We begin a new academic year at Harvard Business School in the midst of a fascinating and compelling time in the history of business. In keeping with the mission of the School — to educate leaders who will make a difference in the world — we are intensely interested in the dynamic forces shaping business today. Our focus is on the development of ideas and the creation of programs and experiences that will enable leaders to be effective in a turbulent and changing global economy.

To bring you up to date on our progress, I would like to highlight several of the initiatives we have launched in the last six years that already have proven fruitful. These innovative efforts are allowing us to seize opportunities we only had begun to imagine at the outset but now have become vital to the mission of the School. Support for these initiatives will be critical to our continued success.

Since 1997, as part of our Global Initiative, we have opened HBS research centers in Silicon Valley, the Asia-Pacific (Hong Kong), and Latin America (Buenos Aires). By providing our faculty with support of many types — including logistical, research, and technical — these offices help expand the international content of our curriculum and build deeper relationships with business and academic communities in key areas of the world. We are seeing dividends in the development of an increasing number of internationally based cases and a growing number of research opportunities in companies around the globe. A European research center planned for Paris will further enhance our facultyís ability to conduct in-depth, field-based studies away from Soldiers Field.

Closer to home, several campus renewal projects are strengthening the residential experience at HBS and adding to its educational value. Since its opening early this year, the Spangler Center has provided a central gathering place where our students, faculty, and staff can dine, exchange ideas, and relax. Hawes Hall, a state-of-the-art classroom building now under construction adjacent to Aldrich Hall, will add much-needed MBA classroom space when it opens early next year. Plans are also on the drawing board for new facilities to house lifelong learning activities and academic activities related to faculty development and for an academic center and a major renovation of Baker Library.

Technology is another area where we have made substantial progress. Six years ago, we set out to become a leader in the field of technology in education. We now know how to use technology effectively to deepen the learning experience — using video, workplace simulations, and two-way interactive satellite feeds, for example, to bring the world into the classroom. We have also built an infrastructure for expanding our efforts in e-learning and for strengthening our outreach to alumni. Our progress in this area has created an interest in innovation and the pursuit of new opportunities, and we are eager to take advantage of that momentum. In addition to these initiatives, we are committed to making significant investments in people. One of the greatest traditional strengths of the School is its faculty. We are poised to explore new fields of inquiry that will require our faculty to pursue difficult and complex topics, crossing disciplinary and global boundaries. To recruit and retain educators with the ability to bring the required energy, intelligence, and creativity to bear on these challenges will require a high level of further investment.

We are also looking hard at the issue of fellowship aid for students. Our effort to attract the finest potential leaders from around the world — regardless of their ability to pay — has increased substantially the need for financial assistance. In the future, we would like to enable more of our new graduates to focus on their ambitions and talents when making their first employment decisions, rather than the repayment of heavy debts.

Dramatic opportunities lie ahead, and you, our alumni, have a critical role to play. When we say that the Schoolís mission is to educate leaders, this is not just a rhetorical phrase. You really do make a difference in the world. In the course of your professional and personal lives, we see a tremendous breadth of engagement: in multinationals and start-ups; in nonprofit, philanthropic, and government organizations; and in museums, hospitals, and religious institutions.

To meet your needs as your careers and interests progress, we have begun to think about ways to provide lifelong learning opportunities that coincide with the patterns we see in your lives. Three continuing education programs exclusively for alumni — The Entrepreneurís Tool Kit, Strengthening Your Role as a Nonprofit Board Member, and Transitions and Transformations — have been well received. A new program, Charting Your Course: Alumnae Career Choices and Transitions, was designed to bring together alumnae — many of whom have reduced their professional commitments for some time in order to raise a family — and help them develop individual strategies for building new leadership roles in business and nonprofit organizations. All of these efforts have brought home to us that we can have a positive impact on your lives well after you leave the HBS campus.

Along with all you do to make the world a better place, we appreciate your ongoing generosity to the School. You help with case research by opening your companies to our faculty, sharing your experiences as business practitioners, and returning to the classroom to participate in case discussions. You provide invaluable counsel as members of our advisory boards. You help keep us close to practice and responsive to change in the business world. In addition, your financial support provides a margin for innovation, allowing us to move ahead on projects that keep HBS at the forefront of business education. Your commitment allows us to embrace change, push boundaries, and broaden our vision for the future.

In closing, I would like to thank Neil Rudenstine, who showed tremendous support for the Business School throughout his tenure as Harvard University president. Neil has been a wise friend and counselor, and I am grateful for his leadership. Our new president, Larry Summers, is a longtime friend and colleague whom I have respected and admired for many years. I look forward to working with him on the challenges and opportunities that lie ahead for the Business School and for the University.

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