The University of Missouri Board of Curators unanimously voted today (Nov. 20) to approve a new master’s degree program at Missouri University of Science and Technology. Graduates of this program will earn a master’s of science degree in economics and innovation, or MEI. It is designed to address the need for a technically trained workforce of strategic decision-makers who can drive sustainable economic growth in Missouri and beyond by applying innovative technologies to solve real-world challenges.

The program now must be approved by the Missouri Coordinating Board for Higher Education. Pending this approval, the university aims to admit MEI students starting in fall 2025.

“This interdisciplinary program targets highly motivated students who have completed a bachelor’s degree in engineering, science or economics, and have a solid foundation in mathematics,” says Dr. Melody Lo, the John and Ruth Steinmeyer Memorial Endowed Chair of Economics at Missouri S&T. “We will prepare students who are passionate about making an impact on society for leadership roles in high-impact careers, where they can assist both the public and private sectors build innovative ecosystems that promote economic and community growth.”

Existing job titles for graduates include innovation strategist, research and development manager, technology economist, economic or business development manager, and policy analyst. The average annual salary for each of these positions is over $100,000. Since the MEI program is new and being developed through extensive discussions with industry leaders, Lo says new job titles will likely be introduced in the future as new roles are defined by the market.

“The MEI program offers an opportunity to build a workforce with an engineering background also capable of navigating the complex decision-making process surrounding technology investment, particularly in the face of policy uncertainty,” says Dr. John C. Wagner, who leads the Department of Energy’s Idaho National Laboratory, serves as a Missouri S&T Trustee and is an S&T alumnus. 

The MEI degree program is an applied professional graduate program focused on practical industry-driven applications and therefore does not require a thesis.

“My entire career has been leading teams responsible for designing, selling and applying transformative technologies for McDonnell Douglas, Hewlett Packard, Rational Software, and multiple startups,” says John Lovitt, a Missouri S&T trustee, retired Silicon Valley senior executive and an S&T alumnus. “In total, these amounted to billions of dollars of product and services and thousands of high-paying jobs. During this entire time, I never had enough skilled professionals capable of making critical decisions regarding the technical and economic viabilities of technologies. This need is shared by technology companies worldwide, and it emphasizes the urgency to educate and empower students.”

Both Wagner and Lovitt assisted Lo in developing the program, which includes 10 newly created courses at S&T.

“We designed the curriculum to ensure all students master the subjects of quantitative and managerial economics, data analytics, and product and project management through program-required core courses,” Lo says.

Expanding upon the core program courses, students can tailor the rest of the program studies to meet their career interests by selecting one of two industry-focused areas: value-driven innovation or energy economics and global sustainability. The value-driven innovation focus teaches students a collaborative process for creating products and solutions that deliver unique value to customers, stakeholders and society. The energy economics and global sustainability focus prepares students to address global challenges at the intersection of energy systems, economic policies and environmental sustainability. Students can choose to take classes in these focus areas either fully online or in a hybrid format.

In addition to gaining strategic planning and project management skills, MEI graduates will be able to integrate economic theories and quantitative methods to assess engineering projects and technological innovations, ensuring both economic feasibility and sustainability.

“A vital aspect of the MEI learning approach is collaborative, experiential learning activities,” says Dr. James Sterling, vice provost and dean of the Kummer College of Innovation, Entrepreneurship, and Economic Development at Missouri S&T.  “The MEI program will regularly bring together diverse individuals, including representatives from industry, government, and academia to lead discussions and collaborate on projects with our students to address energy challenges.”

To learn more about Missouri S&T’s new MEI degree, please visit econ.mst.edu/mei or contact Dr. Melody Lo at melodylo@mst.edu or 573-341-4800.