Ally has teamed up with the Thurgood Marshall College Fund to award select HBCU students with funds and resources to pursue their entrepreneurial goals.
As part of its Moguls in the Making competition, 60 HBCU students were placed in 15 teams of four and asked to develop a business plan that supports economic mobility in the city of Charlotte, North Carolina, The Shade Room reports.
The students went through a rigorous 72-hour hands-on experience where they were tasked with turning their business visions into reality. The groups were guided by mentors and speakers who helped prepare them to pitch their innovations to a distinguished panel of judges.
The team with the best business solution and presentation wins the entire competition, Ally shared. Winnings were tiered between first, second, and third-place earnings for the three winning teams.
Each first-place team member will receive $20,000 in scholarship funds, a guaranteed internship offer at Ally, a Microsoft Surface Pro 7 laptop with software packages, a Logitech portable keyboard, and plenty of other prizes and swag.
“One of our goals with MITM is to cultivate new talent for our team at Ally — we believe that everyone brings a unique perspective to our company, which makes us stronger,” an Ally spokesperson said.
“Each year, the top three teams in the competition win an internship at Ally, and all MITM participants are offered the opportunity to apply for an internship.”
The competition made its inception in 2019 and has allowed Ally to employ 36 MITM participants as interns. The internships have resulted in 12 students becoming full-time employees at the company.
Second and third-place winners were awarded scholarship funds, $10,000 for each second-place team member and $5,000 per third-place team member. This year’s participating HBCUs included Alabama State University, Fisk University, Grambling State University, Southern University and A&M College.