BUSINESS+IMPACT
PREPARING TOMORROW’S BUSINESS LEADERS
The primary objective of Business+Impact at the University of Michigan Ross School of Business is to unlock the power of business as a force for building a better world. As a top business school, Michigan Ross leads in addressing the grand challenges of our time. Business+Impact (B+I) integrates positive impact across the school through research, learning experiences, and outreach to business, nonprofit, and policy leaders The initiative, open to all Ross students, aims to create, organize, and publicize efforts that highlight and guide business as a force for positive societal impact, positioning Michigan Ross as the leader in the theory and practice of business as a force for good
ACHIEVEMENTS OF THE YEAR
B+I expanded its reach and impact in very significant ways this year.
In fall 2023, B+I launched the Environmental, Sustainability, and Governance (ESG) Concentration, one of the first top full-time MBA programs to offer this specialty The launch included several ESG Data Workshops, drawing over 75 Ross MBAs and 100 MBAs from top programs for a ClimateCAP 2024 workshop
The Detroit Neighborhood Entrepreneurs Program (DNEP) moved to Michigan Ross from the Ford School of Public Policy, serving more than 850 Southeast Michigan small business clients and engaging nearly 400 students per year This program will be a crucial part of the forthcoming U-M Center for Innovation, enhancing the connection between Ross and Detroit
Michigan Ross and the Impact Studio incubator programs were recognized by the Association to Advance Collegiate Schools of Business (AACSB) as exemplars of social innovation in business education This recognition included a BBC Storyworks video highlighting 2022 program participant Jarrad Henderson, which garnered 200,000 views
Other accomplishments include launching a new website in January 2024, increasing pageviews by 11 percent and time spent on the site by 5 percent. In February 2024, Impact Studio alum Sasha Kolodkin won the Michigan Business Challenge Seigle Impact Track with her venture, Affirmative. B+I also hosted the first Prototype Demo Day to showcase student venture prototypes The Nonprofit Board Fellows program continued its 25-year tradition of placing Michigan graduate students on boards of local nonprofit organizations to complete yearlong strategic projects In May 2024, B+I partnered with Just Capital and the Human Capital Management Coalition to gather 100 experts to discuss workforce transitions due to climate change and artificial intelligence (AI), with plans to publish a report on the findings.
These stories showcase B+I's commitment to innovation in business education, outreach to communities and business leaders, and amplifying impact at Ross and across U-M The launch of the ESG concentration and Impact Studio achievements highlight educational innovation Initiatives such as Nonprofit Board Fellows emphasize community engagement, while the workforce transition conference demonstrates outreach to business leaders The new website and AACSB video enhance awareness and engagement Welcoming DNEP to Ross and B+I significantly advances the mission for engagement and external impact.
2023–2024
IMPACT BY THE NUMBERS
B+I engaged 833 students through experiential programs, courses, funding support, and workshops
B+I reached 21,956 users on its main site and 5,901 on the Impact Studio site through awareness campaigns and regular updates
B+I supported 141 projects, organizations, and venture teams
B+I engaged 1,465 people via external engagement including program partnerships, summits, workshops, and newsletter subscribers
DNEP engaged 85 clients and 380 students
THINKING AHEAD
VISION FOR THE UPCOMING YEAR
For this Academic Year, Business+Impact aims to advance its mission through three primary objectives:
Establish a Business Impact Data Program: Develop a Ross research AI tool, create resources for making research accessible and actionable, and engage faculty and leaders to improve data collection and impact measurement. This includes funding data sets and launching a faculty affiliate program to support impactful research
Enhance Community Engagement and Innovation: Collaborate with implementation partners to strengthen BA670: Impact Studio Course These partners will help put the BA670 how-to guides into wider circulation and carry forward initial concepts from the course into further development and testing. In addition, B+I strives to amplify community programs like DNEP, the Board Fellowship Program, and internships to increase their reach and effectiveness.
Advance Equitable Decarbonization Efforts: Build on existing programs like BA670 and the ESG Concentration to deepen thought leadership on equitable avenues to reduce carbon emissions, and host summits on human capital and climate change
B+I’s funding priorities for the 2024-25 fiscal year focus on several key areas. At a strategic level, the initiative aims to secure catalytic funding through a major naming gift for B+I and/or the Impact Studio. More specifically, B+I seeks to expand funding to scale Impact Studio courses and programs, building on existing support from organizations like the Applebaum Family Philanthropy and the Fox Family Fund, as well as individual donors. Additionally, B+I is looking to develop innovative strategies that ensure Ross research translates into practical societal impact Another priority is securing funds to support high-impact activities within the Detroit Neighborhood Entrepreneurs Program, which is essential for providing valuable resources and connections to Detroit’s small business community and is expected to play a pivotal role in the new U-M Center for Innovation in Detroit
PAST DONOR IMPACT
Past donor contributions have significantly advanced B+I’s mission and expanded its impact. A transformative one million dollar gift from Applebaum Family Philanthropy in 2021 established the Impact Studio, its Founders Program, and the Applebaum Innovator-in-Residence, fundamentally shaping the incubator’s growth and initiatives Funding from the Fox Family Fund has supported the BA670 course, which has become a pioneering model of innovation in business education and community engagement, earning an award from the Aspen Institute. Additionally, contributions from Jason Gordon and Ford Philanthropy have facilitated impact internships, enabling students to gain practical experience at the intersection of impact and entrepreneurship that would otherwise be financially out of reach These generous contributions have not only enhanced B+I’s programs and initiatives but have also cemented its role as a leader in advancing impactful business education and community engagement
