Howard University announced a partnership with Xometry to provide over US$900K in scholarships for mechanical engineers.
Xometry is one of the leading manufacturing networks and a notable provider of 3D printing services to industry. As of this writing, they are the second largest publicly traded 3D print company by valuation, according to our 3D print leaderboard.
The company operates Xometry.org, their “Xometry Impact Fund” to provide benefit to society. They explain:
“Over the next five years, we’re pledging 1% of our equity to create opportunities for underrepresented students and build a more sustainable future.”
That equity is notable. As of this writing, their current valuation is approximately US$2.3B, meaning a one percent slice of that equity would be US$23M, or about US$4.5M per year. What exactly will they be donating to? They explain:
“Xometry is proud to stand behind causes ranging from education to environmental conservation to civic responsibility. We’ve committed to donating 1% of our equity to local organizations over the course of five years. Our present priority is supporting underrepresented communities in STEM across the United States. We will initially focus on organizations in the DMV (DC, MD, and VA), Lexington, KY, and Los Angeles, CA, where our offices are located.”
True to their statement, one of the first recipients will be Howard University, which is located in Washington DC.
Howard University said the new Xometry Scholars Program will pledge more than US$900K for eight scholarships to mechanical engineering students at Howard over the next four school years.
Howard University Department of Mechanical Engineering chair Dr. Nadir Yilmaz said:
“Manufacturing and Design is one of the top competencies within the Department of Mechanical Engineering, so this partnership in support of historically underserved and underrepresented groups of STEM students is incredibly timely. By enabling students to acquire the top-notch training we provide and current knowledge of industry practices, there is a win-win future where the current manufacturing skills gap is reduced and the US human capital pool can continue to remain relevant and become the model.”
This is an outstanding move by Xometry to improve the ability of students to move through a top rated engineering program. As the world shifts toward additive manufacturing, the more engineers the better.
It’s quite a statement by Xometry to pledge such a massive amount, and it’s also unique among the larger 3D print companies. I’m hoping other companies follow Xometry’s lead and implement similar programs.
After all, one percent of the total equity in our 3D print leaderboard would represent over US$160M, and at Xometry’s five year schedule that’s US$32M per year.
I think that money could be put to very good use.