Nov. 4 (Bloomberg) -- Stanford Graduate School of Business received $100 million, the second-largest gift in its history, and as much as $50 million in additional matching funds, from Robert and Dorothy King for research into eliminating poverty in the developing world.
The Stanford Institute for Innovation in Developing Economies created with the donation will train students and work with organizations and entrepreneurs, the school, near Palo Alto, California, said today in a statement. The gift may yield $200 million if fully matched.
Robert King, who received a master’s degree in business from Stanford in 1960, is the founder and former president of R. Eliot King & Associates, an investment management company in Menlo Park, California. The Kings were inspired to support projects in emerging countries after hosting international Stanford University students at their home for more than four decades, according to the 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 matched, the gift will surpass the $105 million donated 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 Stanford, 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.
Stanford’s Graduate School of Business was founded in 1925. Former students include Jeffrey Bewkes, chairman and chief executive officer of Time Warner Inc., and Kenneth Jacobs, CEO of Lazard Ltd. In September, Stanford topped a list of socially responsible business schools ranked by the Aspen Institute.
--Editors: Cecile Daurat, John Lear
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