HBCU Social Impact Leaders National Pilot Program to Expand and Expose Students to Finance Careers, Social Impact Investing
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Posted By: Reginald Culpepper on July 23, 2024 The HBCU Social Impact Leaders Program, a national pilot initiative that attracted 200 enterprising student leaders from Spelman College, Howard University, Morehouse College, Clark Atlanta University, Delaware State University, and Florida A&M University is expanding to expose even more undergraduates of color to careers in finance and social impact investing, growing fields where Black talent is vastly underrepresented. Starting in the Fall 2024 Semester, two additional HBCUs —and 150 students—will be added to the program, which is led by Shared Interest, a New York-based nonprofit guarantee fund promoting global investment in communities of color nationwide and in Southern Africa. The expansion comes on the heels of Shared Interest’s first annual HBCU Social Impact Leaders Forum, which brought 22 diverse student leaders to New York City from June 20-21 to meet with global business executives at the corporate headquarters of both Citi and Nasdaq. Students attended industry talks on innovative finance, social entrepreneurship, corporate responsibility, and the future of social impact investing. The group also received information about internships and careers and participated in Nasdaq’s Closing Bell ceremony on June 21. “HBCUs are engines of economic mobility, social justice, and entrepreneurial innovation. A key priority of the Shared Interest HBCU Social Impact Leaders Pilot Program is to develop a diverse pipeline of students who are armed with information, networking opportunities, and professional development resources for pursuing a career in social impact (ESG) investing,” said Ann McMikel, Executive Director of Shared Interest, which is celebrating its 30th anniversary. “Unfortunately, for rising college students who come from economically disenfranchised communities, there is a real dearth of information about the finance profession and the field of social impact investing. “We, as a global community, simply won’t be able to achieve inclusive community solutions to addressing climate change, poverty reduction, food insecurity and gender inequalities—that are priorities of the United Nation’s Sustainable Development Goals—until we invest in programs that can effectively diversify this critical field with the unique talents, lived experiences, and entrepreneurial drive of our Black youth,” McMikel said. National studies show that only 5 percent of finance professionals are Black while 13 percent of the nation’s population is Black. The U.S. Bureau of Labor Statistics reports that overall employment in business and finance is projected to grow faster than the average for all occupations through 2032, driving the need for diversifying these fields. In addition, Black women face significant barriers to accessing capital for their businesses and receive less than 0.35 percent of all venture capital funding, according to Crunchbase, a business data platform. Shared Interest is working to change that narrative with support from the Nasdaq Foundation and Henry Schein, Inc., which both helped to fund the recent HBCU Social Impact Leaders Forum in New York City. “Nasdaq’s purpose is to ‘advance economic progress for all,’” said Selena Singleton, head of board engagement for Nasdaq Listings at the Closing Bell Ringing Ceremony attended by the HBCU Social Impact Leaders Forum. “We do this by creating opportunities for the next generation of investors, supporting paths to entrepreneurship for people of all backgrounds, and fostering community-level engagement. Shared Interest exemplifies true social entrepreneurship. Nasdaq and Henry Schein are proud and honored to partner with you and to celebrate your tremendous impact.” In addition to participating in the inaugural forum, students in Shared Interest’s year-long pilot program also benefitted from having access to workshops, 25 industry experts, curated virtual content, and professional resources on careers in innovative finance, social impact investing, and entrepreneurship in the U.S. and Southern Africa. Lessons learned in the outreach continue to fuel their interest in finance. Participants said they are eager to continue their progression in the program and network with a new cohort of student leaders from other HBCUs. “Participating in the HBCU Social Impact Leaders Program has given me profound insight into the intersection of finance and social justice,” said Aniaba Jean-Baptiste N’guessan, a junior at Morehouse College. “The workshops have equipped me with the knowledge and tools necessary to analyze and implement investment strategies that prioritize both profitability and societal benefit. This aligns perfectly with my career aspirations in economic development and financial economics, where I aim to leverage my skills to drive meaningful change. Professionally, it has also expanded my network and opened doors to new opportunities, allowing me to connect with like-minded individuals and industry leaders who are passionate about social impact investing.” Spelman alumna Aleisha Sawyer, who recently graduated with an economics degree agrees. She will continue her affiliation with the program as a graduate student in Asia. “This fall, I will be starting my masters in Beijing, China as a Schwarzman Scholar. One of the most impactful experiences in my undergraduate studies was the HBCU Social Impact Leaders Program,” Sawyer said. “As someone who worked in alternative investing and private equity for two summers in New York City, it was a powerful complement to be immersed in this impact investing workshop that promotes diversity and inclusion. I am becoming an advocate while also learning to invest, and that is what we need in this world. As a future economist and investment professional, I know this workshop has been a critical step toward my career goals.” For more information on Shared Interest’s HBCU Social Impact Leaders Forum, visit www.sharedinterest.org. # # # About Shared Interest Shared Interest is a nonprofit guarantee fund that grew out of the US-based anti-apartheid movement to move local financial institutions to lend to black women entrepreneurs and other small and growing businesses in Southern Africa who are vital to the region’s emerging democracy and economic growth. To date, Shared Interest has provided $34 million in loan guarantees that has unlocked $131 million in loans to Black-owned small and medium-sized enterprises in Southern Africa, Mozambique, Eswatini, Malawi and Zambia, reaching 2.3 million beneficiaries from black and economically disenfranchised communities. Its latest business model is designed to reach 100,000 beneficiaries from Southern Africa – 60 percent of whom are women and youth. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Reginald Culpepper
President, Fulfillment and Web Services, HBCUCONNECT Clark Atlanta University class of 1998 Member Since September 2000 |
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