Broad Impact An Interview with Eli Broad, Founder, The Broad Foundations EDITORS’ NOTE After working for The Broad Foundations are fo- And we created the biggest prize in public two years as an accountant, Eli cused on transforming K-12 pub- education, the $1-million Broad Prize. We have Broad founded a home-building lic education. What impact have also supported proven public charter schools. company with Donald Kaufman. you had in this area and why has We’ve made some progress, though there In 1971, the Kaufman and Broad it been such a challenge to cre- is still much work to be done. Home Corporation acquired a ate true reform with such wide- What is needed to create real K-12 small life insurance company for spread emphasis on it? reform? $52.1 million that they eventually Eleven years ago, after we sold First, we need a longer school day and transformed into a retirement sav- SunAmerica to AIG and came into a school year, because our kids are being short- ings empire. With the merger of fair amount of money, I stayed on for changed in the number of academic hours SunAmerica into AIG in 1999, a year or two and decided to focus they get a year compared with other nations. Broad stepped down as CEO and on public education as the biggest Second, we need to have the same competition turned his attention to full-time Eli Broad problem in America. I knew what was we have in higher education among private philanthropy. Eli and Edythe Broad happening in Korea, Japan, China, and public universities, and that can happen in had created a family foundation in the ’60s as India, and certain European nations and knew the form of charter schools, which are free, or a way to support their charitable interests and we had to improve public education. public schools that compete with other schools causes, but refocused their charitable giving on A number of philanthropies in America and receive an exemption from many inane re- venture philanthropy. Eli Broad has held nu- focus on education reform. We are a bit differ- strictions in exchange for agreeing to produce merous leadership roles on boards around the ent in that we focus at the school district level, results. We think low-income parents deserve country: he was the founding chairman and is because we believe that school district policies equal opportunities to send their children to a life trustee of the Museum of Contemporary Art and practices simply have not kept pace with quality public schools. We also need to change in Los Angeles; a life trustee of the Los Angeles modern student and teacher needs. For exam- public education from a tired, government mo- County Museum of Art, the California Institute ple, far too many school dollars remain in the nopoly to a high performing public enterprise, of Technology, and the Museum of Modern Art central offi ce and are not being used effectively so you need better people in management and in New York. Eli Broad is also a Fellow of the in the classroom where they have the greatest governance who can create the conditions that American Academy of Arts and Sciences and impact, and far too many teachers don’t receive empower students and teachers to succeed. We in 1994 was named Chevalier in the National the support they need. It’s critical that we fi x also have to use technology and online pro- Order of the Legion of Honor by the Republic these broken systems, because they are turn- gramming to personalize learning for each of France. In 2004, he became a Regent of the ing talented Americans away from the teaching student because they all have different inter- Smithsonian Institution by appointment of the profession and are driving out frustrated teach- ests and learning styles. The problem is that U.S. Congress and the President, serving until ers – half of all teachers leave teaching in their you also have a lot of interests that want to 2009. In 2007, Eli Broad was awarded the fi rst fi ve years. maintain the status quo and are fearful of the Carnegie Medal of Philanthropy. Broad at- We saw a need to push more resources change that is necessary. tended Michigan State University, graduating into the classroom and empower teachers with How concerned are you that the U.S. with a degree in accounting and becoming support and freedom to creatively teach to each is losing its competitive edge and, without the youngest CPA in the state’s history. Broad’s student’s personal needs. And we saw the need the type of reform you talk about, that the book, The Art of Being Unreasonable: Lessons in to honor the teaching profession by paying our U.S. is not going to remain competitive with Unconventional Thinking, will be coming out best teachers more and by creating work envi- those it is bringing into the workforce? the end of April. ronments that attract and retain the best and the We have already lost that edge. We have brightest Americans into our classrooms, while to turn it around, but that can’t happen over- ORGANIZATION BRIEF The Broad Foundations also appropriately holding them responsible for night. Our foundation got involved in improv- (www.broadfoundation.org), which include student gains. So The Broad Superintendents ing our public schools because I was fearful, The Eli and Edythe Broad Foundation and The Academy has trained dozens of sitting superin- as I am now, about the future of the American Broad Art Foundation, were established by en- tendents who are working to put these conditions economy, society, and democracy. trepreneur and philanthropist Eli Broad to ad- in place across entire city school districts – su- The only answer is doing a better job edu- vance entrepreneurship for the public good in perintendents in Los Angeles, Washington, New cating our people – it’s not just sending every- education, science, and the arts. The Broad Orleans, Chicago, and the number two per- one to college. When children get to the 8th Foundations invest in the bold and innovative son in New York are all graduates. We also or 9th grade, if they don’t think they’re going transformation of K-12 urban public education have a residency for which we have recruited to college, they don’t see a point in staying in America so students and teachers can suc- 250 bright young MBAs and people with similar in school, so they drop out. We have to show ceed; the advancement of major scientifi c and degrees into inner city school districts to do a them a route to good paying jobs, whether it’s medical research to improve human health; and better job managing the resources and to make the building trades, auto mechanics, or other public appreciation of contemporary art by in- sure more money goes to the classroom and things. And we have to reinvent vocational creasing access for audiences worldwide. less is spent on bureaucracy. education.• 36 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2012 LEADERS MAGAZINE, INC. VOLUME 35, NUMBER 2.