Michael Knetter may just go down in history as one of the greatest fundraisers of all time. Knetter is the dean of the Wisconsin Business School. Other universities have managed to raise substantial amounts of money by naming their business schools after generous donors (think Carlson, Tuck, Goizueta, Sloan, etc.). But Knetter did something far more impressive. He managed to raise $85 million in return for promising not to name the school for the next 20 years. A bunch of boosters liked the fact that the school is simply called the “University of Wisconsin Business School,” and they were willing to pay to keep it that way, at least for 20 years.
As one of my colleagues pointed out, it probably would have been a lot cheaper for the boosters just to bribe the Wisconsin legislature to pass a bill preventing the naming of the business school, although that strategy would not have gotten them many positive headlines.
Apparently, Knetter is now offering a full slate of objects not to name at the business school. For $50,000, you can have a classroom not named after you. For $5,000, you can not have your name on a plaque in the entryway to the building. For those of you with a little less to give, $50 will guarantee that the urinal of your choice will go unnamed. But only for the next 20 years.
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#5 – was this really worth commenting on?
As alum of the Wisconsin School of Business and a marketing/branding professional, I couldn’t be prouder to have Wisconsin be the namesake of my now better funded alma mater.
Bob, was that really worth posting?
Is it just me, or does a business school named after a large donor sound MORE prestigious?
#12, sometimes a name can sound more prestigious. Sometimes not. Depends on who the person is.
The Buffett School of Business has a nice ring to it.
The Spitzer Womens’ Residence Hall – not so much.
U of C GSB doesn’t have a namesake. Harvard Business School doesn’t. Kellogg (Northwestern)does. I think Wisconsin is onto something here. Donations without strings.
As a current Wisconsin Business student, I love the fact that this brings the idea of naming something more in-line with naming in the corporate world. The Staples Center in LA will only remain the Staples Center as long as Staples is willing to pay for that right. Why should a business school short change themselves of millions of dollars of potential revenue by giving something in perpetuity for $50 million that will be forth $150 million in 15 years.
The purpose of not just naming the school the “University of Wisconsin School of Business” was to treat naming the school as an option. The value of this option will be far greater 20 years from now giving the school the opportunity to cash in on it if need be or renew the option for another 20 years.
Sam Zell should do this with Wrigley Field.
Ask the fans to pay to keep the name.