Dr. Dre and Jimmy Iovine are giving back to the future. The music moguls have donated $70 million to USC to create an academic program that will yield employees they can add to their payroll.
After years of success in making music the two moguls hit the jackpot with their Beast By Dre headphone line that earns them a billion dollars in sales annually. But finding suitable people to foster innovation has been difficult.
“It came out of us trying to find people to work for us,” Iovine told The New York Times. “If the next start-up that becomes Facebook happens to be one of our kids, that’s what we are looking for.”
So their generous donation will go towards the creation of a degree that combines business, marketing, product development, design and liberal arts.
“I feel like this is the biggest, most exciting and probably the most important thing that I’ve done in my career,” Dr. Dre said.
Dr. Dre is a founding member of legendary gangsta rap group NWA and is responsible for launching the careers of megastars Snoop Dogg, Eminem and 50 Cent. Iovine, 60, is the co-founder of Interscope Records and has made superstars out of including Dr. Dre, Nine Inch Nails, U2, Mary J. Blige, No Doubt, Marilyn Manson, The Black Eyed Peas, and Lady Gaga.