I’m Betting $100 Million on a New University The incentive structure of higher education is broken. My gift to the University of Austin is meant to change that—by tying its success to the real-world achievements of its students.
“This interdependency—where the institution’s survival depends entirely on student success—will transform how we approach education,” writes University of Austin benefactor Jeff Yass. “We won’t charge students; we will invest in them.” (UATX)
Today, the University of Austin made a seismic announcement. The school, which I helped found in 2021, will never charge tuition. And it will never take government money. This radical move, which gives new meaning to the word “independent,” has been made possible because of a $100 million gift from Jeff Yass—the largest donation since the university was founded. Yass, the founder of the Philadelphia-based trading firm Susquehanna International Group, is not an alum of the school. Indeed, we have no graduates at all as yet. So why did he give this donation? He explains below. —Bari Weiss
This article is featured in Education. Sign up here to get an update every time a new piece is published. I am giving $100 million to the University of Austin because the feedback mechanisms of higher education are broken. Almost every system that works, works because of feedback. Evolution works because helpful mutations survive while harmful ones die off. Democracy works because voters support effective leaders and remove ineffective ones. Markets work because prices tell producers when to ramp up or scale back. Science works because the data from an experiment tells the scientist how likely their hypothesis is to be false...
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