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Millennial Media co-founder Paul Palmieri gives $1M to Mount St. Mary's

 The Baltimore Business Journal

April 12, 2017


Baltimore entrepreneur and investor Paul Palmieri and his wife, Diane, alumni of Mount St. Mary's University, are donating $1 million to establish the Palmieri Center for Entrepreneurship at the school.

The center will hire a director and open later this year. It will host workshops, networking and mentorship opportunities, startup immersion courses and business plan competitions for student entrepreneurs. The university is also developing both a major and minor program in entrepreneurship that will provide programming around venture development, innovation and design thinking.

Paul Palmieri co-founded mobile advertising firm Millennial Media in 2006 and took the company public in 2012. Palmieri stepped down as CEO in 2014 and the company was later acquired by AOL for $250 million. He is now a general partner at venture firm Grit Capital.

Palmieri graduated from Mount St. Mary's in 1992.

“Diane and I are grateful for the educational experiences Mount St. Mary’s has provided our family for three generations,” Palmieri, who is also a member of the university’s board of trustees, said in a statement.