Making sure the best and the brightest have the opportunity to attend the University of Miami Patti and Allan Herbert Business School regardless of their financial means was the driving force behind an extraordinary gift from Mark E. Carbone.
The New York real estate developer has pledged more than $3 million through his education foundation to create the Mark E. Carbone Education Foundation Future Business Leaders Endowed Scholarship.
“Over the past quarter-century, I have become very familiar with the University of Miami through my previous work at The Related Group, and now my son is a student at the University,” Carbone recounted. “I believe, like the city of Miami, the University is on an upward trajectory as it experiences a tremendous amount of growth. I want to play a role in that growth by ensuring the business school is able to attract the best students possible.”
While Carbone feels strongly about enrolling talented students, he feels equally as strongly that financial resources should not stymie those same students.
“My ideal student for this scholarship would be someone who is very hard-working, smart, hungry, comes from a family of lesser means, but still has good emotional support from their family, and could really use the financial help,” explained Carbone. “Education is the most important foundation for someone’s life. If someone can’t go to Miami because they can’t afford it, that’s a shame. They should be able to go regardless of their financial situation.”
Carbone also added an extra $340,000 to the spending account so that the scholarship can be awarded immediately rather than waiting until the endowment is fully funded.
"Mark's contribution is a real testament to what we stand for at Miami Herbert—that money should never be an obstacle for incredible talent,” said Ann M. Olazábal, interim dean of Miami Herbert Business School. “This scholarship is not just about financial aid; it's about nurturing a community rich in diversity and brimming with potential, ready to make a meaningful impact in the business world."
Hari Natarajan, a professor and vice dean of business programs at the school, worked with Carbone over the past several years to ensure the scholarship met the needs of the appropriate students and the school.
Carbone’s involvement doesn’t end with his scholarship. He also serves on the business school’s parent’s council and the dean’s advisory council.
“Mark firmly believes in the trajectory of the business school and where we are headed,” said Natarajan. “Partnering with someone who not only asks pertinent questions but also deeply believes in our potential for expansion is invaluable. We are immensely grateful for the opportunity to accept such a generous donation.”
Natarajan oversees all the school’s in-person undergraduate and graduate degree programs. “Our mission is to develop transformative scholarship and principled leaders for business and society,” he said. “When you have scholarships like this, it gives us the ability to find the best and brightest regardless of their economic means. This enables us to bring them onboard and train them to fulfill our mission.”
