DETROIT, Dec. 19, 2018 -- Ally Financial is on a mission to increase diversity of thought in the workplace and find the best and brightest young entrepreneurs across the country. The company is launching Moguls in the Making together with fellow Detroit native, entertainer and entrepreneur Big Sean, and the Thurgood Marshall College Fund (TMCF), who share Ally's passion for giving young people tools to succeed. TMCF is the nation's largest organization exclusively representing the black college community. Big Sean is the founder of the Sean Anderson Foundation, which is dedicated to improving the education, health, safety and well-being of school aged youth and their families.
One of the Sean Anderson Foundation's initiatives is Mogul Prep, which aims to provide students educational programming to help them navigate the entertainment industry. The shared values and goals between the Sean Anderson Foundation, Mogul Prep, TMCF, and Ally inspired the Moguls in the Making program.
Moguls in the Making is an innovative program aimed at empowering young entrepreneurs and giving them a platform to bring their dreams to life. In 2017, a study by CB Insights found that while 13 percent of the American population is black, only 1 percent of venture capital-backed start-ups have black founders. Ally is passionate about supporting economic mobility and helping underserved communities gain tools to enhance their career opportunities and financial trajectory. This competition aims to help prepare bright and talented black students to become future entrepreneurs.
Through TMCF, the trio will identify standout entrepreneurs-in-the-making from publicly-supported historically black colleges and universities (HBCUs) around the country. Those students will represent their school in teams to compete for the top prize.
"Ally is committed to diversity and inclusion and aiding economic mobility through programs that provide all individuals greater access to services, education and resources they can use to help improve their economic circumstances and enrich their lives," said Alison Summerville, business administration executive and head of Corporate Citizenship at Ally Financial. "What excites me about this competition is the fact that we're giving all these students an opportunity to interact with us, to receive mentoring, and to pull out their creative spirits, potentially spring boarding them to a future as an entrepreneur that can help uplift others."
"I really feel like one of my life purposes is to inspire," said Big Sean, entertainer, entrepreneur and founder of the Sean Anderson Foundation. "Moguls in the Making is all about making the next generation of moguls, finding that hustler spirit and hunger that exists in our youth and bringing that forward. I'm excited to find these great young minds and give them a platform and an opportunity to further build their futures."
Through Moguls in the Making students from publicly-supported HBCUs selected by TMCF will have the opportunity to represent their school and compete in a weekend-long challenge in Detroit in March. Students will devise and pitch a business plan to a panel of judges including Ally executives and Big Sean. The top two teams will receive prizes.
"A key element of TMCF is securing top talent for major companies but another aspect we are proud of is identifying and developing the next generation of global innovators and entrepreneurs," said George Spencer, executive vice president of business development, innovation and entrepreneurship at TMCF. "There is no doubt this incredible program will be the catalyst for entrepreneurial success and inspiration for the HBCU students competing in Detroit."
Moguls in the Making launches December 19, 2018. Those interested can learn more here.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with assets of $173.1 billion as of September 30, 2018. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on "Doing it Right" and being a trusted financial partner for its consumer, commercial, and corporate customers. Ally's award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. Ally remains one of the largest full-service auto finance operations in the country with a complementary auto-focused insurance business, which together serve approximately 18,000 dealer customers and millions of auto consumers. Ally's robust corporate finance business offers capital for equity sponsors and middle-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures
About the Sean Anderson Foundation
The mission of the Sean Anderson Foundation is to assist in the education, health, safety and well-being of primary through college aged youth in underserved communities across the country.
Sean is a living example of what can be accomplished through focus, determination and hard work. He strives to serve as an instrument of encouragement for us to help support ourselves and to support one another.
The Sean Anderson Foundation's signature program is "Mogul Prep," a digital and live event curriculum that focuses on developing entrepreneurial skills, preparing students for college and/or the workforce, and ultimately for a successful life. In addition, the Foundation partners with a number of existing charitable programs whose objectives are consistent with the objectives of the Foundation.
For more information about SAF, visit http://www.seanandersonfoundation.org/about/
About the Thurgood Marshall College Fund (TMCF)
Established in 1987, the Thurgood Marshall College Fund (TMCF) is the nation's largest organization exclusively representing the Black College Community. TMCF member-schools include the publicly-supported Historically Black Colleges and Universities and Predominantly Black Institutions, enrolling nearly 80% of all students attending black colleges and universities. Through scholarships, capacity building and research initiatives, innovative programs and strategic partnerships, TMCF is a vital resource in the PK-12 and higher education space. The organization is also the source of top employers seeking top talent for competitive internships and good jobs.
TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF, visit: www.tmcf.org.