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43 BizEd July/August 2014 establishment of the campuswide George Eastman Circle (GEC), our unique annual giving fund. GEC membership requires individuals to make a five-year unrestricted com- mitment of at least $1,500 annu- ally and has gradations up to more than $50,000 per year. Donors who make this commitment receive networking opportunities, as well as invitations to hear speakers such as David McCullough, Maureen Dowd, and Bill Clinton. Nearly 500 alums, friends, faculty, staff, and even students now support Simon through this philanthropic vehicle. Through the GEC, the Simon School has doubled contri- butions to its annual fund. Such giving augurs well for future philanthropic support, given that donors who give at least $1,000 annually to an organization for five consecutive years are more likely to make major gifts to that organiza- tion in the future. Fund structures like that of the GEC make philan- thropy a habit of the heart. Throughout our strategic plan- ning and advancement activities we have sought to cultivate a sense of ownership among our alums and friends. Just as people wash cars they own and not the cars they rent, so too are people more inclined to "take care of" a school that is inte- grated into their own identities. Finally, we also expect to raise money for the school by commercial- izing university ideas and supporting venture creation in our region. Uni- versities are idea factories, integral to the socioeconomic success of their communities, and business schools are uniquely well positioned to drive this value generation on campus. The Simon School's partnerships with the schools of medicine and engineering, mentioned above, will promote entrepreneurship on campus. Supported by a seven- figure gift from an alum, we have started a student venture capital fund that teaches our students what it takes to succeed as entrepreneurs and venture capitalists—and allows our school to take equity posi- tions with promising ventures, particularly those with ties to our university and region. We also offer elective entrepreneurship courses that focus on commercializing university-generated knowledge. By having a stake in this process, a business school can generate signifi- cant returns to universities open to such market opportunities. The Bottom Line While the financial climate presents a future of hard work for busi- ness schools, opportunities await institutions that practice what they preach. Like Dorothy with her red shoes in "The Wizard of Oz," we have had the power all along. Now we need to apply it. On June 30, Mark Zupan stepped down as dean of the University of Rochester's Simon Business School, where he has served since 2004. After a sabbatical, he will return as a profes- sor of economics and public policy.