch competition, where
60 students from Historically Black Colleges and Universities
(HBCUs) developed innovative and impactful solutions to address
economic mobility challenges using vital business skills.
The competition, which ran from Sept.
6-10, was hosted by Ally Financial (NYSE: ALLY) in
collaboration with the Thurgood Marshall College Fund (TMCF), the
largest organization exclusively representing the Black College
community, with special appearance by multi-platinum artist,
entrepreneur and philanthropist Big Sean.
"Moguls in the Making is an investment Ally makes to provide
career-launching business experience," said Ally Financial CEO
Jeffrey J. Brown. "We're intentional
about how we show up as an ally, focusing 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 to build an early
talent pipeline with bright, passionate and creative individuals
who will be our future leaders."
Sixty students – 15 teams with four students each – toured
Charlotte, one of Ally's hometown
markets, to learn about the city's rich heritage and community
challenges. They then were asked to develop a concept to support
economic mobility in Charlotte and
create a business plan to put those ideas
into action. Each team presented their concept to a panel of judges,
who awarded
prizes to the top three teams based
on the pitch. Members of those top teams
each received a scholarship for the 2024 school year,
guaranteed offers of a paid internship at Ally for Summer 2024, and
other prizes to support their education.
The 2023 top three teams and their pitch concepts were:
First Place: N.C. A&T State
University, $20,000 scholarships for each student.
The winning concept, Capital in Color Lending, utilizes
AI-driven products tailored for communities of color to empower
ambitions through innovative approaches for accessing capital. The
two-fold financial program uses alternative credit history,
non-traditional income and financial behaviors to prove credit
worthiness. "Milestone Loans" offer incremental installments toward
loan downpayment to instill financial discipline. "Prosperity
Pathways" uses the same loan framework to finance career
development through trade schools and professional
certifications.
- Teco Bynum, senior computer
science student from Charlotte,
N.C.
- Laia Garland, senior
entrepreneurship and innovation student from Charlotte, N.C.
- Nyla Ward, sophomore political
science student from Charlotte,
N.C.
- Javen Washington, senior
accounting and finance student from Fayetteville, N.C.
Second Place: North Carolina
Central University, $10,000
scholarships for each student.
In second place, the non-profit organization idea called Food 4
Thought provides budget-friendly and healthy meal solutions for
lower income households. The organization aims to combat food
insecurity by providing weekly ready-to-heat meals. Food 4 Thought
engages with the community through events centered around healthy
lifestyles, nutrition and financial literacy. Food 4 Thought
utilizes a three-tier subscription model, allowing customers to pay
more as they earn more.
- Chase Bowman, junior finance
student from Memphis,
Tennessee
- Jordan Jackson, senior marketing
student from Atlanta, Georgia
- Kyndall Ray, senior marketing
student from Fayetteville,
N.C.
- Zyon Rodgers, senior business
administration and financial analytics student from Raleigh, N.C.
Third Place: Texas Southern
University, $5,000 scholarships for each student.
The third-place concept, Queensville, is a community-centric 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
offers employees the option to share company profits through the
wage-to-profit (W2P) program. Upon completion of financial literacy
training, education and support, Queensville aims to help employees
change their economic status over time.
- Quentin Bellard, sophomore computer science student from
Katy, Texas
- Kendell Jenkins, sophomore
English education student from Houston,
Texas
- Kamaria Marshall, sophomore
political science, pre-law student from Austin, Texas
- Katelayn Vault, junior public administration student from
Dallas, Texas
All remaining students who competed
received a $1,000
scholarship for their participation.
"Moguls in the Making is an important initiative that
is helping to bridge the racial wealth
gap and support high achieving students
by creating opportunities to gain hands-on business
experience," said Dr. Harry L. Williams, President & CEO
of the Thurgood Marshall College Fund. "Each year, these amazing
students work together to solve a real-world challenge. They
never cease to impress us with their
ingenuity and initiative. We're proud to once again
partner with Ally and are thankful for the intentional work they do
in amplifying incredible talent."
Since the program's inception in 2019, more than 250 students
have participated. Ally has employed 42 of the former Moguls as
interns and hired 12 of them as full-time employees across a
variety of functions, including IT, marketing, product design and
corporate services. To date, Ally has awarded more than
$900,000 in scholarships and prizes
through Moguls in the Making.
Inspiration from Real-Life Moguls
The 2023 class of Moguls was treated to surprise appearances
from two real-life moguls who followed their passions and built
their names in the entertainment industry, Big Sean and
Terrence J. Both are admired for their creativity, philanthropic
giving and business savvy.
Musician, philanthropist and entrepreneur Big
Sean was instrumental in the launch
of the program in 2019 and returned this
year to lend his support and some advice to students on the final
day of competition.
"Moguls in the Making gives HBCU students the opportunity to
apply their hidden genius, which they may not get to often display
in a competitive way. Students also get to meet peers from so many
HBCUs, which they may not have been able to connect with in any
other way, as well as communicate, have open dialogue and hopefully
work together in the future. These ideas are the future of
business," said Big Sean. "After helping to launch this program in
2019 through my foundation (The Sean Anderson Foundation), I'm so
proud of the work TMCF and Ally have done to empower these students
and the next generation of leaders."
About the Competition
More than 300 students completed the application process for
this year's competition. Those chosen to compete hailed from
Alabama A&M University,
Delaware State University, Florida A&M University, Howard University, Johnson C.
Smith University, Morgan State
University, N.C. A&T State
University, N.C. Central
University, Norfolk State
University, Prairie View A&M
University, Southern University at
Baton Rouge, Spelman College,
Texas Southern University, Tuskegee University and Virginia State University.
Ally mentors and team coaches,
including past Moguls in the Making participants and HBCU alumni,
worked with the students to help formulate business plans to
support economic mobility. Prominent Charlotte-area leaders gave their time to
advise the students during the competition, acting as valued
resources in their respective industries.
Learn more about the program at www.ally.com/moguls.
Additional Moguls in the Making quotes for use:
Terrence J, actor, entertainer and Oscar-winning
producer
As a 2004 NC A&T State
University graduate, Terrence J's experience on
A&T's campus in
Greensboro shaped his career as an actor
and entertainer while also showing him
what could be possible after graduation.
"As the product of an HBCU, I know the importance of programs
like Moguls in the Making for diverse communities," said
Terrence J. "I could not pass up the opportunity to once
again work with Ally to elevate students
from all backgrounds and encourage them to pursue
their dreams."
Reggie Willis, Chief Diversity
Officer at Ally
"Ally is committed to building an early talent pipeline with
creative, diverse, highly skilled individuals from all backgrounds.
Connecting with motivated, passionate students through our
Moguls in the Making program helps us do
that. Creating an inclusive workplace doesn't happen
overnight. It's a continuous, intentional effort that
requires us to know our teammates well and react to the changes we
see in the workplace and in society. The students have taught us so
much about the next generation who want to make an impact on our
world."
Natalie Brown, Senior Director
of Corporate Citizenship at Ally
"This is our fifth year celebrating the innovation and
entrepreneurship of over 200 HBCU students, whose successes have
provided viable business ideas that support economic mobility in
our communities. Moguls in the Making is an ongoing commitment to
increase social capital among HBCU students, while also providing
access, exposure, and opportunities to elevate their
success."
Nalani KelleyMarsh, Florida A&M
University – 2019 Winner
"The first Moguls in the Making was a paradigm shifting
experience! I loved the fact I was able to hone my entrepreneurial
mind while leveraging the knowledge gained from my collegiate
studies."
Joshua Weaver, North Carolina A&T State University – 2021
Winner
"Moguls has been a life changing experience for me. Not only did
the competition help me land my first corporate opportunity, but
opened my eyes to what is possible when you take a chance on
yourself."
Andre Wilkes, Howard University – 2021 2nd Place
"Moguls in the Making showed me you could do good and do well at
the same time! It created a family out of complete strangers."
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company
with the nation's largest all-digital bank and an industry-leading
auto financing business, driven by a mission to "Do It Right" and
be a relentless ally for customers and communities. The company
serves more than 11 million customers through a full range of
online banking services (including deposits, mortgage,
point-of-sale personal lending, and credit card products) and
securities brokerage and investment advisory services. The company
also includes a robust corporate finance business that offers
capital for equity sponsors and middle-market companies, as well as
auto financing and insurance offerings. For more information,
please visit www.ally.com and follow @allyfinancial.
For more information and disclosures about Ally,
visit https://www.ally.com/#disclosures.
For further images and news on Ally, please
visit http://media.ally.com.
About the Thurgood Marshall
College Fund (TMCF)
Established in 1987, the Thurgood Marshall College Fund
(TMCF) is the nation's largest organization
exclusively representing the Black College
Community. TMCF member-schools include the publicly
supported Historically Black Colleges and Universities and
Predominantly Black Institutions, enrolling nearly 80% of all
students attending black colleges and universities. Through
scholarships, capacity building and research initiatives,
innovative programs, and strategic partnerships, TMCF is a vital
resource in the PK-12 and higher education space. The organization
is also the source of top employers seeking top talent for
competitive internships and good jobs.
TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF,
visit: www.tmcf.org.
Contacts:
Alex
Moore
Ally Public Relations
Alex.Moore@ally.com
Rob Knox
TMCF Public Relations
Robert.Knox@TMCF.org
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SOURCE Ally Financial