In its first-ever capital campaign, the Harvard Business School (HBS) has surpassed the record for the most money raised by a business school, nearly $600 million. This amount far exceeds the goal of $500 million set at the campaign’s launch.
“The success of this campaign reflects the extraordinary accomplishments of our alumni, who hold positions of leadership in a wide range of organizations around the globe, and the pride they feel for the School,” said Acting Dean Jay Light. “These funds allow us to make critical investments in our research and teaching programs, and to launch initiatives that will prepare new generations of leaders to face the challenges of a dynamic, rapidly changing world.”
Of the almost $600 million, more than $112 million was raised for financial aid. Approximately 80 percent of M.B.A. students currently receive some form of aid. This money will be used to both increase fellowship amounts and establish 150 new fellowships. It will also help to fund loan-forgiveness programs that alleviate debt for graduates who pursue careers in areas with lower-than-average salaries, such as the nonprofit sector.
In addition, the campaign supported significant enhancements of the HBS campus, including the renovation and reconstruction of Baker Library, which boasts a world-class collection of business books and archival materials, and a beautiful reading room in which to peruse these materials.
Funds have also been used for faculty development, through the creation of a center for teaching and learning that provides seminars, workshops, and individualized coaching sessions to new and experienced faculty, and through the endowment of the Arthur Rock Center for Entrepreneurship, which is home to more than 30 faculty members.
The campaign also raised funds for extending the School’s global outreach and for devising innovative uses of technology in education.
The campaign was initiated by former Dean Kim B. Clark, who played a major role in its success before he stepped down last summer. The campaign was chaired by C.D. (Dick) Spangler Jr. (M.B.A. 1956), former president of the Harvard University Board of Overseers. “The extraordinary generosity of our alumni and other contributors to this campaign reflect the importance of the role HBS has played in their lives and the world of business,” said Spangler. “It also demonstrates their commitment to providing the same opportunity for tomorrow’s leaders.”