This is an interesting report, but we note here that Stanford and major US Universities like Berkeley, Yale, Princeton, Harvard have provided scholarships to many African students since the 1960s when Ghana and other African nations obtained their political independence from the European colonial masters. What happened as a results of these scholarships is another issue often called brain drain, but perhaps better understood in terms of lack of opportunity to apply the talent in the extractive and oppressive atmosphere where the value of Scientists, Engineers and well educated professionals were sidelined. To understand, one has to evaluate the fundamental nature of African societies, even after independence, which offered few opportunities for modernization. In the last half century, in most cases, very few kept political and economic powers to themselves either through the gun, or civilian greed and selfishness.
Since encounter with European traders in the thirteenth and fourteenth centuries, Africa has always been a good sources of trade except for the one-sided power imbalance of the trade and how greedy and extractive the trade was. Local Chiefs and Kings were recruited as participants in the trans-Atlantic slave trade that benefited Europe and America and left African nations in shambles with little development.
This program seems to have potential to close some of the loopholes and why Africa still has remained mostly a basket case of extractive economy despite all previous aid and scholarships. The SEED capital program for entrepreneurs, especially if well managed and not left in the hands of African governments, will be the best help as the well educated will have some capital that has been lacking, to assist creative minds and create needed partnership and a more equitable business relationship with the West.
Stanford Graduate Business School has introduced a new Grant created to encourage African citizens, with a commitment to the continent?s development, to pursue an MBA at Stanford.
The Ivy League School announced its first Africa MBA Fellowship late last week. The school will award up to 8 fellowships every year. The fellowships will each cover tuition and other related fees totalling approximately 140,000 US Dollars.The fellowship has been launched as a pilot and is expected to continue for three to five years.
Stanford recognizes that Africa is home to 6 of the world?s 10 fastest-growing economies. The continent offers the highest level of return on foreign direct investment in the world. At the same time, Africa accounts for just 2% of global trade. ?There are both great opportunities for economic development as well as management challenges,? said Stanford Graduate School of Business dean Garth Saloner, who grew up in South Africa.
?We are committed to supporting the education of promising high-potential leaders who will make a difference in the continent?s future. Moreover, African students in our program provide direct insight into an emerging global economy that is increasingly powerful in business.?
In addition, the Stanford Africa MBA Fellowship is consistent with Stanford GSB?s continuing investment in developing future leaders who understand the implications of Africa?s growth.
In summer 2012, 10% of Stanford MBA students worked in Africa. In 2011, Stanford launched the Stanford Institute for Innovation in Developing Economies (SEED) with a $150 million gift. SEED aims to train on-the-ground entrepreneurs to scale their businesses and create jobs. Its first innovation hub will be introduced in West Africa in 2013. The school also supports an annual Africa Forum and Africa Business Club at Stanford.
To be eligible for the fellowship, students must be a citizen of an African country. Dual citizens are eligible as long as one citizenship belongs to an African nation. Permanent residents of an African country are not eligible. All fellowship applicants must first be admitted to the Stanford MBA Program through the same process as other applicants. All applicants will be assessed on Stanford?s admission criteria of intellectual vitality, demonstrated leadership potential, and personal qualities and contributions. Stanford Africa MBA Fellows must return to work in Africa within two years of completing the MBA and work for a period of at least two years there. To determine a fellowship applicant?s financial need, s/he must complete Stanford?s financial aid process after admission.
The process for admission and fellowship application is as follows:
1.Apply to Stanford MBA Program in either the first or second round. Deadline dates for 2013-2014 are October 2, 2013, for Round 1 and January 8, 2014, for Round 2.
2.Receive an offer of admission in first round (December 11, 2013) or second round (March 26, 2014).
3.Apply for need-based financial aid by the deadline date. After reviewing financial aid applications, Stanford GSB will notify you if you are selected as a Stanford Africa MBA Fellow.
4.Confirm enrollment in Stanford GSB and accept the Stanford Africa MBA Fellowship.
5.Matriculate in, and successfully complete, the two-year Stanford MBA Program.
6.Within two years of graduation from the Stanford MBA Program, return to Africa. Work in Africa ? in business, government, or a nonprofit organization ? for at least two consecutive years.
Source: Stanford GSB Website