Latest news with #OpportunityInsights
Technical.ly
18-05-2025
- Business
- Technical.ly
How tech and entrepreneurship can boost economic mobility
An American ideal is that each person has a chance at ending up better off than their parents. This idea — known in policy circles as economic mobility — is no fair fight. Where a child is born influences how much they'll earn well into adulthood. But these inputs can be changed, and we are beginning to better understand how. Research from Harvard economist Raj Chetty and his Opportunity Insights team was updated last fall, and has influenced civic circles around the country. It informed a recent Federal Reserve Bank event, and the second day of the Builders Conference last week. At both, and many other discussions, Chetty's point was reinforced: How likely an American is to earn more in adulthood than their parents at the same age ranges widely by state, region and even neighborhood. Nationwide economic mobility has worsened, but that simplifies a much more varied picture. Over the last generation, in much of the US Southeast and pockets of the Midwest, economic mobility has improved. In many big, older cities, it's proved much harder for someone born poor to increase their earnings than it was a generation ago. Race, which is entwined with geography, is a strong predictor of mobility too. Asian and Hispanic children — many from immigrant families — have seen rising mobility, while it has declined for kids from low-income white families and remained stagnant or only slightly improved for Black children. Outcomes vary widely by zip code, with Black boys, along with Indigenous and Alaska Native children, experiencing some of the worst results. Such divergence can make poverty feel intractable and capricious. In another way, such ranges can also inform how to give more of us a fair shake. Relying on tax records to compare kids born in 1978 with those born in 1992, Chetty's team isolated what they say is the 'single strongest predictor' in boosting economic mobility: Ensuring poor, rich and middle-income households interact. Mixed-income friendships, schools and housing are associated with significantly higher economic outcomes for children from lower-income families. Shared information resources help. Middle and higher-income kids see benefits too. Prominent economists argue that economic mobility is a better metric to focus on than inequality, which is trickier to track than it might seem. As class mobility rises as a policymaking priority and civic good, place-based economic development leaders will be on the frontlines. The coalition building that defines what many call ecosystem building can contribute. Rather than cloistered gatherings of experienced entrepreneurs and elite tech workers, we can strive to mix across education and income lines. This spring marks 50 years since the Homebrew Computer Club got its start in a Menlo Park garage. The computing clubs that followed across the country gave rise to the tech meetup culture that defined so many tech communities in the 2010s. At their best, these low-cost, no-frills and informal gatherings cut across socioeconomic backgrounds by using a shared common interest in an emerging technology. When done intentionally, entrepreneurship has a similar cross-cultural pull. I've spoken about tech and startups both at high schools filled with kids from wealthy families and others filled with kids from poor families. These topics can bring people together, when done intentionally — even when our choices in housing and schools put us farther apart. In 2019, every one of the top 10 most popular meetups was tech and entrepreneurship related, according to an annual report from the (bewildering) company behind After pandemic lockdowns in 2021, they were all friendship and outdoors related. Last year, many were still people doing sports and hobbies together — but there was a rise in groups focused on practical uses of AI. The best attended meetup of 2024 was focused on sharing tips on using ChatGPT. Technically is trying to play a part — we've resisted a paywall for our local tech career and entrepreneurship information. Our editorial strategy aims to engage both experienced tech and startup leaders, and people who aspire to join their ranks. Better income-integration in housing and schools would help plenty, but Chetty's research shows mixing incomes in friendships and professional relationships works too. Not only is untapped human potential a moral wrong, but also, as argued in a 2023 Technically report, when a high-potential child underperforms we all miss out on their unrealized contributions. So think about it. Where do you live? Where do you send your kids to school? Who are your friends? Where does your community get its news and information? Mobility isn't a mystery. It's circumstantial — and those of us with the freedom to choose can be intentional in helping it happen.
&w=3840&q=100)
Business Standard
08-05-2025
- Business
- Business Standard
Illinois Tech first US varsity to get UGC approval, to open Mumbai campus
Chicago-based Illinois Institute of Technology (Illinois Tech) has become the first American university to receive formal approval from India's University Grants Commission (UGC) to establish an independent, degree-awarding campus in the country. The development, according to a PTI report, marks the first time a US institution will directly operate a full-fledged campus under India's national higher education regulations. The new Illinois Tech Mumbai campus is set to commence operations in 2026, offering undergraduate and postgraduate programmes in computer science, engineering, and business. The Mumbai campus will replicate Illinois Tech's signature academic model, combining theory with real-world exposure. As part of this, students will have access to the university's Elevate programme - an initiative that guarantees every student hands-on learning through internships, research, competitions, and collaborative projects. Courses will be taught by a globally-recruited faculty, which includes visiting professors from Illinois Tech's US campuses and educators with international academic backgrounds. 'Our new campus responds to this extraordinary demand by delivering globally recognised Illinois Tech degrees in a highly accessible, affordable, and locally contextualised format,' said Mallik Sundharam, vice president for Enrollment Management at Illinois Tech. Maharashtra Chief Minister Devendra Fadnavis has welcomed the move, viewing it as a significant opportunity for students and employers alike. Illinois Tech: Strong academic credentials According to the 2025 US News & World Report, the undergraduate and graduate computer science programmes of Illinois Tech rank among the top 100 in the United States. Its business programmes also receive high marks: the university's Master's in management is ranked 15th, marketing 24th, and finance 26th by TFE Times. In terms of student outcomes, Opportunity Insights (2024) gave Illinois Tech the second spot for upward mobility among highly selective private colleges. Fulfilling the vision of NEP 2020 The move is closely aligned with the National Education Policy (NEP) 2020, which promotes international collaboration and envisions India as a global knowledge hub by 2047. Illinois Tech's entry into the Indian education space comes just a year after UGC introduced new regulations allowing foreign universities to operate independently in the country. 'Illinois Tech's proposed Mumbai campus - India's first-ever American university campus to run STEM courses - embodies the visionary aspirations of the National Education Policy 2020,' said Somnath Ghosh, consul general of India in Chicago. 'The collaboration reflects our shared commitment to opportunity, cross-cultural partnership, and societal advancement through education,' he added. A groundbreaking first for India While foreign universities like Australia's Deakin University and University of Wollongong are setting up campuses in Gujarat's GIFT City under the International Financial Services Centres Authority (IFSCA), Illinois Tech is the first to enter the Indian market through the mainstream UGC pathway. Unlike the GIFT City institutions, which primarily cater to international finance and niche programmes, Illinois Tech will offer a full portfolio of degrees directly to Indian students under Indian regulations.
Indian Express
08-05-2025
- Business
- Indian Express
Illinois Institute of Technology to set up campus in India, first from US to get UGC approval
Illinois Institute of Technology (Illinois Tech), Chicago's tech-focused university, will be setting up a campus in Mumbai, India. It becomes the first US university to be approved by the University Grants Commission (UGC) to establish an independent degree-granting campus in India. The new Illinois Tech — Mumbai campus will offer a range of undergraduate and graduate programmes in fields including computer science, engineering, and business, and is opening in fall 2026. Illinois Tech's Mumbai campus will provide the same academically rigorous, experiential, and industry-aligned curriculum as the university's Chicago campuses, an official statement issued in this regard said. This will include offering Illinois Tech's renowned Elevate programme, which guarantees all students access to real-world experiences such as internships, research, competitions, and other opportunities that are proven to prepare graduates for successful careers in global markets. Courses will be delivered by an internationally recruited faculty, including visiting professors from Illinois Tech's US campuses and faculty with global academic credentials. Indian students will gain access to career-accelerating opportunities without the need to relocate abroad — while also benefiting from cross-campus study options and global classroom experiences. According to the 2025 US News and World Report rankings, Illinois Tech's undergraduate and graduate computer science programmes are among the top 100 in the country. Illinois Tech's business programs are also highly ranked, with its master's in management (#15), marketing (#24), and finance (#26) programs ranked among the best in the country according to TFE Times (2025). Opportunity Insights (2024) places Illinois Tech as #2 in the nation for upward mobility among highly selective private colleges. The decision to expand into India is informed by the recognition of the country's growing demand for quality higher education and its emphasis on international collaboration, as outlined in India's National Education Policy 2020. Illinois Tech's initiative aligns with these objectives, offering Indian students access to a globally recognized education within their home country, the statement added. The university's globally diverse learning environment includes students from more than 100 countries, with more than a quarter of the student population at Illinois Tech's Chicago campuses being international. The Mumbai campus will further this commitment by providing opportunities for students from various backgrounds to engage in a transformative educational experience that prepares them for leadership roles in a globalized economy. 'Illinois Tech's proposed Mumbai campus — India's first-ever American university campus to run STEM courses — embodies the visionary aspirations of the National Education Policy 2020 to position India as a global hub for education and ushering India into a knowledge-driven society by the centennial of independence in 2047. The collaboration reflects our shared commitment to opportunity, cross-cultural partnership, and societal advancement through education. I look forward to more such collaboration resulting in campuses of US universities in India,' said Somnath Ghosh, Consul General of India in Chicago.
