Washington, DC, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Empowering and equipping the next generation of Black entrepreneurs is the mission of UNCF’s (United Negro College Fund) Center for Innovation and Entrepreneurship (CIE). That was the driving force behind the center’s recent Innovate for Impact Pitch Competition in partnership with Think Broccoli, a creative agency focusing on brands. The competition resulted in $32, 500 in funding to support the ventures of three student entrepreneurs from historically Black colleges and universities (HBCUs). The awards were presented before a live audience at The Gathering Spot in Washington, DC.
Following an electric evening of pitching products and services for possible investments by venture capitalists, the competition’s judges selected the top three winners from among eight finalists. The winners were:
Raina Ford from Howard University who took home the grand prize of $15,000 for Project I See U, LLC, a multimedia and retail products social entrepreneurship company. The company develops products to meet the mental and emotional needs of children and adults who are the siblings of an ill or disabled person.
Folaranmi Olawepo from North Carolina A&T State University won second place and $10,000 for his app Neur to support student entrepreneurs.
Sydney Jael-Wilson from Spelman College won third place and $7,500 for a social justice-oriented mobile bookstore, Books from The Ashes, she co-founded with fellow student Summer Clark.
“These young leaders are tackling real issues, from supporting families facing health challenges to promoting social justice through literacy. They embody the change we want to see in the world,” said Devon Cobin, director, center for innovation and entrepreneurship, UNCF.
“And we're just getting started. We're going to keep pushing, keep expanding, and keep fostering innovation. Because every HBCU student with a dream deserves a shot at making it a reality.”
Raina was elated as the top winner of the competition. “My time as an Innovate for Impact Pitch Competition participant was a transformative experience not only professionally but personally. I was able to meet fellow HBCU entrepreneurs, mentors and future investors,” Raina said. “I am grateful for the opportunity to share my vision and receive capital for my business, Project I See U. Thank you UNCF and Broccoli City Fest for the opportunity to gain a vast network of business professionals who are truly invested in my growth and success.”
The Innovate for Impact Pitch Competition began with a pool of 360 students who submitted their ventures within a week and a half. The 360 ventures were reduced to 65 from 27 HBCUs. Twenty-four were selected for mentorship and ultimately eight were selected to compete in the final round of the competition.
UNCF’s Center for Innovation and Entrepreneurship was established with a singular mission: to empower and equip the next generation of Black entrepreneurs. Recognizing the unique challenges faced by HBCU students and alumni, CIE provides resources, mentorship and opportunities that foster innovation, economic growth, and community impact.
Over the past year, the CIE has made significant strides in supporting emerging entrepreneurs through various programs, research initiatives and community engagements.
By partnering with organizations like Think Broccoli, a creative agency focused on developing and implementing strategies that position brands to be shared, heard, tasted or watched, CIE aims to amplify the voices and ventures of HBCU founders who are committed to making a positive difference in their communities.
“UNCF’s Innovate for Impact Pitch Competition is a testament to our commitment to nurturing and showcasing the incredible talent within our HBCUs. This event not only highlights the innovative ideas of our participants but also underscores the importance of investing in social ventures that address critical issues and drive sustainable change,” Corbin said.
“We are incredibly proud of the entrepreneurs who participated in the competition. They worked tirelessly to develop their ventures, and we believe their ideas have the potential to transform communities and industries alike.”
Contestants eligible for the competition were 18 years of age or older, enrolled as a full-time student at an HBCU, and a legal resident of the 50 states or the District of Columbia.
Since 2014, UNCF has supported students in their entrepreneurial endeavors through programming, scholarship and mentorships. These students come from a variety of backgrounds, but they share an interest in exploring how entrepreneurship can improve well-being for individuals, communities and society as a whole.
In 2022, UNCF expanded this work by launching The Center for Innovation and Entrepreneurship as a guide to and through the HBCU Entrepreneurial ecosystem. Its mission is to address social inequities through entrepreneurship by empowering Black and other creators with community and opportunity, from idea to impact.
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About UNCF
UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. While totaling only 3% of all colleges and universities, UNCF institutions and other historically Black colleges and universities are highly effective, awarding 15% of bachelor’s degrees, 5% of master’s degrees, 10% of doctoral degrees and 19% of all STEM degrees earned by Black students in higher education. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 50,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste.”® Learn more at UNCF.org or for continuous updates and news, follow UNCF on X (formerly Twitter) at @UNCF.
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