Best Buy commits $44 million to expand college, career opportunities
Best Buy is expanding upon its efforts to support black, indigenous and people color (BIPOC) students.
The consumer electronics giant, which in December 2020 launched a five-year plan focused on staffing diversity and inclusion along with community efforts, is partnering with the United Negro College Fund (https://uncf.org) to launch a scholarship fund that helps reduce financial barriers for Black students attending historically Black colleges and universities (HBCUs) and prepares them for tech-reliant jobs. Best Buy will support a minimum of 24 students over the next eight years.
Each scholar is eligible to receive up to $20,000 in financial assistance each year for four years. For the 2020-2021 school year, Best Buy selected four students attending HBCUs to be part of the inaugural class of Best Buy Scholars.
In addition to providing tuition support, each scholarship recipient will also receive up to two paid summer internships at Best Buy’s headquarters in Minneapolis, dedicated career and success coaches, and mentors throughout their college tenures, including in-person and e-mentorship opportunities.
As part of its commitment, Best Buy will also expand college prep and career opportunities for BIPOC students and increase scholarship funding for youth at Best Buy Teen Tech Centers across the country. The company plans to build a network of at least 100 centers to provide teens with tech skills and mentorship.
In June 2020, Best Buy committed to making systemic, permanent changes that address social injustices to improve its company and communities. In October, the retailer partnered with Accenture in an effort to add more than 1,000 new employees to its technology team, with 30% of the new hires being diverse.
“We are committed to the next generation of leaders and to making sure they have the skills, tools and resources they need to be successful throughout college and beyond,” said Mark Irvin, Best Buy chief inclusion, diversity and talent officer. “We’re proud of our Best Buy Scholars, and we look forward to being there for them as they unleash the possibilities in their futures.”