University of Indianapolis alumnus Stephen Fry donated $5 million to the School of Business to form the Stephen F. Fry Business Scholars Program.
The program will begin in fall 2025 with six incoming freshmen, according to Director of the Fry Scholars Program and Assistant Professor of Practice-Marketing Carissa Newton. Newton said the program has three prongs — a $5,000 renewable scholarship, events with nationally recognized speakers and individualized projects for the students.
“When I heard about the award, I was just amazed,” Newton said. “And I was amazed even further that it was dedicated for the School of Business. I think we have a very strong program, but there needs to be more awareness in the community that we are just as competitive as any of the other business programs.”
The donation is more than just a scholarship amount, third-year finance major and President of UIndy’s Student Business Leadership Academy Alexander Anaya said, it is a personalized experience with hands-on opportunities. The donation will enable the university to push past its former limits, Anaya said.
Newton said the Fry Scholars will be determined at the case competition on Feb. 16. At this competition, future business majors compete by creating a mock product plan in the context of business disciplines like finance and marketing. Dean of the School of Business and Associate Professor of Business Administration Karl Knapp said they are looking for students with success in academics along with leadership and service experience.
“I want this to be something that people strive for,” Newton said. “I want it to be something that makes employers hungry to get those graduates.”
Knapp said he hopes this donation will bring more students and community members to UIndy. He said the market of students in higher education is going down, making it challenging to find and retain students.
“Our number of customers is declining, at least in traditional undergrad, so this will help to increase our marketability and hopefully attract some students who see this as an opportunity that we’re going to invest in,” Knapp said. “So we’re hoping to attract some really top-flight students with us.”
Knapp said this donation will help the university gain the attention many larger schools can achieve. The donation will also go toward a marketing campaign led by Newton to increase awareness about the university.
“I believe we have the best business school in the Midwest,” Knapp said. “Our challenge is convincing our customers of that with a very little marketing budget.”
For Knapp, mentorship and service are important parts of being a Fry Scholar. He said he expects his students to give back to the community and future generations of students. While at UIndy, Newton said Fry Scholars will be part of a mentorship program that allows them to explore different business disciplines through various experiences before committing to their concentration. As the program grows, third- and fourth-year Fry Scholars will be able to mentor the underclassmen, she added.
“I’m hoping other alumni can see what an impact he has had on the university,” Knapp said. “Hopefully, it will encourage further donation, not just in business, but across disciplines.”
