Bose donates Majority of Company to MIT

Apr 29 2011, 2:00pm CDT | by , in News | Technology News

Bose donates Majority of Company to MIT

When you buy a Bose Sound system next time you actually support MIT.

Dr. Amar Bose, Bose Corporation’s Founder, has given to MIT the majority of the stock of Bose Corporation in the form of non-voting shares. MIT will receive annual cash dividends on those shares when dividends are paid by Bose Corporation; those cash dividends will be used by MIT to sustain and advance MIT’s education and research mission.

That is a pretty cool move to donate a company to the MIT. MIT just gets the money, but the do not have to run Bose. Bose Corporation will remain a private and independent company, and operate as it always has, with no change in strategy or leadership. Dr. Bose will remain Bose Corporation’s Chairman and Technical Director.

Dr. Bose received his bachelor’s degree, master’s degree and PhD from MIT, all in electrical engineering. He was asked to join the faculty in 1956, and accepted with the intention of teaching for no more than two years. He continued as a member of the MIT faculty until 2001, making important contributions to the Institute’s teaching of undergraduate electrical engineering.

In 1964, Dr. Bose founded Bose Corporation. From its inception, the company has remained privately owned, with a focus on long-term research.

Via MIT.

In other recent MIT related news, Joi Ito takes over the MIT Media Lab from Nicolas Negroponte.

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