A multimillion dollar gift from State Farm will help fund the development of a new data science program at Illinois State University.
The Bloomington-based insurance company committed $3 million to ISU, the university said in a statement Thursday. The funding is aimed at fleshing out the university's forthcoming data science undergraduate major, set to launch in August.
The majority of State Farm's financial gift — $2 million — will fund student scholarships. $1 million will be used to help recruit faculty members, offering funding for discretionary spending for research projects and other needs.
“State Farm is proud of its association with Illinois State University, a key strategic education relationship. Our company employs many Illinois State graduates who help us deliver on our promises to customers,” State Farm President and CEO Jon Farney said in the release. “It is a privilege to make an investment in the new data science program and help advance this important field. We look forward to more Illinois State students and graduates having the opportunity to ethically innovate and excel with data science. This skill set is critical for all industries, including insurance.”
ISU's Board of Trustees approved the development of a data science bachelor's program in May 2023 following a vote of approval from the university's Academic Senate that April.
Developed in response to a regional and local workforce need, the interdisciplinary program administered by the College of Arts and Sciences is expected to draw 50-60 additional students to ISU per year, according to meeting documentation. The major focuses on the collection and analysis of large datasets via a combination of computer science, statistics, mathematics and other relevant fields.
Students in the program can choose between five different plans of study, including population health, business analytics, social demographic and public policy analytics, big data and computational intelligence, or an individualized option.
