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Babson College plans to announce Monday that it is expanding to Miami, where it will begin offering some of its top-ranked graduate programs in the fall of 2018.
Babson’s newest hub, which will be located at the Cambridge Innovation Center at 1951 NW 7th Ave., will build on its base of 1,300 area alumni, the institution’s fourth largest alumni group, and a growing relationship in Miami’s entrepreneurship community. Miami will be Babson’s third location outside its main campus in Wellesley, Mass. It also has campuses in Boston and San Francisco.
The Miami expansion is part of Babson President Kerry Healey’s global growth strategy.
“We think Miami is a wonderful place geographically for us to be. It helps us cover the country in an important way but also it allows us to be where the entrepreneurs are,” said Healey, noting that Miami ranked No. 1 for startup activity in the 2017 Kauffman Index report.
The graduate programs have been approved by the State of Florida and will include one of Babson’s premier degrees, its Blended Learning MBA, which combines online and face-to-face instruction, Healey said. That graduate program is ranked No. 5 in the nation and No. 1 for average alumni earnings by the Financial Times.
In the hot field of big data, a Master of Science in Business Analytics will be offered, she said. Other planned courses include a self-paced certificate program in advanced management, whose credits can be applied to a future Babson degree.
Miami offers a rich diversity of public and private graduate business programs, including those at the University of Miami, Florida International University, Nova Southeastern University, Barry University and Northwestern University’s Kellogg School of Management, which opened a Coral Gables campus about a decade ago.
Babson, which has been ranked No. 1 for entrepreneurship education by the Princeton Review and U.S. News and World Report for more than 20 years, is no stranger to Miami. Babson created the curriculum for the Goldman Sachs 10,000 Small Businesses program, which opened a program at Miami Dade College in 2014. That local program, which helps entrepreneurs grow their businesses, has graduated more than 300 entrepreneurs.
Babson’s WIN Lab, an accelerator for women-led startups, opened a chapter in Miami in 2016. The program’s second cohort will be starting in the fall.
“When we had the opportunity through the Knight Foundation to bring WIN Lab to Miami in 2016, we did it with the view of seeing if this was the right place to bring our graduate programs as well,” Healey said. “Our experience has been extraordinary.”
Miami is also a hub for family businesses, and the 98-year-old Babson’s emphasis on family business is a differentiator, Healey said. “One of the founding interests of Babson College was as support for family businesses and today nearly half of our students come from business families still,” she said. “Every generation of a family business needs an entrepreneur. Family businesses are founded by entrepreneurs but they are also kept alive by entrepreneurs.”
Babson will rent classroom space at Cambridge Innovation Center Miami, an entrepreneurial co-working center that opened in the University of Miami Life Science and Technology Park building last year. Students will also have access to CIC’s conference rooms, cafe and events. Babson will announce the new programs at CIC Miami at 10 a.m. Monday.
“We from the CIC side have had a tremendous experience hosting the WIN Lab and we all know that Miami is starting to get on the radar of interesting institutions and stakeholders,” said Natalia Martinez-Kalinina, general manager of CIC Miami. “We are working with Babson to facilitate how best to support their mission and vision.”
Martinez-Kalinina said CIC Miami has a number of collaborations with the University of Miami and will soon be opening up shared wet labs spaces to researchers and startups at UM and later other universities. CIC also hosts a series about the future of various industries with university experts and has been including local universities in its “soft landing” program for newly arrived international entrepreneurs, she said.
Babson is accepting applications for the Miami programs. More information is available on www.babson.edu/miami.