Major names in local business and philanthropy have presented a substantial gift to UAB and its entrepreneurial students.
A $1 million gift from Medical Properties Trust and Melinda and Edward Aldag Jr. will support entrepreneurship students at UAB’s Collat School of Business through an endowed scholarship, which is pending approval from the UA System Board of Trustees.
The gift will offer students in the entrepreneurship program a learning experience, including the opportunity to be involved with Innovation Depot and to work directly with Patrick Murphy the Goodrich Endowed Chair in Innovation and Entrepreneurship in the Collat School of Business. UAB said the endowment will eventually provide scholarships for 10 students majoring in entrepreneurship each academic year.
“The shape of the world to come lies in the minds of young entrepreneurs, like those we have had the pleasure of working with at UAB for several years,” Ed Aldag Jr. said. “Melinda and I, as well as the team at Medical Properties Trust, genuinely appreciate the opportunity to contribute to this world-class program chaired by Dr. Murphy and look forward to watching a new generation of business leadership take root right here in Birmingham.”
UAB's entrepreneurship program has grown quickly over the last few years since Murphy took the helm in 2018, with the new facility housing the Collat School of Business and the Bill L. Harbert Institute for Innovation and Entrepreneurship. The entrepreneurship degree program officially launched in fall 2020.
“Over many years, MPT’s generosity has been tremendously impactful here in Collat,” said Dean Eric Jack. “As the lead donor for our award-winning new building, MPT also helped us close out our philanthropic campaign. Now this new generous endowment, personally supported by Melinda and Ed Aldag, will provide scholarships needed to successfully build a strong entrepreneurship program that is strategically vital to Birmingham’s future. We are so thankful for this generous support that will inspire innovations and improve the lives of so many in our community.”
The gift will provide much-needed financial support to entrepreneurial students. Murphy said the school hears regularly from prospective students and families but there are cost concerns.
“This gift will enable us to launch a very attractive entrepreneurship scholars program,” Murphy said. “Overall, we will be able to dramatically enhance our capacity to deliver a rigorous entrepreneurship education that is accessible to any deserving student who is ready to work hard and work smart.
In addition to donating $4 million to the business school’s recent philanthropic campaign, the Aldags and MPT also created an endowed scholarship in honor of retired professor and former dean Robert Holmes and his wife, Diane Holmes. MPT has also supported the UAB Comprehensive Diabetes Center, UAB Athletic Foundation, and the UAB School of Medicine departments of Neurology and Neurosurgery with previous gifts.
