Annual Report of Philanthropy 2018–2019
You moved the world for us
We are moved by your generosity. Your philanthropic support in Fiscal Year 2019 made a Babson education more accessible for our students and created new opportunities for alumni. You provided enriched learning experiences inside and outside the classroom, and enhanced our already picturesque campus. You drove this institution forward. You also moved our world in a very literal sense—with the relocation of the 25-ton Babson Globe. By giving the Globe a new home right in the heart of campus, you reinforced our commitment to a global community. In so many ways, you made Babson better. Thank you.
Anywhere around the globe, you’ll find Babson. As the senior vice president for advancement, I am often asked, “Why give to Babson?” and I understand the reason for that question. It shows an awareness of how many pressing needs there are in the world—from natural disasters and poverty, to the ever-growing array of social issues. And it indicates that our donors think strategically about where their gift will have the greatest impact, no matter the size. I firmly believe the answer lies in education, specifically a Babson education. At Babson we’re educating the next generation of entrepreneurs about the many ways they can address the challenges of today and anticipate the challenges of tomorrow, in order to make the world a better place. What’s happening at Babson is felt across the country and around the globe. And it’s been that way for 100 years. This past year, our donors quite literally moved the world. The signature Babson Globe now resides in an appropriately prominent location in Kerry Murphy Healey Park, and stands as a tangible example of Babson’s enormous reach and focus. This report has been designed to illustrate the many other ways that the College has moved the world through our unique approach to entrepreneurial education. The stories you’ll read in this report are a tiny fraction of those we could tell. But whether you read about a faculty member focusing on the legacies of slavery and Jim Crow, or a student whose childhood interest in cooking led him to consider a career as a consultant, they have been carefully chosen to demonstrate how your commitment to supporting Babson’s individualized, integrated, entrepreneurial focus is already making a difference in the lives of students on campus, and people around the world. For this, and for everything you do to make Babson better, we thank you.
Edward Chiu Governor Craig R. Benson Endowed Senior Vice President for Advancement
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By any measure, Babson students and alumni are moving the world when it comes to entrepreneurship.
#1
Graduate School for Entrepreneurship
26 CONSECUTIVE YEARS U.S. News & World Report
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#1
Undergraduate School for Entrepreneurship
23 CONSECUTIVE YEARS U.S. News & World Report
Fiscal Year 2019
$61
MILLION in giving and
11,923 DONORS ACHIEVED A RECORD
32%
ALUMNI PARTICIPATION
Top Business School for Salary Potential 5 CONSECUTIVE YEARS PayScale
#2
MBA PROGRAM
FOR CAREER PROGRESS WORLDWIDE Financial Times 3
Scholarships
The value of a Babson education is immeasurable. The cost is not. The College faces the same challenge that all of higher education is facing: making a college degree affordable for all qualified students, not just those with the ability to pay. The answer is institutional aid—in the form of grants and scholarships. Donor-funded scholarships and gifts to the general scholarship fund are critical to a great many of our students. Here are just a few examples of those who will surely be making a difference in the world, thanks to our donors and a Babson education.
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$39M awarded in grants and scholarships to
1,081
undergraduate students
$6,166,552 in grants awarded to
267
full-time Two-Year and One-Year MBA students
$3,186,246 in grants awarded to
226
recipients enrolled in part-time MBA and other graduate programs 5
Shalom Mensah ’22 Posse Scholar New York, New York
Born in Ghana, Shalom moved to New York City when he was 10. When he tells his story, it’s clear that his ability to observe and learn from his life experiences influenced who he is, why he chose Babson, and what he hopes to do in the future. As a young boy, he’d watch his mother in the kitchen, and sometimes pick up the knife to help chop onions or mix a pot to incorporate his own ingredients. He says, “This did get me in some trouble, but I also learned little things along the way.” The result—an interest in opening his own restaurant some day. Another example comes from a high school internship with Deloitte, in the office of the CEO. In addition to learning about corporate life, he discovered an interest in psychology, and observed what it’s like to be a consultant. He realized the importance of building interpersonal relationships and is now considering a career in consulting upon graduation. All thanks to his Posse scholarship.
“Without my Posse, I don’t know how I would have gotten through my first semester of college. None of this would have been possible without the donor that gave to my scholarship.”
Jack Dewey ’49
Retired, Liberty Mutual Wellesley, Massachusetts Jack Dewey, who credits what he learned at Babson for being a big part of his success in life, now lives just down the street from campus. In fact his friends often joke, “Jack loved the college so much he never left.” It’s a fitting remark because Jack has given back to his alma mater in so many ways. He is justifiably proud of the long-running Class of ’49 Endowed Scholarship program, which he has been involved with for many years. With nearly $2.5 million raised and more than 240 scholarship recipients since 1984, when the fund was endowed, Jack Dewey’s belief in a Babson education will live on for generations to come.
Michelle Ong ’20 Weissman Scholar Houston, Texas
Michelle moved to Houston in 2000, but was born in Indonesia to Chinese parents. Deeply thoughtful, she chose Babson looking to gain confidence in speaking and articulating her ideas, and to develop an entrepreneurial mindset—something she believes is increasingly important in the business world. She credits being chosen as a Weissman scholar as the key reason for achievements she never thought were possible when she arrived on campus as “an introvert who preferred to listen rather than speak.” As she begins her senior year, she is a double major in Marketing and Entrepreneurship with a concentration in Business Analytics. Michelle is active on campus, working as both a research and teaching assistant, and also studied abroad for a year at the London School of Economics and Political Science. She credits networking with her peers in the Weissman Scholars program, including the extensive alumni network, as critical to her success.
“Mr. and Mrs. Weissman’s unwavering faith in me has helped me push through when times got tough, no matter what situation I was in. Their generosity and leadership are qualities I will strive to emulate, even after I graduate.” 6
Susanna D’Souza ’21 CWEL Scholar Piscataway, New Jersey
Susanna came to Babson with dreams of launching a business. Selected for the highly competitive CWEL Scholars program in 2017, she now sits on its executive board as the junior class coordinator, creating opportunities for undergraduate women to develop important leadership skills, while continuing to deepen her own. Outside of her finance, technology, entrepreneurship, and design classes, Susanna takes part in Babson’s CAP Program—Big Brothers Big Sisters—as its student manager, is the vice president of marketing for Babson’s Habitat for Humanity, and achieved a place on the Dean’s List every semester.
“Before coming to Babson I had a hard time seeing myself in the shoes of people who are so often celebrated as successful entrepreneurs. The simple fact is that they just don’t look like me. And while many people talk about changing that landscape by amplifying the stories and voices of female founders, CWEL actually does it.”
“The scholarship program has succeeded beyond our wildest dreams. You ought to see the achievements of our scholars. Now we are able to look back and see what our scholars have done.”
Marcio Santos Pereira MBA’20 F.W. Olin Fellows Program Curitiba, Paraná, Brazil
A telecommunications engineer with experience in operations and engineering, an avid interest in global economics, ancient cultures, and entrepreneurship, and an infectious zest for life—Marcio discovered that Babson’s MBA program was the perfect fit as soon as he visited campus. He watched a strategy class, felt the energy, and was immediately connected to Babson’s values. In his first year he got involved with the Black Affinity Network on campus. Working for causes that strengthen those communities has become a priority. With two internships under his belt, working with CEOs to ask hard questions and solve them in the real world, he’s discovered that his experiences (both inside and outside of the classroom) have sparked an interest in future work that uses technologies like AI and Blockchain with a focus on social good.
“So many things, dear donor, happened last year. As this year approaches, thank you again so much for being one who makes concrete this road of dreams.” 7
As of June 30, 2019, more than
$202
MILLION raised from
22,196 DONORS On May 16, 2019, Babson announced the most ambitious fundraising campaign in our history, with a goal of raising $300 million and tripling the percentage of alumni who make annual gifts to the College. During the Centennial Campaign’s quiet phase, College leadership identified priorities and laid the groundwork for fundraising success. By the time the Campaign was announced, donors had already generously contributed more than $188 million. Campaign funding will support three major initiatives at Babson: students, knowledge, and spaces. More than half of the Campaign’s goal will be dedicated to improving the student experience through scholarships, internships, study abroad opportunities, athletics, and extracurricular programs. The remaining funds will support the breakthrough research and teaching of our faculty, and enable us to build cutting-edge, creative spaces that help our students bring their entrepreneurial ideas to life. Scheduled to culminate in 2023, the Centennial Campaign is a bold stride into Babson’s second century. As Marla Capozzi MBA’96, chair of Babson’s Board of Trustees, explains: “This Campaign will allow us to continue to innovate toward a future that extends entrepreneurship and will amplify our impact on the world.”
Follow our Campaign progress at campaign.babson.edu. 8
Weissman Foundry
Early Campaign support funded the construction of the Weissman Foundry—a 10,000-square-foot makerspace that provides individuals and small teams with the equipment needed to bring their creative projects to life. The doors officially opened in September of 2019. For students seeking to build prototypes of their product ideas, the new innovation space is stocked with workbenches, advanced fabrication machinery, traditional tools, collaborative studios, and more. It’s open 24/7 so students can create whenever they feel inspired, and it fosters a multi-disciplinary community by actively engaging students from Babson, Olin, and Wellesley Colleges. Best of all: students don’t need to be experts to use the Foundry. In fact, that’s the point! Student workers, called Scouts, offer free, regular trainings to anyone in the Babson community to guide them through design thinking or mastering the dozens of available tools.
“The Weissman Foundry community is forming as I had hoped and expected, bringing together the widest array of disciplines and interests, and forging incredible creativity and shared exploration. I am happy to be convening such a diverse group of entrepreneurs, artists, engineers, and academics alike, and I am very eager to see what we create.” Janos Stone, Manager of Innovation + Design (Spaces) 9
Babson Commons Philanthropy fueled another prominent 10,000-square-foot space with construction of the Babson Commons at Horn Library. Opened in May 2019, the Commons includes Babson’s academic and extracurricular resource centers, additional staff and faculty offices, and three state-of-the-art classrooms. It’s also the new and expanded home of the Stephen D. Cutler Center for Investments and Finance. This investment increases the availability of larger teaching spaces on campus by 30 percent. It raises the profile of finance at Babson by placing the Cutler Center front-and-center in a highly visible location. And, by serving as the distinctive gateway to Horn Library, it makes the Library and all its resources much more accessible to the community. With informal gathering spaces, a café, and group study areas, the Commons is also expected to be a popular site for studying, socializing, and casual collaboration.
One of the most stunning aspects of the new Babson Commons is its centerpiece: the Bala Iyer Garden, named in honor of the late and beloved dean of faculty Bala Iyer, who passed unexpectedly in November 2018. “Bala dedicated his mind and body to help us all believe in a better Babson. He believed in the power of community and wanted nothing more than to see Babson students succeed. In this space, they will do just that, in the light of his loving memory.” Mahd Sharif ’19 Babson Posse Scholar, Co-President of the Babson Muslim Student Association
BRAC The Babson Recreation and Athletic Complex (BRAC) was the biggest capital project undertaken in the College’s history. It doubles the overall space for athletics and recreation to about 175,000 square feet and will address critical student needs as part of Babson’s health and wellness initiatives. For our 400+ student-athletes, BRAC will be a sanctuary for competition and the pursuit of athletic excellence. The complex offers dramatically improved facilities and sports medicine resources, which will help Babson recruit future generations of athletes and sustain our recent string of historic successes. For the rest of the community, BRAC represents something even bigger. It’s a reminder that—amidst all the furious studying, career advancement, and venture creation—it’s crucial to take the time to be healthy and well. Babson leadership expects that BRAC will be used by approximately 1,000 students every day for practice, intramural sports, pickup games, and fitness. 10
Kerry Murphy Healey Park
The most conspicuous addition to campus during our Centennial year was surely Kerry Murphy Healey Park. Located in the heart of campus, the park boldly affirms Babson’s global presence and is a visual representation of our international community—one with more than 41,000 alumni across 119 countries, a student body comprised of 28% international students, and a faculty from around the world. The park brings together two of Babson’s most iconic symbols: the Babson Globe and the Fountain of Flags. College founder Roger Babson dreamed up the idea of the Babson Globe in 1947 as a way to promote interest in world affairs. At a massive 25 tons, it was moved, re-painted, and made to rotate around its axis again—which it had not done for decades. It was also placed in the most visible spot on campus to ensure that the message of global inclusion was at the forefront of any visit to campus. While not quite as hefty, the Fountain of Flags carries an equally important weight for the Babson community. For future generations, the flags flown in the Park will always reflect the countries of Babson’s current students. Each semester, a list of flags will be confirmed based on the current enrollment. New flags will then be hoisted to the top of the flag poles, ensuring that every student sees his or her flag flown during each academic year. Kerry Murphy Healey Park also proudly displays the statue of Roger Babson, as well as markers that tell the story of Babson’s first 100 years. These features honor Mr. Babson’s visionary influence and educate visitors about the College’s notable history. 11
The Richard W. Sorenson Center for the Arts The Sorenson Center for the Arts expands and enhances the presence of arts and culture on Babson’s campus. It was founded 21 years ago, when Richard W. Sorenson MBA’68, P’97 ’00 and his wife Sandy P’97 ’00 provided initial funding for the building through a generous gift, and also provided endowed funding for the Sorenson Arts Scholars. In Fiscal Year 2019, 177 donors provided more than $53,000 in funding for the Sorenson Center, in addition to $1 million for scholarships and $2 million for the Sorenson Center for the Arts Endowment. While some might ask why the arts are a focus in a business school, to Babson students and alumni the answer is clear: the arts enhance venture creation, global understanding, and innovation in the real world. As well as being the home for many student organizations, the Sorenson Center and BabsonARTS present a diverse array of programming in theater, dance, music, film, video, literary art, and visual arts for on-campus audiences and the general public. The Center also provides art studios where students can express themselves in virtually any medium.
The Babson Players made good use of the Sorenson Center’s performance space, with their wonderful production of Avenue Q.
The Empty Space Theater (TEST) produced The Love of the Nightingale, as part of the BabsonARTS fall season. 12
Babson Athletics Our most successful year in overall program history: • NEWMAC Presidents Cup Standings (Men 3rd, Women 4th) • 46 Academic AllConference Honorees • Baseball–NCAA Super Regional Title, World Series Appearance • Volleyball–NCAA Regional Title, NEWMAC Tournament Title
Your support elevates our teams and strengthens the Babson Athletics tradition for future generations of student-athletes. For college athletes to be at their best, athletics programs need to provide top-tier coaching, equipment, facilities, travel, and sports medicine. In recent years, Babson has increased our philanthropic investment in each of these areas, with great success to show for it. Last year we saw unprecedented engagement from donors and alumni for general athletics support: 4,386 gifts that raised more than $5.5 million.
Fundraising Highlights During the 2019 Barefoot Athletics Challenge, our teams raised a record $173,429 from 1,832 donors. More than 110 golfers and 20 corporate sponsors participated in the Centennial Golf Tournament to raise funds for student financial aid.
With a $2 million gift, President Emeritus Brian Barefoot ’66, H’09, MP’01 endowed the Athletics Director position, looking to inspire other donors to endow Babson’s 22 coaching positions.
Former Ice Hockey Captain Roger Miller ’62 made a $1.5 million gift to establish the Roger P. Miller Endowed Hockey and Golf Fund. The new Fund will strengthen the Hockey and Golf programs through investments in coaching, facilities, and equipment. Donors came together to raise $580,000 in support of the Govoni Baseball Field Renovation Project. 13
Office of Health and Wellness The Office of Health and Wellness takes a comprehensive, integrated approach to wellness by providing programs and services related to mental, emotional, physical, spiritual, and social well-being. Their mantra is simple, yet profound: “in order to do well, Babson students must be well.” The Office takes this responsibility very seriously and, in Fiscal Year 2019, challenged each of its units to produce monthly dashboards that track student utilization of services, new initiatives, and key outcome measures for interventions, programs, and services. Results are shared across units to identify similarities and differences, campus trends, opportunities for collaboration within and outside of the division, and inform program and policy development. With increasing nationwide concern about student mental health, Babson moved away from a hybrid mental health support model and built our first fully in-house counseling team last year. In the first year under this model, the Counseling and Psychological Services (CAPS) team hired three full-time counselors and held 1,410 appointments. CAPS also organized its 3rd Annual Fresh Check Day in 2018. Originally funded through a five-year donor pledge, the event attracted more than 300 students. The day-long program aims to reduce stigma surrounding mental health and suicide, increase awareness about Babson’s mental health resources, and help students understand what to look for in those who may be exhibiting signs of suicide or mental health concern.
“Thank you for all the conversations, support, and guidance. When I think about my Babson experience, some of the greatest moments of growth for me happened in my [CAPS counseling sessions].” – Babson Senior
Multicultural and Identity Programs Through our Multicultural and Identity Programs, Babson strives to ensure an inclusive community that is welcoming, affirming, and safe for all students. Partnering to Promote Diversity The Multicultural and Identity team collaborates with student groups to plan and promote several annual events: the Multicultural Festival, Lavender Graduation, O.N.E. Week, the Black Affinity Network (BAN) Conference, and more. Founded 20 years ago, the BAN Conference has grown into one of Babson’s flagship diversity events. It aims to strengthen the leadership and legacy between black alumni and current students, while providing networking and professional development opportunities. The 2019 Conference, which attracted more than 200 attendees, featured keynote speaker Cathy Hughes, the first African American woman to chair a publicly held corporation. 14
Our Global Reach
We dedicated this report to documenting Babson as a place that not only reflects, but influences, the world. And to how this is made possible by you, our donors. One look at the numbers illustrates the diversity of our campus, which brings with it diversity of opinions, ideas, approaches, and solutions. Since entrepreneurship leads the way for critical advances in this interconnected world, our inclusive campus is the perfect starting point for moving the world in a more positive direction. But what about you, our donors? Where do you come from? What countries? What states? How do those numbers reflect our presence and influence around the world? The next two pages provide a snapshot. We are impressed, and think you will be too.
Our Campus, Academic Year 2018–19 Undergrad
Grad
Total Enrollment
2,361
996
Percentage of Women
48%
40%
Percentage of International Students
28%
40%
Number of Countries Represented
81
55
Number of States Represented
44
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Where in the World are Babson’s Donors?
JUST ABOUT EVERYWHERE! Gifts to Babson come from across the globe—74 countries to be exact—and from all 50 U.S. states, along with the District of Columbia, Puerto Rico, and Guam. It’s a clear indication that a gift to Babson is an investment worth making, no matter where you call home. Countries in green indicate the many places our donors call home. UNITED STATES ARGENTINA ARUBA AUSTRALIA AUSTRIA BANGLADESH BELGIUM BELIZE BERMUDA BOLIVIA BRAZIL BULGARIA CANADA CHILE CHINA COLOMBIA COSTA RICA DOMINICAN REPUBLIC ECUADOR EGYPT EL SALVADOR FINLAND FRANCE GEORGIA GERMANY GHANA GREECE GUATEMALA HONDURAS HONG KONG HUNGARY INDIA INDONESIA ITALY JAMAICA JAPAN JORDAN 16
KUWAIT LIBERIA MALAYSIA MEXICO MONACO MONGOLIA NEPAL NETHERLANDS NEW ZEALAND NORWAY OMAN PAKISTAN PANAMA PARAGUAY PERU PHILIPPINES POLAND PORTUGAL QATAR ROMANIA RUSSIA SAUDI ARABIA SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND TRINIDAD & TOBAGO TURKEY UNITED ARAB EMIRATES UNITED KINGDOM URUGUAY VENEZUELA
Because Service to Humanity is Everyone’s Business In 2018, Babson Connect: Worldwide (BCW), the world’s premier entrepreneurship summit, traveled to Madrid, a leading European financial and technological hub with a rich culture and history. More than 400 Babson alumni, faculty, and friends gathered in Spain with renowned figures in the international business community for a compelling exchange of ideas and insights, with one important purpose: to look to the future and how entrepreneurship can address the most complex challenges facing humanity.
PHILANTHROPIC SUPPORT: FISCAL YEAR 2019 Amount raised in the U.S. Total number of U.S. donors
$55.8M 11,141
Amount raised from outside the U.S. Total number of international donors
$5.2M 782
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Academic Centers and Institutes
Babson’s mission is to educate entrepreneurial leaders who create great economic and social value—everywhere. The academic centers and institutes deliver on that mission by providing immersive learning experiences that allow students to not only put into practice all that they learn in the classroom, but to follow their passions and pursue their dreams. They are the heart of innovation on campus and one of the most unique resources available in entrepreneurial education. They would not exist without the generous support of their founding donors and the many gifts, large and small, that are made each year by those who understand the importance of their work. Whether through research, events, mentoring, or other types of programming, taken individually and together the academic centers and institutes support Babson’s Centennial vision—making Entrepreneurial Thought and Action® accessible to everyone, everywhere.
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The Arthur M. Blank Center for Entrepreneurship The Blank Center for Entrepreneurship, created with generous support from Arthur Blank ’63, H’98, is home to the world’s largest dedicated entrepreneurship faculty, and is the hub for programming and support for Babson entrepreneurs. Thanks to the support of 309 donors this year alone, more than $341,000 was donated to the Center in Fiscal Year 2019 for endowment and current use funding. At the Blank Center, undergraduate, graduate, and alumni entrepreneurs who seek to start or advance their ventures receive access to the resources and opportunities they need to turn their ideas into reality. With guidance from advisors and mentors, events and competitions, and opportunities to collaborate with peers and experts, they are coached, guided, and challenged to succeed. A couple of signature examples: •
The John E. and Alice L. Butler Launch Pad: At the Launch Pad, entrepreneurs find tactical and practical advice, receive customized mentoring and coaching, and connect with their peers
•
Rocket Pitch: Three minutes, three PowerPoint slides, and an audience of students, faculty, investors, and entrepreneurs who provide feedback on the spot
Ashley Taylor MBA’20
Co-Founder, Taylor Custom Rings Boston, Massachusetts
Founded with a clear vision, sense of mission, and the limitless energy of Ashley Taylor and her husband Jerry, Taylor Custom Rings made huge strides forward last year after taking full advantage of the Blank Center’s resources. Taylor received mentoring and pitched to the Babson community at both Rocket Pitch and B.E.T.A. Challenge. Her perseverance paid off. At the B.E.T.A. Challenge, Babson’s premier new venture competition, she won not only the graduate challenge but also the Centennial Award, taking home a combined $30,000 in recognition of the action she has taken toward her business goals.
“The Blank Center is the best friend of the Babson entrepreneur.”
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Center for Women’s Entrepreneurial Leadership The Center for Women’s Entrepreneurial Leadership (CWEL) was the first center ever focused on women entrepreneurial leaders at a business school. Launched in 2000, CWEL is dedicated to preparing women to lead the world, while also preparing the world for women leaders. In Fiscal Year 2019, 297 donors provided nearly $890,000 in gifts that directly support the Center’s objective—to educate and empower women leaders to create social and economic value as they reach their full entrepreneurial potential. CWEL’s award-winning programs, groundbreaking research, exclusive events, access to cutting-edge experts, and hands-on coaching and mentoring impact a diverse set of stakeholders from around the world. They include: •
The Women Innovating Now (WIN) Lab®, an accelerator program for women entrepreneurs building scalable businesses in Boston and Miami
•
CWEL Scholars, Babson’s largest scholarship program, specifically designed for high-performing female undergraduate students
•
Diana Impact Day, the first global convening of investors, accelerators, policy-makers, researchers, women entrepreneurs, and other disrupters who are dedicated to changing the landscape of financing women entrepreneurs
Maya Mutalik ’21
Founder, Hope Sews CWEL Scholar, Boston WIN Lab Orange, Connecticut Maya decided to go to Babson College after a service trip to Ghana, where the idea for her business, Hope Sews, came to life. Wanting to use African wax prints to create clothing sold in the United States, she would use the proceeds to purchase sewing machines for Ghanian seamstresses facing financial hardship. With that goal in mind, Maya applied to Babson because of its No. 1 ranking for entrepreneurship and has utilized her time as a CWEL Scholar and WIN Lab entrepreneur to bring Hope Sews to life.
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“The leadership skills I learned as a CWEL Scholar and the connections I made as a WIN Lab founder have been vital components to the scalability of my business. I love the CWEL community, and am excited to continue building my business with the Center behind me.”
The Lewis Institute for Social Innovation Founded in July 2010 with a generous gift from Alan and Harriet Lewis of Grand Circle Corporation, The Lewis Institute provides experiences and resources for the Babson community to activate people to become changemakers. In Fiscal Year 2019, 48 generous donors gave more than $1.2 million to The Lewis Institute, inspiring action to advance social innovation. Through a variety of programs, called Action Tanks, the Lewis Institute helps students understand who they need to be and what they need to do to make their desired change in the world. These initiatives create unexpected and fruitful collaborations between those who believe that business is a force for good and that societal dilemmas can lead to powerful market opportunities. Two of the many Lewis Action Tanks: •
IoT for Good Lab assists students to initiate and launch Internet of Things (IoT)-enabled social ventures to address the UN Global Goals
•
Social Innovation Inventureships™ (funded by a two-year commitment from The Arthur M. Blank Family Foundation) challenge students to apply Babson’s methodology of Entrepreneurial Thought & Action® to work at a strategic level with organizations seeking to have greater social impact
Ravish Majithia MBA’18 Founder and CEO, Magnomer Mumbai, India
Ravish, an engineer with a PhD in material science, began his startup, Magnomer, to tackle the problem of plastics pollution by redesigning plastics before they even make it into the consumer market. He developed a novel coating technology for standard single-use plastic, making it more likely to be recovered during the recycling process. As part of a Lewis Institute Inventureship, Ravish used Magnomer as a case study, teaching Babson first-year students in the Summer Venture Program how a startup can innovate in the context of the circular economy—creating social and economic value simultaneously.
“I was able to take an entire summer to do what I came to Babson to do: explore the business viability of Magnomer, talk to a variety of stakeholders, and create a product roadmap.”
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The Stephen D. Cutler Center for Investments and Finance The Cutler Center was founded in 2000 with a generous gift from Stephen D. Cutler MBA’61 and his wife, Alice. It is dedicated to advancing financial education and improving the skill set and marketability of Babson students. Last year, 206 donors gave more than $606,000 to the Center. Cutler provides programs and resources that enrich the student learning experience, support faculty research, and engage our alumni community. In order to support the nearly one-third of Babson students who pursue a degree in finance, a new world-class finance lab opened in Babson Commons in June 2019. The Cutler Center sponsors students in a variety of competitions, and last year saw a number of strong team placements. Additional signature initiatives include: •
Partnership with Boston FinTech Week, hosting multiple panels and workshops
•
The Babson College Fund, which enables a select group of students to manage a portion of the College’s endowment
The Rotman International Trading Competition Professor Ryan Davies with the 2019 Team members: Elena Yang ’20, New Jersey; Duska Glidden ’20, Georgia; Srivatsa Rajan Swaminathan MBA’19, India; Alexander Spinnell ’20, New York; John Regan MSF’19, Massachusetts. The Rotman International Trading Competition (RITC), held in the heart of Canada’s financial district, is an annual event that brings teams of students and their faculty advisors from universities worldwide to participate in a unique three-day simulated market challenge. The global representation grants a valuable opportunity for like-minded future finance professionals to meet their peers from around the world. Placing ninth out of 52 teams was a significant accomplishment for this diverse team.
“Much of the initial training for the RITC team is provided in my undergraduate and graduate Financial Trading Strategies courses taught in the Cutler Center. They are based on an active learning approach in which special software allows the students to trade dynamically with each other in a simulated environment.” 22
— Ryan Davies Chair of the Finance Division and Associate Professor of Finance Halifax, Nova Scotia
The Institute for Family Entrepreneurship The Institute for Family Entrepreneurship (IFE) is a hub for research, resources, and innovative programming dedicated to entrepreneurial students and their families. In Fiscal Year 2019, 60 donors gave more than $646,000 in support of the Center’s many programs and activities. Families, not just family businesses, drive entrepreneurial behavior—and the business, investment, and philanthropic activities of entrepreneurial families are significant drivers of the global economy. With a focus on insightful research, innovative courses, and co-curricular offerings, the Institute offers a wide variety of programs and initiatives. In addition to mentorship, internships, and networking, these opportunities include:
Approximately
50% of Babson’s undergraduate students come from a
FAMILY BUSINESS
•
Family Entrepreneurship Amplifier, a program initially funded by Richard Snyder ’60 H’94 P’93 MP’01 Trustee Emeritus GAB and his wife Marilyn P’93 MP’01, which helps students and families co-create a shared vision for their entrepreneurial legacy
•
Entrepreneurial Family, a five-day intensive experience that provides the opportunity for teens and their parents to learn about entrepreneurial thinking and leadership, while learning about themselves and each other
Cyril Camus ’91
CEO and Chairman, House of Camus Cognac, France
Cyril, CEO and chairman of House of Camus, a maker of fine cognac since 1863, participated in the most recent session of the Entrepreneurial Family program, along with Marc, his 16-yearold son. He attended a previous session of the program with his eldest son, Ryan. Cyril, leader of a fifth-generation family business, has a unique perspective on the dynamics that enable families to work together to build a legacy business. He sees the Entrepreneurial Family program as a way to begin framing conversations about the future.
“This is something Babson is uniquely placed to provide, using the tool of entrepreneurship to create this strong bonding experience.”
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Global Scholars
Each year since 2014, a small, highly talented group of international students have been given the opportunity to enroll at Babson as Global Scholars, receiving four-year, full-tuition scholarships. In Fiscal Year 2019, the College received 245 gifts, totaling more than $1 million in support of Babson’s Global Scholars. These students benefit from special programming and support to help them acclimate not just to Babson, but to a new country and culture. With faculty and student mentors from the previous class at their side, the support lasts throughout their time at Babson. Members of the Global Scholars Class of 2022—11 students from countries as diverse as Cambodia, Bulgaria, India, and Brazil—have already immersed themselves in campus life, making Babson their home away from home. 24
Akoua Orsot ’22
Abidjan, Côte d’Ivoire Growing up, Akoua’s goal was to find a way to improve the lives of people in her community. But her modest circumstances offered her a limited view of the possibilities available. Then, in 2017 she had the opportunity to participate in Babson’s Summer Study program. The interactions with her peers, coupled with the mentoring of her professors, convinced her that Babson was where she was meant to study. The Global Scholars program provided Akoua not only with new hope for her own future, but with the potential to contribute to making the world a better place. One year into her studies, Akoua is staying active in the Blank Center and studying global management and the role of technology in international trade. She also works as a Resident Assistant on campus.
“My words will never be enough to express how much gratitude I have. It is not just helping 10-11 Global Scholars per year, but also the hundreds, if not thousands, of people they will impact in the next decades.”
Galip Berik ’22 Istanbul, Turkey
Galip, who prefers the nickname Sina, studied at an American high school in Turkey where he took first place (out of 521 startups) in a global pitching competition. He spent most of his free time playing the saxophone in the high school orchestra and drums in a rock band with his friends. Music has always been a part of his life—a passion he continues to pursue at Babson. With an outgoing personality, a business mindset, and an interest in helping other entrepreneurs improve their pitches, the Global Scholars program allowed Sina to pursue the business education of his dreams. He now has hopes of one day starting his own business.
“People have made generous donations for me to have an education, and have given this aid to a student who was a complete stranger. We were not family and didn’t know each other, but they cared about me.”
Dur-e-Nayab ’22 Islamabad, Pakistan
Dur-e, who prefers to go by Dure, was attracted to Babson because of a desire to explore both business and humanitarian studies. She wanted to connect those interests to social entrepreneurship and gender equality. Over the years she has written a number of published short stories about women in patriarchal societies, Afghan immigrants in Pakistan, and victims of human trafficking in Ohio. Currently focusing on business analytics and corporate law, Dure’s long-term goal is to start a nonprofit to support victims of domestic violence and human trafficking. Thanks to the mentorship of Professor Melissa Leonard, Dure (who herself is a mentor to the Global Scholars Class of 2023) finds that she has a better understanding of her rights as a woman, and no longer feels intimidated about exploring male dominant fields like finance.
“The Global Scholars network is incredibly empowering; both the senior Global Scholars and the alumni of the program become friends and mentors, steering us in the right direction and becoming role models.”
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Our Faculty Elizabeth Swanson, PhD
Mandell Family Foundation Senior Term Chair in Literature and Human Rights Croton-on-Hudson, New York Professor Swanson teaches courses in African American literature and culture, international literatures, and human rights. She has been named Professor of the Year four times, most recently by the graduating class of 2019. With support from the Mandell Family in 2007-2012, she leveraged academic resources and was able to serve as Board Chair for the NGO Made By Survivors (now Her Future Coalition) to help fight human trafficking. This second term chair will fund the launch of a prison education initiative, expanding Babson’s current program that teaches entrepreneurship to incarcerated women at South Middlesex Correctional Center. It will also allow her to continue her scholarship, studying African American literature for clues to understanding the legacies of slavery and Jim Crow as they manifest in ongoing inequality.
“I am proud that the Mandells, who hold a strong philanthropic vision, have found my work significant enough to provide such powerful support.�
Babson professors are, first and foremost, dedicated teachers, connecting with their students inside and outside the classroom every day. Respected scholars, 87% of our full-time faculty hold a doctoral degree or its equivalent, and a majority are accomplished business founders and executives. They are experts in their fields, and are actively engaged with the industries and careers that Babson students desire. Thanks to the generosity of our donors, many professors hold endowed positions, the highest academic award the College bestows on faculty members. It allows our brightest minds to engage in creative research, vital collaborations, and strategic ventures. This enriches our academic environment and spurs innovation. An endowed position is an honor to the named holder, and an enduring tribute to the donor who establishes it. During Fiscal Year 2019, more than $2.5 million was raised for faculty chairs and awards.
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Miguel Rivera-Santos, PhD
Louis J. Lavigne Term Chair in Strategy and Planning Research Scholar Paris, France Associate Professor of Strategy and International Business, Miguel Rivera-Santos teaches courses in strategy, international business, and business-led poverty alleviation. As a member of the Re-imagined MBA Curriculum Design Committee, he was involved in developing new structure and content for the core of the MBA program to better adapt it to the rapidly changing MBA landscape worldwide, while preserving and strengthening what makes Babson unique. This new structure was successfully applied in the oneyear MBA program in summer 2019, and was rolled out in the two-year MBA program this fall. Donor support has allowed him to further develop his research, investigating how organizations react to conflicting demands in their environment, as is the case when a community in which they operate rejects their activities.
“Because the connection between my teaching and my research is very strong, I enjoy bringing insights from my own work into the classroom.”
Rajendra Sisodia, PhD
F.W. Olin Distinguished Professor of Global Business Whole Foods Market Research Scholar in Conscious Capitalism Indore, India Raj Sisodia, a founder and leader of the fast-growing, global Conscious Capitalism movement, was appointed to the Olin Chair in 2013 specifically to focus his work in this area. The tenets of Conscious Capitalism include a higher purpose for business (beyond profit) and an explicit focus on serving all stakeholders of a business, rather than the interests of shareholders alone. Businesses who adhere to this movement create cultures that are rooted in trust, transparency, integrity, and genuine care for human beings. When he is not in the classroom, Professor Sisodia travels the world, encouraging and inspiring audiences that include students, academics, entrepreneurs, executives, government leaders, and CEOs.
“Business can take wounded people, broken communities, and damaged ecosystems and make them whole again—and businesses that operate in this way are more successful and profitable over time.”
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Alumni Babson alumni are the backbone—and the heart—of the College. Year after year our alumni network grows stronger and more connected through volunteerism, signature events, local gatherings, and meaningful programs that promote the Babson brand and mission. Last year was no exception. Worldwide, 348 events were held, with more than 3,100 alumni volunteers contributing their time to make connections and drive attendance. The hard work of our alumni network paid off, in the form of 4,107 gifts received from registrations alone, totaling more than $150,000. An international network of more than 41,000 alumni call 119 countries home. Babson alumni have formed clubs in 39 international locations, on every continent but Antarctica and Australia—in countries as diverse as India, South Korea, Norway, and Brazil. With 25 alumni clubs in the U.S., from Atlanta to Austin and Salt Lake City to Seattle, alumni are gathering to network, socialize, fundraise, and inspire the next generation of Babson entrepreneurs.
Summer Receptions From New York to Bangkok, Summer Receptions are a beloved Babson tradition. Alumni from across the world invite newlyadmitted students from their area to hear firsthand about the opportunities available to them once they arrive on campus. Last year, Babson graduates hosted 25 Receptions with more than 900 alumni, parents, friends, and new students in attendance. 28
Posse Reunion During Back to Babson, more than 100 people joined to celebrate 15 years of Posse at the College. Posse also achieved a 60% donor participation rate last year—a 21% increase over the prior year.
Each year an enthusiastic group of alumni gather for a Red Sox preseason game in Fort Meyers, Florida. On March 17, 2019, 45 alums and their families attended to watch the Sox beat the Tampa Bay Rays.
Babson Street This year brought the launch of “Babson Street”—our online marketplace where alumni and friends can browse products and services from alumni-affiliated businesses. You can “walk” down this virtual Main Street, or make use of a simple search engine to find what you need. Whether you’re looking for rum or a robot, a vacation spot or a spot to buy chocolate, Babson Street now has you covered.
Mega Mentoring In April 2019, 100 alumni entrepreneurs volunteered their time and talents at a Mega Mentoring Session during the Blank Center’s Founders Summit.
The 13-member global board of Beavers of the Last Decade (BOLD) was created to encourage undergraduate alumni from the last ten years to continue their involvement and support of Babson through professional, social, and educational opportunities.
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Meet President Spinelli
On July 1, Dr. Stephen Spinelli, Jr. MBA’92 began his tenure as the 14th president of Babson College. His ties to Babson are strong. He’s a former student, professor, administrator, and Alumni Entrepreneur Hall of Fame inductee. During his first stint at Babson, he served as director of The Arthur M. Blank Center for Entrepreneurship and vice provost for Entrepreneurship and Global Management. A co-founder of Jiffy Lube, he’s also an accomplished entrepreneur. Since taking office, President Spinelli has been wasting no time. He’s been traveling near and far to engage with the Babson community, listen to their feedback, and incorporate it into his first big project—a new strategic plan that ensures Babson continues to thrive in today’s evolving environment. He’s passionate about higher education, quick to embrace novel ideas, and bullish on Babson’s future. 30
What’s the one word that describes you best? Exuberant. What’s your worst habit? I talk too much. Who was your most interesting teacher and why? It’s a tie. Bill Bygrave and Jeff Timmons. Both were great minds, superior classroom leaders, and brought process and people into dynamic intellectual and personal alignment. More than anything, they taught me that problems were opportunities.
You played football at McDaniel College. What’s one of the most important lessons you learned on the field? That how hard and how well you block for a teammate defines character and commitment more than anything else.
What are you most proud of? My 42-year partnership with my wife Carol. What song do you always sing along to? Anything my wife or son play. They’re both professional musicians.
What was the biggest surprise to you when you started this job? How much better the teachers at Babson are than I ever was!
You’ve recently been meeting with the Babson community across Boston, the U.S., and various cities around the world. What is one thing you keep hearing? That entrepreneurship is needed more than ever and that Babson must lead the way.
How will you make sure that happens? Strategy, execution, and hard work. What is the biggest challenge Babson faces right now? Turmoil in higher education...costs, delivery systems, regulatory pressures, and atypical competition.
“Philanthropy is society’s investment in a better world.” How will philanthropy help us with that? I like to think of it this way: today’s young people will be tasked with solving tomorrow’s greatest challenges. Colleges and universities are responsible for training these future leaders and innovators, increasing access to opportunity, and unlocking the full potential of all types of people. That means institutions like Babson are poised to drive major change in the world. The next generation is counting on us! We need to make sure we’re providing students with the skills and values that improve the human condition. Philanthropy is society’s investment in a better world. It makes sure we’re able to do an excellent job with this important responsibility.
How will donors help create that change? Babson will partner with donors to create strategic initiatives that elevate the education we deliver and improve the lives of our stakeholders.
What are you doing to make the world a better place? I’m serving the most important college in the world. 31
The President’s Society Through the President’s Society, we recognize Babson’s most generous and committed stakeholders who give annually to the College. In Fiscal Year 2019, 1,617 donors gave at this level (an increase of 182 new members over the previous year) and collectively donated almost $20 million.
CHAIRMAN’S CIRCLE 70 members
Annual giving of
STAKEHOLDER’S CIRCLE
PRINCIPAL’S CIRCLE
40 members
66 members
Annual giving of
Annual giving of
$100,000
$50K to $99,999
$25K to $49,999
PARTNER’S CIRCLE
DIRECTOR’S CIRCLE
1919 CIRCLE
304 members
166 members
383 members
Annual giving of
Annual giving of
Annual giving of
and above
$10K to $24,999 GREEN CLUB 588 members
$5K to $9,999
$1,919 to $4,999
Young alumni are inducted into the President’s Society at an introductory gift level ranging from $100 to $1,600, based on their graduation year.
The Circle of Distinction, the College’s first lifetime giving society, was launched this past May with an inaugural cohort of 83 individuals. Members include preeminent benefactors who have given $1 million or more to the College during their lifetime, changing the course of Babson’s future through their philanthropy. Additional members will be inducted each year. 32
Better Babson. Better World. Because of you, Babson remains the undisputed leader in entrepreneurial education. Learning, in all of its forms, has been enhanced. By aligning passions, you’ve brought new life to our campus and improved the student experience. You’ve spurred innovation and research, and a thriving academic culture. Most importantly, you’ve ensured that all students leave equipped with the tools they need to make transformative change and help solve the problems we face, both locally and globally. By making Babson better, you’ve made the world better too.
If this report has sparked new ideas, if you want more information on the programs and initiatives referenced, or if you just want to reconnect with the College, we hope you’ll let us know. movetheworld@babson.edu
Office of Advancement 231 Forest Street Babson Park, MA 02457 781-239-4800
babson.edu/giving