A new University of Arkansas, Fayetteville graduate degree program with a focus on product development won approval from a committee of trustees at a board meeting Wednesday.
Half of a Walton Family Foundation grant in the amount of $630,000 is set to provide funding support for the first three years of the new Master of Science in Product Innovation, according to documents presented to the University of Arkansas board of trustees.
Previously, trustees approved an off-campus location in Bentonville known as "The Collaborative" that board documents stated will host "on-site practicum experiences" for the Product Innovation degree program.
The Bentonville site -- believed to be the first for UA, a spokesman has said -- was established last year after a $194.7 million Walton Family Charitable Support Foundation grant included $14 million to establish a Bentonville satellite site.
The foundation was established by family of Walmart founder Sam Walton, and Walmart's headquarters are in Bentonville.
The proposal for the new graduate degree program states that UA "has established entrepreneurship as one of its strategic pillars," and notes that Doug McMillon, Walmart's chief executive officer, has asked UA "to offer product management educational opportunities to students."
Ted Dickey, an investment fund manager and trustee, said Wednesday that "when Doug McMillon, the CEO of Walmart, says the industry needs this, you know, it's kind of a mic drop for me."
The graduate program, set to start in summer of 2023, is projected to enroll 30-40 students by its third year.