Dear Friends,

It has been an exciting year at Harvard Business School. Building on our strategic priorities, in fall 2011 we moved into execution mode on a range of new initiatives. At the same time, we continued to invest in the activities and infrastructure that have defined HBS since its founding, and that distinguish it among business schools.

In the MBA Program, we created a new course in the Required Curriculum (the first in a decade) and a number of courses in the Elective Curriculum based on the field method—an approach we think represents a powerful complement to the case method, and one that will help students develop the knowing, doing, and being skills and awareness required of leaders in todayís challenging world. We also constructed in record time 10 flexible classrooms to accommodate the teamwork, simulations, and other exercises these courses necessitated, opening the doors quite literally as the paint was drying.

To bring focus to a topic of global importance, we launched the U.S. Competitiveness Project, engaging faculty members from across disciplines both within and outside the School. On issues ranging from K–12 education to U.S. trade policy, faculty members explored—and, importantly, offered solutions to—barriers to competitiveness. For the first time, we conducted an alumni-wide survey, tapping into the unique and tremendous experience of our graduates. And we convened academics, practitioners, and policymakers to zero in on actionable recommendations.

In Batten Hall, we opened the Harvard Innovation Lab, or i-lab, a new University-wide facility that combines space and resources to support student innovation and entrepreneurship. Although the official dedication didnít happen until November, we were delighted to see literally thousands of visitors (more than half from parts of Harvard other than HBS) even in the early fall months; by spring, a robust slate of programs had been developed and a steady stream of students was coming through the doors.

On the other end of campus, we broke ground on Tata Hall, a new state-of-the-art executive education facility. Scheduled for completion in December 2013, the building will provide much-needed living and classroom space for our flagship Advanced Management Program and other program offerings.

In the pages that follow you will read about these initiatives and more, and a discussion of the economic model and the resources that enable them. We are fortunate that alumni generosity enables so much of what we do—funding research, assisting students with financial need, and enabling innovation. I am deeply grateful to all of you for your support of this wonderful institution.

Nitin Nohria Dean of the Faculty