Sloan Alum Donates $25 MillionBy Naveen Sunkavally
The Sloan School of Management has announced a $25 million dollar donation from E*Trade founder William A. Porter ’67 and wife Joan Porter to be used for the construction of a new multi-purpose management facility.
The $25 million donation for the William A. Porter Management Center, raised as a part of the $1.5 billion capital campaign, officially kicks off fundraising efforts for the $55 million necessary for the building, said Richard Schmalensee, dean of the Sloan School of Management.
At this point, neither a site nor an architect has been chosen for the building.
Sloan actively searched for funds
“We’ve been talking about [the building] for sometime ... it didn’t come out of the blue,” Schmalensee said. “We’re operating in seven buildings and don’t have much space.”
Schmalensee said that he expects the new building to be used for classroom, office, and community space.
Associate Director of Communications at Sloan Paul J. Denning said, “The [new building] has been in the works for a few years, but there’s nothing on paper.” He said that the new building “will enable the school to bring together research, teaching, staff and student functions and activities currently housed in multiple locations across the MIT campus.”
Schmalensee said that the $55 million estimate is probably a bit low for the building. “I think we’ll have to look hard at [that figure]... it’s more likely to be low than high.”
Although the final site and architect won’t be decided until a few months, Schmalensee said that the building will definitely be on-campus.
“We’re not trying to run and hide... we want to be close to students,” he said.
Porter approached by Sloan
William A. Porter graduated from MIT in 1967 with an MBA from Sloan. In 1992, he launched E*Trade, a popular electronic brokerage firm.
“We asked [Porter] to consider the donation, and he did,” Schmalensee said. After Porter’s donation, Schmalensee said Sloan was able to obtain an additional pledge for $2 million.