The Central Michigan University Board of Trustees today approved a recommendation to create a new online graduate degree in entrepreneurial transactions.
The Master of Entrepreneurial Transactions is a one-year program that will initially be offered online through CMU's College of Business Administration. Students in the new program will learn the business, legal and tactical issues surrounding entrepreneurial transactions. These transactions include forming new ventures, recruiting and motivating entrepreneurial teams, raising capital, identifying and protecting intellectual property, managing growth and risks, and harvesting economic gains.
By focusing on these transactions, the program goes far beyond business planning and pitching and differentiates itself from existing graduate programs. The curriculum will combine lessons and hands-on projects that address complex business and legal topics including securities and tax laws, financing structures, contracts, corporate governance issues, employment laws, intellectual property, technology tools, strategic alliances, international expansion, and buying and selling existing businesses.
"Because this program will be offered online, its impact will go beyond Mount Pleasant and lend itself to the national goals of the university," CMU Provost Michael Gealt said.
The program is expected to launch late summer 2017.
In other matters, trustees received a budget update for the current year, learning that student credit hours for the spring semester have come in below projection. As a result, the deficit for the current year has climbed to $14 million. College and service unit leaders are planning accordingly, through the university's responsibility-centered management budgeting model.
They also heard an update of the Online Academic Program Committee by David Patton, OAPC 2.0 co-chair and interim associate vice president for enrollment management. Patton discussed the committee's final report, issued in January, and progress that is underway.
In other business, trustees approved:
- Changing the name of the foreign languages, literatures and cultures department to the world languages and cultures department;
- Emeritus rank for seven retiring faculty and staff members;
- Tenure for 38 faculty members and promotion for four others; and,
- Seven new endowments or scholarships and three naming opportunities on CMU's campus.
The trustees also accepted the research awards report of $5 million received during the second quarter of the fiscal year. CMU has received $9.5 million in research awards since July 1, 2016.
In his opening remarks to the board, Ross welcomed Dr. Michael Sandler, who, along with Joseph Anderson Jr., was appointed to the board at the end of January by Gov. Snyder. He focused on four key endeavors for this spring: budget planning, enrollment management, strategic planning, and equity and inclusion.
"Those four endeavors … will shape CMU for years to come," Ross said.
Ross also mentioned how he recently joined the university phonathon's student employees to make fundraising calls to alumni, parents and friends of CMU. He recognized Ben Moxon, a senior from St. Clair Shores, Michigan, who has secured more than $96,000 in pledges and gifts, the fourth-highest total among student fundraisers in phonathon history.