CHARLOTTESVILLE, Va. (CBS19 NEWS) — The University of Virginia Darden School of Business is creating a new institute focused on the study of artificial intelligence.
According to a release, the new LaCross Institute for Ethical Artificial Intelligence in Business has been made possible by the largest gift in Dardenâs history, $101 million from the LaCross family.
This institute will extend and expand on the work of Dardenâs AI Initiative, which was created in 2022 through an initial gift from Dave LaCross (’78).
The new institute will allow UVA to coordinate research, teaching and engagement in AI across schools, institutes and research centers.
âNow is the time for institutions like the University of Virginia to convene resources and apply them to shape what likely will be the most impactful technology of our lifetimes,â UVA Provost Ian Baucom said. âBuilding on the Darden Schoolâs strengths in educating responsible business leaders and thought leadership on the role of business in society, the LaCross AI Institute will continue to accelerate the universityâs impact.â
The release says the rise of AI models like ChatGPT and Gemini raise ethical concerns about the reliability and quality of training data, the transparency of AI models, and how such technology will affect jobs.
Darden Dean Scott Beardsley says this institute will represent a chance for the school to combine its core strengths of business ethics, stakeholder theory and technological innovation and apply them to the challenges of artificial intelligence.
âAI is already a multitrillion-dollar business and demands comprehensive solutions. Our students are hungry for AI-relevant skills and knowledge and the LaCross AI Institute can explore the business opportunities of AI across sectors and also define what ethical leadership means in the age of artificial intelligence,â Beardsley said.
He will also chair the instituteâs advisory council while Darden professors Yael Grushka-Cockayne and Raj Venkatesan will be its academic directors.
In 2023, the LaCross family announced the historic gift, also indicating they hoped to provide $50 million to establish a Darden-led AI institute. The gift has since been expanded to fund professorships in ethical AI in business.
The UVA Board of Visitors approved the name for the institute last week.
