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FOR
IMMEDIATE RELEASE
FROM: Nancy
Gardner (206) 543-2580
nancylou@u.washington.edu
DATE:
August 2, 2006
 The
University of Washington Business School announced today
the gift of $1.5 million from Robert J. Herbold, managing
director of Herbold Group, LLC, to establish an endowed professorship
in entrepreneurship and a venture creation laboratory within
the school's Center for Innovation and Entrepreneurship.
One-third of Herbold's gift will be used to establish the
Robert J. Herbold Professor of Entrepreneurship while $1
million will be used to build the Robert J. Herbold Venture
Creation Lab. Faculty members from various academic disciplines
teach through the Center for Innovation and Entrepreneurship,
whose goals include providing education and training for
future entrepreneurs and scholars and nurturing the development
of future companies.
The retired executive vice president and chief operating
officer of Microsoft believes innovation and entrepreneurship
are key issues and should be elements of a business education.
"The University of Washington is a tremendous asset
to our region that we should all treasure, foster and support," said
Herbold. "Regardless of what they study, I believe young
people benefit greatly from exposure to innovation and entrepreneurship.
Also, our society benefits tremendously when a student gets
excited about business and exhibits the kind of ingenuity
and creativity the UW's entrepreneurship program fosters.
I hope this gift will help make this kind of thing happen
more often. I want students to get excited about business,
which is fast-moving and demands ingenuity and creativity.
Business is all about putting bright ideas in front of people
who will pay money for them."
Established in 1991, the Center for Innovation and Entrepreneurship
operates within the UW to promote entrepreneurship education
and practice to students and faculty who are interested in
creating companies. When completed, the Herbold Venture Creation
Lab will provide technological resources and spaces for students
from multiple disciplines who want to work collaboratively
on developing business plans and analyze the commercialization
of UW technologies.
Business School Dean James Jiambalvo said the creation of
the Herbold Venture Lab represents a major milestone for
the center and will help with the school's efforts to recruit
top faculty with entrepreneurial expertise.
"We have the entrepreneurship curriculum in place and
with this very generous gift we will be able to provide students
with a laboratory dedicated to venture creation," said
Jiambalvo. "Bob's contribution will allow students from
across campus to work on their new ventures, meet with an
entrepreneur in residence, or practice their investor pitches."
Herbold holds a bachelor of science degree from the University
of Cincinnati and earned a master's degree in mathematics
and a doctorate in computer science from Case Western Reserve
University. After spending 26 years at Procter & Gamble
Co., he served as chief operating officer of Microsoft from
1994 until 2001. He is managing director of Herbold Group,
LLC, a consulting firm, and is a UW Business School advisory
board member. An accomplished author, public speaker and
consultant, he sits on the boards of several major corporations
and is an adjunct professor at the National University of
Singapore.
Since the Business School began its building fundraising efforts in 2002, it
has raised more than $47 million from private donors, as well as a commitment
of $40 million from the University of Washington toward the $120 million building
project. Groundbreaking for the new building is set for 2008.
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