Local Family Gives $18 Million to UNC Entrepreneurship Program

UNC currently offers a minor in entrepreneurship, and has since 2004. However, it’s application-based and selective. But soon, that minor will be opened up to more students.

The Shuford family from Hickory, North Carolina are giving UNC $18 million to contribute to the program, and will almost double it in size and resources.

“It is a very exciting moment for all of us,” said UNC Chancellor Carol Folt. “And as you heard, this gift really is the largest single one-time gift by a living individual or family in the history of America’s oldest public university’s college of arts and sciences.”

Folt said this gift will create three additional entrepreneurs-in-residence and up to four faculty fellows. She said it will also create up to 70 student internships and a lecture series on innovation and entrepreneurship.

“It adds immersive and experiential learning opportunities,” she said. “All of us know that is the richest way to teach and to learn, is by having the opportunity to do. That’s what this program does. It will reach into more than 30 majors: ranging from business to public health and to media and journalism.”

Jim Shuford is the CEO of STM Industries. He also received his bachelor’s and MBA degrees from UNC. He, along with his brother and sister, are giving the gift. He said, the best is yet to come.

“I do feel like if we as a community embrace this, that that will be truer yet for the kids who pass through this great university,” Shuford said.

In partnership with the entrepreneurship program, the college will provide support for at least three additional full-time faculty members, an entrepreneur-in-residence and an administrative staff position.

Kevin Guskiewics is the Dean of the College of Arts and Sciences. He said this program will help students hone their entrepreneurial skills in many ways.

“We have students who are in dramatic art that are making costumes for the plays that take place here,” Guskiewics said. “They’re designing costumes and things and developing this entrepreneurial mindset through participating in the minor. And they’re now starting businesses for other theaters.”

Folt said the now-larger program will change the university for the better.

“I think it’s very safe to say that this is going to allow our university to take a big leap-frog moment right up to the champion of universities trying to do this well,” she said.

The minor in entrepreneurship will be named the Shuford Program in Entrepreneurship in the family’s honor.

Photo via Blake Hodge

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