Stephen Spinelli, President, Babson College
In an interview with Invest:, Stephen Spinelli, president of Babson College, highlighted the Wall Street Journal ranking Babson as the 10th best college in the United States. He emphasized Babson’s holistic approach to entrepreneurship, supported by the opening of the C. Dean Metropoulos Institute for Entrepreneurship and Technology to enhance the integration of technology and business.
What are some of the highlights or milestones for Babson College over this past year?
The Wall Street Journal ranking us as the 10th best college in the country is a significant milestone. This ranking focuses on outputs like job placements, career trajectories and salaries. In a market questioning the value of higher education, delivering substantial value is crucial. Record applications reflect our growing reputation. We were also ranked the number one school for career preparation, highlighting our superior curriculum and pedagogy. Our focus on high-level teaching and intellectual capital creation ensures top teaching standards. Our brand prepares individuals to create value, demonstrate leadership and understand technical issues, leading to substantial career success. This virtuous circle of excellent teaching, great outcomes and attracting top students continues to enhance our reputation.
How does Babson College differentiate itself in a competitive higher education market?
We view entrepreneurship holistically, excelling in new venture creation with numerous successful entrepreneurs. I’ve seen the college evolve through different eras as a student, professor, and now president. Initially, Babson was the only college teaching entrepreneurship, but now hundreds do. Our education model includes the Arthur M. Blank School for Entrepreneurial Leadership, which allows students to engage in co-curricular programming alongside their curriculum, becoming co-architects of their education. We offer various centers and institutes, such as the Cutler Center for Finance, Blank Center for Entrepreneurship and New Venture Creation, and the Frank and Eileen Center for Women’s Entrepreneurial Leadership. These programs enable students to customize their education, honing skills in decision-making and personal development. Support from donors like Arthur Blank and Ernesto Bertarelli has been instrumental.
What key partnerships and collaborations help provide real-world experiences for your students?
We offer a wide range of choices for our students, requiring them to decide how best to spend their time and identify opportunities. Our consortium of about 47 or 48 schools across the country shares curriculum and experiences, giving our students a global perspective. Our centers and institutes have numerous business relationships with alumni and other partners, such as Edible Arrangements, Planet Fitness and Dunkin’ Donuts. The Cutler Center for Finance partners with wealth management firms, offering teaching and internship opportunities. Students in a class also manage a portion of our endowment, gaining hands-on experience.
Partners from Jackson Academy send faculty to Babson to learn how to teach entrepreneurship. We share our research and teaching methods with the community, fostering growth. First-year students are required to start a business with real funds, providing real-world experience with alumni and company support. We have significant research relationships, notably the Global Entrepreneurship Monitor, which measures entrepreneurial behavior across various countries. This research, conducted for the U.S. and in collaboration with global partners, provides valuable insights and fosters global partnerships.
What impact do you anticipate with the new C. Dean Metropoulos Institute for Entrepreneurship and Technology opening this fall?
The interface of technology with business is crucial, both as an enabler and as a product or service. Dean Metropoulos, a successful alumnus, has generously supported this initiative. We have a special relationship with Olin College of Engineering, providing technical expertise that complements our entrepreneurial focus. This collaboration creates a dynamic learning environment. The new institute, supported by Metropoulos and our partnership with Olin, will significantly enhance our programming. At Babson, we continuously integrate technology. The pace of change is so rapid that it’s essential to incorporate technology into everything we do. We have several initiatives around AI, which are now almost essential for teaching assistants, research support, testing methodologies and new venture creation.
What are some of the key challenges you see higher education facing in the region?
As an entrepreneur, I see the primary challenge starting with market demand. Fewer people are going to college, and the value proposition of higher education is being questioned. With alternative learning options available, there’s significant pressure on the traditional model. The high cost of education is another serious challenge. We must focus on making a clear promise and keeping it. We need to explicitly address how attending Babson will enhance a student’s career and life ambitions. Our goal is for students to grow intellectually, emotionally and spiritually, creating both social and economic value.
Ensuring lifelong learning is another challenge. Education doesn’t stop at graduation; it’s continuous. We need to help students develop a platform for lifelong learning. Higher education has a huge opportunity to advance society by adapting to these changes. The key questions revolve around flexibility, meeting learners where they are and fostering collaborations. We are at the beginning of massive changes in higher education, which are mostly exciting, though sometimes daunting.
What are the top priorities for Babson in the next two to three years?
Our goal is to advance in the rankings by focusing on lifelong learning, improving infrastructure and delivering quality education efficiently and affordably. We’re updating our infrastructure with the Herring Family Entrepreneurial Leadership Village, which will include AI, a podcast program and laboratories. Expanding our network with corporate and community partners and other institutions is another priority. Companies recognize the need for continuous learning, and we are becoming an essential partner. With students from more countries than states, globalization is crucial to enhancing our global perspective. Though we have a beautiful campus, it’s just the core of a global institution. Partnerships are essential to our future, and we have strong relationships on almost every continent.