Worcester Business Journal

wbjournal.com | June 10, 2024 | Worcester Business Journal 7 W rebrand, and take stock of how you're operating and what you're doing." By definition, a name change is quite literally a matter of semantics. But both Royo and Jordan agree the School of Business rebrand is an important step in larger efforts to make it clear that Clark prioritizes both providing broad education to students, while providing them with the specialized focus needed to succeed in modern society. "It was a natural response to the de- mand of the market for more specialized degrees," Royo said, "We had identified that the market demands more spe- cialization, so we needed to offer more degrees rather than just management. at was too generic, too broad, and not particularly attractive." e name change will appeal to the next generation of college students, who are beginning to ask questions about the role of business in society, Jordan said. "e School of Management has for 42 years responded to the interests and needs of students," Jordan said, "but stu- dents that are coming in this fall are our students who are asking a lot more ques- tions about the relevance of business and the importance of business." is new evolution of the school will make it clear where Clark's priorities lie, he said. "So one might ask: 'What is the purpose of business? Is it just to make money?' Our answer here at Clark is a resounding no," he said. "It's certainly to make money and to do well in business, but to also contribute to the welfare of local, national, and global societies from which these people and students come from." By highlighting Clark's renewed ap- proach with the school as a place where the business leaders who are a force for positive change, Royo said the university can help bridge the gap between the liberal arts and business worlds, pushing back against preconceived notions about what it means to study business. "What I perceive from students that are in some of our humanities or social science programs is that there's almost a little bit of antagonism against anything that has to do with business or with money," Royo said. "How do we educate them that you can make a difference in the world by generating wealth? It's not an either-or proposition." By breaking down these stereotypes surrounding economic studies, students whose main focus is elsewhere can still have the business acumen to survive in the modern economy, he said. "It is important for a lot of our stu- dents who are going to be self employed or have their own little business, that they need to have those basic skills of how to run an organization," Royo said. Slipping interest in business education Clark's reimagining of its business school comes as the total number of applications to business graduate man- agement education programs in the U.S. declined 3.2% in 2023, according to a survey of 900 institutions conducted by the Graduate Management Admission Council, an international nonprofit organization of business schools based in Virginia. Undergraduate interest in business degrees has been relatively flat over the past five years; the amount of freshman enrolled in business-focused programs in the United States declined 0.21% be- tween 2019 and 2024, according to data provided by the Virginia-based National Student Clearinghouse Research Center. While domestic interest in business studies has seen declines, international students are picking up some of the slack; 63% of surveyed graduate insti- tutions saw growth or stability in the amount of international applicants, up from 47% in 2018, according to GMAC. Royo sees this new evolution of Clark's School of Business as a chance to tap into this international market. "One of our most significant pop- ulations for business programs are international students, particularly at the graduate level, but also at the undergraduate level," he said, "When we get a request from international students that they want to study accounting, for example, we want to make sure that they understand that this School of Business offers accounting, not just management." Local presence Not content with just a name change, Clark is looking to expand the physical footprint of its business offerings to both students and the community-at-large. In January, the university announced it plans to expand the presence of its Small Business Development Center to an off-campus location in the heart of downtown Worcester. Dubbed the Worcester Idea Lab, the space is meant to foster interaction and collaboration between students at Clark, students from other area colleges, and the broader Worcester business community. "It offers us resources where students can work on their entrepreneurial ideas and meet with small business owners, and also expands opportunities with a visible presence in the heart of the Worcester business community," Jordan said in a January press release announc- ing the lab. "We're thrilled to see this new business think-tank already in action and look forward to watching our students and the SBDC continue to thrive." is new location in the city's urban core will help enhance connections with the communities, particularly entrepre- neurs who are new to America's shores, Royo said. "One of the priorities that we have is to serve immigrants, to set up startups, companies, and also to offer internships for students," he said. "It's another excit- ing development. We always wanted to have a footprint downtown." Looking further off into the future, Royo hopes the business school's evolu- tion will eventually lead to a new School of Business facility. e school's current home, Carlson Hall, was built in 1890, according to City of Worcester property records. Royo feels that a modern, state-of- the-art facility is a crucial component in attracting the next generation of socially-minded business students and academic staff. "We are about to launch a capital campaign, and this will be one of the areas of priority," he said. "We want a building that is innovative and will foster collaboration and interdisciplin- ary group work. We think it will be a landmark of business education." Notable Clark University alumni Name Year of graduation Accomplishments Former ESPN personality, co-host of Jon "Stugotz" Weiner 1995 The Dan Le Batard Show with Stugotz Author, model, host of "Top Chef" Padma Lakshmi 1992 television show Former executive vice president of Wendi Trilling 1986 comedy at CBS Raymond Mariano 1982 (MBA) Mayor of Worcester, 1993–2001 Billionare co-founder and CEO of Marc Lasry 1981 Avenue Capital Group Senior program officer, Bill & Melinda Janice Culpepper 1977 Gates Foundation Founder and former CEO of Panera Ronald Shaich 1976 Bread Jeffrey Lurie 1973 Owner of the Phildelphia Eagles Emmy-winning television producer and Steven DePaul 1973 director, with shows like "NYPD Blue" Sources: Clark University website, various media publications

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