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Quantitative Foundation Gives $20M To House Data Science, Entrepreneurial Initiatives
University of Virginia President Jim Ryan announced a $20 million commitment from the Charlottesville-based Quantitative Foundation on Thursday. The grant will support the construction of a new building to expand the School of Data Science’s research, scholarship and teaching capabilities, while enhancing a budding entrepreneurial ecosystem on Grounds.
Pending approval by the Board of Visitors, the planned building will be located beside the home of the School of Data Science at the east entrance of the Emmet-Ivy Corridor. The building will be dedicated to supporting the shared goals of the Data Science school and the emerging University priorities in entrepreneurship. The flexible space will help meet the growing needs of the school, including its expanded focus on producing high-level academic research and strengthening UVA’s entrepreneurial culture, benefitting the University, community and commonwealth.
The Quantitative Foundation has been one of the largest supporters of the University’s “Honor the Future” capital campaign, including its historic grant of $120 million in 2019 to establish UVA’s School of Data Science, the largest individual private grant in the University’s history.
Jaffray Woodriff, the founder and trustee of the foundation, is a 1991 graduate and an early pioneer of using data science to invest in the stock market, which he parlayed into a lucrative career.
“Jaffray Woodriff and the Quantitative Foundation have once again generously supported the growing field of data science at UVA, and I deeply appreciate their partnership,” Ryan said. “In addition to much-needed physical space, this gift will also enable more opportunities for entrepreneurial activity and collaborative research.”
In September 2023, the State Council of Higher Education for Virginia approved the creation of a Bachelor of Science in Data Science degree at UVA, a landmark development for the 5-year-old school. With the establishment of the major, the growing school – home to nearly 350 students and with more than 850 alumni from across its programs – now has a full offering of degree options for students at both the undergraduate and graduate levels. In April, the school opened a four-story, state-of-the-art building that includes adaptive classrooms, faculty offices, collaborative meeting areas, public spaces and research areas.
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In partnership with University leaders, Philip Bourne, the Stephenson Founding Dean of the School of Data Science and a noted biomedical researcher, developed a strategic plan for an additional facility. The plan aims to address growing student demand, expand translational entrepreneurial research and focus on faculty innovation – centered on the opportunities and challenges artificial intelligence presents.
“I am exceedingly grateful to Jaffray Woodriff and the Quantitative Foundation,” Bourne said. “Their initial gift enabled us to become the first, and one of the foremost, schools of data science in the nation. This additional gift will enable us to meet a future where data scientists work collaboratively with entrepreneurs and indeed become entrepreneurs in a world where public-private partnership will be vital to address societal problems.”
The new building will capitalize on a recent entrepreneurship initiative, UVA Innovates, and advance a goal of UVA’s 2030 strategic plan to coordinate existing and emerging entrepreneurship resources across Grounds.
In 2023, Michael Lenox, a University Professor specializing in business administration, was appointed special adviser to Provost Ian Baucom on entrepreneurship, and is coordinating the UVA Innovates initiative with Baucom, Ryan and others.
“I’m excited that we’re making great progress on realizing the vision of UVA leaders to bolster entrepreneurship among our students and faculty,” Lenox said. “The Emmet-Ivy Corridor is an important connection point on Grounds, and having space there will help us to bring together people from across the University who have entrepreneurial spirit. I’m grateful to Jaffray Woodriff and the Quantitative Foundation for making this possible.”
Woodriff expressed his enthusiasm about supporting the School of Data Science’s goal to become a recognized leader in high-level, thought-provoking research and to expand its reach across multiple academic disciplines, including entrepreneurism.
“It has been a delight to partner with President Ryan, Dean Bourne and the Board of Visitors throughout this process,” Woodriff said. “Since inception, the school has successfully reached out across academic disciplines. A building that houses both entrepreneurship and data science is an exciting idea with tremendous potential to further expand opportunities for the University and beyond.”
This article was originally published in UVA Today.
