Top Business Schools Use 'Mega Donations' for Fancy New Facilities
Top business schools are benefiting from "mega donations," according to U.S. News Education blogger Stacy Blackman, and many are choosing to use those substantial funds to overhaul their campus and facilities to include the latest technology. Schools like Chicago Booth School of Business and Stanford Graduate School of Business have received hundreds of millions in donations in recent years, and both schools chose to build new, state-of-the-art facilities with those donations.
Can a 'shiny, new campus' really make a difference?
The University of Chicago business school unveiled a new state-of-the-art campus in 2004, putting pressure on neighboring Northwestern University to do the same. But does a bigger, better campus really attract the best students and faculty? According to Blackman, "while a business school's physical condition isn't the most important consideration for applicants, there's no denying the strong allure of facilities that provide access to the latest technology."
Here is a short list of business schools that have recently benefited from so-called mega donations:
- University of Chicago's business school received a gift of $300 million by entrepreneur David Booth, prompting the school to change its name to Booth School of Business
- Stanford Graduate School of Business received a $105 million donation from Nike founder Philip Knight
- Harvard Business School received a gift of $50 million from the Sir Dorabji Tata Trust and the Tata Education and Development Trust
Time will tell if these huge gifts boost the business schools far beyond the competition.
