The Mike Ilitch School of Business at Wayne State University has announced an expansion of its student programming and community outreach initiatives, thanks to a generous $500,000 investment from JPMorganChase. This two-year commitment will specifically bolster the School’s entrepreneurship and innovation (E&I) programs and the Multicultural Professional Readiness Education Program (MPREP).
With this funding, Wayne State anticipates that MPREP will enhance its service capacity by at least 140%, enabling it to serve around 100 students annually by fall 2027, in addition to providing mentorship to a similar number of individuals, which would more than double the program’s current impact.
Dr. Virginia Franke Kleist, dean of the Ilitch School, expressed gratitude for JPMorganChase’s transformative contribution, stating, “This investment will yield a lasting impact on our students, the Ilitch School and the greater Detroit community.” She emphasized that this funding will facilitate greater access to mentorship and hands-on experiences for aspiring entrepreneurs.
Terrah Opferman, Michigan Region Manager for J.P. Morgan Commercial Banking, echoed the university’s sentiments, highlighting the investment’s alignment with JPMorganChase’s ongoing commitment to the city. She noted, “We are proud to support the Mike Ilitch School of Business as it prepares students for in-demand careers and provides opportunities for work-based learning and mentorship.” This long-standing partnership aims to advance Detroit’s economic growth and expand opportunities within the community.
In addition to increasing student engagement, the funding will support collaborations with over twelve small businesses, providing practical learning experiences for approximately 50 students. This hands-on engagement will enable students to cultivate entrepreneurial skills that enhance their academic learning.
Kleist articulated that the grant serves two vital objectives: significantly accelerating student success and fostering generational mobility through education while continuing to promote a culture of entrepreneurship and innovation within Wayne State and the wider community.
Sean Schroeder, DEED’s corporate engagement officer, emphasized the far-reaching implications of this support, saying, “The impact of this grant cannot be overstated.” He expressed eagerness to begin implementing the investment that promises to change the lives of many Ilitch School students.
MPREP, initially established to diversify the talent pool in accounting and finance, has expanded its reach to all Ilitch School majors, offering corporate mentorship, professional development, workshops, and personalized support, all aimed at fostering student success and innovation.
This significant investment marks a hopeful step towards enriching the educational landscape and enhancing economic opportunities within Detroit, paving the way for the next generation of business leaders and innovators.