David Shaw

David Shaw, an entrepreneur and investor who founded IDEXX Laboratories in 1983, and his family have donated $500,000 to the University of Southern Maine to support the creation of a fellowship program that will provide funding to graduate students pursuing research driven “by innovation, entrepreneurship and exploration.”

The Shaw Innovation Fellows program will award five one-year fellowships to graduate students whose projects “demonstrate bold and innovative approaches to solving human, environmental, economic and societal problems of the 21st century and beyond,” according to a news release. Students will receive a $5,000 grant to conduct their research projects and to participate in an interdisciplinary program that includes featured speakers, mentorship, community engagement and service.

The program will culminate each year with the David Shaw Innovation Fellows Symposium at USM, when fellows will present their projects and research results. The first one is already scheduled for April 30, 2022.

“We are honored that David has chosen to launch the Shaw Innovation Fellows Program with USM,” USM President Glenn Cummings said in a statement. “The program’s emphasis on entrepreneurial and applied research supports our focus on developing skilled and creative talent for Maine’s workforce. Shaw Fellows will benefit tremendously from David’s active engagement with the program, and his mentorship and deep industry knowledge will open the doors to a wide range of career-building opportunities and experiences for our students.”

Shaw earned his MBA from USM in 1976, seven years before he founded IDEXX, now one of Maine’s largest publicly traded companies. The university granted him an honorary degree in 2015. Shaw is currently CEO of Black Point Group, a private investment firm in Portland.

“My decision to pursue an MBA at USM several years into my working career reflected a recognition that the framework of business practices would be important in seeking the kind of innovative, value-creating, purpose-driven work that I envisioned,” said Shaw.

Shaw’s gift will also help support USM’s Promise Scholarship Program, which is designed to help underserved students from Maine overcome structural barriers to earn their undergraduate degrees. Undergrad students in the Promise Scholarship program will be matched with Shaw Fellows to serve as research assistants and benefit from the mentoring relationship.

“I have found that attitude, persistence, adventurousness and courage are often the most important qualities for producing great outcomes and a fulfilling life,” Shaw said. “With this new program we will help USM students better harness the power of these success factors.”

The Shaw Innovation Fellows program will begin accepting research proposals from USM graduate students this spring. Applications will be available March 15, 2021. For more information, visit USM’s website.