INSEAD, the business school for the world, has announced that it has received €10 million in endowed funds from an alumnus to promote academic excellence in entrepreneurship. This is a record in the school’s history, being the single largest gift received from an individual donor and an alumnus.
The €10 million endowed fund will significantly strengthen the academic excellence that constitutes the foundation of INSEAD. The yield from this endowed gift will be invested to establish several academic positions and PhD scholarships, all dedicated to strengthening research, teaching and cultivating talent in the area of entrepreneurship.
The gift comes from an alumnus who is a longstanding supporter of the school. With this latest gift, his total contribution to INSEAD amounts to more than €20 million.
Ilian Mihov, INSEAD Dean and Professor of Economics, said: “On behalf of the entire INSEAD community, I would like to extend my gratitude to our donor for his exceptional financial support and confidence in INSEAD.” He added, “This generous gift will transform the entrepreneurial ecosystem at INSEAD as well as inspire and empower faculty, entrepreneurs, students and alumni around the globe.”
As an independent business school, INSEAD’s financial foundation is boosted by the strength of its endowment which offers a stable source of funding for the school’s academic pursuits and sustainable progress.
“I believe that our alumni play a crucial role in INSEAD’s next chapter and that it’s our responsibility to give back to the school to secure its success,” said Andreas Jacobs, MBA’90D, Chairman of the INSEAD Board of Directors and Member of the Board of Jacobs Holding AG.“On behalf of the Board, I would like to thank our donor for demonstrating his trust in the strategic direction that the Board and our Dean are taking the school.”
The donor said: “INSEAD changed my life for the better. I want INSEAD to continue to excel in everything it does and to support it as an independent institution which needs donations from its alumni. As an entrepreneur myself, it is only natural that we support this strategic area and invest in future generations of INSEAD entrepreneurs.”
This momentous gift will drive the school’s capabilities to attract and develop the best faculty, enhance its research capacity and draw the best academic talent. All of this will contribute to supporting the school’s core pillar of academic excellence and ensuring that it remains at the forefront in the field of entrepreneurship.