U.S. Bank has held several sessions – which combine brainstorming, mentoring and skill building – at campuses across the country
Last fall, Loghan Nichols, a sophomore at Iowa State University, saw an advertisement that the college of business was hosting a U.S. Bank-sponsored event for small groups of students to come up with ideas help make the university better.
Intrigued, Nichols signed up and was paired with a team of several students, who came up with the winning idea of an AI-based system to help people figure out the quickest ways to get across campus depending on the time of day. She walked away from the afternoon-long exercise with a $1,000 scholarship and invaluable experience under her belt.
“This event really helped me work on my presentation skills and answering questions on the fly,” said Nichols, who is majoring in HR management with plans to go to law school. “It felt like a very real idea pitch to a board.”
The event, called Idea Jam, is an experience that U.S. Bank Innovation Studio has brought to universities across the country as part of the bank’s efforts to promote innovation and provide students with a way to showcase their creativity, problem-solving skills and entrepreneurial spirit with the guidance of local U.S. Bank leaders and bankers.
“Idea Jams give students a powerful, real-world learning experience, challenging them to solve business problems, collaborate across disciplines and work directly with the mentorship of corporate partners,” said Jessica Cooley, executive director of the Schulze School of Entrepreneurship at St. Thomas University in Minneapolis, which has hosted Idea Jams for the past three years. “For many students, it’s a bridge between the classroom and career success, providing the kind of experiential learning that truly prepares them for the workforce.”
Idea Jams are open to all students, and are typically capped at about 50 participants. Several days ahead of the event, the students receive a prompt that can touch on a variety of topics - from improving the banking experience to supporting small business owners or, in the case of Nichols’ Iowa State University Idea Jam, improving campus life.
The students then meet in person for a three- to four-hour session, where U.S. Bank representatives guide them through a brainstorming process and provide mentoring.
The session concludes when the teams present their ideas to a panel of judges and answer questions, with the top three teams receiving scholarships.
“The benefit of these Idea Jams goes both ways – it helps us build meaningful relationships as we get to hear directly from students about what they care about,” said Kari Martindale, U.S. Bank senior alliance relationship manager - campus, who participated in the Iowa State Idea Jam. “The students get to collaborate with bank leaders in a setting that is supportive and helps them build their confidence as they move forward into careers.”
The events always feature members of the U.S. Bank Innovation Studio Team, who walk students through a structured process of journey mapping that captures key elements like the competitive landscape and time horizon for the idea.
Local leadership and bankers attend as well to help mentor students throughout the process, said Dakota Crow, head of the Innovation Studio at U.S. Bank.
“Corporate innovation is a mystery to many, and we aim to bring framework and fun as we share how we innovate at U.S. Bank,” Crow said. “The only thing we ask our school partners to do is help get the word out and provide a space for us to meet. We bring the basic structure, tools and coaching to make sure that the day can focus on the energy and excitement of innovation.”
Many of the participating schools so far have been home to U.S. Bank campus banking branches, but the bank is looking to expand the Idea Jams beyond those universities.
“Idea Jams allow us to show up in a different way outside of transaction finance at these campuses as a forward-thinking partner,” Martindale said.
Nichols, the Iowa State University winner, said one of the most valuable aspects to her was the range of students participating – from freshmen just starting at the school to PhD candidates across all areas of academia.
“Even though everyone who was in the room had widely different backgrounds, it felt like a really cohesive space and everyone had such great ideas,” she said.
U.S. Bank provides smarter banking for college students
With dozens of college campus branch locations and an online suite of tools, U.S. Bank provides young adults and students with access to specialized accounts and resources designed to meet their needs today and grow alongside them for decades to come.
“When you’re just starting out or in new phase of life where you need more from your financial partner – such as help budgeting, establishing good credit and saving for emergencies – it’s important to know there are financial institutions that can offer you more. U.S. Bank has made it a priority to support our young clients,” said Rebecca Hodnefield, branch manager for the U.S. Bank near the Iowa State University campus.
Learn more about Bank Smartly Checking for students as well as the mobile app that is built to help students on the go. Students can also study up on building healthy financial habits by visiting Financial IQ’s Student Center or connecting with U.S. Bank Goals Coaches, a free service that can help build strategies to help make the possible a reality.
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