Stevens Institute of Technology received a $10 million gift from engineer and emeritus trustee Emilio Fernandez to significantly expand the Hoboken university’s iSTEM program. 

The contribution, combined with $7.5 million in anticipated matching gifts, will bring the total external investment in the initiative to $17.5 million, the university announced Sept. 20.

Launched in 2019 and inspired by Fernandez, iSTEM is designed for creative students who may have faced challenges or boredom in traditional academic environments. The university said the program is ideal for learners who “possess exceptional problem-solving skills and entrepreneurial drive.” 

Thanks to the new funding, the iSTEM program will be able to:

• Grow from 12 new students per year to 20 
• Enhance recruitment and identification of iSTEM students 
• Implement a pre-college summer program 
• Strengthen academic monitoring and support systems 
• Formalize an active iSTEM alumni network 

“This extraordinary gift will allow us to dramatically scale up our iSTEM program, empowering more unconventional geniuses to realize their full potential,” Stevens Institute President Nariman Farvardin said in the announcement. 

Farvardin added that the university was grateful for “Fernandez’s creative genius and insightful vision.” 

Meet the donor

In February 2020, Fernandez retired as vice chairman of Pittsburgh, Pa.-based Wabtec Corp., a global technology supplier of products and services for the railroad industry. He started his career as an instrumentation engineer at the Southern Railway Co. in 1969. In 1977, he co-founded Pulse Electronics and has launched other technology-based companies since then, according to his Stevens board of trustees profile.  

Fernandez earned a bachelor’s degree in electrical engineering from the University of Maryland and a master’s in engineering administration from George Washington University. 

“Looking back on my own academic experience, I was bored in a traditional classroom environment and would’ve benefited from the support of a program like iSTEM,” Fernandez said. “I’m proud to support Stevens in nurturing these remarkable individuals and ensure that all students are able to reach their fullest potential.” 

About iSTEM 

“iSTEM is designed for incoming first-year students who would rather create, build and solve problems than merely sit in a classroom,” according to the program’s website.

The program consists of four stages, each of which last six to 12 months. Students have access to state-of-the-art equipment and training. They also receive mentorship from experts in technology, legal, sales, marketing and other business verticals, according to the university.

Since its launch, the program: 

• Boasts a 95% retention rate — higher than the Stevens average 
• Graduated 15 students, all employed in large corporations or early-stage companies 
• Created at least six enterprises 
• Raised more than $5 million capital by student ventures 

Fernandez’s gift will establish the iSTEM Endowed Fund as well as the Emilio A. Fernandez iSTEM Startup Garage, a makerspace with state-of-the-art technology and equipment. 

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In August, NJIT announced it will rename its College of Science and Liberal Arts following the single largest philanthropic gift ever made by an NJIT graduate to the university. Click here to read more.