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<!doctype html> <html data-n-head-ssr lang="en" data-n-head="%7B%22lang%22:%7B%22ssr%22:%22en%22%7D%7D"> <head> <title>HBS - The year in Review</title><meta data-n-head="ssr" charset="utf-8"><meta data-n-head="ssr" name="viewport" content="width=device-width,initial-scale=1"><meta data-n-head="ssr" data-hid="description" name="description" content=""><meta data-n-head="ssr" name="format-detection" content="telephone=no"><base href="/about/annualreport/2023/"><link data-n-head="ssr" rel="icon" type="image/x-icon" href="/favicon.ico"><script data-n-head="ssr" src="https://cdnapisec.kaltura.com/p/1423662/sp/142366200/embedIframeJs/uiconf_id/15982101/partner_id/1423662"></script><link rel="modulepreload" href="/about/annualreport/2023/_nuxt/8f71380.modern.js" as="script"><link rel="modulepreload" href="/about/annualreport/2023/_nuxt/0f86fe6.modern.js" as="script"><link rel="modulepreload" href="/about/annualreport/2023/_nuxt/1e4cb1a.modern.js" as="script"><link rel="modulepreload" 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button{display:block;color:#000;font-weight:600;font-size:2.4rem;padding-bottom:3rem;background:0 0;font-family:"HBS Graphik Web",arial,sans-serif;cursor:pointer}header #main-menu .container .masthead ul.subnav li a.nuxt-link-exact-active,header #main-menu .container .masthead ul.subnav li button.nuxt-link-exact-active{color:#a41034}header #main-menu .container .masthead ul.subnav li a:hover,header #main-menu .container .masthead ul.subnav li button:hover{text-decoration:underline}@media only screen and (max-width:970px){header #main-menu .container .masthead ul.subnav li a,header #main-menu .container .masthead ul.subnav li button{font-size:2rem;padding-bottom:2.6rem}}header #main-menu .container .masthead ul.subnav li button{position:relative}header #main-menu .container .masthead ul.subnav li button:after,header #main-menu .container .masthead ul.subnav li button:before{content:"";position:absolute;left:-1.5rem;width:12px;height:3px;background:#000;top:1rem;margin-top:2.5px}header 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2rem;margin:0;max-width:100%;width:100%;transition:all .2s ease-in-out;outline:0;font-size:1.9rem;letter-spacing:1px;overflow:hidden}header #main-menu form ::-moz-placeholder{color:#a09992;-moz-transition:all .2s ease-in-out;transition:all .2s ease-in-out}header #main-menu form :-ms-input-placeholder{color:#a09992;-ms-transition:all .2s ease-in-out;transition:all .2s ease-in-out}header #main-menu form ::placeholder{color:#a09992;transition:all .2s ease-in-out}button.scrollTop{opacity:0;position:fixed;bottom:-80px;right:2rem;cursor:pointer;z-index:200}button.scrollTop,button.scrollTop svg{transition:all .2s ease-in-out;width:47px;height:47px}button.scrollTop svg path,button.scrollTop svg rect{transition:all .2s ease-in-out}button.scrollTop.showScroll{bottom:2rem;opacity:1}button.scrollTop.showScroll:hover svg{transition:all .2s ease-in-out}button.scrollTop.showScroll:hover svg rect{fill:#a41034;stroke:#a41034;transition:all .2s ease-in-out}button.scrollTop.showScroll:hover svg path{stroke:#fff;transition:all .2s ease-in-out}.split{display:grid;grid-template-columns:1fr 1fr;grid-gap:0 2rem;gap:0 2rem;margin-bottom:2.4rem;clear:both}@media only screen and (max-width:991px){.split{grid-gap:0 2.4rem;gap:0 2.4rem;grid-template-columns:1fr;margin-top:2.4rem;margin-bottom:0}.split .content{order:2}.split .image{order:1;text-align:center}.split .image img{margin:0 auto 2rem;max-width:auto}}@media only screen and (max-width:991px)and (max-width:768px){.split .image img{max-width:100%}}@media only screen and (max-width:991px){.split .more{order:2}}@media only screen and (max-width:991px)and (max-width:991px){.split .left .chart-title{margin-top:0}.split .right .chart-title{margin-top:2.4rem}}@media only screen and (max-width:768px){.split{grid-gap:0;gap:0;margin-bottom:0}}.content :last-child:not(.chart):not(.tan-list):not(table),.left :last-child:not(.chart):not(.tan-list):not(table),.right :last-child:not(.chart):not(.tan-list):not(table),.split .tan-list{margin-bottom:0}.module-three.first{padding-top:5rem}.module-three .left{display:block}@media only screen and (max-width:768px){.module-three .left{display:flex;flex-direction:column;align-items:left}}.module-three .left img{float:left;width:25%;max-width:180px;margin:0 2.4rem 2.4rem 0}@media only screen and (max-width:768px){.module-three .left img{width:100%}}.module-three .left:after{display:block;content:"";width:100%;clear:both}.module-three .right{display:block}.module-three .right img{float:right;width:30%;max-width:240px;margin:0 0 2.4rem 2.4rem}@media only screen and (max-width:768px){.module-three .right img{width:40%}}.module-three .rightlgimg{display:block}.module-three .rightlgimg img{float:right;width:35%;max-width:240px;margin:0 0 2.4rem 2.4rem}@media only screen and (max-width:768px){.module-three .rightlgimg img{width:40%}}.module-ten{background:url(/about/annualreport/2023/_nuxt/img/pattern-ten.f295b95.jpg) top repeat;padding:8rem 0}.module-ten .container{background:#fff;padding:4rem 1rem 5.6rem}.module-ten .container h2{font-size:4rem;color:#6578b4;text-align:center;margin-bottom:5rem;text-transform:none;font-weight:600;line-height:4rem}.module-ten .container .grid-three{display:grid;grid-template-columns:1fr 1fr 1fr;grid-template-rows:1.5fr;grid-gap:0 0;gap:0 0}@media only screen and (max-width:991px){.module-ten .container .grid-three{grid-gap:2.4rem;gap:2.4rem;grid-template-columns:1fr}}.module-ten .container .grid-three div{text-align:center;width:100%}.module-ten .container .grid-three div .number{display:block;font-size:10rem;color:#6578b4;font-weight:600;margin-bottom:2rem}@media only screen and (max-width:991px){.module-ten .container .grid-three div .number{font-size:5rem;margin-bottom:1rem}}.module-ten .container .grid-three div .description{display:block;font-size:1.8rem;line-height:2.2rem;color:#000;font-weight:600}@media only screen and (max-width:991px){.module-ten .container .grid-three div .description{font-size:1.6rem;line-height:2rem}}table{width:100%;table-layout:auto;border-collapse:collapse;margin-bottom:4rem}table tr{font-size:1.5rem}@media only screen and (max-width:991px){table tr{font-size:1.4rem}}table tr.title{align-items:baseline}table tr.title td{font-weight:600;font-size:2rem}@media only screen and (max-width:991px){table tr.title td{font-size:1.5rem}}table tr.title td:first-of-type{font-size:3rem}@media only screen and (max-width:991px){table tr.title td:first-of-type{font-size:1.7rem}}table tr.white{font-weight:600;border-bottom:1px solid #e5dfd8}table tr.subtable td:first-of-type{padding-left:2rem}table tr.total{background:#2a438c;color:#fff;font-weight:600}table tr:nth-of-type(2n):not(.total):not(.white):not(.title){background:#e5dfd8}table tr td{padding:1.5rem 1rem;text-align:right}table tr td:first-of-type{text-align:left}@media only screen and (max-width:991px){table tr td{padding:1rem;width:25%}}table tr td i{display:block;font-weight:400;font-size:1.2rem;margin-top:10px}table tr td.boldrow{font-weight:600}table tr.keytan{background:#e5dfd8!important;margin-top:1px;margin-bottom:1px;text-align:right}table tr.keytan td{padding:1.5rem 1rem;text-align:right}table tr.keytan td:first-of-type{font-style:italic;padding-left:2em;text-align:left}@media only screen and (max-width:991px){table tr.keytan td{padding:1rem;width:25%}}table tr.keytan td i{display:block;font-weight:400;font-size:1.2rem;margin-top:10px}table tr.keywhite{background:#fff!important;border-top:1px solid #e5dfd8!important;text-align:right}table tr.keywhite td{padding:1.5rem 1rem;text-align:right}table tr.keywhite td:first-of-type{font-style:italic;padding-left:2em;text-align:left}@media only screen and (max-width:991px){table tr.keywhite td{padding:1rem;width:25%}}table tr.keywhite td i{display:block;font-weight:400;font-size:1.2rem;margin-top:10px}table.four tr{display:grid;grid-template-columns:55% repeat(auto-fill,15%)}@media only screen and (max-width:991px){table.four tr{grid-template-columns:40% repeat(auto-fill,20%)}}table.four tr td{width:100%}table.five{min-width:660px}table.five tr{display:grid;grid-template-columns:30% repeat(auto-fill,17.25%)}table.five tr td{width:100%}table.six{min-width:660px}table.six tr{display:grid;grid-template-columns:30% repeat(auto-fill,14%)}table.six tr td{width:100%}table:last-of-type{margin-bottom:0}.table-fade{position:relative;margin-bottom:4rem}@media only screen and (max-width:660px){.table-fade:after{display:block;content:"";height:100%;width:40px;position:absolute;top:0;right:0;background:#fff;background:linear-gradient(90deg,transparent,rgba(0,0,0,.2))}}.overflow{position:relative;width:100%;overflow:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch;margin-bottom:4rem}.overflow:last-of-type{margin-bottom:0}.chart-title{background:#2a438c;color:#fff;text-align:left;padding:1.5rem 2rem;display:flex;justify-content:flex-start;align-items:center}.chart-title.tan{background:#e5dfd8;color:#000;font-weight:700}.chart-title p.title{font-weight:700;font-size:1.7rem;margin:0;line-height:2rem;text-transform:uppercase}.chart-title p.title span{display:block;font-size:1.4rem;font-weight:400;text-transform:none}.chart{margin-bottom:6rem}@media(prefers-reduced-motion:reduce){.chart *{-webkit-animation:none!important;animation:none!important;transition:none!important}}.chart__list{height:300px;position:relative;display:grid;grid-template-columns:repeat(5,1fr);grid-template-rows:1fr;grid-column-gap:1.5rem;top:0}@media only screen and (max-width:991px){.chart__list{height:350px}}.chart__list:after{display:block;content:"";width:100%;position:absolute;top:calc(100% + 5px);height:2px;background:#000}.chart__item{position:relative;display:block;height:100%;width:100%}.chart__item:last-of-type .chart__item-total{background:#2a438c}.chart__item:last-of-type .chart__item-total_caption{color:#fff}.chart__item-label{color:#333;font-size:1em;font-weight:700;text-align:center;bottom:-4rem}.chart__item-label,.chart__item-total{display:block;position:absolute;left:0;width:100%}.chart__item-total{background-color:#aac8eb;height:0%;bottom:0;transition:all .2s ease-in-out}.chart__item-total_caption{color:#333;display:block;font-size:1.2em;font-weight:700;text-align:center;opacity:0;padding:1em 0;top:100%;left:0;transition:all .2s ease-in-out;position:relative}@media only screen and (max-width:991px){.chart__item-total_caption{font-size:1em}}.container.sep{display:grid}.separator{display:block;height:1px;background:#a49f9a;position:relative;margin:4.8rem 0;width:100%}.separator:after,.separator:before{content:"";position:absolute;width:8px;height:8px;display:block;background:#a49f9a;border-radius:100%;top:50%;margin-top:-4px}.separator:before{left:0}.separator:after{right:0}footer{margin-top:80px}footer .subfooter{background:#e5dfd8;padding-top:4rem;padding-bottom:4rem}footer .subfooter .container{display:flex;justify-content:space-between}footer .subfooter .container .address p,footer .subfooter .container .address ul li{line-height:2.6rem}footer .subfooter .container .address ul li a{font-size:1.8rem;color:#a41034;text-decoration:underline}footer .subfooter .container .address ul li a:hover{text-decoration:none}@media only screen and (max-width:768px){footer .subfooter .container .address ul{margin-bottom:2rem}}footer .subfooter .container .social ul{display:flex;align-self:flex-end;flex-wrap:wrap}footer .subfooter .container .social ul li a{display:block;margin-left:3rem}footer .subfooter .container .social ul li a img{display:block}@media only screen and (max-width:991px){footer .subfooter .container .social ul li a{margin-left:2rem;margin-bottom:1rem;margin-left:1rem}}@media only screen and (max-width:768px){footer .subfooter .container .social ul li a{margin-left:.5rem;margin-right:.5rem;margin-bottom:1rem}}@media only screen and (max-width:768px){footer .subfooter .container{display:block}}footer .footer{background:#000;padding:2rem 0}footer .footer .container ul{display:flex;flex-wrap:wrap;margin-bottom:2rem}@media only screen and (max-width:768px){footer .footer .container ul{align-content:center;justify-content:center}}footer .footer .container ul li a{display:block;margin-right:1rem;color:#fff;font-size:1.4rem;text-decoration:underline}footer .footer .container ul li a:hover{text-decoration:none}footer .footer .container p{font-size:1.4rem;color:hsla(0,0%,100%,.7);margin:0}.h2,h2{color:#000;font-size:3rem;font-weight:500;letter-spacing:.3px;line-height:3rem;text-transform:none;margin-bottom:1.6rem}@media only screen and (max-width:768px){.h2,h2{font-size:2.4rem;line-height:2.4rem}}.h2.blue,h2.blue{color:#2a438c;font-size:2.4rem;font-weight:600;letter-spacing:.3px;line-height:3rem;text-transform:none;margin-bottom:2rem;text-transform:uppercase;letter-spacing:.24px}@media only screen and (max-width:768px){.h2.blue,h2.blue{font-size:2.2rem}}.h3,h3{font-size:2rem;font-weight:600;margin-bottom:1.2rem;color:#000}@media only screen and (max-width:768px){.h3,h3{font-size:1.8rem}}.h3.nomargin,h3.nomargin{margin-bottom:0}.h3.blue,h3.blue{color:#2a438c}.h4,h4{font-size:1.7rem}.h4,.h5,h4,h5{text-transform:uppercase;font-weight:700}.h5,h5{color:#000;font-size:1.4rem;margin-bottom:0}@media only screen and (max-width:768px){.h5,h5{font-size:1.2rem}}.container{max-width:1180px;padding:0;margin:0 auto}@media only screen and (max-width:1180px){.container{padding:0 1.5rem}}@media only screen and (max-width:991px){.container{padding:0 2.4rem}}@media only screen and (min-width:991px){.span10{width:83%}}.smcontainer{max-width:712px}@media only screen and (min-width:991px){.span8{width:66%}}@media only screen and (max-width:991px){.smtable{margin-bottom:2em}}@media only screen and (min-width:992px){.spanmd{width:66%}}@media only screen and (max-width:991px){.spanmd{width:100%}}.smcaptiontext{font-size:2em;line-height:1.5em}.mdright{width:30%;float:right;margin-left:3em}@media only screen and (max-width:768px){.mdright{width:90%;float:left;margin-bottom:3em;margin-left:0}}div .giantspacer{margin-top:16em}@media only screen and (max-width:991px){div .giantspacer{margin-top:0}}@media only screen and (min-width:991px){.mobileshow{display:none}}@media only screen and (max-width:991px){.mobilehide{display:none}}@media only screen and (max-width:810px){.mobilehidesm{display:none}}@media screen and (min-width:769px){.personpaddingfix{margin-left:204px}}@media screen and (min-width:810px){.artpaddingfix{min-height:260px}}@media screen and (min-width:881px){.artpaddingfix{min-height:300px}}@media screen and (min-width:991px){.artpaddingfix{min-height:330px}}@media screen and (min-width:1081px){.artpaddingfix{min-height:380px}}.keysubheader{color:#006085!important;font-weight:700;font-size:1.125em;padding:0;margin:0}.citecontainer{display:flex;grid-gap:.15em;gap:.15em}.citecontainer.dash{width:100%;padding-left:91%}@media only screen and (max-width:810px){.citecontainer.dash{padding-left:85%!important}}.citeref{border:#a41034;border-width:2px;border-radius:50%;background:#a41034;height:1.3rem;width:1.3rem;color:#fff;font-size:.75rem;text-align:center;padding-top:.2rem;translate:0 -.3rem}.notes{font-size:1.5rem!important;line-height:2rem}ol.notelist{counter-reset:list-number}ol.notelist li:before{counter-increment:list-number;content:counter(list-number) ".";margin-right:.75em;color:#a41034;font-size:.75em;font-weight:700;margin-top:0;margin-bottom:.25em;translate:0 -.25em}ol.notelist li{margin-top:1em;display:flex}ol.notelist li span.note{line-height:1em}.notearrow{color:#a41034;text-decoration:none;font-size:.9em;font-weight:900}.notearrow .div{font-size:.8em}.page #page-top .menu{background:#aac8eb}.page #page-top .mobile{display:none;visibility:hidden}@media only screen and (max-width:991px){.page #page-top .mobile{display:block;visibility:visible}}.page #page-top .desktop{display:block;visibility:visible}@media only screen and (max-width:768px){.page #page-top .masthead .title{display:block;padding:0 2.4rem;text-align:left}.page #page-top .masthead .title h2,.page #page-top .masthead .title h2 span{text-align:left;font-size:1.6rem;font-weight:600}.page #page-top .masthead .title h2{display:table}.page #page-top .masthead .title span{display:inline;display:initial}}@media only screen and (max-width:768px){.page #page-top .masthead .subnav{display:none}}@media only screen and (max-width:991px){.page.financials #page-top .container .title-wrap{display:none;padding:0}}#page-top .container{display:flex}@media only screen and (max-width:1180px){#page-top .container{padding:0}}@media only screen and (max-width:991px){#page-top .container{display:block;padding:0}}#page-top .container .title-wrap{display:flex;align-items:center;align-content:center;justify-content:center;width:100%;height:180px}@media only screen and (max-width:991px){#page-top .container .title-wrap{height:100px}}@media only screen and (max-width:768px){#page-top .container .title-wrap{height:80px}}#page-top .container button.financials,#page-top .container h1.title{flex-grow:1;display:flex;align-items:center;padding:4rem;font-size:6rem;font-weight:400;width:100%;height:100%;background:#aac8eb;color:#000;-webkit-appearance:none;-moz-appearance:none;appearance:none}@media only screen and (max-width:1180px){#page-top .container button.financials,#page-top .container h1.title{font-size:5rem}}@media only screen and (max-width:970px){#page-top .container button.financials,#page-top .container h1.title{font-size:4rem}}@media only screen and (max-width:768px){#page-top .container button.financials,#page-top .container h1.title{font-size:3rem;padding:1rem 2.4rem}}#page-top .container button.financials span,#page-top .container h1.title span{width:20px;margin-right:1rem;background:0 0;display:block;height:2px;background:#000}#page-top .container button.financials span:after,#page-top .container h1.title span:after{display:block;content:"";width:20px;height:2px;background:#000;transform:rotate(90deg)}#page-top .container button.financials.active span:after,#page-top .container h1.title.active span:after{transform:rotate(0)}#page-top .masthead{display:flex}@media only screen and (max-width:768px){#page-top .masthead{display:block;width:100%}}#page-top .masthead .title{background:#a41034;display:flex;justify-content:center;align-items:center;padding:3rem 6rem .5rem;height:180px}@media only screen and (max-width:768px){#page-top .masthead .title{width:100%;padding:2.4rem 2.4rem 1rem;height:auto}}#page-top .masthead .title h2{color:#fff;font-size:11.2rem;font-weight:200;text-align:center;line-height:6.5rem;margin-bottom:0}@media only screen and (max-width:768px){#page-top .masthead .title h2{font-size:8rem;margin:0;line-height:5rem}}#page-top .masthead .title h2 span{display:block;font-size:3rem;font-weight:600;text-transform:uppercase;text-align:left}@media only screen and (max-width:768px){#page-top .masthead .title h2 span{font-size:2.2rem}}#page-top .masthead .subnav{height:100%}@media only screen and (max-width:991px){#page-top .masthead .subnav{width:100%}}#page-top .masthead .subnav li{display:block;border-bottom:1px solid #a49f9a;height:45px}#page-top .masthead .subnav li:first-of-type{border-top:1px solid #a49f9a}@media only screen and (max-width:768px){#page-top .masthead .subnav li:nth-of-type(2){border-top:1px solid #a49f9a}#page-top .masthead .subnav li:nth-of-type(2),#page-top .masthead .subnav li:nth-of-type(4){position:relative;z-index:2;border-left:1px solid #a49f9a}}#page-top .masthead .subnav li a,#page-top .masthead .subnav li button{position:relative;width:100%;height:100%;background:#fff;display:block;align-items:center;padding:1rem 2rem;border-right:0 solid #fff;font-size:1.6rem;font-weight:600;text-transform:uppercase;color:#000;transition:all .2s ease-in-out;cursor:pointer;z-index:1;min-width:190px;line-height:22px;text-align:left;font-family:"HBS Graphik Web",arial,sans-serif}#page-top .masthead .subnav li a.nuxt-link-exact-active,#page-top .masthead .subnav li button.nuxt-link-exact-active{color:#a41034}#page-top .masthead .subnav li:last-child a{border-bottom:none}#page-top .masthead .subnav li:hover a,#page-top .masthead .subnav li:hover button{text-decoration:underline}@media only screen and (max-width:768px){#page-top .masthead .subnav{display:grid;grid-template-columns:repeat(auto-fit,50%)}}#page-top .submenu.financials{background:#fff;max-height:0;overflow:hidden;transition:max-height .2s ease-in-out}#page-top .submenu.financials.active{max-height:800px}#page-top .submenu.financials li a{display:block;padding:1.5rem 2.4rem 1.5rem 5.1rem;font-size:1.6rem;color:#000;font-weight:600;border-bottom:1px solid #e5dfd8;position:relative}#page-top .submenu.financials li a.nuxt-link-exact-active{color:#a41034}#page-top .submenu.financials li a.nuxt-link-exact-active:before{content:"";width:12px;height:12px;background-color:#a41034;position:absolute;top:1.6rem;left:2.4rem}#maincontent{padding-top:4rem}article.d-grid,footer.d-grid{display:grid;grid-template-columns:1fr 3fr;grid-template-rows:1fr;grid-gap:2.4rem 1.4rem;gap:2.4rem 1.4rem}article.d-grid .content,footer.d-grid .content{max-width:780px}@media only screen and (max-width:991px){article.d-grid,footer.d-grid{grid-template-columns:1fr 2fr}}@media only screen and (max-width:600px){article.d-grid,footer.d-grid{display:block}}article .content,footer .content{width:100%;display:block;max-width:1050px}article:last-child,footer:last-child{margin-bottom:0}article p,footer p{font-size:1.8rem;line-height:3rem;margin-bottom:2.5rem}article p.snap,footer p.snap{max-width:970px}article p.snap:last-of-type,footer p.snap:last-of-type{margin-bottom:0}article p b.semi,footer p b.semi{font-weight:600}article p img,footer p img{width:25%;float:left;margin-right:2.4rem;margin-bottom:2.4rem}@media only screen and (max-width:768px){article p img,footer p img{width:50%}}@media only screen and (max-width:768px){article p,footer p{font-size:1.6rem;line-height:2.5rem;margin-bottom:1.8rem}}article p a,footer p a{color:#a41034;text-decoration:underline}article p a:hover,footer p a:hover{text-decoration:none}article a.more,footer a.more{display:block;color:#a41034;text-decoration:underline;font-size:1.4rem;font-weight:500;margin:2rem 0 0;font-weight:600}article a.more:hover,footer a.more:hover{text-decoration:none}@media only screen and 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Dean</a></li> <li><a href="/about/annualreport/2023/key-metrics">Key Metrics</a></li> <li><button aria-label="Menu Toggle"> Financials </button> </li> <li><a href="/about/annualreport/2023/pdf-downloads">PDF Downloads</a></li> </ul></div>  <div class="desktop title-wrap"></div> </div></div></div> <main id="maincontent"><article id="intro" class="container"><h1>The Year in Review</h1> <p class="snap"> Notable progress was made during FY23 in advancing the School’s priorities. Accelerating research on how digital and data are transforming management and society. Delving more deeply into the role that business plays in addressing the world’s most complex challenges and opportunities. Reimagining management education for the 21st century across all of the School’s educational programs. </p></article> <article id="moduleOneA" class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Students-Arrive_1160x720.53c0c79.png" title="Students Arrive" alt="Students talking outside" loading="lazy"></div> <div class="content"><h2 class="blue">Students Arrive</h2> <p> Approximately 8,200 applicants sought a place in the MBA Program and nearly 900 applicants in the Doctoral Programs; the acceptance rate for both was highly competitive, at 15% and 4%, respectively. </p> <p> Fellowships in fiscal year 2023 were awarded to 947 MBA students, with an average fellowship of $43,992. </p> <div class="split"><div class="content smtable"><div class="chart-title tan"><p class="title">MBA CLASS OF 2024<br><br></p></div> <ul class="tan-list two-col-right"><li><span>Students</span> <span>1,015</span></li> <li><span>Applications</span> <span>8,264</span></li> <li><span>Acceptance Rate</span> <span>15%</span></li></ul></div> <div class="content"><div class="chart-title tan"><p class="title">INCOMING DOCTORAL STUDENTS</p></div> <ul class="tan-list two-col-right"><li><span>Students</span> <span>18</span></li> <li><span>Applications</span> <span>896</span></li> <li><span>Acceptance Rate</span> <span>4%</span></li></ul></div></div> <a href="key-metrics" class="more" style="padding-top:.5em">More Key Enrollment Statistics</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">Full-Tuition Scholarships Offered</h2> <p> In an effort to make the Master of Business Administration (MBA) degree more affordable and accessible to a wider array of students, HBS began providing scholarships to cover the total cost of tuition and course fees for the approximately 10 percent of students with the greatest financial need. The School also began offering scholarship support to more students from middle-income backgrounds, building on the approximately 50 percent of students who already receive scholarships. These are the latest in a series of steps over the past decade to reduce financial barriers to enrolling in the two-year, full-time MBA Program. In the official announcement in August 2022, Dean Datar said, “We know that talent is much more evenly distributed than opportunity.” He went on to note, “Harvard Business School should be a place where the most talented future leaders can come to realize their potential. We want to remove the financial barriers that stand in their way and alleviate the burden of debt so they can focus on becoming leaders who make a difference in the world.” </p> <a href="https://www.hbs.edu/news/releases/Pages/full-tuition-scholarships-for-students-with-greatest-need.aspx" class="more">Full-Tuition Scholarships Press Release</a></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Full-Tuition_1160x720.7067018.png" title="Full-Tuition Scholarships Offered" alt="Students studying together" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">New Faculty Welcomed</h2> <p class="snap"> Thirteen faculty members, including new tenure-track professors, visitors, and practitioners, participated in START, a deep-dive orientation to the School, that took place in person on campus over three days in July 2022. The program provides an overview of Harvard Business School and a window into research and research support at the School, the case method, and the classroom experience. Teaching faculty join study groups and practice preparing and opening a case, and then receive feedback and advice from experienced colleagues. </p> <div class="person-grid-wrap"><h3 class="h5">Tenure-Track <br>Faculty</h3> <div class="person-grid"><div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-baik-360x360.010ecc5.jpg" title="Brian K. Baik" alt="Accounting & Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1145752" class="link">Brian K. Baik</a> <p class="department">Accounting & Management</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-hillenbrand-360x360.4c3fc41.jpg" title="Sebastian Hillenbrand" alt="Finance" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1431982" class="link">Sebastian Hillenbrand</a> <p class="department">Finance</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-iyoha-360x360.0a88a4b.jpg" title="Ebehi Iyoha" alt="Entrepreneurial Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1322929" class="link">Ebehi Iyoha</a> <p class="department">Entrepreneurial Management</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-kemp-360x360.4ca7e3a.jpg" title="Elisabeth Kempf" alt="Finance" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=878441" class="link">Elisabeth Kempf</a> <p class="department">Finance</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-lane-360x360.83f61bd.jpg" title="Jacqueline Ng Lane" alt="Technology & Operations Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1432009" class="link">Jacqueline Ng Lane</a> <p class="department">Technology & Operations Management</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-pacelli-360x360.dbbaa36.jpg" title="Joseph Pacelli" alt="Accounting & Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=774396" class="link">Joseph Pacelli</a> <p class="department">Accounting & Management</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-paulson-360x360.381a4e8.jpg" title="Elisabeth C. Paulson" alt="Technology & Operations Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1322893" class="link">Elisabeth C. Paulson</a> <p class="department">Technology & Operations Management</p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/faculty-new-Troncoso-360x360.19abce6.jpg" title="Isamar Troncoso" alt="Marketing" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1374826" class="link">Isamar Troncoso</a> <p class="department">Marketing</p></div></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">Faculty Promotions</h2> <p class="snap">Two faculty members were promoted.</p> <div class="person-grid-wrap"><h3 class="h5 mobilehide">Full Professor</h3> <div class="person-grid"><div class="person"><h3 class="h5 mobileshow">Full Professor</h3> <img src="/about/annualreport/2023/_nuxt/img/0.0_faculty-promote-kominers_360x360.d6eb22b.jpg" title="Scott Duke Kominers" alt="Entrepreneurial Management" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=500905" class="link">Scott Duke Kominers</a> <p class="department">Entrepreneurial Management</p></div> <div></div> <div class="mobilehidesm"><h3 class="h5 mobilehide">Associate Professor</h3></div> <div class="person"><h3 class="h5 mobileshow">Associate Professor</h3> <img src="/about/annualreport/2023/_nuxt/img/0.0_faculty-promote-egan_360x360.2849979.jpg" title="Mark L. Egan" alt="Finance" loading="lazy"> <a href="https://www.hbs.edu/faculty/Pages/profile.aspx?facId=774513" class="link">Mark L. Egan</a> <p class="department">Finance</p></div></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">Faculty & Staff Demographics</h2> <p class="snap"> HBS has been publicly tracking and reporting on the composition of faculty and staff with an eye toward identifying and responding to trends. </p> <div class="spacer_xl"></div> <div class="smcontainer"><div class="split"><div class="content smtable"><div class="chart-title tan"><p class="title">Faculty</p></div> <ul class="tan-list two-col-right"><li><span>Total</span> <span>324</span></li> <li><span>Female</span> <span>30%</span></li> <li><span>Minority</span> <span>31%</span></li></ul></div> <div class="content"><div class="chart-title tan"><p class="title">Staff</p></div> <ul class="tan-list two-col-right"><li><span>Total</span> <span>1,454</span></li> <li><span>Female</span> <span>65%</span></li> <li><span>Minority</span> <span>27%</span></li></ul></div></div></div> <a href="key-metrics" class="more" style="padding-top:.5em">More Key Faculty & Staff Metrics</a></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Commencement_1160x720.fcc5e4c.jpg" title="Commencement Celebrated" alt="Students in the audience at commencement" loading="lazy"></div> <div class="content"><h2 class="blue">Commencement Celebrated</h2> <p> Harvard Business School celebrated its 113th Commencement on May 26, 2023, with 984 students receiving their MBA degrees. Fifty students earned their diplomas with high distinction and were named Baker Scholars. Eighty-two students earned their diplomas with distinction and 198 earned second-year honors. In addition, 25 doctoral students earned PhD degrees in the fields of business administration, business economics, organizational behavior, and health policy management. During the Class Day ceremony the day prior, graduates, their guests, families, and friends honored five faculty with teaching awards and heard speeches from classmates and Raymond J. McGuire, one of the School’s 2023 Alumni Achievement Award winners. </p> <a href="https://www.hbs.edu/news/releases/Pages/2023-commencement.aspx" class="more">Commencement Press Release</a> <a href="https://www.hbs.edu/news/releases/Pages/2023-class-day.aspx" class="more">Class Day Press Release</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="module-three"><div class="left container"><img src="/about/annualreport/2023/_nuxt/img/deans-award-Wald-360x360.ded3708.jpg" title="Dean’s Award Bestowed" alt="Dean's Award Winner Cassidy Wald" loading="lazy"> <div class="personpaddingfix"><h2 class="blue">Dean’s Award Bestowed</h2> <p> The Dean’s Award, recognizing service to the School and society, was given to Cassidy Wald (MBA 2023). This award celebrates the extraordinary achievements of graduating students who made a positive impact on Harvard, Harvard Business School, and/or broader communities through exceptional acts of leadership. Nominations come from across the HBS community, and recipients are recognized during graduation week. </p> <a href="https://www.hbs.edu/news/releases/Pages/cassidy-wald-deans-award.aspx" class="more">Dean’s Award Press Release</a></div></div></article> <div class="container sep"><div class="separator"></div></div> <article><div class="split container"><div class="left"><h2 class="blue">MBA Faculty Teaching Awards</h2> <p> Five faculty were recognized by MBA students for their excellence and dedication with Faculty Teaching Award honors. Tony Mayo, Sophus Reinert, and Charlotte Robertson were acknowledged for their profound impact within and outside of the required curriculum (RC) classroom, while Tom Nicholas and Meg Rithmire were recognized for their lasting contributions to the second-year experience. Charlotte received the award in her first year of teaching, and Tony, Sophus, Tom and Meg have received the Teaching Award multiple times </p> <ul><li><b>Tony Mayo,</b> <i>Required Curriculum</i></li> <li><b>Tom Nicholas,</b> <i>Elective Curriculum</i></li> <li><b>Sophus Reinert,</b> <i>Required Curriculum</i></li> <li><b>Meg Rithmire,</b> <i>Elective Curriculum</i></li> <li><b>Charlotte Robertson,</b> <i>Required Curriculum</i></li></ul> <a href="https://www.hbs.edu/news/releases/Pages/2023-faculty-teaching-awards.aspx" class="more" style="margin-bottom:3em">MBA Teaching Award Press Release</a> <div class="spacer_xl"></div></div> <div class="right"><h2 class="blue">Wyss Awards For Excellence in Mentoring</h2> <p> Professor Michael Norton and Associate Professor Alison Wood Brooks received Wyss Awards for Excellence in Mentoring. Now in its 15th year, the Wyss Awards winners are chosen by Doctoral students for their collaboration, mentorship, and support to developing future scholars. In addition, Assistant Professor Alexandra Feldberg and Professor Feng Zhu were named runners-up. </p> <ul><li><b>Alison Wood Brooks,</b> <i>Winner</i></li> <li><b>Michael Norton,</b> <i>Winner</i></li> <li><b>Alexandra Feldberg,</b> <i>Runner-Up</i></li> <li><b>Feng Zhu,</b> <i>Runner-Up</i></li></ul> <a href="https://www.hbs.edu/news/releases/Pages/wyss-awards-2023.aspx" class="more">Wyss Awards Press Release</a></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">Alumni Achievement Honored</h2> <p class="snap"> Five graduates received the School's highest honor, the Alumni Achievement Award, given annually to recognize alumni who have distinguished themselves as leaders in their fields and who exemplify the mission, high standards, and values of the School. The recipients were honored during the Class Day ceremony. The 2023 Award recipients were </p> <div class="spacer_lg"></div> <div class="person-grid"><div class="person"><img src="/about/annualreport/2023/_nuxt/img/alumni-achieve-Kewalramani-360x360.f371fb6.jpg" title="Reshma Kewalramani" alt="MD, FASN (GMP 18, 2015), CEO and President, Vertex Pharmaceuticals" loading="lazy"> <p class="name">Reshma Kewalramani</p> <p class="mba"> MD, FASN (GMP 18, 2015) <span>CEO and President, Vertex Pharmaceuticals</span></p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/alumni-achieve-McGruder-360x360.157f063.jpg" title="Depelsha Thomas McGruder" alt="MBA 1998, COO and Treasurer, Ford Foundation; Founder, Moms of Black Boys United" loading="lazy"> <p class="name">Depelsha Thomas McGruder</p> <p class="mba"> MBA 1998 <span>COO and Treasurer, Ford Foundation; Founder, Moms of Black Boys United</span></p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/alumni-achieve-mcGuire-360x360.25edc03.jpg" title="Raymond J. McGuire" alt="JD/MBA 1984, President, Lazard" loading="lazy"> <p class="name">Raymond J. McGuire</p> <p class="mba"> JD/MBA 1984 <span>President, Lazard</span></p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/alumni-achieve-samaris-360x360.5fe099e.jpg" title="Antonis C. Samaras" alt="MBA 1976, Member, Hellenic Parliament, Greek Prime Minister, 2012–2015" loading="lazy"> <p class="name">Antonis C. Samaras</p> <p class="mba"> MBA 1976 <span>Member, Hellenic Parliament, Greek Prime Minister, 2012–2015</span></p></div> <div class="person"><img src="/about/annualreport/2023/_nuxt/img/alumni-achieve-Schwartzman-360x360.e79211b.jpg" title="Stephen A. Schwarzman" alt="MBA 1972, chairman, CEO, and cofounder, Blackstone" loading="lazy"> <p class="name">Stephen A. Schwarzman</p> <p class="mba"> MBA 1972 <span>chairman, CEO, and cofounder, Blackstone </span></p></div> <div class="spacer"></div></div> <a href="https://www.hbs.edu/news/releases/Pages/2023-alumni-achievement-awards.aspx" class="more">More on Alumni Achievement Awards</a></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">CLIMB Launched</h2> <p> HBS Online announced the Credential in Leadership, Impact, and Management in Business (CLIMB), a yearlong, self-paced, asynchronous program comprising seven courses designed to help both new and experienced leaders accelerate their careers. The offering includes required courses in topics such as business strategy and leading in the digital world, as well as elective courses, so that participants can tailor their learning to their professional needs. It concludes with a capstone project where participants can apply their learning. </p> <a href="https://www.hbs.edu/news/releases/Pages/hbs-online-climb.aspx" class="more">HBS Online Press Release</a></div> <div class="image"><div><div id="kaltura_player_1705010522" class="kaltura-embed">kaltura</div></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Global-Immersions_1160x720.5242f38.png" title="MBA Global Immersions Reinstated" alt="Students learning in the field" loading="lazy"></div> <div class="content"><h2 class="blue">MBA Global Immersions Reinstated</h2> <p> FY23 marked the return of international travel for the MBA Program’s FIELD Global Immersion (FGI) course, an intensive, immersive experience that gives first-year students in the Required Curriculum the ability to integrate their learning in the RC through hands-on exposure to how business is conducted in markets around the world. The pandemic necessitated a complete pause in 2020 and 2021. In 2022, FGI resumed in 15 locations in the United States, and in 2023, more than 1,000 students traveled to 15 global locations to work with project partners on new product and service offerings based on a thorough study of business context and local cultures </p> <a href="https://www.alumni.hbs.edu/stories/Pages/story-bulletin.aspx?num=9136" class="more">FIELD Global Immersions Article</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="module-three"><div class="left container"><img src="/about/annualreport/2023/_nuxt/img/0.0-Chief-Digital-Walsh-360x360.3370dd5.jpg" title="First Chief Digital Officer Appointed" alt="Chief Digital Officer Katia Walsh" loading="lazy"> <div class="personpaddingfix"><h2 class="blue">First Chief Digital Officer Appointed</h2> <p> Katia Walsh joined HBS as the School’s inaugural Chief Digital Officer. In this role, she oversees the growth of a newly established Digital Transformation group. As the School looks to build and scale capabilities in the realm of digital products, data strategy and architecture, analytics, machine learning and AI, the group will work to build platforms and deliver applications that enable innovation in research, teaching, learning, community engagement, and publishing—extending the School’s reach and leveraging its digital assets. </p> <a href="https://www.hbs.edu/news/releases/Pages/new-cdo-katia-walsh.aspx" class="more">Appointment Press Release</a></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">One Ten Community of Practice Summit Hosted</h2> <p> The inaugural OneTen Community of Practice Summit convened in March, bringing together OneTen founders, executives from partner organizations, and scholars of diversity and organizational change. The day’s agenda built on the coalition’s quarterly virtual forums and included in-depth discussions on advancing skills-based hiring that focuses on competencies and closing opportunity gaps. Harvard Business School is the first academic partner to OneTen, and the summit provided faculty with an opportunity to hear firsthand the challenges companies face in their implementation, and share best practices and learnings from their initial efforts. </p> <a href="https://www.hbs.edu/news/articles/Pages/oneten-summit.aspx" class="more">OneTen Summit Highlights</a></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-OneTen_1160x720.3275701.png" title="One Ten Community of Practice Summit Hosted" alt="Students in classroom" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Baker-Bubble-1080x640.75e06a5.jpg" title="Exhibition at Baker Library Focused on Bubbles & Crashes" alt="Des Waerelds Doen en Doolen, is Maar een Mallemoolen (The Actions and Designs of the World Go Round as if in a Mill).” Het Groote Tafereel der Dwaasheid. Amsterdam, 1720. Kress Collection, Baker Library, Harvard Business School." loading="lazy"></div> <div class="content"><h2 class="blue"> Exhibition at Baker Library Focused on Bubbles & Crashes </h2> <p> Baker Library’s 2022 exhibit was titled “South Sea Bubble, 1720: Narratives of the First International Crash” and focused on the history of one of the most infamous financial crashes. More than three centuries later, it continues to survive as a cautionary tale. The exhibit was based upon HBS’s extensive 18th century collection, and the accompanying online research portal allows users to search in depth. </p> <a href="https://www.hbs.edu/news/releases/Pages/south-sea-bubble-exhibition.aspx" class="more">South Sea Bubble Exhibit Press Release</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue"> Institute for the Study of Business in Global Society Expanded Reach & Impact </h2> <p> In January 2023 RC students completed a new short course on the Social Purpose of the Firm, organized by the <a href="https://www.hbs.edu/bigs">Institute for the Study of Business in Global Society</a> (BiGS). The course, which took place over two days and was taught by 12 senior faculty members from across the School, was designed to encourage students to examine the foundations and purpose of the firm, and to explore the ways in which for-profit companies can—and perhaps cannot—address societal challenges ranging from financial inclusion to climate change. </p> <p> The inaugural cohort of BiGS Visiting Fellows joined the School in fall 2022 to work with HBS faculty members on specific research projects—in FY23, related to racial equity. </p> <a href="https://www.hbs.edu/bigs/fellows/racial-equity-fellows" class="more">BiGS Visiting Fellows</a></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-BiGS_1160x720.dc8cce9.png" title="Institute for the Study of Business in Global Society Expanded Reach & Impact" alt="A BiGS Visiting Fellow presenting in a classroom" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">Global Research Centers Convened</h2> <p class="snap"> The Global Centers, in partnership with External Relations and under the leadership of Professor Debora Spar, brought together close to 100 global leaders from the Global Advisory Boards and Global Leaders Circle in October 2022 for the 8th International Research Symposium. This was the first in-person convening of this group since 2018; participants heard from MBA/MS students during a tour of School of Engineering and Applied Sciences (SEAS), learned about the research of three junior faculty members, engaged with Dean Datar on the School’s global strategy, and gathered with more than 200 MBA students from their regions in a pilot networking event. </p></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-dining_1160x720.e42bc93.jpg" title="Dining Services Partner Affirmed" alt="Dinning services staff serving students" loading="lazy"></div> <div class="content"><h2 class="blue">Dining Services Partner Affirmed</h2> <p> As part of the broader effort to ensure excellence in its service partnerships, the School reviewed its Dining Services supplier in fall 2020. Following a thorough evaluation of prospective dining services suppliers, the long-standing contract with Restaurant Associates (RA) was extended. Restaurant Associates’ approach to service and hospitality, including the culture of hospitality, commitment to continuous improvement in culinary, innovation, and sustainability efforts, as well as positive labor relations management, was deemed best to support the School’s brand and its educational mission. Its collaboration with Thompson Hospitality, the largest minority-owned food service management company in the country, further strengthened the unique value proposition of the RA partnership. </p></div></article> <div class="container sep"><div class="separator"></div></div> <article class="module-three container"><div class="span10"><div class="content"><h2 class="blue"> Digital Data Design Institute at Harvard Advanced </h2> <p> The structure of the Digital Data Design Institute at Harvard (D^3) encompasses research programs and embedded labs driving foundational and applied research on topics critical to business; engagement platforms that catalyze connections among faculty members, companies, practitioners, and ideas outside of HBS; and a core that provides key data and administrative services. </p> <p> The Institute’s 14 research labs, which include 30 faculty across nine units, are dedicating themselves to pioneering research on how businesses function in the digital age. </p> <div class="spacer_xl"></div> <h3>Accomplishments in its first year included:</h3> <ul style="list-style-type:disc;margin-left:3.25em"><li style="margin-top:.75em"> 100 new research projects underway </li> <li style="margin-top:.75em"> 50 new cases and research papers in development </li> <li style="margin-top:.75em"> 23 company engagements underway </li> <li style="margin-top:.75em">6 new large datasets acquired</li></ul></div></div></article> <div class="container sep"><div class="separator"></div></div> <article><div class="right container"><img src="/about/annualreport/2023/_nuxt/img/0.0_Art_637x832.d8ab5a4.png" title="Campus Art Installed" alt="Sentinel (Mami Wata) by artist Simone Leigh" loading="lazy" class="mdright"> <h2 class="blue">Campus Art Installed</h2> <p class="snap artpaddingfix"> A new sculpture was installed on campus as part of the School’s ongoing outdoor contemporary art program. The bronze work Sentinel (Mami Wata) by artist Simone Leigh takes inspiration from an animistic deity celebrated throughout Africa and the African diaspora and invites reflection on the way African cultural symbols shift and undergo change as they intersect with local traditions. The installation celebrates the generosity of the newly established Bridgitt and Bruce Evans Contemporary Art Fund at the School. </p><div class="spacer_xl"></div> <p></p></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-NVC_1160x720.4393108.png" title="26th New Venture Competition Launched" alt="Students on stage receiving an award from the New Venture Competition" loading="lazy"></div> <div class="content"><h2 class="blue">26th New Venture Competition Launched</h2> <p> The 26th annual HBS New Venture Competition, held in Klarman Hall in March 2023, featured 12 finalist teams competing for cash and in-kind funding for their startups. The finalists were selected from 318 teams by judges, including many HBS graduates, from fields such as venture capital, private equity, law, accounting, philanthropy, impact investing, and social entrepreneurship. The winners received awards of $75,000 each in the Student Business Track and Student Social Enterprise Track, with runner-up prizes of $25,000; two audience prizes of $5,000; and $15,000 in Tough Technology prizes. The Alumni New Venture Competition engaged 139 teams, competing for $100,000 in cash and in-kind support. </p> <p><span style="font-weight:600">Student Business Track</span><br> The Dubilier $75,000 Grand Prize: <a href="https://www.halobraid.com/">Halo Braid</a><br> Satchu-Burgstone $25,000 Runner-Up Prize: <a href="https://pic2023.innovationlabs.harvard.edu/team/dorivac/">DoriVac</a></p> <p><span style="font-weight:600">Student Social Enterprise Track</span><br> Peter M. Sacerdote $75,000 Grand Prize: <a href="https://www.mv3foundation.org/">The MV3 Foundation</a><br> Peter M. Sacerdote $25,000 Runner-Up Prize: <a href="https://www.pando.co.id/">Pando</a></p> <p><span style="font-weight:600">Tough Technology Prize</span><br> Most Promising Climate Tech Venture $5,000 Prize: <a href="https://grensolgroup.com/">Gresnol</a><br> Most Promising Deep Tech Venture $5,000 Prize: <a href="https://phenegra.com/">Phenegra</a><br> Most Promising Pharmaceutical Venture $5,000 Prize: Believer <a href="https://www.believerpharma.com/">Pharmaceuticals</a></p> <p><span style="font-weight:600">Alumni Track</span><br> $75,000 Grand Prize: <a href="https://www.m7health.com/">M7 Health</a><br> $25,000 Runner-Up Prize: <a href="https://www.poweredbyhue.com/">Hue</a><br> Crowd Favorite $5,000: <a href="https://drinktilden.com/">Tilden</a></p> <a href="https://www.hbs.edu/news/releases/Pages/nvc-winners-2023.aspx" class="more">New Venture Competition Press Release & Team Videos</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">Alumni Conferences Held</h2> <p> In May 2023, External Relations (ER) and the Business & Environment Initiative (BEI) hosted Accelerating Climate Solutions, a conference focused on the role of business in driving solutions to the climate challenge. This two-day conference was part of <a href="https://salatainstitute.harvard.edu/hcaw/">Harvard Climate Action Week</a>, which included 14 events across Harvard University. In November, ER and the Arthur Rock Center for Entrepreneurship hosted the Entrepreneurship Summit, the first-ever convening of founders, builders, and investors at HBS. Two days of programming brought together alumni and faculty for interactive sessions that focused on the power of the HBS ecosystem. </p></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Alumni-Conference_1160x720.61dc269.png" title="Alumni Conferences Held" alt="Speaker at the Alumni Conference" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Student-Clubs_1160x720.8032436.png" title="Student Clubs Hit Milestones" alt="Students dancing and singing on stage" loading="lazy"></div> <div class="content"><h2 class="blue"> Student Clubs Hit Milestones </h2> <p> November 2022 marked the inaugural Brazilian-Portuguese Cultural Club conference, hosted jointly with eight other MBA programs across the United States. In February 2023, The African American Student Union (AASU) hosted the 50th H. Naylor Fitzhugh Conference. The two-day event included the Black Tech Summit and the Black New Venture Competition. In March 2023, the Africa Business Club hosted its 25th Annual Conference, with attendance exceeding 1,000 guests—making it the largest conference on business in Africa outside the African continent. In April 2023, the HBS Show staged its 50th annual performance in Klarman Auditorium. The high-quality student-led production showcased the enormous talents of HBS students and partners, as well as a cameo singing performance by MBA Program Chair, Professor Matt Weinzierl. </p> <a href="https://www.hbs.edu/news/articles/Pages/aasu-conference-50-years.aspx" class="more">H. Naylor Fitzhugh Conference Video</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">Harvard Climate Entrepreneurs Circle Selected</h2> <p class="snap"> The Harvard Innovation Labs have selected 23 ventures to join the third annual Harvard Climate Entrepreneurs Circle, an incubation program for high-potential ventures working to address climate change. Members of this year’s circle include HBS students Chidalu Onyenso (MBA 2023), Xavi Laguarta (MBA 2023), Makari Krause (MBA 2023), John Maslin (MBA 2024), and alumni. FY23 was a record-setting year for participation at the Innovation Labs with more than 1,300 student innovators and entrepreneurs from across all 13 Harvard schools in its programming. Approximately half of these students are working on 674 ventures, while the other half are at the idea stage of their innovation journeys. </p></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-ExEd_1160x720.ef4a7f1.png" title="Executive Education In-Person Learning Resumed" alt="Students in classroom" loading="lazy"></div> <div class="content"><h2 class="blue"> Executive Education In-Person Learning Resumed </h2> <p> More than 12,700 participants completed Comprehensive Leadership, Focused, Global, and Custom programs. Many came to campus for in-person learning; at the same time, the School Executive Education continues to experiment with online sessions—whether synchronous, using the Live Online Classroom, or asynchronous. Executive Education continued to introduce new, innovative programs – most notably, the new Digital Transformation Certificate, awarded to those who complete three qualifying programs. </p> <a href="https://www.exed.hbs.edu/digital-transformation-certificate" class="more">More on the Digital Transformation Certificate</a></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">Race, Gender & Equity Initiative Announced</h2> <p> HBS announced the <a href="https://www.hbs.edu/race-gender-equity/Pages/default.aspx">Race, Gender & Equity Initiative</a>, renaming the Gender Initiative to reflect the work it has done and will do to understand and advance equality, including racial equality, in organizations and business. In May 2023, the Initiative hosted its 10th annual research symposium, this year focused on “Tools for Humanity,” with panel discussions, workshops, remarks, and flash talks </p> <a href="https://www.hbs.edu/news/releases/Pages/race-gender-equity-initiative.aspx" class="more">Race, Gender & Equity Initiative Press Release</a></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Race-Gender_1160x720.ccd5682.png" title="Race, Gender, & Equity Initiative Announced" alt="Students in classroom" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">PRIMO Welcomed Cohort</h2> <p class="snap"> The Program for Research in Markets and Organizations (PRIMO), a three-month summer program that introduces undergraduates to research and an academic career in management, welcomed its 2022 cohort of 28 fellows from 16 different colleges across the US. Managed by the Doctoral Programs office, the program pairs undergraduate students with HBS faculty to work closely on research projects for a wide range of subjects such as entrepreneurship, corporate social responsibility, globalization, leadership, and technology and innovation. Beyond engaging in research, students attend faculty lectures and professional development workshops to build a strong community of scholars. </p></article> <div class="container sep"><div class="separator"></div></div> <article><div class="split container"><div class="left"><h2 class="blue">Leadership Fellows</h2> <p> The Leadership Fellows program provides graduating HBS MBA students a once-in-a-lifetime opportunity to experience high-impact management positions in nonprofit and public sector organizations for one year after graduation. The program, which provides financial support so that Fellows receive competitive salaries, is based on University Professor Michael Porter’s vision of developing a network of HBS graduates with cross-sector experience who are committed to addressing societal issues throughout their careers. Over the last 20 years, the program has placed 267 fellows at organizations. The 2023 cohort of fellows includes: </p> <ul><li><b>Deep Biswas,</b> <i>Boston Planning & Development Agency</i></li> <li><b>Riya Chandaria,</b> <i>MBTA</i></li> <li><b>Tim Cho,</b> <i>Draper Richards Kaplan Foundation</i></li> <li><b>Ed Cordell,</b> <i>The Juilliard School</i></li> <li><b>Afroza Damji,</b> <i>MassChallenge</i></li> <li><b>Kyler Evitt,</b> <i>Year Up</i></li> <li><b>Liza Gaylord,</b> <i>Boston Ballet</i></li> <li><b>Nina Harstad,</b> <i>Equal Justice Initiative</i></li> <li><b>Vi Mai,</b> <i>MBTA</i></li> <li><b>Alejandro Molina,</b> <i>White House National Economic Council</i></li> <li><b>Rachel Orol,</b> <i>Lincoln Center for the Performing Art</i></li> <li><b>Sami Pal,</b> <i>Coney Island Prep</i></li> <li><b>Brittany Peck,</b> <i>The Michael J. Fox Foundation for Parkinson's Research</i></li> <li><b>Nathan Rosin,</b> <i>City of Boston, Office of the Mayor</i></li> <li><b>Taryn Stamper,</b> <i>The Nature Conservancy</i></li> <li><b>Mimi Verdonk,</b> <i>OneTen Coalition, Inc.</i></li> <li><b>Ryan Warren,</b> <i>Harlem Children’s Zone</i></li> <li><b>Caroline Zheng,</b> <i>City of Cambridge</i></li> <li><b>Connie Zuo,</b> <i>Whitney Museum of American Art</i></li></ul> <a href="https://www.hbs.edu/news/releases/Pages/2023-2024-leadership-fellows.aspx" class="more" style="margin-bottom:3em">Leadership Fellows Press Release</a> <div class="spacer_xl"></div></div> <div class="right"><h2 class="blue">Blavatnik Fellows</h2> <p> The Blavatnik Fellowship in Life Science Entrepreneurship offers HBS alumni and Harvard-affiliated postdoctoral researchers the opportunity to advance new ventures around promising life science technologies fellows work closely with leading biotech industry and biomedical authorities, receive programmatic guidance and mentorship, and join a community of entrepreneurs shaping the future of science. To date, the Blavatnik Fellows have created 35 companies and collectively raised more than $500 million in funding and an additional $244 million from an IPO in 2020. The Blavatnik Fellows are: </p> <ul><li><b>Ilana Springer Borkenstein, RN</b></li> <li><b>Hunter Goble</b></li> <li><b>Matt Ross</b></li> <li><b>Shardule Shah, PhD</b></li> <li><b>Alexey Youssef, MD, MSc</b></li></ul> <a href="https://www.hbs.edu/news/releases/Pages/2022-2023-blavatnik-fellows.aspx" class="more">Blavatnik Felllows Press Release</a></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="module-three"><div class="left container"><img src="/about/annualreport/2023/_nuxt/img/rise-fellow-mccain-360x360.756e563.jpg" title="RISE Career Fellowship" alt="Malcolm McCain" loading="lazy" style="display:flex"> <div class="personpaddingfix"><h2 class="blue">RISE Career Fellowship</h2> <p> HBS created the RISE (Recognizing Individuals Seeking Equity) Career Fellowship to supplement a graduating MBA student’s income for one year so that they can work with, learn from, and make a difference in a growing business that is creating economic opportunity for marginalized communities in the U.S. Malcolm McCain (MBA/MPP 2023) was named the first recipient and will serve as chief of staff of BrightUp, a seed-stage Boston-based fintech company focused on democratizing wealth building and well-being. </p> <a href="https://www.hbs.edu/news/releases/Pages/RISE-Career-Fellow.aspx" class="more">Announcement Press Release</a> <a href="https://www.hbs.edu/news/releases/Pages/rise-career-fellow-winner.aspx" class="more">Recipient Press Release</a></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">Dean’s Regional Events Resumed</h2> <p> Dean Srikant Datar traveled around the world to meet with the School’s alumni. In partnership with local clubs, the School hosted events in Chicago, London, Los Angeles, New York, Palm Beach, the Bay Area, Tokyo, and Singapore. More than 1,000 alumni gathered at these events to meet the Dean, hear from him about the School’s priorities, and connect with each other. </p></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-deans-regional_1160x720.7145575.png" title="Dean’s Regional Events Resumed" alt="Dean Srikant Datar at an event" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="module-six container"><h2 class="blue">Reunion Attendance</h2> <div class="spacer_xl"></div> <div class="split"><div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Reunion_1160x720.04ca1d6.png" title="Reunion Attendance" alt="Alumni at reunion" loading="lazy"></div> <div class="content"><div class="smcontainer"><div class="smtable spanmd"><div class="chart-title tan"><p class="title">Attendance<br></p></div> <ul class="tan-list two-col-right"><li><span>Spring MBA</span> <span>3,825</span></li> <li><span>Fall MBA</span> <span>1,916</span></li> <li><span>Executive Education</span> <span>275</span></li> <li><span>TOTAL</span> <span>6,016</span></li></ul></div></div></div></div></article> <div class="container sep"><div class="separator"></div></div> <article class="split container"><div class="content"><h2 class="blue">Service Milestone Event Celebrated</h2> <p> On May 4, HBS continued its 10-year tradition of celebrating and honoring recent retirees and employees marking more than 15 years of service. The service milestone program recognized 125 staff members, with a special focus on those whose tenure began 25 years ago. Collectively, this group of retirees and colleagues represents 2,463 years of work for the University.</p></div> <div class="image"><img src="/about/annualreport/2023/_nuxt/img/0.0-Service-Milestone_1160x720.0085b41.png" title="Service Milestone Event Celebrated" alt="Staff at the service milestone event" loading="lazy"></div></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><h2 class="blue">IN MEMORIAM</h2> <ul><li><b>William (Bill) J. Bruns Jr.,</b> <i>Henry R. Byers Professor of Business Administration, Emeritus</i></li> <li><b>David Frieze,</b> <i>Division of Research and Faculty Development, retired</i></li> <li><b>John (Jack) J. Gabarro,</b> <i>UPS Foundation Professor of Human Resource Management, Emeritus</i></li> <li><b>Patty Haviland,</b> <i>Human Resources, retired</i></li> <li><b>Alice Kirchner,</b> <i>Restaurant Associates, retired</i></li> <li><b>Jay O. Light,</b> <i>Dean of the Faculty and George F. Baker Professor of Administration, Emeritus</i></li> <li><b>Allan Ryan,</b> <i>Harvard Business Publishing</i></li> <li><b>Carol Sweet,</b> <i>Harvard Business Publishing, retired</i></li> <li><b>Carla Tishler,</b> <i>Executive Education, retired</i></li></ul></article> <div class="container sep"><div class="separator"></div></div> <article class="container"><p class="snap" style="font-size:2em"> “MBA Global Immersions Reinstated” photograph © AP images for Harvard Business School. </p></article></main></div> <footer role="contentinfo"><div class="subfooter"><div class="container"><div class="address"><p> Harvard Business School <br> Boston, MA 02163 </p> <ul><li><a href="https://www.hbs.edu/maps/">Map & Directions</a></li> <li><a href="https://www.hbs.edu/about/Pages/contact.aspx">More Contact Information</a></li> <li><a href="https://www.alumni.hbs.edu/giving/Pages/default.aspx">Make a Gift</a></li></ul></div> <div class="social"><ul><li><a 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