The HBCU New Venture Challenge, a business plan competition, was founded by five Morgan State University electrical engineering graduates – Akin Akinhanmi, Joe Akoun, Emeka Igwilo, Emeka “Obi” Obiaka, and Sanmi Kalesanwo. Recognizing the challenges they faced as students in understanding the business landscape due to a lack of mentoring and funds, they decided to foster student entrepreneurship within historically Black colleges and universities (HBCUs). The competition, which began in 2020 with 20 participating HBCUs, has grown to include 41 institutions for the 2022-2023 challenge. The competition involves three rounds, including video pitch submissions, virtual business plan presentations, and concludes with a live virtual presentation open to the public. The winning entrepreneur or team receives up to $25,000 in seed funding.
About the Founders
From Inside Business By Sandra J. Pennecke
The HBCU New Venture Challenge cofounders are Akin Akinhanmi, Joe Akoun, Emeka Igwilo, Obi Obiaka and Sanmi Kalesanwo. (Courtesy / HANDOUT)
The five founders of the HBCU New Venture Challenge realized they all shared a common dream: They wanted to help others succeed and create viable businesses.
Akin Akinhanmi, Joe Akoun, Emeka Igwilo, Emeka “Obi” Obiaka, and Sanmi Kalesanwo each earned their undergraduate degrees in electrical engineering from Morgan State University.
Akinhanmi said they experienced difficulties learning the business landscape while in college due to a lack of mentoring and funds. The men, who all have successful careers, were originally focused on giving back to their alma mater by helping young entrepreneurs fulfill their dreams.
The Competition
But then they saw a broader need, and in 2020, they started a business plan competition with 20 participating historically Black colleges and universities.
The quintet’s vision is to nurture and spotlight student entrepreneurship within the HBCU community alongside a network of sponsors, investors, mentors, and volunteers to maintain an ongoing ecosystem.
Last year’s winner, Inglish Hills, a Spelman College alumnus, founded Safe Cycle, a recycling company that repurposes material handling.
The 2022-2023 challenge has grown to 41 historically Black colleges and universities, including Hampton, Norfolk State, and Virginia State universities in the Commonwealth.
Competition Details
The three-round competition works like this: Applicants submit a 90-second video pitch accompanied by a 250-word summary by Sept. 28. The semifinal round consists of a Nov. 19 virtual business plan presentation. The final round is a Feb. 25 live virtual business plan presentation open to the public.
The winning entrepreneur or entrepreneur team will receive up to $25,000 in seed funding. The list of eligible institutions and the application can be found at hbcunvc.com.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@insidebiz.com
Question & Answer
Who are the founders of the HBCU New Venture Challenge?
The founders of the HBCU New Venture Challenge are Akin Akinhanmi, Joe Akoun, Emeka Igwilo, Emeka “Obi” Obiaka, and Sanmi Kalesanwo.
What inspired the founders to create the competition?
The founders were inspired by the challenges they faced as students in understanding the business landscape due to a lack of mentoring and funds.
How many participating HBCUs were there in the first year of the competition?
In the first year of the competition, there were 20 participating HBCUs.
What is the prize for the winning entrepreneur or team?
The winning entrepreneur or team receives up to $25,000 in seed funding.
