Two teams made history during the sixth-annual Moguls in the Making competition, hosted by Ally Financial in collaboration with Thurgood Marshall College Fund (TMCF).
Teams from Philander Smith University and Southern University and A&M College tied for first place in the entrepreneurial pitch competition, which is unprecedented in the competition’s history. Each student on both teams, five students per team, received a $20,000 scholarship and a guaranteed paid internship with Ally.
With the unexpected first-place tie, Ally provided an additional $100,000 in support for a total investment of more than $200,000 in scholarships and prizes.
“Moguls in the Making is one of my favorite events of the year,” Dr. Harry L. Williams, president & CEO of TMCF, said. “We’re thankful to Ally for hosting the competition and for doubling their intended investment to support the incredible talent the students displayed.”
Fifty students from historically Black colleges and universities (HBCUs) from around the country participated in the pitch competition on Oct. 2-6. Their task was to develop innovative and impactful solutions to address economic mobility challenges in Detroit. Students were assigned industries to focus on and created business plans for their ideas. On the final day, students presented their plan to a panel of judges, who awarded prizes to the top four teams based on their pitch.
The students also toured Detroit, home of Ally headquarters, with visits to Orchestra Hall, Motown Museum and Detroit Pizza Bar. They also had a special surprise from The Jennifer Hudson Show; motivational messages from Michigan Lt. Gov. Garlin Gilchrist II and Detroit Mayor Mike Duggan; workshops; fireside chats and mentor engagement.
The Philander Smith University team pitched an idea for an AI-powered platform for K-5 students to enhance literacy, numeracy and science. The Southern University team pitched an app that revolutionizes transportation for low-income communities by providing affordable access to clean energy vehicles. The Hampton University team placed second overall, proposing a project that addresses the lack of access to public services and job opportunities in Detroit’s underserved communities. The Spelman College team placed third with their idea for a mission-driven credit union that brings access to capital for communities historically underserved by financial institutions.
All students who competed in the competition received a $1,000 scholarship. Ally has awarded more than $1 million in scholarships and prizes through Moguls in the Making since it began in 2019.
