Walmart CEO Doug McMillon and his wife, Shelley, will donate $10 million to the Sam M. Walton College of Business at the University of Arkansas to establish endowed funds, supporting a new location for the McMillon Innovation Studio and providing permanent operational support.
The McMillon Family Foundation will provide the gift to create the McMillon Innovation Studio Endowed Fund to support the studio’s operations and the McMillon Innovation Studio Construction Fund for the studio’s new home, the university announced Monday (Aug. 25). The gift will permanently establish the McMillon Innovation Studio within the Sam M. Walton College of Business, the release shows.
The McMillon Innovation Studio’s mission is “to develop future leaders, entrepreneurs, and innovators by cultivating their creative mindset and connecting them to opportunities to make real-world impact,” according to the release. Students in the studio receive access to mentorship and resources that help them “cultivate their creative skills and empower them to deliver impact innovation through organizational, social and entrepreneurial change.”
“Tomorrow’s challenges will require fresh thinking, visionary leadership and decisive action,” said Chancellor Charles Robinson. “This extraordinary gift from Doug and Shelley McMillon will empower generations of University of Arkansas students to become the innovators and problem-solvers driving progress across the state and beyond.”
The studio was founded in 2016 with support from the McMillons and has provided UA students with a “collaborative space to prototype ideas and tackle complex business and social challenges.” The McMillon family previously invested $2 million in the studio with additional support from Kelly and Steve Barnes, Claude and Don Harris and Sunny Gosain.
“Supporting the Studio means supporting the next generation of innovators,” said Doug McMillon, a Walton College alumnus. “I believe the students working here today will be the founders, thinkers and problem-solvers we’ll all depend on tomorrow.”
In recent years, the studio has become a hub for UA students who want to develop their innovative mindset.
“The McMillon Innovation Studio represents the very best of what a 21st-century business education should offer — hands-on, human-centered, and future-focused,” said Brent Williams, dean of the Sam M. Walton College of Business. “This generous gift from Doug and Shelley McMillon allows us to deepen our commitment to innovation and student success.”