Stanford University understands how to educate entrepreneurs, advance discovery and incubate startups as few other institutions do. And with the launch of two new programs, we have an opportunity to extend that innovation model throughout the United States and the world—to make a transformative difference in people's lives and the world's economies.
We know that education and entrepreneurship can be powerful drivers of change, so the establishment in November of the Stanford Institute for Innovation in Developing Economies (fittingly known as SEED) by the Graduate School of Business was especially gratifying.
"More than a billion people live on less than $1.25 a day," Robert King, MBA '60, noted at the time. That may soon change, thanks to the Kings' tremendous vision and gift of $150 million, among the largest given to the University. SEED's focus will be to fight poverty by spurring the creation of new ventures and helping existing enterprises to scale in developing countries. As Dorothy King explained to the New York Times, they chose to invest in Stanford because "the relationship the university has in Silicon Valley, the range of expertise it has among its professors—it can't be replicated. The university can make our money more fruitful than we could on our own."
SEED's approach is multidisciplinary, collaborative and focused on addressing the needs of developing economies. The institute will work with entrepreneurs, on-the-ground managers and leaders to cultivate connections between research advances and the development of enterprises and innovations as well as improved management. This new center complements the kinds of activities Stanford has pursued through courses such as Entrepreneurial Design for Extreme Affordability and through related activities in the d.school directed at the developing world. SEED augments existing programs by focusing on building companies, creating jobs and scaling new ventures. It has the potential to multiply the impact of innovations and transform the lives of people living in poverty throughout the world.
Entrepreneurship education in the United States is the focus of the Epicenter at Stanford, another transformative venture launched earlier in the fall. Funded by a five-year, $10 million grant from the National Science Foundation, it will advance the education of undergraduate engineering students nationwide. In partnership with the National Collegiate Inventors and Innovators Alliance, the new center was established to develop, gather and share best practices and resources among more than 300 engineering schools across the country.
The Epicenter's goal is ambitious: to change the way engineers are educated in the United States and to extend the innovation chain that flourishes in Silicon Valley throughout the country. The center is directed by Tina Seelig, also the executive director of the Stanford Technology Ventures Program—a national leader in entrepreneurship education and the hub for innovation at Stanford's School of Engineering. As Seelig says, "The economic future of the United States is dependent upon unleashing the enormous untapped potential for innovation in America's talented engineering students."
In founding this university, Jane and Leland Stanford looked "a hundred years ahead" to envision a school that would make important contributions to society. More than a century later, Stanford continues to look forward—discovering new ways to have a beneficial impact. Both the Epicenter and SEED will help Stanford use its extensive experience in entrepreneurship to help create opportunities for people to advance through their own efforts and dedication.
John Hennessy is the former president of Stanford University.
