ASU Schools of Design, Business, and Engineering Announce STEM-Designated Master's in Innovation and Venture Development

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W. P. Carey School of Business at Arizona State University

Mar 12, 2020, 09:06 ET

TEMPE, Ariz., March 12, 2020 /PRNewswire/ -- Arizona State University, named the most innovative university in America for the past five years by U.S. News & World Report, has launched a new partnership program offered by the highly ranked Herberger Institute of Design and the Arts, W. P. Carey School of Business, and Ira A. Fulton Schools of Engineering. The Master of Science in Innovation and Venture Development (MS- IVD) is a one-year program offered on ASU's Tempe campus and will prepare leaders with the mindset, skill sets, and practice needed to launch successful ventures in any industry or sector, inside existing organizations, or as new entities.

Designated by the U.S. Immigration and Customs Enforcement agency within the Department of Homeland Security as a STEM-eligible degree program, the MS-IVD provides greater opportunities for international students to find employment in the U.S. for up to 36 months beyond graduation, as compared to 12 months for non-STEM degrees.

The longer work authorization term can help international graduates gain additional real-world skills and experience in the U.S. The designation also benefits employers, who do not have to sponsor OPT (optional practical training) candidates.

The Bureau of Labor Statistics predicts that demand for STEM jobs will grow by 13% by 2027, with higher wages than non-STEM jobs: The national average for STEM salaries is $87,570, while non-STEM jobs earn roughly half as much, with an annual average of $45,700. The certification means international graduates of the MS-IVD program, which launches in fall 2020, can enter the U.S. job market and pursue the OPT extension immediately. Learning from design, business, and engineering — three critical disciplines in venture design — is integrated into a single, studio-based program that provides students with the experience of launching a venture, preparing them to lead innovation and new businesses within large companies or at their enterprises.

"This is a ground-breaking program developed to provide graduates with the knowledge, experience, and leadership skills they need to be successful — while they are still in school," said Cheryl Heller, director of design integration and director of the MS-IVD program. "Our goal is to develop the next generation of disruptive leaders of innovation. This STEM designation is an important part of that."

Students interested in pursuing the Master of Science in Innovation and Venture Development are encouraged to visit MSI-ventures.asu.edu to learn more about the program's curriculum and application deadlines.

About ASU
Arizona State University has developed a new model for the American Research University, creating an institution that is committed to access, excellence, and impact. ASU measures itself by those it includes, not by those it excludes. As the prototype for a New American University, ASU pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social, and cultural vitality of the communities that surround it.

For more information, media contacts:
Deborah Sussman, Herberger Institute for Design and the Arts
[email protected]
480-965-0478

Kim Steinmetz, W. P. Carey School of Business
[email protected]
480-965-5464

Lanelle Strawder, Ira A. Fulton Schools of Engineering
[email protected]
480-727-5618

SOURCE W. P. Carey School of Business at Arizona State University