Growing demand for cross-sector and multidisciplinary paths toward social-impact careers inspired the launch of a new Center for Social Impact at the Stephen M. Ross School of Business in 2014-15.
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As recruiters’ and graduates’ needs continue to evolve, no longer are financially rewarding jobs and the ability to benefit society mutually exclusive.
“Our students seek opportunities where they can make a positive difference in society, and we fundamentally believe in training leaders with the ability to cut across boundaries to address pressing social issues,” said Rishi Moudgil, the center’s managing director.
Programs & initiatives
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Partnering with other Ross centers to launch a $15,000 social impact track of the campuswide Michigan Business Challenge.
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Placing MBA, MPP, and MSW candidates on nonprofit governing boards across southeast Michigan.
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Collaborating with a dozen U-M schools and colleges to tackle a creative urban redevelopment project in Detroit.
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Offering MBA students up to $10,000 each to pursue summer internships in impact investing and mission-based consulting.
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Convening the U-M Social Innovation Summit, “Finding Purpose, Delivering Impact.”
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Hosting the Community of Social Innovators conference.
The mission of the Center for Social Impact is to prepare and inspire leaders to solve complex social challenges, and it serves as a dynamic link between the university and community. During its first year, it has both grown existing programs and launched new initiatives that give students practical, real-world experiences that deliver social impact.
More than half the MBA class is involved in impact-focused student clubs, and the center augments that with initiatives that engage students from social work, public policy, education, urban planning, and other schools or colleges.
Major programs include the Nonprofit Board Fellowship program that places students on governing boards, the Social Impact Challenge that tackles a critical strategic issue in the City of Detroit, the new $15,000 social entrepreneurship track of the campuswide Michigan Business Challenge, and sponsored internships in fields such as impact investing.
“All our programs are steeped in real issues that our students must work collaboratively to solve,” Moudgil said. “The lines are blurring between sectors and the best organizations will leverage multiple perspectives when seeking solutions.”
The center is uniquely positioned to connect the public, private, and nonprofit sectors to accelerate meaningful progress toward solving pressing social challenges.
David Egner, who gave the keynote address at the center’s launch celebration, underscored the importance of building networks of cross-sector collaboration, and reminded guests to “value the connectors,” such as the Center for Social Impact to drive change.
Egner leads the New Economy Initiative, which is a collaboration of foundations that have pledged more than $130 million in social innovation projects for Detroit.
Cynthia Wilbanks, vice president for government relations, praised the center as “a wonderful example of how U-M contributes to community and economic development throughout the state.”
Wilbanks noted that the center’s mission aligns with President Mark Schlissel’s priorities by collaborating with business, education and policy leaders to identify areas of opportunity, “and ensuring that we are linking business needs with campus resources and student participation.”
Looking ahead, the center intends to work more deeply on social innovation in Detroit and enhance outcomes for mission-driven organizations.
“New forms of business can prioritize social impact just as nonprofits can develop sustainable revenue sources,” said Moudgil. “We have excellent models of these in our region and will continue to partner with those that are making a real difference.
