THE MEANING OF L.I.F.E.

WITH A NEW $3 MILLION GIFT, MIAMI INTENDS TO EXPAND ITS PIONEERING WORK EXAMINING THE INTERSECTION OF FAITH AND ENTREPRENEURSHIP AND OPEN DOORS FOR OTHER UNIVERSITIES TO LAUNCH AND EXPAND SIMILAR PROGRAMS.

BY DONNA BOEN ’83, MTSC ’96, MIAMIAN EDITOR

In just four years, Miami University’s L .I .F .E . (Leading the Integration of Faith & Entrepreneurship) initiative has evolved from a back-of-the-napkin idea into an expanding program focused on studying the relationship between faith and entrepreneurship through rigorous academic research, a course taught in the Farmer School of Business, a student organization, and an international research conference .

The initial work has been so impressive that an anonymous donor is providing a $3 million gift to increase L .I .F .E .’s funding, from initial seed money to a substantial endowment approaching $5 million .

L .I .F .E . isn’t necessarily a program you would think of at Miami, a public institution . Brett Smith ’91 understands . As L .I .F .E .’s founding director, he’s quite familiar with the two most common questions people ask — Why study faithbased entrepreneurship and why at a public university?

Why focus on faith?

Smith, the Cintas Endowed Professor of Entrepreneurship in the Farmer School of Business, believes the basic issue is whether faith affects entrepreneurship .

“Faith is a factor that some 80% of the world’s population claims,” Smith said. “To many of those people, it’s very central, including the way they identify opportunities, the ideas they will and won’t pursue, the places they’ll invest in, and from whom they’ll raise money.

“Yet we’re hesitant to study it,” he said . “Of course, religious scholars study it, and the psychologists and sociologists, but for some reason, in business and entrepreneurship, we generally neglect one of the most important social variables shaping decisions around the world and across generations .” Faith is a factor that some 80% of the world’s population claims . To many of those people, it’s very central, including the way they identify opportunities, the ideas they will and won’t pursue, the places they’ll invest in, and from whom they’ll raise money .”

Smith and other academics at Miami and elsewhere are collaborating to eradicate that pattern of neglect .

Since L .I .F .E .’s founding in 2018, Miami faculty involved in the initiative have published in leading academic journals, organized a research conference attended by more than 150 scholars from 25 countries, and established a PhD seminar, a postdoctoral program, and a class for undergraduates that has brought in world-class speakers .

“We are very grateful for our donor’s gift to the L .I .F .E . program,” said Miami University President Gregory Crawford . “Such generosity will enable the program to accomplish its audacious goals and become a model for other universities .”

To be clear, L .I .F .E . participants are not endorsing any faith nor encouraging it . They are studying it and its impact on entrepreneurs, investors, and customers, the same way scholars focus on gender and race . In fact, it represents an important form of diversity – religious diversity – often absent from conversations about diversity, equity, and inclusion .

At

a public university?

Actually, Smith thinks L .I .F .E . research and teaching makes more sense at a public school than at a faith-based university for two reasons .

First, he said, objectivity about the intersection of faith and entrepreneurship might be more challenging at faith-based institutions, where a specific faith tradition may influence the types of questions, answers, and interpretations of the data .

Second, it provides Miami’s students with access to content they may not otherwise encounter at a public university or within the context of a business school that may substantially influence them in the workplace

While other public and private universities have similar programs, such as Princeton University, their emphasis is on faith and work . Miami’s is one of the first of its kind to focus specifically on the intersection of faith and entrepreneurship . This distinction is crucial, Smith said .

“We’re not suggesting people should bring faith into their entrepreneurial ventures . We’re simply recognizing that it’s already happening,” said Brett Smith, seen here teaching a PhD seminar .

“Entrepreneurs are change-makers and culture-makers,” he explained . “Entrepreneurs have more agency — or control — over the practices and culture created within their organizations than mid-level managers at large corporations .” What’s next?

With this new gift, Miami can expand its pioneering efforts with L .I .F .E . and open doors for other academics at other schools to launch and expand similar programs

“We are grateful to this donor both for understanding the mission of L .I .F .E . and why it is necessary and then for supporting our pioneering vision and enabling us to continue and expand, making it possible for other institutions to benefit as well,” said Jenny Darroch, dean of the Farmer School of Business and Mitchell P . Rales Chair in Business Leadership .

Smith added, “We’re not suggesting people should bring faith into their entrepreneurial ventures . We’re simply recognizing that it’s already happening What we want to do is help people understand how it is happening, why it is happening, and with what consequences, both negative and positive .

“People think, ‘Oh, I’m not religious so this doesn’t matter to me,’ ” Smith said “Well, it matters the minute you take a job at an entrepreneurial company where the founders, investors, or customers are deeply embedded in their faith . Then, the meaning of L .I .F .E . becomes very personal and important .”