Perfect Synergy for New Raisbeck Dean Position

The year 2009 will be a memorable one for the College of Business. This fall, the college will launch its new business and technology Ph.D. program, the first interdisciplinary program in business in the nation.

Another memorable event has already occurred with the recently created endowed dean’s chair in the College of Business. The position was established through a $3 million gift from David and Ellen Raisbeck, both 1971 graduates of Iowa State. This is only the second endowed dean's position on campus.

Dave and Ellen Raisbeck

Labh Hira, the Raisbeck Endowed Dean, says while it may be a coincidence that the two events occurred in 2009, they are also invariably linked. "The timing is perfect," he said. "A Ph.D. program is very expensive and we’ll need additional resources to do this right."

Some of the additional resources for the Ph.D. program will come through the endowed position. The endowment provides perpetual financial support to the college, with funds to be used at the discretion of current and future deans. Additional funding for the Ph.D. program has been established through the Business Ph.D. Endowment Fund created by Russell and Ann Gerdin, long-time supporters of the College of Business through a $1 million gift.

Hira says the initial discussion about the college’s needs has focused on the Ph.D. program and the recruitment and retention of faculty.

It is estimated that an additional $120,000 to $150,000 will be generated through the Raisbeck Endowed Dean fund on a yearly basis. What makes it even more important to the College of Business is that those funds are unrestricted.

"This is a unique, unrestricted gift," Hira says. "The dean has the ability to use the funding for any number of initiatives the college will have in a given year. It’s a tremendous tool to help build our college programs and recruit and retain the very best faculty possible."

The additional funding also comes at a critical time, given state budget cuts and the need to get the Ph.D. program off the ground.

"The reputation of a new academic program is usually determined in the first few years," Hira said. "We want to do it correctly and get this program off on the right foot. The type of funding we’re getting from the endowed dean’s position can have a significant impact on our program.

"Plus the flexibility it provides us because it is an unrestricted gift is ‘icing on the cake.’"

The Business and Technology Ph.D. program is a full-time residential program. It will focus on theory development and testing in areas relating to the management of three critical resources of any organization — namely, management of a firm’s customers, supply chain, and information infrastructure.

The Raisbecks have been long-time supporters of Iowa State. They established the David and Ellen Raisbeck President’s Leadership Initiative Award and a gift for the Raisbeck Career Services Center in the Gerdin Business Building. Dave Raisbeck is also a member of the College of Business Dean’s Advisory Council.

"We want to make sure Iowa State students are prepared for tomorrow’s business world," Dave Raisbeck said. "The best-prepared students are those who possess global knowledge and experiences. It is our single-most significant challenge over the next 30, 40, 50 years. We are engaged in a global society in a way we never were before."

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