Mount St. Mary’s University was awarded $115,182 from Rural Mayland Council’s 2026 Rural Maryland Prosperity Investment Fund (RMPIF) to enhance the newly-launched Business Innovation Lab (BIL) and the Palmieri Center for Entrepreneurship (PCE) both housed in the Richard J. Bolte, Sr. School of Business. The grant proposal also included plans for local partnerships to allow for greater student engagement with the surrounding business community, creating more opportunities for students to develop ideas, launch ventures and prepare for successful careers.
Dean of the Richard J. Bolte, Sr. School of Business Corinne Farneti, Ph.D., PMP, and Director of the Palmieri Center for Entrepreneurship Garth Patterson, Ph.D., wrote the Mount’s application titled MSMU Innovation Spaces.
“This grant expands our capacity to deliver innovative, technology-rich experiences that prepare Mount students for career and entrepreneurial success,” said Farneti. “With these new resources, Mount students can dream boldly and turn their ideas into reality.”
The grant and matching funds fit the BIL with 32 workstations equipped with FactSet market analysis and intelligence software, televisions, space for brainstorming and collaboration as well as audio/visual equipment which was necessary to utilize the lab as a modern technology space. Three 3-D printers and a workbench were added to the PCE to make the space functional for entrepreneurs to bring their ideas to life.
“This grant was awarded at the perfect time to significantly impact our students, Patterson said. “We have greater ability to build prototypes and to create financial models for our entrepreneurship students, but we have also leveraged this grant to expand our supply chain management and finance majors access to cutting edge innovation facilities. Our entrepreneurship students demonstrated a need for faster prototyping and this grant delivered on that need and so much more.”
The PCE has encouraged learning, collaboration, innovation, and creation—and has leveraged student successes including the granting of two United States Patents which was a first in the Mount’s history.
The Mount received letters of support from planned partnerships with the Frederick County Chamber of Commerce, Frederick County Office of Economic Development, TEDCO, and alumnus Paul Palmieri, C’92, managing partner at Grit Capital Partners. Patterson also hopes to collaborate with Frederick Innovative Technology Center, Inc., with whom he has an existing relationship. He is also excited to build on the momentum and welcome the Bolte School of Business Advisory Board and entrepreneurial alumni to share their expertise with students—and use the new services.
The expansion builds on the vision of alumni Robert Pugliese, C’70, Richard Folio, C’88, and Raymond Sloan, C’72, and honors the gift of Diane Loiello Palmieri, C’83, and Paul Palmieri, C’92, which established the Palmieri Center for Entrepreneurship.
The BIL was launched in Summer 2025 and is a space used for financial modeling, supply chain optimizations, accounting systems, and AI utilization. The lab benefits entrepreneurs and is used by almost every major in the Bolte School of Business as well as students from math and computer science.
Rural Maryland Council brings together citizens, community-based organizations, federal, state, county and municipal government obicials as well as representatives of the for-profit and nonprofit sectors to collectively address the needs of Rural Maryland communities. RMPIF provides funding to rural regional planning and economic development organizations, rural community development programs, and advanced technology centers.
The Rural Maryland Council grant was awarded through a highly competitive process. This year, 170 applicants sought more than $14 million, with only about $6 million available. Mount St. Mary’s University’s proposal stood out among this strong pool.
The grant was supported by Advancement Services Manager, Renee Hill-Goodson, Information Technology Business Manager Rhonda Myers, and Grants Manager Nicole Patterson.
The Richard J. Bolte, Sr. School of Business provides students with the knowledge and skills for professional excellence and ethical leadership through innovative programming, engaging teaching, and collaborative learning. The Entrepreneurship major requires students to complete 45 credit hours, and the minor requires 18 credit hours. These additions to the BIL and PCE benefit students in all of these courses and students of all majors. The facility is also open to all community members.