The $400 million Knight-Hennessy Scholars Program will fully fund 100 high achiever students pursuing graduate degrees at any of Stanford University’s seven schools, including Stanford Graduate School of Business (GSB).
Announced in February 2016, the scholarship is named after Stanford alumnus Philip H Knight, (MBA’62), phillanthropist businessman and co-founder of Nike Inc. along with Stanford’s outgoing President John L. Hennessy.
Knight said it was also intended, in part, to honour Hennessy’s 16-year long tenure.
The selected scholars will receive funding for three years to pursue master’s or doctorate level degrees, or professional programs along with education in leadership, innovation and other curricula designed to develop scholars’ capacity to lead ambitious change in a complex world, Stanford said in a statement.
“We wanted to create something enduring, that would be unlike anything else currently available to the world’s brightest minds, and that would make the biggest impact possible toward solving global challenges affecting the environment, health, education and human rights,” said Hennessy, who will serve as the program’s inaugural director after stepping down from his current role as president.
It also intends to recruit students from a wide range of backgrounds and nationalities who demonstrate leadership and civic commitment.
Scholars pursuing PhD or MD degrees will have the option to receive funding beyond three years, the University said. While the first applications would be accepted in summer 2017, the first Knight-Hennessy Scholars will be admitted for fall 2018.
“While we have seen great achievements in this century, future progress will depend upon our ability to tackle issues such as global poverty. By identifying rising leaders from around the world and exposing them to real-life challenges, the Knight-Hennessy Scholars program will equip scholars to lead ambitious change,” said King.
With a $750 million endowment, the Knight-Hennessy Scholars will be the largest fully endowed scholarship program in the world. More than 80 percent of the endowment will directly support the scholars, fully funding their graduate education and living expenses.
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The program represents the largest single increase in student financial aid in Stanford’s history. The scale of funding for the Knight-Hennessy Scholars will ensure continuity for generations to come, the University said.
Other gifts include a $100 million donation from Robert King, (MBA ’60), and his wife, Dorothy, and $50 million from Stanford Board of Trustees Chair Steven Denning, (MBA ’78), and his wife, Roberta, (AB ’75, MBA ’78). In total, dozens of Stanford benefactors have given more than $700 million to support the program, more than 90 % of the endowment goals. (Image Courtsey : news.stanford.edu)
