Stanford Graduate School of Business has received a $150m gift, the largest in its history, to focus on alleviating poverty in emerging markets. The Institute for Innovation in Developing Economies is to find ways of applying the kind of entrepreneurial skills made famous at Stanford, situated in the heart of California’s Silicon Valley, to spur economic growth.
For Garth Saloner, the South African dean of Stanford GSB, the institute should bring two benefits. “The end goal here is poverty alleviation and capacity building for Stanford University.”
One of the most distinctive elements of the initiative is that although housed at the business school, every department at the university could be involved, including engineering, healthcare, law or public policy. The multidisciplinary approach is what distinguishes the centre from others in the US, says the dean. “I do think directionally that this (alleviating poverty in developing economies) is the sort of activity that people do not usually associate with a business school. “But issues such as sustainability, governance and water policy are areas where leadership and entrepreneurship can play a critical role, he argues.
Stanford Graduate School of Business Launches Institute to Alleviate Poverty with $150 Million Gift
STANFORD, CA—The Stanford Graduate School of Business has established the Stanford Institute for Innovation in Developing Economies with a $150 million gift from Dorothy and Robert King, MBA ’60.