The city of Miami is launching a new science, technology, engineering and mathematics (STEM) scholarship program backed by billionaire hedge fund manager Ken Griffin.
Griffin, founder and CEO of Citadel, gifted $250,000 to the Venture Miami Scholarship program, launched by the city of Miami and The Miami Foundation. The scholarship will provide tuition support to in-need Miami residents who have been accepted into a bachelor's degree program in a STEM field or high-demand occupation, such as nursing. To qualify, the applicant must be a high school senior or a recent graduate.
In a statement, Griffin said the effort will "further [accelerate] Miami's path to becoming an international leader in finance and technology."
Griffin made national news in June when he announced plans to move the headquarters of his companies Citadel and Citadel Securities to Miami from Chicago.
In addition to his initial donation, Griffin issued a $1 million challenge grant for the scholarship. The challenge grant will match the first $1 million raised by the Venture Miami scholarship program.
The scholarships are also supported by a $300,000 gift from Yuga Labs, the Miami web3 venture behind the popular NFT collection Bored Ape Yacht Club. It's part of a $1 million pledge the company made to support art and education initiatives in Miami.
The city of Miami made a $500,000 allocation to the program that is being matched by Miami Dade College, Florida International University and Florida Memorial University.
The goal is to ensure locals, particularly people from underserved backgrounds, can participate in the region's emerging innovation economy. Although South Florida has been flooded with new tech startups and investors for the past two years, at least one report concluded opportunities are difficult to access for job seekers and founders who don't have the right connections. That's especially true for people from diverse backgrounds, who are more likely to say it is challenging to access job placement opportunities.
Rebecca Fishman Lipsey, president and CEO of The Miami Foundation, said the Venture Miami program will ensure the region's tech economy reflects the community.
“Ensuring that Miami prioritizes equity and opportunities for all is one of The Miami Foundation’s core missions,” she said.
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