$10M personal gift boosts UA's innovation lab
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A $10 million donation will significantly propel the University of Arkansas' McMillon Innovation Studio, executive director Phil Shellhammer told Axios.
Why it matters: The studio, which began in 2016, allows students from multiple majors to collaborate on projects solving problems for businesses and nonprofit organizations. Its teams are run by students who are paid part-time employees, and roughly 100 students are involved each semester, Shellhammer said.
How it works: Half of the donation from Walmart CEO Doug McMillon and his wife, Shelley McMillon, will start a construction fund while the other half will establish an endowment fund for the studio, Walton College of Business spokesperson Jerra Toms told Axios.
- The donation is the largest boost the innovation studio has had since its inception, and an endowment like this will majorly help cover its operating expenses, Shellhammer said.
Case in point: Local organizations approach the studio for help. Shellhammer gave an example of Community Clinic, a nonprofit health organization, inviting the students to interview postpartum mothers in an effort to come up with ways to change the clinic's scheduling practices so that more patients make it to their health care appointments after giving birth.
State of play: The studio operates out of space connected to the Harmon parking garage on campus. Even though it expanded to the second floor this year, space is tight, and the studio is looking to move to a new spot that will allow students more space to work, Shellhammer and Toms said.
- Options include moving into an existing campus building, a future academic building, or doing renovations. The studio does not have a timeline for the change, Toms said.
Editor's note: This story has been updated to note that the studio has the option of moving into a newly constructed building.