Ernest Rady (left), Pardeep Khosla and Robert Sullivan shortly before the announcement. Photo by Chris Jennewein

UC San Diego announced Tuesday that San Diego businessman and philanthropist Ernest Rady has committed $100 million to help recruit faculty and fund continued growth of the Rady School of Management.

“What a magnificent first 10 years — and the school is just getting started,” said Ernest Rady. “Dean Sullivan and other leaders within the community held a vision of a business school in a symbiotic relationship with the innovative culture of our region. The school is already exceeding expectations and there is so much more to come.”

The Rady School of Management at UC San Diego. UCSD photo

With a $30 million lead gift in 2004, Evelyn and Ernest Rady and the Rady Family Foundation helped establish what has become a world-class, entrepreneurial business school. They also contributed $5 million toward the expansion of the business school’s campus, and gave other significant gifts to ensure excellence at the school.

“The Rady School is an integral part of UC San Diego and a vital, entrepreneurial component to San Diego’s science and technology communities. The generous commitment from Evelyn and Ernest Rady and the Rady Family Foundation allows the school to continue its tradition of success and impact,” said UC San Diego Chancellor Pradeep Khosla.

The gift was officially announced at a ceremony Tuesday morning on the Rady campus attended by several hundred students, faculty and community leaders.

“You have helped us become a world-class institution in less than 10 years,” Khosla said to Rady at the ceremony. “We are destined for greatness, and this lift is going to get us there.”

Dean Robert Sullivan described the gift as “the largest single commitment in history to a business school of Rady’s size and youth” and said it will enable recruitment of world-class faculty. He thanked Rady for his early commitment to the new school.

“We were a long shot. There were people back in 2004 who didn’t believe the school would survive,” Sullivan said.

Rady said the new gift is driven by his philosophy of “Return on Life,” or ROL, and he was “overwhelmed with gratitude” by the work done at the school.

“We want the resources that we’ve been fortunate enough to accumulate to go to help other people,” he said. “That help could be for a student who receives a fellowship to attend the region’s top business school. Or success for a start-up whose founders learned how to turn ideas into opportunities. Or saving a child through technology and science developed by a Rady graduate.”

Since its founding a decade ago, the Rady School of Management at UC San Diego has distinguished itself as a pioneer in a new model of business education. The school’s concentration in innovation, entrepreneurship and collaboration has led to rapid growth, and graduates have launched over 80 successful companies. Bloomberg Businessweek ranked the school as the number one MBA program in the U.S. for intellectual capital.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.