Now in its second year, the annual U.S. Bank Idea Jam, a collaboration between one of the biggest banking institutions in the U.S. and the Schulze School of Entrepreneurship at the University of St. Thomas in Minnesota, showcases how partnerships between academia and industry can equip students with the skills they need to succeed in their careers.
Through their participation in this innovation competition, St. Thomas students across the Opus College of Business have the chance to brainstorm solutions to real-world challenges presented by U.S. Bank, all while working alongside mentors and corporate leaders as they simultaneously improve their ability to think logically and work as a team.
In fall 2024, 38 participating Idea Jam students with diverse majors had three hours at the U.S. Bank Minneapolis headquarters to brainstorm and present a business solution that answered the question: “How might U.S. Bank help everyone retire early with confidence?”
With guidance from their mentors, the students – who were mostly juniors and seniors – gained practical experience in analyzing business challenges and how to effectively pitch their ideas.
Laura Dunham, dean of the Opus College of Business at St. Thomas, emphasized that the Idea Jam aligns perfectly with the mission of business education.
“That’s what business schools should be teaching students: how to be entrepreneurial thinkers; care about the people they serve and think deeply and richly about the problems they’re trying to solve and bring creative thinking and business sense.”
Dunham, who also participated in the competition as part of a faculty team vying against the students, said the cross-disciplinary event gave participants a chance to be creative problem-solvers outside of the course of a normal school day.
While the typical core coursework for Jay Lohr ’26, a finance and economics major, would lean more toward the analytical, the Idea Jam gave him an opportunity to step outside his comfort zone.
“This is so fun,” Lohr said. “It’s really nice working with people I don’t usually work with, but also using that creative side of my mind, innovating and developing new ideas for this project.”
Another student, Noah Barry ’25, said the Idea Jam broadened her perspective about aspects of business projects and how things work together for a suitable outcome.
“It’s helped me realize how many things go into pitching an idea,” Barry said. “I was surprised they gave us this whole layout; it’s been really helpful in organizing our thought process.”
Barry and Lohr were members of team RetireRight, along with teammates Anne Baumann, Jack Gerro, Annika Ulbrich, Alex Malecha and peer mentor Blair Horan. They won first place with their innovative idea: a retirement planning hub to be used within the U.S. Bank mobile app. Their hub would enable users to set financial goals, create a concrete retirement plan and analyze how current spending habits would impact their future.
“Being specific in picking our target and what value the project would bring the customer helped to organize my thinking,” Barry said. “That was very helpful because I’m very logistical when it comes to problem-solving.”
Danielle Ailts Campeau, associate dean and Best Buy Distinguished Chair, Schulze School of Entrepreneurship, said Idea Jam is one step in helping prepare students to tackle future career challenges.
“Partnerships like these allow us to help students see themselves as corporate innovators – providing our students with the chance to apply their innovative mindsets in real-world settings,” she said. “By engaging in interdisciplinary projects like the U.S. Bank Idea Jam, students not only enhance their problem-solving skills but also gain invaluable exposure to innovating within the corporate environment.”
First-year student Alex Malecha, an entrepreneurship major, shared how the competition broadened his perspective. Having already started a business selling secondhand hockey equipment online, Malecha found the Idea Jam invaluable for learning how to analyze target audiences and refine business strategies.
“I’m eager to utilize these new strategies as I continue developing my business,” he said.
In addition to the competition’s emphasis on collaboration, structured thinking and innovation helping to prepare students to tackle challenges they will face in their career, it also opens doors for professional opportunities. For Lohr, participating in the event led to him securing an internship with U.S. Bank for the following summer.
“Seeing the bank invest in me and my teammates further cemented my commitment,” he said.
The University of St. Thomas and U.S. Bank are no strangers. U.S. Bank provides other internships, scholarships and funding to help students reach their goals.
Barry Saeger, who works as a goals coach for U.S. Bank and has office space at St. Thomas, helps students, as well as faculty, staff and alumni, determine their financial goals as it pertains to their career choices.
“It’s all about supporting you and holding you accountable to where you want to be, but it's also, how can we plug in these sources that can help support you toward your goal achievement,” he said about the programs U.S. Bank offers.
For a corporation like U.S. Bank, acquiring talented young professionals is an essential part of industry competition. U.S. Bank is one of the largest employers of St. Thomas alumni. U.S. Bank CEO Andy Cecere ’82 was a Tommie himself and now serves on the St. Thomas Board of Trustees.
Dakota Crowe, head of Innovation Programs at U.S. Bank, praised today’s students and how well they worked throughout the Idea Jam competition.
“I think they’re first-rate, and I really commend their effort,” Crowe said. The mutual benefits of this partnership are clear – while St. Thomas students gain invaluable skills and opportunities, U.S. Bank gains access to innovative ideas and emerging talent.
