A story of impact: from PhD student to global thought leader

As a dual national, Professor Ilya Strebulaev spent the first half of his life in Russia, and the latter half – and majority of his career – in the US. Sandwiched in between were five hugely important years at London Business School, where he completed his PhD in Finance. He credits LBS with “changing my life. It gave me not only a great education, but a structured PhD programme that enabled me to be active in research and practice, alongside the theory I was being taught, from day one.” It made such an impression on him that, seeing the financial difficulties PhD students now face, he decided last year to sponsor final-year PhD students through the Ilya A. Strebulaev PhD in Finance Fund.

Ilya has always believed in the importance of alma mater and has previously supported both LBS and the university in Russia where he achieved his Master’s degree. He believes that the secret to giving back lies in choosing a specific and very personal cause, with a precisely targeted donation that can really make a difference.

Like our peer institutions, LBS fully funds doctoral students, meaning all students offered a place on the PhD programme receive a tuition fee waiver for the duration of their studies and a doctoral stipend guaranteed for five years. However a sixth year of study is increasingly popular, allowing precious time to produce high-quality publishable research, and the ability to offer this sixth year is critical to attracting the best candidates who subsequently win top-tier faculty roles after their graduation. Ilya sees a multiplier effect in helping PhD students through their last, possibly most difficult year, enabling them to go forward into careers in the very top business schools and research institutions around the world, where they can impact those who follow. He also hopes that this PhD funding will allow students to complete what is often an extended sixth year of research with less financial worry.

Since completing his PhD in 2004, Ilya has become a world-renowned figure in finance, particularly in venture capital and private equity. He is currently the David S. Lobel Professor of Private Equity at Stanford Graduate School of Business in California. Widely published, he holds a long list of prestigious academic and teaching awards and is co-author of The Venture Mindset, which explores the intricacies of entrepreneurial and venture capitalist thinking and highlights how any individual can apply the venture mindset to achieve success in his/her chosen path.

He reflects on the speed of societal change, which requires a much deeper understanding of financial and social influences. He believes future research will be interdisciplinary, requiring more funding to handle the increasing volume of data. LBS is at the forefront of this kind of research in Europe, but without donor support, there will be fewer PhD students and less research at a time when more insight is desperately needed. Ilya feels that, as an international student, he made the right decision all those years ago in choosing LBS. Faculty members were smart and insightful, and helpful on professional and personal levels – crucial for those who have to adjust to life in a new educational setting and to the cultural dynamics of another country. To this day, he remains close friends with many current and past LBS faculty.