MONTGOMERY, AL — The Alabama Collective and Builders + Backers today announced a groundbreaking partnership to expand entrepreneurial opportunities for HBCU students and alumni across Alabama. Through this collaboration, winners of The Alabama Collective’s HBCU Business Pitch Competition will receive automatic acceptance into the prestigious Builders + Backers Idea Accelerator program, along with up to $5,000 in non-dilutive funding and dedicated venture studio support.
The partnership creates a pathway for advancing entrepreneurial ideas, combining The Alabama Collective’s ability to surface promising concepts through its pitch competition with Builders + Backers’ venture studio model and funding support. This collaborative approach helps ensure that innovative ideas don’t remain on the sidelines but instead receive the initial resources, mentorship, and capital needed to launch and grow. The collaboration directly addresses the significant opportunity gap in Alabama, where entrepreneurship programs are offered at only 21% of HBCUs, and Black-owned businesses reaching parity with white-owned businesses could add $2 billion annually to the state’s GDP.
“This partnership represents a significant step forward in our mission to expand and enhance emerging tech and entrepreneurial programs in Alabama’s HBCU community,” said Charisse Stokes, Executive Director of The Alabama Collective. “By connecting competition winners directly to Builders + Backers’ resources and expertise, we’re creating a powerful pathway for HBCU entrepreneurs to transform their innovative ideas into thriving businesses.”
The Alabama Collective’s HBCU BusinessPitch Competition, which attracted 40 teams from across Alabama’s HBCUs, serves as a catalyst for identifying and nurturing promising entrepreneurial talent. Winners will now have direct access to Builders + Backers’ comprehensive Idea Accelerator program, which combines hands-on venture studio guidance with experimental funding and industry mentorship.
“We are thrilled to partner with The Alabama Collective to support HBCU entrepreneurs,” said Donna Harris, CEO of Builders + Backers. “This collaboration aligns perfectly with our mission to make entrepreneurship accessible to anyone with a promising idea, regardless of their background or location. The talent and innovation we’re seeing from Alabama’s HBCU community is extraordinary, and we’re excited to help these entrepreneurs bring their ideas to life.”
The Fall 2024 HBCU Business Pitch Competition winners will begin the Builders + Backers Idea Accelerator program in Spring 2025. This partnership builds upon both organizations’ commitment to fostering diversity in entrepreneurship and creating economic opportunities across Alabama.
