Kansas State University's College of Business Administration will create the Center for Principled Business, advancing the study of effective practices that foster business leadership, innovation and growth for the benefit of society.
"The Center for Principled Business will build on our key strengths in entrepreneurship, business ethics and economic education,” said Kevin Gwinner, Edgerley family dean of the College of Business Administration at Kansas State University. "We are excited to educate the next generation of business leaders through the teaching and research activities of the center."
The creation of the Center for Principled Business is made possible thanks to a $2.75 million gift from the Charles Koch Foundation, and leadership gifts totaling $1.85 million from Brad and Sheri Razook, Wichita; Charlie and Marla Chandler, Wichita; and Ron and Suzanne Vaupel, Bloomfield Hills, Michigan. The center is a partnership, and additional partners will be sought.
The Center for Principled Business will:
• Include a certificate in business innovation, a five-course sequence for Kansas State University students that includes coursework in finance, management and entrepreneurship.
• Sponsor business research in efficient capital allocation, employee and company values, business organizational and governance structures, individual employee empowerment, decision making, and compensation systems with the goal of improving the practice of business.
• Administer a summer research grant process open to all Kansas State University faculty and a curriculum development grant program to encourage faculty research in this area.
• Engage working professionals with noncredit offerings that enhance their ability to manage and operate within their own organizations.
• Support students through scholarships to assist in the study of effective business practices.
• Offer noncredit courses such as seminars and workshops for Kansas State University students and working professionals, as well as summer programs and workshops for K-12 students.
The center personnel will consist of a director, an administrative assistant, and four faculty in the departments of Management and Finance, with research and teaching interests in areas such as corporate governance and organizational performance, compensation and performance management, entrepreneurship and corporate innovation, business ethics and the law, and the efficient allocation of financial capital.
"As longtime supporters of Kansas State University, we are thrilled to see them build on an already strong faculty and add to their impressive student offerings. This new program is especially exciting in that it will support students studying the ways in which they can create value for their communities as the business leaders of the future," said Ryan Stowers, executive vice president of the Charles Koch Foundation.
"This generous gift, made possible through the leadership of the Charles Koch Foundation and several loyal K-State donors, exemplifies our shared commitment to develop exceptional future business leaders through K-State's College of Business Administration," said Richard Myers, Kansas State University president. "Their investment in K-State faculty, students and programs will contribute to the success and stature of the College of Business Administration and will help propel K-State toward its mission of becoming a top 50 public research university."
As Kansas State University's strategic partner for philanthropy, the KSU Foundation inspires and guides philanthropy toward university priorities to boldly advance K-State family. The foundation is leading Innovation and Inspiration: The Campaign for Kansas State University to raise $1.4 billion for student success, faculty development, facility enhancement and programmatic success. Visit www.ksufoundation.org for more information.