Morehouse College and Spelman College, two Historically Black Colleges and Institutions in Atlanta, recently received a generous gift of $5 million from Mastercard as part of a plan to develop the Center for Black Entrepreneurship.
The “first of its kind” academic center will reportedly “produce, train, and support a new generation of Black entrepreneurial talent.”
On Wednesday, Sept. 15, the financial organization revealed its partnership with Black Economic Alliance Foundation, a leading national organization promoting economic mobility and prosperity for Black Americans, to establish the center with financial support from several corporations, including Mastercard, Bank of America and more.
“For over a century, HBCUs have played a critical role in nurturing professional talent and creating economic mobility in Black communities,” said Salah Goss, senior vice president for social impact at the Mastercard Center for Inclusive Growth.
“By investing in HBCUs, Mastercard is intentionally choosing key institutions who we believe can be catalytic in furthering our commitment to ensuring that the digital economy works for the Black community, and for everyone, everywhere.”
Spelman College president Dr. Mary Schmidt Campbell expressed excitement over the news, and believes “Through the support of Mastercard, the College will be able to build curricular and co-curricular strength that encourages and supports AUC students intent on the creation and sustainability of new businesses that will ultimately create wealth within our communities,” she added.
Spelman will house its CBE in its new academic facility, the Center for Innovation & the Arts, while Morehouse will house it within a new facility on campus.
In addition, the funds will be used to hire “adjunct faculty, the creation of an online entrepreneurship program, experiential courses and pitch competitions that will enable students to put their classroom instruction in practice.”
Dr. David A. Thomas, president of Morehouse College, said, “The Morehouse mission is to help students develop the type of leadership and service qualities embodied in entrepreneurs and other visionaries.”
He added, “The support from Mastercard will empower innovators to disrupt the status quo and move their ideas from concept to market, even as they create economic opportunities in the communities they serve.”
Last year, Mastercard pledged $500 million over five years to help close the racial wealth and opportunities gap for Black communities. The commitment included products, services and technology, as well as financial support.
