On Monday, the University of Utah furthered its mission to become one of America’s leading public universities by revealing a new donor initiative to bolster student entrepreneurs and enhance Utah’s reputation in financial technology (fintech) innovation and education.
Stena Foundation Will Help the University with the Fintech Center
Taylor Randall, President of the University, is excited to announce a new partnership with Stena Foundation and create the Stena Center for Financial Technology. He explains that financial technology encompasses our everyday banking activities – from using an app on your phone to making transactions or investing in stocks online.
Under the direction of Steve and Jana Smith, the Stena Foundation has committed up to $65 million in the following decade for a variety of endeavors that support their center – such as sponsored labs by industry leaders, an incubator for startups, venture funds, and degrees/certificates concentrated on financial technology.
In a statement, Steve Smith–Chairman of the Stena Foundation–made clear that this progressive center will continue to develop Utah’s impressive fintech industry into an even better hub for financial technology innovation with real-world economic effects. The center is looking forward to working in partnership with strategic partners towards meeting these ambitious goals.
The University of Utah Will Offer Undergraduate and MD Programs
As a prelude to the launch of its new program, the university has begun offering a minor in fintech and plans on introducing undergraduate and master’s degree programs over the next four years. Randall is counting on venture capital investments to fund the center in perpetuity.
To further its commitment to innovation, the center is launching fintechXstudio, which provides venture capital funds for student founders working in fintech. Qualifying candidates have an excellent opportunity to launch their projects with this initiative!
The fintechXstudio is kicking off with an inaugural group of 10 student-led businesses and entrepreneurs focused on fintech advancement. This collective will have access to a suite of resources, including faculty mentors, office space, venture capital opportunities, tech solutions partners, custom courses tailored to their needs, and prototyping tools and technologies – all brought together by the university’s world-renowned global education programs.
Annually, the venture fund will invest at least $1 million into 10 or more student-led fintech companies. The University of Utah is devoted to reinvesting a large portion of the carry earnings from these investments back into the center.
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