On September 20, Stevens announced a $10 million gift from Stevens Emeritus Trustee and engineer Emilio A. Fernandez to expand iSTEM. Combined with anticipating matching gifts of $7.5 million, it brings iSTEM’s total external investment to a potential $17.5 million, supporting the launch of more thrilling opportunities.
iSTEM was launched in 2019 and aims to encourage talented students who experienced struggles or boredom within a traditional classroom environment but demonstrate exceptional creativity. It was inspired by Fernandez and his similar academic experience. Fernandez states he would have benefited from programs like iSTEM and is proud to support Stevens in nurturing iSTEM students to reach their full potential. He came to understand the importance of education through his father. After Fernandez’s family migrated from Cuba, his father rebuilt their lives through his principles and education, which were the only assets no one could take away.
Mukund Iyengar, Founding Director of iSTEM@Stevens, illustrates that the program nurtures a specific kind of talent. It’s for students who want to innovate and build instead of sitting inside a classroom. Those students have the passion, problem-solving skills, and entrepreneurial drive to configure groundbreaking technologies and businesses. These ideals are reflected within the admission requirements by offering flexibility, allowing students to self-identify and apply. iSTEM provides resources to create pioneering inventions and revolutionary enterprises within the right environment. Since its debut, iSTEM has achieved remarkable success with a 95% retention rate, 15 graduates employed in large corporations or early-stage companies, the creation of at least six new enterprises, and over $5 million in capital raised by student ventures.
Within the next three years, the increased funds will evolve from iSTEM 1.0 to iSTEM 2.0+. Iyengar explains it will help student projects take a quantum leap forward. It will aid students in breathing life into their ideas and bringing products devoted to solving difficult human problems using technology. Throughout those years, iSTEM will enhance the recruitment and identification of students and increase the number of students from 12 to 20 per year. To aid the students, they will implement a pre-college summer program, strengthen academic monitoring, reinforce support systems, and formalize an active iSTEM alumni network.
Iyengar states after iSTEM 2.0+ is implemented, the broader vision is to export iSTEM to other institutions. Fernandez and others have been identifying the right schools and finding ways to propagate iSTEM. Stevens’ program will serve as a model, leading to the creation of an iSTEM network across the nation. “iSTEM should become a new model for education,” Iyengar explains. “It should redefine what the meaning of pursuing a technical degree stands for.” To further establish the program’s long-term sustainability, Stevens will initiate the iSTEM Endowed Fund. Furthermore, in honor of Fernandez’s support, the Startup Garage, a makerspace, will be named the Emilio A. Fernandez iSTEM Startup Garage.
President Nariman Farvardin explains, “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.” He adds, “Our iSTEM students exemplify the innovative spirit that defines Stevens. By providing access and support to these exceptional students, we are cultivating the creative minds needed to tackle global challenges.”
