Best Buy Sets Up $2.5M Endowed Scholarship at the University of Minnesota

Best Buy has launched a $2.5 million endowed scholarship at the University of Minnesota's Carlson School of Management to help fund four years of college for up to 10 students a year, starting next fall. It's one of the company's largest gifts in higher education. The scholarship is targeted to students who have gone through one of Best Buy's teen tech center programs. It will also be open to other first-generation students and those from underrepresented communities who have participated in Best Buy's other educational outreach programs. In recent years, Best Buy built after-school teen tech centers around the country, where students from underserved communities can receive training in coding, filmmaking and music production.

Total Retail's Take: Some positive news to end the week. Best Buy is investing in the futures of young students as well as its own business. With the fierce competition to hire tech talent, particularly in the retail industry, Best Buy is setting up a scholarship program that can serve as an incubator for future employees. During their four years of college, scholarship recipients will be set up with Best Buy mentors and offered summer internships at the company's corporate campus. In addition to developing a tech-savvy talent pipeline, Best Buy's scholarship program will help it build good will with consumers, who are increasingly choosing to purchase from retailers and brands that share common values and have a greater purpose than just selling product. Best Buy should be applauded for its efforts here.