Two grandsons of Walmart founder Sam Walton plan to start their own STEM college near the company’s headquarters, according to a report.
Steuart and Tom Walton are expected to announce the launch of their private university Thursday at the Heartland Summit in Bentonville, Arkansas, where Walmart is headquartered, Axios reported.
The yet-to-be-named college focusing on science, technology, engineering and math will have an inaugural class of roughly 500 students, “growing to about 1,500 undergraduates and 500 non-degree learners over time,” the report said.
“The school will offer stackable, flexible credentials aligned with fast-moving, in-demand fields such as computing, technical management, automation and logistics, and biomedical technology,” the school’s announcement said.
Steuart Walton, who is also a member of Walmart’s board, told Axios that education “should move at the speed of innovation. This institution will stay agile and grounded, built to meet the world as it changes.”
“We have the opportunity to build a new model of higher education, designed for the realities of today's economy and the challenges of tomorrow, and set a new standard for what's possible," he added in a news release.
His co-founder, Tom Walton, noted: “Our granddad, Sam Walton, built Walmart from Bentonville. There’s no reason the next great enterprise can’t rise from here, too.”
Steuart and Tom Walton said in 2022 that they would buy Walmart’s old HQ and surrounding parcels for about $60 million. Earlier this year, Walmart opened a new headquarters in the same city. It sits on 350 acres and its cost has not been disclosed.
A mixed-use development, which will include the new STEM school, is currently planned for the site.
The STEM college is the latest philanthropic effort from the Walton family, who have invested in art museums, a medical school and other development projects in the region over the past 20 years.
