Making lots of money and doing good in the world at the same time are not contradictory concepts according to Peter Blair Henry, the current dean of New York University Stern School of Business interviewed on February 24, 2013 by The New York Times. His refreshing viewpoint emphasises that there is a different way of thinking about the role of business in society. As the dean of one of the most prestigious business schools in the world, he is trying to educate a new generation of business leaders that want to make the world a better place. While considered avant-garde in the developed world, his vision is crucial for the developing world including Pakistan’s new business elite and educators.
In the current competitive world, no country can be developed and brought to its full potential without having an easily accessible system of education that is of high quality and supports creativity and talented students. One of the critical objectives of higher education is to support the large pool of talented but financially disadvantaged students to reach their goals and become the next generation of leaders, scientists and professionals who can lead the country out of poverty into an economically sustainable nation.
Giving back Supporting education, especially higher education in Pakistan has never been more important or time-sensitive. Big businesses, corporations and also self-made wealthy people in Pakistan must realise that the future of the country and their business’ success depends on the quality of the education delivered today. Their donations to support student education through fellowships or student endowment funds are critical to the advancement and accessibility of education. It is especially important to consider the power of small but continuous donations in a populous country like Pakistan.
The power of numbers is impressive and can make a real difference in fundraising for education (see: ‘Civic duty: university education for the community, by the community’, Dawn April 7, 2013). Even a small contribution to a student endowment fund can over time grow and increase the chances that talented young persons become successful and make a difference in the world.
To enable more students to access and receive a quality education is the goal of the PEP Foundation programme: the Student Advancement Fund Endowment (SAFE). The endowment fund is dedicated to provide scholarships and financial aid to needy students. It is invested in guaranteed income instruments such as government bonds with only half of the gains, at the end of each year used for scholarships. The other half of the gains together with the principal are reinvested so that SAFE becomes a source of awarding scholarships in perpetuity.
The scholarship programmes supported by SAFE ensure that talented students are not deprived of their education because of their financial status and will have a chance to excel in their studies. With initial financial assistance from PEP Foundation, SAFEs have already been established at the University of Punjab; the University of Engineering and Technology, Lahore; Government College University Lahore; Government College University Faisalabad; the Beaconhouse National University, Lahore; Lahore College for Women University; and University of Agriculture Faisalabad while Memorandums of Understanding have been signed with 19 additional universities.
Everyone in the community, including business leaders and philanthropists may contribute to these student funds at any time by contacting their local universities or during the university’s designated education fundraising week.
Next generation of philanthropists The receivers of these funds will become not only the next generation of leaders, but also the next donors and philanthropists who can contribute to the institutions that have helped them. However, it is important that even those who are blessed to have the support of their families and do not need financial assistance for their education know the value of philanthropy. Encouraging volunteering and donating to noble causes such as education or other community needs, makes students responsible citizens and can be regarded as a part of their civic education.
Similarly, community service must become part of school curricula to instill civic duty and compassion in students, and also make their education relevant to the needs of the community around them. The next generation of professionals, leaders and scientists will include those talents that employ global solutions to local needs and can easily apply their intellectual abilities and financial power to make the world a better place, starting at home.
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