While there have been many commemorative events to round out the year, the debut of the world’s next generation of moguls will undoubtedly be a highlight. Last month, from September 6-11, Ally Financial, in collaboration with the Thurgood Marshall College Fund (TMCF), celebrated the 5th anniversary of Moguls in the Making. The entrepreneurial competition convened 60 students from Historically Black Colleges and Universities (HBCUs) in Charlotte, North Carolina, to address socioeconomic issues through the lens of business acumen and innovative concepts. The student groups, 15 in total, were each paired with mentors and team coaches who assisted in the ideation, development, and presentation of the students’ pitches.
According to Natalie Brown, Ally’s senior director of corporate citizenship, this program aligns with the financial institution’s broader mission of corporate citizenship. Brown believes the variety of mentors from various professional realms allows the students to look at their future aspirations through an expanded scope.
“We focus on economic mobility in three distinct areas: affordable housing, financial education, and workforce development. This is a part of our workforce development lane, where we provide opportunities for students to gain skills they can take into the workforce. With this program specifically, we bring industry mentors from across Charlotte because those students pitch to a particular industry. These industry mentors are from various professional spaces, whether they work in the government, nonprofit space, or the private sector. We get excited about that because now the students can hear from folks in various disciplines and realize that their career opportunities are limitless.”
The connections between the students and mentors were not only an integral part of the competition but a sturdy foundation that will serve the participants for years to come in honing professional relationships. Nyla Ward, a sophomore at North Carolina A&T State University studying political science, feels that this competition — especially winning it — has already positively impacted the career trajectory of her and her teammates.
“This program has already impacted our career trajectory just by helping us to build our networks. I believe that one’s network is one’s net worth, and having those connections with people that you can truly call on is so important. I know that I can really call on them, and they’ll have my back. To have those relationships and endless connections while knowing you have someone to call on feels incredible.”
The first-place team consisted of Ward and seniors Teco Bynum, Laia Garland, and Javen Washington from a variety of academic disciplines, including entrepreneurship, accounting, and computer science. The moguls pitched a lending program geared toward communities of color to dismantle barriers to accessing capital. As a result of their triumphant win, the students received scholarships, paid internship offers at Ally, and more. Washington feels that while he has positive sentiments about the victory, the real win is imparting the knowledge he’s learned to his younger siblings.
“I understand that it’ll boost my career because that’s a given, but I’d also like to look at it as more than that. I’m the oldest sibling, and these are lessons that I can show my younger siblings to help them believe in themselves and continue pushing forward because it’s in them. I’m happy that I can show them that.”
The students had the opportunity to interact with leading professionals across business, entrepreneurship, and entertainment. Oscar-winning producer, actor, and HBCU alum Terrence J hosted a fireside chat in which he shared more about his journey to becoming a mogul. With plenty of lessons to be learned throughout this immersive experience, the entertainer believes that financial literacy is of utmost importance as it’s something he learned later in life.
“Financial literacy is something that I never focused on when I was coming out of high school or college. I always tell young people now to understand financial literacy, from stocks to trading and investing, as much as possible. I want them to learn as much as they can about real estate and understand what a portfolio is and as many terminologies as possible. The more you equip yourself with all of that, the more you’ll be able to not only be successful but to be able to manage your success and to be able to not only be rich but gain wealth by learning as much as you can, especially at a young age.
The star power was in full effect. The renowned musician and philanthropist Big Sean, a long-time supporter of the program, appeared during the festivities and offered a multitude of gems for the next generation of trailblazers. The award-winning artist feels that the spirit of community is the ultimate prize that will benefit them in the future.
“I feel like it is something for them to look forward to and allows them to collaborate and communicate with each other in a sense where they all can be in one place. The relationships and common interests they all share will be so valuable down the line when it’s time to do business with one another. Of course, they’re competing for a prize today, but tomorrow is where the real prize is, and that’s the prize of communication, being involved with each other, and being able to do business together.”
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