Wellesley, Massachusetts' Babson College said it has launched the Tariq Farid Franchise Institute thanks to a gift from the founder of Atlanta-based Edible Brands. The institute will serve as a learning hub to advance "understanding of franchising and empower the next generation of franchisees and franchisors." In fact, Farid's daughter, who serves as Edible's vice president of Ecommerce, is a 2015 Babson graduate, according to a news release.
Farid began his entrepreneurial career at the age of 17 with a flower shop, then launched Ediblein 1999, which now has more than 1,000 locations.
"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," International Franchise Association President and CEO Matt Haller, said in the release. "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."
In May, Yum Brands said it is working with the University of Louisville to launch the Yum Center for Global Franchise Excellence to provide existing and potential franchisees multiple levels of online education focused on the franchising model across industries, as well as encouraging franchising in under-represented populations.
The Babson College institute, which will reside under Babson's Arthur M. Blank School for Entrepreneurial Leadership, 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. Specifically, the Institute will incorporate:
● Advisory Council —Babson will create an advisory council composed of its alumni and industry leaders to support the development, programming and growth of the institute.
● Research Program — The institute will provide opportunities for multidisciplinary faculty research into franchising subjects and identify ways to innovate.
● Pedagogy — The institute will integrate new undergraduate, graduate and certificate-level courses, to be delivered both in person and remotely.
● Case Studies — These will be a major focus of franchise programming and include real-world franchises examined at various stages to learn about each step in the creation and scaling of a franchise.
● Experiential Learning and Programming — The institute will partner with each of Babson's existing centers and institutes to infuse franchise expertise and experiential learning opportunities into Babson's curriculum and co-curricular programs, activities and events. Opportunities will help students practice and implement classroom learnings.
"Franchising accounts for more than $674 billion of business conducted in the U.S. each year, yet few institutions currently have programs dedicated to franchise education," Donna Levin, CEO of The Arthur M. Blank School for Entrepreneurial Leadership, said in the release. "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."
"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."
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