Dominion Resources, one of the nation’s largest producers of energy, has recently partnered with The George Mason University School of Business Center for Innovation and Entrepreneurship through a $50,000 grant to support its initiatives, according to a press release on the university’s website.
“We are grateful for the commitment that Dominion has made to support our efforts here at the business school,” said School of Business Dean Sarah E. Nutter. “Their investment will go to support the funding, training, and mentorship for teams of students to explore ideas for innovative products and services in partnership with Mason faculty, business leaders, investors, and successful entrepreneurs.”
In its first year, the center—which serves as a central hub for entrepreneurship education and mentorship for students—has welcomed and supported numerous successful entrepreneurial ventures from a new beverage product to social impact innovations.
“The idea of the Mason Innovation Lab was compelling for several reasons,” said Mark F. McGettrick, George Mason University Class of 1980 and executive vice president and CFO of Dominion Resources. “We realized it had great potential beyond just an instructional application in the classroom. It’s unique in its design—giving students a springboard to explore entrepreneurial concepts and develop real-world business skills. Plus, it brings students together from across academic disciplines and links them with Northern Virginia’s high-tech sector and venture capital community.”
According to their website, Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 24,600 megawatts of generation, 12,400 miles of natural gas transmission, gathering and storage pipeline and 6,455 miles of electric transmission lines. The company operates one of the nation’s largest natural gas storage systems with 949 billion cubic feet of storage capacity and serves utility and retail energy customers in 12 states. Each year, Dominion awards $1 million to higher education institutions, with a maximum award amount of $50,000 for each institution. These cash awards are granted to “the most exceptional programs, giving consideration to the immediate benefit available to the students, campus, and greater community.”