Franklin W. Olin College of Engineering

Olin College of Engineering is a private undergraduate engineering college in Needham, Massachusetts, adjacent to Babson College. Olin College is noted in the engineering community for its youth, small size, project-based curriculum, and large endowment funded primarily by the F. W. Olin Foundation. The college covers half of each admitted student's tuition through the Olin Scholarship.HistoryOlin College was founded by the F. W. Olin Foundation in 1997. The trustees were concerned about perpetuating Franklin W. Olin's donor intent indefinitely, so the foundation's president, Lawrence W. Milas, proposed creating a college. “We always had a bias toward supporting science and engineering schools because Mr. Olin was an engineer,” Milas said. “I was concerned with whether or not this would be consistent with what Mr. Olin had ever considered. I went back and read minutes of board meetings. And sure enough, in the late 1940s, at two or three board meetings shortly before his death, he expressed the idea of starting a new institution.”By 2005, the foundation had donated most of its financial resources to the college, providing Olin with an endowment of about $460 million. Richard Miller was inaugurated as the college's first president on May 3, 2003. Miller was also the first employee of Olin College, and had been working as its president for several years before he was officially inaugurated.In a program known as Invention 2000, Olin College hired its first faculty members and invited 30 students, known as Olin Partners, to help it form a curriculum. The students lived in temporary housing and spent their first year after high school investigating assessment and grading methods, jump-starting the student culture, and experimenting with forms of engineering education.