WEST LAFAYETTE, Ind. — Purdue University’s work in the semiconductors and microelectronics industry has earned the university the title of one of the World’s Most Innovative Companies.

Fast Company, the magazine behind the list, said Purdue was granted the No. 16 overall spot for “addressing the shortage of U.S. semiconductor engineers” with its Semiconductor Degrees Program.

The program was launched in 2022 and offers Purdue students opportunities to collaborate with NASA and the Department of Defense, including the latter’s federally funded SCALE initiative.

“The graduates from these programs – from PhDs to associate degree-holders – will be at the forefront of innovation as we revitalize American manufacturing,” said U.S. Secretary of Commerce Gina M. Raimondo during a 2022 visit to research facilities on Purdue’s campus.

As Purdue described in a release, semiconductors are known as “tiny electronics that power almost everything with an ‘on’ switch.”

The university has also announced plans to build the Midwest’s first semiconductor chip design center and a $1.8 billion semiconductor manufacturing facility, thanks to its partnerships with MediaTek Inc. and SkyWater Technology, respectively.

Purdue, the only university to be ranked by Fast Company, also came in at No. 1 in education.

Companies like McDonald’s (No. 2), Airbnb (No. 3) and Microsoft (No. 6) were among the top 10. Artificial intelligence company OpenAI was the No. 1 company overall.