Panel, Conference Presentation
Illuminating Success Stories on HBCU Campuses | Milken Institute Global Conference 2024
Milken InstituteTroy Duffie, Michael Ellison, Darlene Goins, T.D Jakes, Michael Lomax, Gregory Vincent
- HBCUs represent 3% of public and nonprofit institutions yet enroll 10% of African American college students, awarding 17% of all bachelor's degrees and 25% of STEM degrees earned by Black students.
- UNCF, founded 80 years ago by Black college presidents, has raised $6 billion and assisted over 500,000 students, operating primarily as an engine for social and economic mobility.
- UNCF is launching a pooled endowment for HBCUs targeting $370 million ($10 million per member institution), having secured a $100 million gift in the previous year.
- Talladega College, founded by two formerly enslaved men, reports 68% of students are Pell-eligible (family income under $50,000) with an average GPA of 3.7 in its short admissions program.
- Talladega College has produced 24 college presidents and houses the Dr. Williams Harvey Museum, featuring 1939 Amistad murals now valued at $63 million.
- Wells Fargo and the T.D. Jakes Foundation launched a 10-year strategic partnership releasing up to $1 billion in capital and financing for HBCU students, focusing on real estate ventures and philanthropic grants.
- Bishop T.D. Jakes emphasized a "five-year window" to address AI-driven job displacement, noting 70 million jobs may be lost while only a portion of 80 million new jobs will be accessible without intervention.
- CodePath, founded 10 years ago to provide technical education, now serves 60% of HBCUs with an average first-year graduate salary of $92,000 across all demographics.
- CodePath partnerships include Y Combinator, Andreessen Horowitz, and Base10 Ventures, with firms like Y Combinator paying CodePath to recruit its student talent.
- UNCF is developing "HBCV" (HBCU Virtual), a shared learning platform for nine pilot institutions to standardize course quality and expand technological literacy.
- Talladega College established the second HBCU women's gymnastics team using UNCF unrestricted funding, with 14 of 16 members majoring in STEM fields.
- Wells Fargo Foundation focuses on four pillars: financial health, housing access/affordability, small business growth, and sustainability, noting that historically marginalized communities are often most vulnerable to climate change.
- The T.D. Jakes Foundation's "Good Soil" app has reached 22,000 users without advertising, aimed at teaching entrepreneurship and connecting users to capital sources like LIHTC and CDFIs.
- Talladega College is one of 73 institutions participating in the Second Chance Pell program to provide educational opportunities for incarcerated persons.
- UNCF is shifting scholarship delivery models to send cash directly to institutions to better serve non-traditional and working adult students.
- Panelists noted a student trend at FAMU where learners express a desire to become entrepreneurs rather than employees, highlighting a gap in entrepreneurship instruction at HBCUs.
- The Milken Institute HBCU Fellowship for 2024, supported by a $1 million underwriting grant from the Wells Fargo Foundation, placed fellows in internships with major firms including Nomura, Oak Street Capital, Apple, JPMorgan Chase, and Cisco.
- 2024 HBCU Fellows completed a curriculum with ViableEDU, engaged in coffee chats with industry leaders, and attended premier conferences through partnerships with ADESA and CAIA.
- Additional underwriters for the fellowship include the Kauffman Foundation, Levine Lightman, Kalimos, and Harborview, which are providing stipends and wraparound services like housing.