IN THE LARGEST single gift in the history of Missouri higher education, St. Louis businessman Fred Kummer and his wife, June, have donated 300 million USD to a foundation that will support the Missouri University of Science and Technology (Missouri S&T) in Rolla. The Kummers’ gift will be channeled into a new not-for-profit foundation, The Kummer Institute Foundation, which will support several initiatives, including the new Kummer School of Innovation, Entrepreneurship and Economic Development. The school will combine business-related academic programs with new programs related to innovation and entrepreneurship at the bachelor’s, master’s, and doctoral levels.
The gift also will support a new independent research and development entity that will include research centers focused on infrastructure, advanced manufacturing, artificial intelligence and autonomous systems, and environmental and resource sustainability. Additionally, it will support scholarships and fellowships, online degree programs, new research and faculty positions, facility renovations, and community outreach.
The Kummer Institute Foundation is expected to generate 250 million USD in gross domestic product within the Missouri economy during its first five years of operation and more than 2 billion USD over 25 years, according to an economic impact analysis conducted by the University of Missouri–Columbia.
“This gift is transformative for S&T, the Rolla region, and our state,” says Mo Dehghani, Missouri S&T chancellor. “As universities, we have an obligation to spill ourselves over into our communities. This investment will create jobs, new technology, and research advances that will energize the economy of our region for decades to come.”