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Wharton School Receives Large Gift to Permanently Endow Innovation Management Institute

How can decision-makers across industries best manage the risks and rewards of innovation? Researchers at the University of Pennsylvania’s Wharton School have been studying that subject for years, and a recent major alumni gift will permanently endow an innovation management institute where that work will continue and expand, the school announced this week.

An earlier gift from Wharton alumnus William L. Mack, W’61, and his wife, Phyllis, established the Mack Center for Technological Innovation in 2001, and the couple’s 2013 gift has now transformed the center into the Mack Institute for Innovation Management, Wharton announced today. William Mack, a renowned global real estate and asset manager, was the founder and chairman of AREA Property Partners and today serves as chair of the Mack-Cali Realty Corporation board of directors and the Wharton Board of Overseers.

“Bill and Phyllis Mack are great champions for the Wharton School and the University of Pennsylvania,” Penn President Amy Gutmann said in a statement. “This generous new contribution will allow the Mack Institute to continue its growth and development as an incubator for research and education in innovation management,” she continued.

Led by world-renowned Wharton faculty George Day, Harbir Singh and Nicolaj Siggelkow, the Mack Institute will offer more student programs, enhance the school’s capability to commercialize Penn-owned innovations and support cutting-edge research and outreach initiatives focused on innovation management.

“This generous gift from the Macks will allow us to expand our reach and impact within the University, across the United States and throughout the world, which is vital because innovation affects all industries, from health care to engineering to government,” Mack Institute Co-Director George Day said in a statement.

Learn more about the Mack Institute for Innovation Management.