Mike Ilitch School of Business receives $500,000 pledge from JPMorganChase to support student opportunity

What’s happening:  JPMorganChase has committed $500,000 to the Ilitch School of Wayne State’s Division of Entrepreneurship and Economic Development (DEED). The gift expands student access to opportunities, entrepreneurship and innovation. Specifically, he two-year commitment will support the Ilitch School’s entrepreneurship and innovation (E&I) programs and the Multicultural Professional Readiness Education Program (MPREP), enabling both to hire more staff, expand their offerings, and strengthen community outreach and engagement.

By Fall 2027, MPREP will be able to serve approximately 100 students every academic year and support roughly the same number of program mentors – more than doubling the program’s current capacity. Wayne State estimates that the commitment will allow MPREP The Multicultural Professional Readiness Education Program will be able to grow its service volume by at least 140%.

The commitment will create opportunities to engage more than a dozen small businesses and provide roughly 50 students with hands-on service experience that strengthens these businesses. These experiences empower students with entrepreneurial skills that complement their academic studies. 

Why it matters: MPREP and the Ilitch School’s E&I programs are designed to increase student mobility, fuel innovation, and create a unifying collaboration between Ilitch School academic resources, corporate supporters/mentorship, and community engagement. Originally designed to increase the diversity of entry-level employees in accounting and finance, MPREP has grown to provide circles of support for students from all majors within the Ilitch School. Key pillars of the MPREP experience include: Corporate mentorship, professional development, industry exposure, and academic support. All students receive individualized evaluations and support plans. This includes monthly check-ins to review coursework performance, time management, tutoring needs, and more.

“This grant will enable us to accomplish two important goals at the Ilitch School,” said Dr. Virginia Franke Kleist, Dean of the Ilitch School. “First, it will enable us to exponentially accelerate the success of our students and improve generational mobility through education. Second, it will allow us to continue our already significant efforts to spark education in entrepreneurship and innovation across the Wayne State University community and beyond.”

What they are saying

Dr. Virginia Franke Kleist, Dean of the Ilitch School — “This transformational commitment from JPMorganChase will open doors for more students to access mentorship, engage in hands-on entrepreneurial experiences, and access the resources they need to turn their ideas into meaningful solutions. I am deeply impressed and grateful to the leadership of JPMorganChase for their partnership and substantial support. This investment will yield a lasting impact on our students, the Ilitch School and the greater Detroit community.”

Terrah Opferman, Michigan Region Manager for J.P. Morgan Commercial Banking and Chair of Michigan’s Market Leadership Team —  “At JPMorganChase, we are dedicated to expanding career pathways and helping more people have access to the skills and experiences needed to thrive in today’s economy. 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 effort builds on over a decade of deep engagement in Detroit, working across sectors to advance economic growth and expand opportunity throughout the city.”  

Source: JPMorganChase