University of Chicago Booth School of Business alum Tandean Rustandy just gave $20 million to the business school, with the aim of boosting social impact innovation.
The donation will rename Booth's center for social impact, previously named the Booth Social Enterprise Initiative, to the Rustandy Center for Social Sector Innovation. The center and donation will support students and faculty working on social and environmental issues in business and entrepreneurship, as well as work with nonprofit, for-profit and government organizations working on social impact innovation. The center's programs include the Social New Venture Challenge, an annual competition for social impact startups at the school.
Rustandy, a 2007 Booth MBA grad and founder of Jakarta, Indonesia-based ceramic tile manufacturing company PT Arwana Citramulia Tbk, said the gift was inspired by his own experience working in the timber industry at a company whose "vision and mission didn’t align with his ideals."
“I don’t believe in companies that just exist to make a profit," Rustandy said to Booth. "A company should also serve and guide people."
This is the latest in a series of donations that support the business school's social impact efforts.
Last year John Edwardson, a Booth alum and retired Chairman and CEO of tech solutions company CDW, gave $5 million to Booth to support the school's program for social entrepreneurs, following a $5 million gift he gave the school in 2013 which kickstarted the Social New Venture Challenge.
