Elizabeth City, N.C. — A team of five Elizabeth City State University (ECSU) students took their entrepreneurial vision to the national stage during the sixth annual Moguls in the Making entrepreneurial pitch competition last week in Detroit, Michigan.
Fifty students across 10 Historically Black Colleges and Universities (HBCUs) spent five days developing and pitching creative business solutions to address economic mobility challenges in Detroit.
The competition, held Oct. 2-6, was hosted by Ally Financial, a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business. This event was in collaboration with the Thurgood Marshall College Fund, the nation's largest organization exclusively representing the Black college community.
This year's event took place at The Icon—a multipurpose event space in Detroit and Pensole Lewis College—the state's only Historically Black College and University (HBCU) and the nation's only design-focused HBCU. Students also toured Detroit's cultural landmarks to learn about the city's rich heritage and community challenges, stopping at Orchestra Hall, Motown Museum and Detroit Pizza Bar.
According to a press release from Ally Financial, the Moguls in the Making competition brought 50 students with teams of five each from 10 HBCUs to Detroit. They were assigned industries and asked to develop a concept to support economic mobility in Detroit, creating business plans to put those ideas into action. Those industries included automotive, energy, education, and health and human services.
The ECSU all-senior team—Heaven Brown, Talmage Turner, Dayana Garza, QuaNisha Clemons and Luz Rivera—pitched the concept to revitalize Detroit's east side through the creation of a strip mall that includes a nonprofit clinic aimed at young adults aged 25-34.
Their proposal focused on providing affordable health care and supporting local entrepreneurs in wellness and holistic practices. The initiative would serve as both an economic driver and a source of community empowerment.
"With this health care clinic and building out our strip mall, we will lease our vacant spaces to four entrepreneurs aligned with wellness and holistic practices," team members said.
In a Shark Tank-style experience, the team had to justify how this initiative would help improve economic mobility.
"This initiative will help improve economic mobility by providing access to free health care, exposing residents in that demographic to affordable holistic practices, and circulating the black dollar back into the community," the team added.
At the competition, the stakes were high. The first-place winning team received a $20,000 scholarship for each student, second-place winners received $10,000 scholarships for each student, and third-place winners walked away with $5,000 scholarships for each student.
While ECSU's team did not place in the competition, they returned home with $1,000 scholarships per student, Ally swag, and a wealth of connections made during the competition. Throughout the five days, they heard from high-profile speakers, including Michigan Lt. Governor Garlin Gilchrist II, Detroit Mayor Mike Duggan, and Ally's CEO Michael Rhodes, and made an impact with their passion for uplifting communities.
More than 600 students from 52 schools applied to participate in this year's competition. Those chosen to compete hail from Elizabeth City State University, Florida Agricultural & Mechanical University, Hampton University (second-place winner), Howard University, Norfolk State University, North Carolina A&T State University, Philander Smith University (first-place winner), Southern University A&M College, Spelman College (third-place winner), and Texas Southern University.
"These students showed resilience and creativity," said Reggie Willis, Ally's chief diversity officer. "They represent the next generation of leaders who are ready to tackle big issues."
With fresh ideas and new perspectives, the ECSU team is set to take what they've learned back to their campus and continue their journey toward creating a lasting impact.
"As an entrepreneur by training, I know how important it is to support young dreamers, doers and innovators with the resources they need to succeed," said Michigan's Lt. Governor Garlin Gilchrist II.
In an interview this week on a local Detroit news station, Natalie Brown, senior director of corporate citizenship for Ally said, "We know that in order to really move economic mobility, you have to have access, exposure, and opportunities to experience these things. We know that students at HBCUs, many of them are first-generation college students. These are the students who are resilient, like the city of Detroit. They have grit, like the city of Detroit. They are innovative and creative, and we want to make sure we provide the pathway to achieve their dreams."