JPMorgan Chase Grants $500K to Wayne State’s Mike Ilitch Business School
The Mike Ilitch School of Business at Wayne State University, located in Detroit, has secured a generous $500,000 commitment from JPMorgan Chase. This funding aims to enhance student access to opportunities in entrepreneurship and innovation.
Details of the Commitment
The two-year financial pledge was announced by the Mike Ilitch School and Wayne State’s Division of Entrepreneurship and Economic Development. The funds will specifically support the school’s entrepreneurship and innovation initiatives, as well as the Multicultural Professional Readiness Education Program (MPREP).
- The funding will help hire additional staff.
- It will expand the program’s offerings.
- It will enhance community outreach efforts.
Impact on Student Services
Wayne State University anticipates that this commitment will allow MPREP to increase its service capacity by at least 140%. By Fall 2027, the program aims to serve approximately 100 students annually and support an equal number of mentors, more than doubling its current reach.
Dean Virginia Franke Kleist expressed gratitude to JPMorgan Chase for their partnership. She emphasized the transformative nature of this commitment, stating it will facilitate mentorship and hands-on entrepreneurial experiences for students.
Statements from JPMorgan Chase
Terrah Opferman, Michigan Region Manager for JPMorgan Commercial Banking, highlighted the bank’s dedication to expanding career pathways. She noted the importance of providing the necessary skills and experiences for students to succeed in today’s economy.
The partnership is expected to engage over a dozen small businesses, allowing around 50 students to gain hands-on service experience, further enhancing their entrepreneurial skills alongside their academic pursuits.
Goals and Objectives of MPREP
The grant is focused on two main objectives for the Ilitch School:
- Accelerating student success and improving generational mobility through education.
- Promoting education in entrepreneurship and innovation within the Wayne State community.
MPREP and the Ilitch School’s entrepreneurship programs aim to enhance student mobility, fuel innovation, and foster collaboration across academic resources, corporate support, and community engagement.
Program Features
Initially designed to boost diversity in entry-level positions in accounting and finance, MPREP now offers support circles for students across all majors at the Ilitch School. Key features include:
- Corporate Mentorship: Students are paired with 1-2 professional mentors aligned with their majors.
- Professional Development: Participation in career fairs, fellowship programs, and networking events.
- Industry Exposure: Workshops exposing students to companies in various sectors.
- Academic Support: Individual evaluations and support plans with regular check-ins.
This new funding will play a critical role in enhancing the educational landscape at the Mike Ilitch School of Business, ensuring students are well-prepared for successful careers.
