EMBA Graduate Donates US$20M to Chicago Booth

An executive MBA (EMBA) graduate has donated US$20 million to Chicago Booth to support social innovation and entrepreneurship.

Tandean Rustandy, who graduated from the school’s campus in Asia in 2007, made the gift to the newly named Rustandy Center for Social Sector Innovation.

Social innovation and enterprise efforts to benefit

The social innovation center is a hub for students, alumni and faculty who are tackling complex social and environmental problems — nonprofit leaders, social entrepreneurs and others who are committed to social impact. It works with for-profit and government organizations as well as the nonprofit sector.

Rustandy’s belief in a socially-beneficial approach to business was the driving force behind his decision to support Chicago Booth. After completing his undergraduate degree in 1987 at CU Boulder’s Leeds School of Business (to which he pledged close to US$6 million at the end of last year), Rustandy returned to his home country of Indonesia and worked in the timber industry. But, he left the position after just three years, finding the company’s vision and mission didn’t align with his ideals.

“I don’t believe in companies that just exist to make a profit. A company should also serve and guide people,” he said.

“I want to give to an institution that can create so much” says Chicago Booth graduate

Rustandy is the founder of Jakarta-based PT Arwana Citramulia Tbk, one of the best-performing ceramic tile manufacturing companies in world. 

“I’ve been blessed by God, so what I have I need to give back — and I want to give to an institution that can create so much, not just for the US but for all the world. That is why I want to give this gift to the University of Chicago and to Booth,” Rustandy said.

“As one of the most successful alumni of our Executive MBA Program in Asia, Tandean was able to apply his Booth MBA education to expanding his already successful business. This most generous commitment from Tandean will secure the future of Booth’s social enterprise activities,” said Doug Skinner, interim dean at Chicago Booth. The school’s EMBA placed third for North America in QS’s recent EMBA rankings but can be studied in London or Hong Kong (home to its EMBA in Asia since 2014) as well as in Chicago.

The donation comes as business schools strive to provide students with more opportunities to do good in the world, not just turn a profit.

Chicago Booth, for example, offers the Social New Venture Challenge (SNVC), focused on launching social enterprises. The business school also offers training programs for nonprofit board members, and produces research that advances social innovation and entrepreneurship.

Skinner added: “Our students and alumni are becoming increasingly interested in using their business training to solve social problems, and the Rustandy Center will serve as the venue for all of our efforts in this area.”