Troy University officials Thursday formally announced the ‘IDEA Bank,’ an Innovation, Design and Entrepreneurship Accelerator (IDEA) for the Sorrell College of Business. They also announced their partnership with Troy Bank and Trust on the project, securing a $500,000 donation for the program.
“The bank is always looking for opportunities to support our shareholders in a long and lasting way,” said Jeff Kervin, president and CEO. “This is a way for us to validate that and pass along those ideals. We want to share how to create and run a business and we also want to support Downtown Troy. It was just a natural fit. Our mission is to pass along the things we’ve learned.. This will help numerous students learn first-hand about business, capitalism and entrepreneurship, which is what future generations of business leaders need to know.”
The donation nearly covers the cost the Troy University Foundation gave to purchase the former Regions Bank building on the Square earlier this summer at $535,000. The building will serve as the center for the program, providing a facility that will allow students to experiment with different business and product ideas.
The facility could also be used to house select business majors on its second floor, providing an environment where blossoming business majors work and live together. “We want this to be an application-oriented, experimental program,” said Judson Edwards, dean of the business college. “This building is a big component of that foundation. We want this building to be a learning, living lab. This building is going to be all about doing. We’ve been inspired by what we’ve seen from our students in terms of energy and desire to start their own businesses, and we want to be sure they are getting the support and assistance they need.”