Moguls in the Making, a business plan pitch competition that offers Historically Black College and University (HBCU) students an opportunity to learn and practice vital skills, will take place virtually Oct. 8-11, 2020. This second annual competition is presented by Ally Financial Inc. (NYSE: ALLY), Thurgood Marshall College Fund (TMCF) and entertainer and entrepreneur Big Sean’s Sean Anderson Foundation. The event will showcase the diversity of ideas, thoughts and experiences these students can offer the business world. 

Moguls in the Making gives 50 students from 10 HBCUs—grouped into teams of five—an opportunity to develop and present business plans aimed at solving a key issue in the context of today’s economic and social climate. Winners receive scholarships and internship opportunities with Ally. 

To learn more about the program and the experiences of last year’s participants, view this short video. Six of the 2019 Moguls in the Making participants have joined Ally as full-time employees. 

“Our commitment to diversity and inclusion is not just one of the pillars of our ‘Do It Right’ culture—it is essential to our long-term success,” said Ally Financial CEO Jeffrey J. Brown. “Moguls in the Making is an impactful way to celebrate the talent of HBCU students and to support a diverse pipeline of candidates whose contributions are critical to making both our company and our communities stronger. I am inspired by what this program has helped us all to achieve, and I hope that it can serve as a model for other organizations seeking to identify and nurture diverse talent in their businesses, as well.”

The business case for diverse workforces is clear: in 2019, companies in the upper quartile of ethnic and cultural diversity outperformed those in the fourth quartile by 36% in profitability.¹

The Moguls in the Making program has already helped Ally expand its diverse pool of young talent, while amplifying awareness of the vital role HBCUs play in building Black middle and upper classes. HBCUs are responsible for 22% of current Black bachelor degrees and, despite the fact that HBCUs account for just 3% of four-year nonprofit colleges, their alumni account for roughly 80% of Black judges, 50% of Black lawyers and doctors, and their students account for 25% of Black undergraduates who earn degrees in STEM.² 

Ally is a 14-year supporter of TMCF, the nation's largest organization exclusively representing the Black college community. TMCF also recognized Ally’s Jeffrey Brown as CEO of the Year in 2019. Last year, the two organizations teamed up for the first time with the Sean Anderson Foundation, which is dedicated to improving the education, health, safety and well-being of school-aged youth and their families. 

"It's all about providing these students with opportunities and knowledge to build their futures," said Big Sean. “I hope they are inspired by their time with me and all these amazing business leaders, and can take the lessons we’ll share with them into their future careers.”