Detroit, MI – In a showcase of ingenuity and entrepreneurial spirit, a team of students from Spelman College emerged victorious in the seventh annual Moguls in the Making competition. This year’s event, a collaboration between Ally Financial and the Thurgood Marshall College Fund (TMCF), brought together 50 students from Historically Black Colleges and Universities (HBCUs) to tackle economic mobility challenges head-on in the city of Detroit.
The Spelman team’s winning pitch centered around “Prospera,” a fintech platform designed to bolster women-owned small businesses both in Detroit and beyond. Prospera aims to foster financial well-being by creating a supportive ecosystem designed specifically for the unique challenges faced by women entrepreneurs. The program garnered the team a $20,000 scholarship for each of its members.
The Moguls in the Making program, launched in 2019, has served as a platform for nearly 400 students and awarded nearly $1.5 million in scholarships and prizes. The competition, held September 11-14 in Detroit, provided students with immersive learning experiences, pairing them with mentors from the Detroit business community—including Ally executives and HBCU alumni.
“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,” said Kathie Patterson, chief human resources and corporate citizenship officer at Ally Financial. “At Ally, we’re focused on creating brighter futures by intentionally addressing economic mobility challenges facing our communities.”
This year’s program included an exploration of the responsible integration of artificial intelligence (AI) into business processes, equipping students with insights into how AI will shape the future workforce. The curriculum also featured motivational addresses from executives and community leaders, workshops, and fireside chats.
Hampton University secured second place with “FuelU,” a concept addressing food insecurity on community college campuses throughout Detroit. FuelU proposes utilizing AI-powered, temperature-controlled lockers to provide students with access to healthy, ready-to-eat meals. North Carolina A&T State University earned third place for “Detroit Capital Connect,” an AI-powered tool designed to streamline the process of identifying and applying for grants, loans, and funding opportunities for small businesses.
“The Thurgood Marshall College Fund is incredibly proud to extend our relationship with Ally for the seventh year,” said Dr. Harry L. Williams, TMCF president & CEO. “Ally’s investment in the innovation and entrepreneurial talent at HBCUs highlights its commitment to empowering students to improve their socioeconomic standing—benefiting not only the students but also their communities.”
Ally Financial (NYSE: ALLY) is a financial services company. Ally’s commitment to the Moguls in the Making program reflects a broader trend of financial institutions investing in initiatives that promote economic empowerment and address societal challenges. As technology continues to reshape the financial landscape, programs like these play a crucial role in equipping the next generation of business leaders with the skills and knowledge necessary to navigate an increasingly complex environment.
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