Boston University has announced a gift from entrepreneur Ravi K. Mehrotra to endow an institute at the Questrom School of Business dedicated to studying the role that business plays in advancing and solving real-world issues.

To date, the university has raised a total of $51 million in support of the Ravi K. Mehrotra Institute for Business, Markets, and Society (IBMS), including the naming gift of an undisclosed amount from Mehrotra and gifts from three anonymous donors. The institute aims to create and support targeted educational initiatives to enhance the understanding of the role of business in society, promote balanced discussions on capitalism, and conduct research that explores the complex interplay of the tensions that influence the balance between firm prosperity and societal goals. To launch with up to 12 affiliated faculty, IBMS will explore topics such as regulatory impacts on healthcare innovation; the promise and perils of implementing and measuring Environmental, Social, and Governance (ESG) sustainability; competition and antitrust; and how to improve the performance of governmental bodies through business practices.

Mehrotra is founder and executive chairman of Foresight, a London- and Dubai-based global shipping, drilling, and private equity firm. Not an alumnus of the university, Mehrotra decided to support the effort after a presentation by Questrom School dean Susan Fournier, Poets and Quants reports. In that presentation, Fournier emphasized the good that business contributes to society on one side with the growing vilification of business on the other.

“Boston University Questrom School of Business is among the world’s top-ranking schools for business administration and management programs,” said Mehrotra. “Questrom makes the ideal home for the institute because of its innovative curriculum, distinguished faculty, the diverse and global perspective it offers to students, and above all, its strategic location in Boston, the world’s most innovative finance, legal, and technology hub. An institute dedicated to exploring the intersections of business, markets, and society plays a pivotal role in bridging gaps in understanding and collaboration between these crucial domains fostering a more informed, ethical, and sustainable approach to commerce and economics.”

(Photo credit: Getty Images/Piranka)