Stevens Institute of Technology Receives $10 Million Gift to Expand Innovative iSTEM Program

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Stevens Institute of Technology Receives $10 Million Gift to Expand Innovative iSTEM Program

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HOBOKEN, N.J. September 20, 2024 - Stevens Institute of Technology announced today a transformative gift totaling $10 million from distinguished engineer and Stevens Emeritus Trustee Emilio A. Fernandez to significantly expand and enhance the university's groundbreaking iSTEM program. This generous contribution, combined with $7.5 million in anticipated matching gifts, will bring the total external investment in the program to $17.5 million.

Launched in 2019 and inspired by the vision and personal Emilio A. Fernandezexperience of Mr. Fernandez, iSTEM is a selective program that empowers exceptionally talented students who may have experienced challenges or boredom in traditional academic environments but show uncommon creativity and excellence. The program harnesses these students' unique ways of thinking and innovative approaches to solve real-world problems, create cutting-edge technologies and launch successful businesses. iSTEM welcomes students who demonstrate distinctive problem-solving skills and entrepreneurial drive, regardless of their academic background. Importantly, the admission requirements for the iSTEM program offer flexibility, thereby allowing students who recognize themselves in the program's mission to self-identify and apply.

"We are immensely fortunate that Emilio A. Fernandez's creative genius and insightful vision inspired the iSTEM program at Stevens and that his continued involvement and support will ensure the program achieves its greatest potential," said Nariman Farvardin, President of Stevens Institute of Technology. "This extraordinary gift will allow us to dramatically scale up our iSTEM program, empowering more unconventional geniuses to realize their full potential."

The expanded program, supported by this pivotal grant, will evolve from iSTEM 1.0 to iSTEM 2.0+, over time, including a number of activities such as the following:

• Increase the number of students impacted, growing from 12 new students per year to 20

• Enhance recruitment and identification of iSTEM students

• Implement a pre-college summer program

• Strengthen academic monitoring and support systems

• Formalize an active iSTEM alumni network

"Looking back on my own academic experience, I was bored in a traditional classroom environment and would've benefited from the support of a program like iSTEM," said Emilio A. Fernandez. "I'm proud to support Stevens in nurturing these remarkable individuals and ensure that all students are able to reach their fullest potential."

The gift will establish the iSTEM Endowed Fund, ensuring the program's long-term sustainability. Additionally, the Startup Garage, a makerspace with state-of-the-art technology and equipment, will be named the Emilio A. Fernandez iSTEM Startup Garage in recognition of Mr. Fernandez's visionary support, among other forms of recognition for this groundbreaking and generous gift.

Since its inception, the iSTEM program has achieved remarkable success, including:

• A 95% retention rate, higher than the Stevens average

• 15 graduates, all employed in large corporations or early-stage companies

• Creation of at least 6 new enterprises

• Over $5 million capital raised by student ventures

The program provides opportunities for students who may not fit traditional academic molds but who possess exceptional problem-solving skills and entrepreneurial drive.

"Our iSTEM students exemplify the innovative spirit that defines Stevens," added President Farvardin. "By providing access and support to these exceptional students, we are cultivating the creative minds needed to tackle global challenges."

Stevens Institute of Technology anticipates that the expanded iSTEM program will serve as a model for other institutions, leading to creation of the iSTEM network, a constellation of iSTEM programs at selected universities across the nation.

For more information about the iSTEM program and how to apply, visit stevens.edu/iSTEM.

About Stevens Institute of Technology
Stevens Institute of Technology is a premier, private research university in Hoboken, New Jersey. Since 1870, technological innovation has been the hallmark and legacy of Stevens' education and research programs. Within the university's three schools, nearly 9,000 undergraduate and graduate students collaborate closely with faculty in an interdisciplinary, student-centric, entrepreneurial environment. Academic and research programs spanning business, computing, engineering, the arts and other fields actively advance the frontiers of science and leverage technology to confront global challenges. Stevens is consistently ranked among the nation's elite for return on investment for students, career services programs and mid-career salaries of alumni.

Stevens Media Contact
Kara Panzer
Director of Public and Media Relations
Division of University Relations
845-475-4594
[email protected]

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