HBCU Founders at Morgan State University
Miranda Perez, a graduate of historically Black Clark Atlanta University, is working to bring more attention to the entrepreneurial talent emerging from Historically Black Colleges and Universities (HBCUs). According to Perez, “We have long read the headlines about ‘MIT Student Founders’ and ‘Silicon Valley Founders’ creating innovation. It’s about time that entrepreneurs from HBCUs get the same level of recognition.” As a program coordinator at the HBCU Founders Initiative (HBCUFI), she organizes the largest HBCU-centered pre-accelerator in the country.
HBCUFI, a nonprofit organization, has supported over 1200 startup founders who are students or alumni from HBCUs. The initiative is designed to guide these individuals as they launch their businesses. On August 19, 2024, HBCUFI announced a new partnership with Microsoft and the Walton Family Foundation to expand the its pre-accelerator programming to 15 HBCUs, adding five new HBCUs to its network. The new participants include Johnson C. Smith University in North Carolina, Philander Smith University and the University of Arkansas at Pine Bluff in Arkansas, and Jackson State University and Mississippi Valley State University in Mississippi.
This expansion will allow HBCUFI to host over 200 startup founders in its 8-week pre-accelerator programs, doubling its reach and impact. According to Marlon Evans, president of HBCUFI, “Partnering with Microsoft and the Walton Family Foundation further validates our mission at HBCUFI to ensure equitable access to entrepreneurial advancement at all HBCUs, regardless of geographic location.”
Program Coordinator, HBCUFI
Perez shared that HBCUFI’s approach includes “hybrid pre-accelerator programming, design thinking workshops, and opportunities for founders to raise startup funds through pitch competitions.” She added, “Founders have the chance to develop their products and they learn how to create a “venture-ready pitch deck presentation for their startup.” The program culminates with an on-campus competition, which allows founders to compete for funding. HBCUFI founders have raised $2 million for their startups.
HBCUFI is important because the work fills an entrepreneurial opportunity gap between HBCUs and the world of startups. As Perez noted, “Ivy Leagues and many other higher-education institutions have long provided their students and alumni with access to understanding how to scale a startup through degree routes, venture capital programming, and student investment funds – you name it.” She lamented, “Opportunities of that nature unfortunately are limited across HBCUs, which ultimately can delay the creation of tech-enabled innovation on campus.”
Cover of “How HBCUs Help Shape the Entrepreneurial Ecosystem.”
While there is growing support for entrepreneurship at HBCUs, research conducted by Meco Shoulders and Don Cravins Jr. for the Alliance for Entrepreneurial Equity shows that many schools still face challenges. Their findings indicated that while 75% of HBCUs offer courses in entrepreneurship, only 27% offer help securing financial support, and just 6% have programs that cover seed funding for startups.
Bowie State University Founders
Jasmine Thomas, Senior Director, of Innovation and Society Technology for Fundamental Rights at Microsoft, highlighted the role of colleges and universities in fostering innovation, stating, “We know that universities are learning laboratories where ideas often turn into innovations that solve problems for people and communities.” Kim Davis, Senior Advisor and Delta Region Lead, of The Walton Family Foundation, added, “The HBCU Founders Initiative does just that by empowering college students on their entrepreneurial journey. This innovative program not only provides essential resources but will also foster local business growth.”
By expanding access to important resources, offering mentoring, and enabling a culture of innovation, HBCUFI is not only empowering the next generation of Black entrepreneurs but also challenging the status quo of who gets to lead the startup world. HBCUs have the opportunity to redefine what it means to be a founder in the 21st century.
HBCUFI Founders Pitch Event
Applications for the Fall 2024 Pre-Accelerator program opened on August 19th and will close on September 2nd.
