The Stanford Graduate School of Business has received a $100 million gift, the second-largest gift in its history, and up to $50 million in matching funds, from Robert and Dorothy King for research into eliminating poverty in the developing world.
The Stanford Institute for Innovation in Developing Economies that’s been created with the donation will train students and work with organizations and entrepreneurs, the California school said in a statement today.
The gift may yield upwards of $200 million if fully matched.
Robert King, who received a master’s degree in business from Stanford back in 1960, is the founder and former president of R. Eliot King & Associates, an investment management company in Menlo Park, California. The Kings became inspired to fund projects in emerging countries after hosting international Stanford University students at their home for over 40 years, according to the official statement.
“Entrepreneurship can drive growth in developing economies and we believe Stanford and the Graduate School of Business have exactly the right resources and track record to help drive new business creation with in-country partners,” Robert King said.
If fully matched, the new gift will exceed the $105 million that was given in 2006 by Nike Inc. founder Phil Knight to help build a new campus for Stanford’s business school. Among all publicly disclosed gifts to the school, it would trail only the $400 million given in 2001 by the William and Flora Hewlett Foundation for humanities and sciences studies and for undergraduate scholarships.
The Stanford Graduate School of Business was founded in 1925. Former students of the graduate school include Jeffrey Bewkes, chairman and CEO of Time Warner Inc., and Kenneth Jacobs, CEO of Lazard Ltd.
- Alumnus Gives Stanford $150 Million Gift (online.wsj.com)
- Stanford gets $150 million to fight world poverty (sfgate.com)