The Institute will create a cross-disciplinary business program.
Babson College has announced the creation of the Tariq Farid Franchise Institute, designed to advance learners’ understanding of franchising and empower the next generation of franchisors and franchisees.
The Institute has been made possible by a gift from Tariq Farid, founder and CEO of international retail franchise Edible Arrangements.
“This program continues a growing trend of America’s leading franchise brands investing in academic institutions to raise the awareness of the franchise business model as a pathway for career growth and as an opportunity for small business ownership,” said IFA president and CEO Matt Haller.
“Franchising is a tremendous vehicle for business growth and wealth creation, particularly for traditionally underrepresented communities. The IFA and IFA Foundation look forward to leveraging franchising experts in our membership to develop curriculum to ensure the success of the Tariq Farid Franchise Institute at Babson College.”
The Institute will reside under Babson’s Arthur M. Blank School for Entrepreneurial Leadership, and will create a cross-disciplinary program that draws on Babson’s business expertise, combined with the experience and knowledge of franchise experts, to advance students’ understanding of franchising and the opportunities it can create.
“Franchising accounts for more than $674bn of business conducted in the U.S. each year, yet few institutions currently have programs dedicated to franchise education,” said Donna Levin, CEO of The Arthur M. Blank School for Entrepreneurial Leadership at Babson College.
“The Tariq Farid Franchise Institute will arm rising entrepreneurs with the knowledge and skills that will empower them to become successful franchisors and franchisees and help establish Babson as the leading provider of this specialized education.”
To deliver a full-service learning experience, the Institute will comprise an advisory council of Babson alumni, a research program to delve into franchising’s impact on the world, new undergraduate, graduate, and certificate levels courses, insightful case studies, and experiential learning and programming.
“Franchising spans entrepreneurship, finance, and family business and requires expertise in marketing, retail, supply chain, and more, highlighting the need for an educational hub to nurture the next generation of franchisees and franchisors,” Farid said.
“As the proud parent of a Babson graduate, I recognize the College’s unique ability to transform students into entrepreneurial leaders in all kinds of businesses, including franchises, which makes it the ideal place to create a program dedicated to franchising.”