The Mike Ilitch School of Business at Wayne State University in Detroit is set to enhance its educational offerings and community engagement thanks to a significant financial commitment from JPMorgan Chase. The bank has pledged $500,000 over a two-year period, aimed at expanding student access to opportunities in entrepreneurship and innovation.
This investment will support the school’s entrepreneurship and innovation initiatives, as well as the Multicultural Professional Readiness Education Program (MPREP). With this funding, the school plans to increase staffing, broaden the range of available programs, and strengthen outreach efforts within the community. This initiative is anticipated to boost MPREP’s service capacity by at least 140 percent, allowing the program to serve around 100 students per academic year by Fall 2027, along with an increased number of program mentors.
Virginia Franke Kleist, dean of the Ilitch School, expressed her gratitude for this transformative support from JPMorgan Chase, emphasizing that it will grant more students access to mentorship and practical entrepreneurial experiences. She highlighted the expected long-term impact on students, the Ilitch School, and the broader Detroit community.
Terrah Opferman, Michigan Region manager for JPMorgan Chase Commercial Banking, reiterated the bank’s commitment to providing more individuals with the skills and experiences necessary for success in today’s economy. She noted that this partnership aligns with over a decade of JPMorgan Chase’s efforts in Detroit to foster economic growth and expand opportunities throughout the city.
The commitment from JPMorgan Chase is also expected to engage over a dozen small businesses, offering approximately 50 students hands-on service experience, which will enrich their educational journey while contributing to the local economy. The experiences gained through this initiative are designed to equip students with entrepreneurial skills that complement their classroom education.
Kleist emphasized two core objectives that the grant would help achieve: accelerating student success and improving generational mobility through education, as well as enhancing the educational initiatives focused on entrepreneurship and innovation within the Wayne State University community.
Both MPREP and the Ilitch School’s entrepreneurship and innovation programs aim to promote student mobility, spark innovation, and foster collaborative efforts among academic resources, corporate mentorship, and community engagement. Originally established to diversify entry-level roles in accounting and finance, MPREP has evolved to provide support for students from all disciplines within the Ilitch School.
Key elements of the MPREP experience include corporate mentorship, professional development opportunities, industry exposure, and academic support. Participants benefit from pairing with professional mentors aligned with their academic interests, engaging in career fairs and leadership programs, as well as receiving personalized support to enhance their academic performance.
For more details about the program or to inquire further, interested parties are encouraged to reach out via the provided contact information.
