More than $1 million in scholarships and prizes awarded to foster HBCU student entrepreneurship, empowerment

For the sixth year, Ally and the Thurgood Marshall College Fund (TMCF), the largest organization exclusively representing the Black College community, are hosting Moguls in the Making, a pitch competition offering 50 students from Historically Black Colleges and Universities the opportunity to learn vital business skills, while competing for valuable scholarships and paid internships. Ally, the nation’s largest all-digital bank, has awarded more than $1 million through the program since 2019.

“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,” said Natalie Brown, Senior Director of Corporate Citizenship at Ally. “As of this year, we will have hosted more than 300 HBCU students during the span of this program, and each year the bar is raised higher. We’ve been amazed by each team’s ingenuity and creativity, time and again.” During the Moguls in the Making competition on Oct. 2 – 6, 50 students, grouped into teams of five from 10 HBCUs, will be asked to develop and pitch business ideas that promote economic mobility. This year’s program will return to its roots and be hosted in Detroit, the site of the original pitch competition in 2019. Detroit-area business leaders will serve alongside Ally and TMCF team members as judges and mentors.

“These Moguls stand out among their peers – they’re hungry for new experiences, to learn about potential career paths, and to make a big impact in the community,” said Reggie Willis, Chief Diversity Officer at Ally. “They always bring insightful ideas and perspectives to showcase in their pitches, and it’s exciting to see their growth in just a few short days. As an ally to HBCU students, we’re here to demonstrate what their future could look like in business and then provide the tools, mentorship, and support they need to make their way. Moguls in the Making is a fun and inspiring weekend for all of us who get to participate.” More than 600 students from 52 schools completed the application process for this year’s competition. Those chosen to compete will hail from Elizabeth City State University, Florida Agricultural & Mechanical University, Hampton University, Howard University, Norfolk State University, North Carolina A&T State University, Philander Smith University, Southern University A&M College, Spelman College, and Texas Southern University.

Each member of the top three winning teams will earn scholarships for $20,000, $10,000, and $5,000 respectively as well as guaranteed paid internship offers from Ally, a laptop, and other prizes. All students from each of the 7 other teams will earn $1,000 scholarships for their participation in the rigorous challenge.    Moguls in the Making was developed in 2019 to provide HBCU students with career-launching business experience, networking access to executives, internships, and scholarships, while also giving Ally a new path for reaching diverse talent. Since MITM launched six years ago, Ally has hired 46 of the participants as interns and 15 as full-time employees, working on teams across the company, from IT and marketing to product design and development.

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