January 30, 2023

Utah University Launches Fintech Centre to Help Student Entrepreneurs - Reports

T The University of Utah has launched a new fintech education centre, start-up incubator, and student entrepreneur venture fund. The fintech education centre is being built as part of a donor initiative to boost student entrepreneurship and Utah's reputation for financial technology innovation and education. The university will establish the Stena Center for Financial Technology in collaboration with the Stena Foundation and founders Steve and Jana Smith, according to sources.

The centre will provide students with access to mentors, funding, resources, and analytics to help them develop their projects and reach their goals.

Over the next ten years, the foundation hopes to raise up to $65 million in total funds to support the centre, which includes industry-sponsored labs, a start-up incubator, venture funds, and fintech-focused degrees and certificates. The venture funds' reinvestments are expected to fund the centre in perpetuity.

…the Stena Center for Financial Technology provides the ability to accelerate and incubate important advances in financial technology innovation and businesses…

Speaking to the media, a source said, "The Stena Center for Financial Technology provides the ability to accelerate and incubate important advances in financial technology innovation and businesses that will continue to propel the fintech industry forward and cement Utah as a centre of excellence," he added, "This world-class centre will leverage our unparalleled research and education with resources that provide critical hands-on experiences for students."

To achieve its goals, the centre will work closely with academic units on campus, including the David Eccles School of Business, the John and Marcia Price College of Engineering, and the S.J. Quinney College of Law, as well as the President's Office, to develop programmes and degrees. The university recently began offering a minor emphasis in fintech as part of the new financial technology centre programme. The U will also begin offering undergraduate and master's degrees in fintech over the next four years.

The fintechXstudio will begin with an annual cohort of ten student entrepreneurs and businesses working on financial technology innovation as part of its mission. Expert faculty, office space, industry mentors, technology solution partners, curated courses, prototyping tools and technology, venture capital, and the university's global education programmes will be available to students. The venture fund will invest at least $1 million in 10 or more student-led fintech companies each year. The centre will receive a large portion of the carry earnings from those investments.

This move is a step forward for the university in supporting its student entrepreneurs and the Fintech industry as a whole.

Posted in News and tagged News, Utah University, Fintech, fintechXstudio, Entrepreneurship, Innovation
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