Contact: Tia Jackson
212-219-7203/973-930-8924
TJackson@uniworldgroup.com
March 16, 2007
Ford Presents Student Entrepreneurs from Historically Black
Colleges & Universities with $100,000 in Scholarship Prizes
Students from New Orleans Take Home the Grand Prize to Help Rebuild Their Community
WASHINGTON, Mar 16, 2007 -- Aspiring student entrepreneurs from Historically Black Colleges and Universities (HBCUs) were presented with $100,000 in scholarship prizes at the 2nd Ford HBCU Business Classic, a business plan competition held in Washington, D.C., on Friday, March 16. The five finalist teams from Howard University, Florida A&M University, Morehouse College, Xavier University, and a collaborative team from Spelman and Morehouse Colleges, presented their business plans with poise and determination as they competed for $100,000 in scholarship prizes.
Students were challenged to test their entrepreneurial ambitions before a panel of judges, comprised of influential entrepreneurs from the African American business community. Each team was scored on the viability of their business plans, their overall presentation and the business plan’s potential benefit to the community. “It was inspiring to witness the passion and dedication exhibited by the finalists,” said Marc Perry, multicultural marketing manager, Ford Motor Company. “Ford takes great pride in offering this supportive platform to encourage students to explore their entrepreneurial endeavors.”
Students from Xavier University in New Orleans, Louisiana, submitted their business plan for One Source Realty, LLC, and came out victorious as the grand prize-winning team. Their company offers affordable housing for renters and home owners in the New Orleans area, post-Katrina. As the grand prize winning team, the students from Xavier University received a total of $50,000 in scholarship funds -- $35,000 in personal scholarships and $15,000 for their university.
The second prize-winning team, from Florida A&M University, presented their plan for Venom Innovations, LLC, and received $30,000 in scholarships -- $20,000 in personal scholarships and $10,000 for the university. Students from Howard University presented B.E.N.A.B., LLC, and received the $20,000 third prize package – $15,000 in personal scholarship funds and $5,000 for their university. Each student in the competition received a commemorative plaque to recognize their team's achievement.
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“I am extremely proud and inspired by the excellence demonstrated by these student entrepreneurs,” said Dr. Randal Pinkett, CEO of BCT Partners, winner of The Apprentice, and the 2007 Ford HBCU Business Classic Entrepreneurial Achievement Award Recipient. “Business ownership is the most viable way to build wealth in our communities, so I am proud to know that the next generation of entrepreneurs are lined up to carry the mantle.” Dr. Pinkett presented the student teams with autographed copies of his new book, Campus CEO:
The Student Entrepreneurs Guide to Launching a Multimillion Dollar Business, to serve as a resource for their entrepreneurial pursuits.
The competition judges included entrepreneurs David Bing, chairman of The Bing Group; George Fraser, best-selling author and CEO of FraserNet; Valerie Daniels-Carter, CEO, V&J Holding Co.; Jamie Foster Brown, publisher of Sister2Sister Magazine; and Steve Ewing, CEO of Wade Ford. Darryl W. Dennard, co-host of the Black Enterprise Report, also served as the event host.
The Ford HBCU Business Classic launched in the fall of 2004 after recognizing a need in the Black business community to educate and develop the next generation of entrepreneurs. It was designed to offer students the opportunity to apply their classroom knowledge to real-world entrepreneurial experience. The competition was opened to HBCU students nationwide, and received business plan submissions from students from more than 80 percent of the nation’s Historically Black Colleges and Universities.
To enter, individuals, or teams of two to five students, were asked to submit a 10-page business plan via the Ford HBCU Business Classic Web site at
www.ford.com/go/hbcu. Initial business plans were judged by a panel from SCORE (Counselors to America’s Small Business) and narrowed down to the five teams that were chosen to advance to the finals. The five finalist teams convened in Washington, D.C., on Friday, March 16, to present their business plans during the annual conference for the National Association for Equal Opportunity in Higher Education (NAFEO).
Commitment to Education
For more than 40 years, Ford Motor Company has been a major supporter of the hopes and dreams of HBCU students. In the last six years alone, Ford has donated over $10 million to Black colleges and universities.
Posted By: Jehan Bunch
Thursday, March 22nd 2007 at 9:07AM
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