According to a New York Times article, “Two Musical Minds Seek a Different Kind of Mogul,” celebrity record producers and talent scouts Jimmy Iovine and Dr. Dre are giving the University of Southern California a gift of $70 million. The gift will go towards starting a new degree that combines business, product development, design, marketing, and liberal arts. The goal: to find the next Steve Jobs or launch the next Facebook.
Mr. Iovine and Dr. Dre themselves run their own business – Beats headphones – that makes $1 billion in sales each year. Neither of the two men went to college; the inaugural director of the program will be USC’s dean of fine arts, Erica Muhl, who will devise the curriculum, select faculty, and review applications.
The degree will be offered in the new USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. The first class, starting in the fall of 2014, will have 25 students.
The details of the program are not yet finalized. Mr. Iovine tells the New York Times, “We have no idea where this is going….We’re not quite sure what it is.”
Hopefully they’ll figure it out by fall 2014.
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