Wentworth Institute of Technology Announces Foundational Gift for Entrepreneurship

$2M gift to enhance a program to help bring ideas to life

BOSTON, Nov. 30, 2022 /PRNewswire/ -- Wentworth Institute of Technology has received a $2 million gift from the PDB Foundation that will help spur innovation and entrepreneurship through further investment in a program that invests in young entrepreneurs throughout their undergraduate lifecycle.

Funds from this grant will be used to pilot sophomore and junior year entrepreneurship co-op experiences, which complement the existing senior year founder co-op experience. Together, these founder-focused programs are known as the Accelerate Co-op Experiences (ACE). The gift will also help provide additional seed funding for eligible entrepreneurs in the Wentworth community.

"Wentworth is excited to be expanding its partnership with the PDB Foundation," said Wentworth Institute of Technology President Mark A. Thompson. "Technology is rapidly changing the way we live and work and building a culture of entrepreneurship at Wentworth serves both our students and society well."

New funds will create new co-op opportunities for sophomores and juniors. The "entry-way" summer co-op provides a valuable opportunity for students to spend the time period after their sophomore year learning new-venture fundamentals while developing and experimenting with early business ideas. Juniors will complete the full semester "pathway" co-op, which supports them in refining their ideas through customized advising and milestone achievements.

Seniors will engage with the entrepreneurial co-op that further empowers creative spirit and growth ambition. This experience works with founders to develop a market-readiness action plan and works with Accelerate, Wentworth's Innovation and Entrepreneurship Center more fully.

These co-op opportunities build on Wentworth's signature cooperative education (co-op) program, one of the most comprehensive in the country. Prior to graduation, all Wentworth students complete at least two co-ops, in which they supplement their traditional classroom learning with concrete industry experience and time spent building skills and connections in the field.

To date, 13 senior-standing students have engaged with the existing PDB Foundation-supported entrepreneurial co-op while at Wentworth, covering a diverse range of initiatives from developing Afro-Centric hair products, and improving gun safety near schools and government buildings to developing improved helmet molding therapy for misshapen skulls.

The PDB Foundation commented, "We couldn't be more honored to reaffirm and grow our partnership with Wentworth. We strongly believe in the value of entrepreneurship and helping young adults build the industries of tomorrow. It starts with programs like this at places like Wentworth."

After students in the program have completed a co-op experience, they will have the opportunity to apply for seed funding toward a specific, venture-related purchase. The PDB Foundation has generously offered $30,000 annually to help young entrepreneurs launch their ideas.

Founded in 1904, Wentworth Institute of Technology provides a comprehensive, interdisciplinary, project-based education in architecture and design, computing and data science, engineering, management, and sciences and humanities that integrates classroom, laboratory, studio, cooperative and experiential learning to develop career-ready, skilled professionals, and engaged citizens.

"The University of Opportunity," Wentworth aims to be a student-centered institution of inclusive excellence that offers high-quality undergraduate, graduate, and life-long learning programs; embraces a culture of innovation and creativity; serves society through urban engagement; and fosters growth for local, regional, and national economies.

SOURCE Wentworth Institute of Technology