Loyola University Maryland Receives $1.5 Million Grant for Entrepreneurship

Loyola University Maryland has recently made headlines with the announcement of a $1.5 million grant awarded by the Maryland Department of Commerce. This significant funding will be used to establish the Simon Professorship in Entrepreneurship, an initiative aimed at fostering innovation and entrepreneurship within the university community. The grant comes through the Maryland E-Nnovation Initiative Fund (MEIF), which was created to support endowed chairs at higher education institutions across Maryland.

Cultivating a Culture of Innovation

Terrence M. Sawyer, J.D., president of Loyola University Maryland, expressed enthusiasm about the grant, emphasizing its potential to enhance the university’s commitment to innovation. “At Loyola University Maryland, we are excited to be cultivating a culture of innovation within our community,” Sawyer stated. He believes that this funding will enable the university to inspire students to become entrepreneurs and innovators, ultimately enriching their educational experience and future career prospects.

The Simon Professorship and Its Inaugural Holder

The Simon Professorship in Entrepreneurship will be held by Jon Weinstein, an assistant teaching professor at Loyola’s Sellinger School of Business and Management and entrepreneur-in-residence at the Simon Center for Innovation and Entrepreneurship. Weinstein brings a wealth of experience in entrepreneurship, public office, management consulting, and executive coaching, making him an ideal candidate to lead this new initiative.

Recognition and Support from the Community

Mary Ann Scully, MBA ’79, dean of the Sellinger School, expressed gratitude for the recognition and funding provided through the MEIF. “We are incredibly gratified by the recognition afforded us by Secretary Coker and the funding granted for the Simon Professorship,” Scully remarked. She highlighted Weinstein’s transformational work, which leverages Loyola’s strengths as a university dedicated to student success while serving as an anchor institution in Baltimore.

The Role of the Simon Family

The state grant was made possible through a matching $1.5 million gift from Nick Simon, MBA ’84, and Susie Simon, M.Ed. ’81. The Simons are not only the namesakes of the Simon Center and the new professorship but also instrumental in establishing the center and promoting economic and entrepreneurial success in Baltimore through their significant investments.

Advancing Innovation and Community Engagement

As the inaugural occupant of the Simon Professorship, Weinstein will focus on advancing the Simon Center’s mission, teaching undergraduate students, and supporting both student and faculty innovators on campus. He aims to foster connections between students interested in entrepreneurship and the local community, thereby enhancing awareness, partnership, and skill-building opportunities.

“Jon’s work has innovatively connected students interested in both entrepreneurship and innovation with members of the local community,” Scully noted. His groundbreaking curriculum and co-curricular activities have been pivotal in building these essential connections.

Recent Recognitions and Awards

The Simon Center has recently garnered additional recognition from TEDCO, the Maryland Technology Development Corporation. The center received the Entrepreneurship Commercialization, Programming, and Infrastructure Award, along with a $50,000 grant to support the Baltipreneurs Accelerator. Wendy Bolger, the founding director of the Simon Center, accepted the award on behalf of the center. Additionally, Michael Tangrea, Ph.D., an MEIF-endowed professor of biology and innovation at Loyola, received the Technology Advancement Award and $40,000 to support the commercialization of a cancer diagnostic technology he co-invented.

A Commitment to Excellence in Business Education

Loyola University Maryland’s Sellinger School of Business and Management is renowned for its commitment to delivering an internationally recognized Jesuit business education. The school is celebrated for its scholarship, ethical leadership, and tradition of excellence. It offers a diverse range of programs, including nine undergraduate majors, 13 undergraduate minors, and various MBA and Master of Accounting options, catering to the needs of aspiring business leaders.

Conclusion

The establishment of the Simon Professorship in Entrepreneurship at Loyola University Maryland marks a significant step forward in the university’s mission to cultivate innovation and entrepreneurship. With the support of the Maryland Department of Commerce and the Simon family, Loyola is poised to make a lasting impact on its students and the broader Baltimore community. As the university continues to invest in its entrepreneurial initiatives, it sets the stage for a new generation of innovators ready to tackle the challenges of tomorrow.