Awards of approximately $10,000 are given to 7-10 first-year MBA students who have exhibited leadership and an extraordinary commitment to working in the nonprofit sector. This fellowship is given in addition to any need-based fellowship awards and is available in the first year only.

This fellowship was created in 1988 by the Horace W. Goldsmith Foundation and Richard L. Menschel, MBA 1959, to encourage students from the nonprofit sector to pursue an MBA at HBS. Mr. Menschel, a former director of the Foundation and Limited Partner, Goldman Sachs, was an early supporter of the HBS Social Enterprise Initiative and serves on the Advisory Board. Recipients are invited to participate in events with current and former recipients, as well as local nonprofit leaders, in an effort to create a network of individuals committed to working in the sector. More than 100 students have received this award since its inception.

Recipients of this award have served in full-time leadership roles in the nonprofit sector prior to enrolling at HBS and demonstrate a strong commitment to a career in the sector.