Philander Smith University and Southern University took top honors in the sixth annual Moguls in the Making competition, where 50 students from Historically Black Colleges and Universities (HBCUs) pitched innovative solutions to tackle economic mobility challenges in Detroit.

Related: 6 things HBCU students can do now to build financial health

About the Moguls in the Making Competition

Held from October 2-6, 2024, the Moguls in the Making competition was hosted by Ally Financial in partnership with the Thurgood Marshall College Fund (TMCF). The event took place at The Icon building in Detroit, home to Pensole Lewis College, the state’s only HBCU and the nation’s only design-focused HBCU. Throughout the week, 50 students formed 10 teams, toured the city, and learned about Detroit’s heritage and community challenges. They visited sites like Orchestra Hall, the Motown Museum, and Detroit Pizza Bar, gaining insights into the needs of the community.

Highlights of the Moguls in the Making Competition

The five-day program included motivational speeches from Michigan Lt. Governor Garlin Gilchrist II and Detroit Mayor Mike Duggan. Students attended workshops, fireside chats, and mentor sessions. Each team then presented their business plans to a panel of judges, who assessed the pitches based on creativity, feasibility, and community impact. The top four teams earned scholarships for the 2025 school year and guaranteed paid internships at Ally for summer 2025.

Winning Teams and Their Concepts in the Moguls in the Making Competition

  1. First Place Tie: Philander Smith University and Southern University
    • Philander Smith University: Their project, Little Genius, is an AI-powered platform for K-5 students. It focuses on improving literacy, numeracy, and science skills through personalized learning pathways. The platform also includes gamified assessments, voice recognition, and offline capabilities.
    • Southern University and A&M College: The team pitched Electric Meets Opportunity, an app that provides affordable and eco-friendly transportation. It connects low-income communities to clean energy vehicles, offering access to essential destinations like work and healthcare.
  2. Second Place: Hampton University
    • The project, Gov On the Go, addresses limited access to public services in underserved communities. It creates personalized pathways and tracks progress to drive economic mobility.
  3. Third Place: Spelman College
    • The D.O.P.E. Initiative proposes a credit union focused on providing financial access to Detroit residents who are underserved by traditional banking institutions.

The Impact of the Moguls in the Making Program

Since launching in 2019, the Moguls in the Making competition has involved over 300 students. Ally has hired 46 participants as interns and 15 as full-time employees. To date, the program has awarded more than $1 million in scholarships and prizes.

Ally Financial and TMCF: Empowering HBCU Students

Reggie Willis, Ally’s chief diversity officer, commended the participants: “These Moguls stand out among their peers; they are eager to learn, grow, and impact their communities.” Harry L. Williams, TMCF President & CEO, emphasized that Ally’s support of HBCU students not only elevates their socioeconomic status but also strengthens their communities.

Participating HBCUs in the Moguls in the Making Competition

This year, students from 10 HBCUs participated in the Moguls in the Making competition: Elizabeth City State University, Florida A&M 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.

Learn more about the program at www.ally.com/moguls.