Gift Announcements > Richard M. Schulze Family Foundation

Richard M. Schulze Family Foundation

The Richard M. Schulze Family Foundation is accelerating artificial intelligence education and innovation at Mayo Clinic through a generous gift.

By Mayo Clinic

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Mayo Clinic is pleased to announce a gift of $5 million from the Richard M. Schulze Family Foundation that will support artificial intelligence and other innovative technologies within medical education, laying the foundation for the development of novel approaches that will transform patient care.

“My family, our foundation’s board and I see this grant as a commitment to technology, innovation, purpose and impact,” says Mr. Schulze. “It is our expectation that AI will greatly assist doctors and surgeons in ways to improve their diagnoses and subsequent actions in saving patients from debilitating disease.”

This generous gift will expand training and skill development in artificial intelligence, as well as other advanced technologies, for staff and learners across Mayo Clinic. The gift will also establish the Richard M. Schulze Innovation Awards in Artificial Intelligence, which will foster entrepreneurial activities focused on new education methodologies leveraging artificial intelligence to transform patient outcomes.

"It is our expectation that AI will greatly assist doctors and surgeons in ways to improve their diagnoses and subsequent actions in saving patients from debilitating disease."

— Richard M. Schulze

“We are deeply grateful to Mr. Schulze and the Richard M. Schulze Family Foundation for their visionary leadership to accelerate innovation in education,” says Fredric Meyer, M.D., who serves as the Juanita Kious Waugh Executive Dean of Education at Mayo Clinic. “There is enormous opportunity on the horizon to leverage artificial intelligence to transform healthcare. This foundational support will ensure that our learners and staff have essential training and the opportunity to advance pioneering ideas for the benefit of patients everywhere.” 

Mr. Richard M. Schulze is the founder and emeritus chairman of Best Buy, which he started in 1966 as a single audio equipment store in Saint Paul, Minnesota, and it became known as the world’s largest consumer electronics retailer. In 2004, Mr. Schulze established the Richard M. Schulze Family Foundation, which supports many areas, including education, human and social services, health, and medicine.

Recognized by Mayo Clinic as a Philanthropic Partner, the foundation has previously made generous gifts totaling approximately $60 million. It has supported capital expansion, cancer research, novel therapeutics, professorships, regenerative medicine and the President’s Strategic Initiative Fund. In addition, the foundation’s support continues to provide hope and comfort to patients with cancer, their families and caregivers through 12 American Cancer Society Hope Lodges that bear the Schulze name. Two are located on Mayo Clinic campuses, the Richard M. Schulze Family Foundation Hope Lodge in Florida and the Sandra J. Schulze Hope Lodge in Minnesota.