Last week, Detroit, the nation’s largest Black metropolis, became a beacon of hope, innovation, and ambition as Ally’s Moguls in the Making competition brought together the next generation of Black entrepreneurial leaders. Fifty bright, driven students from 10 Historically Black Colleges and Universities (HBCUs) assembled in the Motor City to test their mettle, proving once again that HBCUs are not just academic institutions but fertile grounds where Black brilliance blooms.
The competition, now in its sixth year, was hosted by Ally Financial in collaboration with the Thurgood Marshall College Fund (TMCF), the largest organization exclusively representing the Black college community. This partnership has become a catalyst for transforming innovative ideas into real-world solutions to tackle economic mobility challenges.
On Sunday, October 6, the culminating event of the week kicked off with a rousing oration from Michigan’s Lieutenant Governor, Garland Gilchrist, a man who understands the power of representation, excellence, and action—particularly during a critical election year, where the nation is once again confronted with the question of which direction it will head. His words resonated deeply with the students, as he charged them to lean into their creativity, emboldened by their journey thus far. “By participating and getting to this point, all of you have been victorious,” Gilchrist said. “I want that fact to embolden you, to inspire you, and frankly embolden you to think even bigger. To think about what else you can do, who else you can impact, and what else you can transform. Because while this is an illustration of your capabilities, this is the floor for your capabilities.”
In his appeal to the students to consider Michigan and Detroit for their future ventures, Gilchrist emphasized the state’s commitment to innovation, sharing, “That’s why I added a $60 million innovation fund to the state budget.” His words were not just an encouragement but an invitation for these future leaders to see Michigan as a fertile ground for their dreams to flourish.
Detroit’s Black renaissance: Pensole Lewis College rises again
As Gilchrist spoke to these young scholars, his words took on added weight against the backdrop of a city that has long been at the intersection of Black excellence and economic rebirth. “You are here at Pensole Lewis College, an HBCU that we literally resurrected in the city of Detroit three years ago because we believe in having a center of excellence, a center of Black excellence in the Blackest City in the country. It’s an important part of our identity and a critical part of our economic success going forward.”
Throughout the week, the students were given a chance to tour Ally Financial’s headquarters, where they learned about the company’s role in Detroit’s economic landscape and its commitment to fostering innovation. They also explored Detroit’s cultural landmarks, such as Orchestra Hall and the Motown Museum, as well as visited newer spots like Detroit Pizza Bar, which represents the city’s ongoing revitalization. Earlier in the week, they also had the opportunity to meet with Detroit Mayor Mike Duggan, who spoke about Detroit’s rich history of resilience and innovation, encouraging these young entrepreneurs to think of the city as a potential hub for their future ventures.
Amid the presidential campaigns that crisscross the country with promises of economic revival, Detroit stands as a real-world example of what investment in Black institutions can achieve. Gilchrist’s message wasn’t just a welcome—it was an invitation, urging these future moguls to see Detroit as a city where their aspirations and legacies can take root and flourish.
When the stakes are high, excellence prevails
This year’s Moguls in the Making competition delivered a powerful twist: four winning teams instead of the expected three. The level of ingenuity and passion displayed by the students was so profound that the judges couldn’t bear to choose just three. Two teams—Philander Smith University and Southern University and A&M College—tied for first place, and 10 students walked away with $20,000 scholarships and guaranteed summer internships with Ally.
Nalone Sumo from Southern University and A&M College expressed his excitement: “We’ve been high energy all week and to see the result paying out the way we wanted it to be, it’s really a motivation booster.”
Kenna Agbugba from Philander Smith added, “We’re still asking people to pinch us because it’s not every day that you win $20,000. So yeah, I still don’t believe it. I still feel like I’m dreaming. Overall, I cannot comprehend the excitement that we’re all feeling right now.”
In second place, Christin Fluellen from Hampton University reflected on the significance of the competition, especially for Detroit: “It was a lot of hard work. A lot of long nights. I’m from the city of Detroit, so just seeing how passionate every team was about addressing the issues that have affected me and my family and friends for generations, it was inspiring. I think that a lot of these solutions, not only the winning ones, would be great for the city.”
Third place winner, Wynter Stokes from Spelman College, shared: “We are so excited and very, very proud of ourselves. It’s been a couple of stressful nights. It’s been some sleepless nights, but, you know, we came and we conquered, so we really are proud of ourselves. Not only did we get a chance to come and meet each other on a deeper level, but we also got an opportunity to really focus on what’s needed within the community.”
The Winners:
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First Place (tie): Philander Smith University and Southern University and A&M College – $20,000 scholarship per student
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Second Place: Hampton University – $10,000 scholarship per student
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Third Place: Spelman College – $5,000 scholarship per student
Reflecting on the program’s broader impact, Jocelyn Coley of The Allen Lewis Agency (TALA) shared: “This is the third year in a row The Allen Lewis Agency (TALA) has provided media relations support to Ally’s Moguls in the Making entrepreneurial pitch competition and the second year we’ve been responsible for most logistical aspects of the program. Its return to Detroit, TALA’s headquarters, is significant to each of us. As business owners who were awarded Ally’s Supplier Diversity Supplier of the Year award earlier this year, we’re proud to be part of this initiative, contributing to the success of the next generation of Black entrepreneurs.”
Moguls in the Making has made an indelible mark on these future leaders. “Moguls in the Making is an ongoing commitment to increase social capital among HBCU students, while providing access, exposure, and opportunities to elevate their success. As of this year, we will have hosted more than 300 HBCU students during the span of this program, and each year the bar is raised higher. We’ve been amazed by each team’s ingenuity and creativity, time and again.” said Natalie Brown, Senior Director of Corporate Citizenship at Ally.
TMCF President & CEO Harry L. Williams added: “The Thurgood Marshall College Fund is incredibly proud to extend our relationship with Ally for the sixth year. Ally’s continued 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 and society as a whole.”
In the shadow of a presidential election, where discussions of equity and economic justice dominate the headlines, these students are showing that real change doesn’t wait for legislation—it’s already happening in our communities, powered by their ideas and ingenuity. They are the embodiment of self-determination, reminding us, as Morehouse graduate Howard Thurman once said, “Don’t ask what the world needs. Ask what makes you come alive, and go do it. Because what the world needs is people who have come alive.”
Moguls in the Making: More Than a Competition, It’s a Movement
Moguls in the Making is not just a competition—it’s a movement. It’s a disruption of the economic narrative that so often sidelines Black talent. It’s a radical assertion that Black ideas matter, that Black students can be moguls, not just in theory but in practice. Since its inception in 2019, the program has awarded over $1 million in scholarships and prizes, forging pathways to economic mobility for HBCU students.
Lieutenant Governor Gilchrist closed his speech with a charge to think bigger, and Detroit stood as the perfect symbol of that aspiration. “This is an illustration of your capabilities, but this is the floor for your capabilities,” he reminded them. These students are not just future leaders; they are the architects of our collective tomorrow, the heirs to a legacy that refuses to be diminished. As we approach the election, where so many decisions about our nation’s future hang in the balance, these students are a reminder that leadership doesn’t wait for the results of a ballot—it’s being cultivated every day.
