Dartmouth College has announced a $20 million pledge from Allison and Rick Magnuson ('79) in support of a new center for entrepreneurship.
In addition to the Magnusons' gift, which was announced in conjunction with the launch of the public phase of a $3 billion capital campaign, the school received sixteen gifts of $1 million each from alumni leaders in technology, venture capital, and private equity, bringing total commitments in support of the center to $36 million. To be named the Magnuson Family Center for Entrepreneurship at Dartmouth College, the center will serve as a hub for entrepreneurially minded students and faculty, offering students a robust mix of co-curricular programs as well as programs for faculty and alumni.
The Magnusons were among the first supporters of a four-year pilot project the college launched in 2013 to expand the Dartmouth Entrepreneurial Network. In the years since, the DEN Innovation Center has incubated more than a hundred ventures, awarded more than $400,000 in grants, matched and funded thirty startup internships, and provided three hundred hours of one-on-one mentoring.
Rick Magnuson, founder and executive managing director of private equity firm GI Partners, recalled how he and his classmate John Saer ('79) established a transportation service while they were undergraduates. "I want as many Dartmouth students as possible to have the same opportunity that John and I had — and the center for entrepreneurship is going to help students, and faculty, who want to execute on their innovative ideas," said Magnuson. "Through its co-curricular program, the center will offer students the opportunity to learn basic business skills, providing a foundation for success."
(Photo credit: Eli Burakian/Dartmouth College)