An alumnus from Indian School of Business (ISB), Satyanarayana Chava, CEO, Laurus Labs, contributed a monetary grant of ₹1.5 crore, to be awarded across three years to enhance the quality of teaching and research at ISB.
“ISB has shared a bond with its 6900-strong alumni, that is only getting stronger,” said a press release on Wednesday. A Memorandum of Understanding was signed between Laurus Labs and ISB.
Chava was part of the founding batch of the Post Graduate Programme in Management for Senior Executives. He had also earlier contributed to support the ‘Technology Commercialization’ programme for scientists at ISB.
Ajit Rangnekar, Dean, ISB, said, “The alumni, who also serve as brand ambassadors and standard bearers for the institution, contribute through work, wisdom and wealth.”
One of the traditions at ISB is every graduating class leaving behind a ‘legacy’ gift for the school. The alumni have also established an Alumni Endowment Fund which is used mostly for scholarships and research support. Close to ₹66 lakh has been contributed to this fund.
As a result of more alumni ‘coming back to School’, around ₹3.5 crore has been raised from alumni contributions over the last 6 years and around ₹2 crore as class ‘legacy’ gifts. Alumni ventures incubated under the “Entrepreneurs Development Initiative” have contributed to the tune of ₹1 crore.