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 are projected to function as drivers of social and economic mobility, facilitating transitions to the middle class and fostering wealth accumulation, home ownership, and community development.
- The UNCF aims to strengthen its 37 member institutions through a pooled endowment initiative targeting $10 million per school to enhance operational efficiency and institutional wealth.
- The "HBCU Virtual" learning platform is scheduled for initial testing in the fall involving nine institutions to share coursework and increase technological literacy.
- HBCUs are expected to adopt artificial intelligence as a coaching tool to prepare students for a rapidly changing job market rather than viewing AI as a replacement for human labor.
- Non-traditional students are anticipated to increasingly require flexible scholarship models and direct cash distributions to balance workforce participation with skill-building, prompting UNCF to shift toward direct institutional funding.
- A prediction indicates that without investment in underserved communities, 70 million jobs currently held predominantly by African Americans could be displaced by AI, resulting in 80 million new jobs where only a portion of the displaced workforce will secure new opportunities.
- A five-year timeframe is identified as critical before significant societal changes occur due to the convergence of AI and social dynamics, necessitating an immediate shift from planning to action.
- Demographic challenges including declining birth rates, rising cancer and suicide rates, and "massive mental hysteria" are expected to impact the African American population.
- A 10-year strategic partnership between Wells Fargo and the T.D. Jakes Foundation is projected to provide up to $1 billion in capital and financing for real estate and philanthropic grants to build inclusive communities.
- The T.D. Jakes Foundation plans to disperse $9,700,000 in grants, including a specific $1 million allocation to HBCU students to foster asset management and financial intelligence.
- Initiatives aim to create jobs with living wages and future growth potential to address rising financial responsibilities and reduce eviction risks.
- The "Good Soil" initiative addresses barriers faced by African American women entrepreneurs who enter business at high rates but exit due to capital access issues.
- The unadvertised "Good Soil" app is expected to reach 22,000 users to connect individuals with housing programs, CDFIs, and capital access tools.
- A June event is planned to serve as a major pitch competition offering $500,000 in investments to help businesses grow and scale.
- By 2050, a segment of the population between HBCU inductees and retirees faces a projection of zero median income if disconnected from economic opportunities.
- CodePath has optimized programs to maximize software engineering skills, aiming to produce a generation capable of founding billion-dollar companies and attracting interest from top-tier firms.
- HBCU institutions are expected to evolve to serve non-traditional students who enter and exit the workforce, requiring increased flexibility in scholarship structures.
- An educational program for 2024 fellows includes a rigorous curriculum with ViableEDU, industry networking via coffee chats, and premier conferences to build professional relationships.
- Institutions like Howard are seeing faculty commitment to AI and data science, which are viewed as primary drivers for employability and upward mobility.
- A shift in student expectations at FAMU is noted, moving from preparation for employment solely to entrepreneurship and ownership.
- The collaboration between the Wells Fargo Foundation and the T.D. Jakes Foundation is expected to generate tangible metrics to inspire similar strategic alliances.