New York-based technology entrepreneur Cosmin Panait has established a scholarship for the Master of Management Studies program at Duke University’s Fuqua School of Business.
In a selfless act of generosity and goodwill, New York-based investment manager and technology entrepreneur Cosmin Panait has established a new scholarship for international students at Duke University’s Fuqua School of Business in Durham, North Carolina, in association with his wife, Lilian Yang.
Both Panait and Yang are 2011 graduates from the Fuqua School’s Master of Management Studies (MMS) program, and, after recent success in the business world, they wanted to give something back to their alma mater.
Panait and Yang met at Fuqua, and both are proud members of the school’s alumni community, supporting the school over the past several years as contributors to the Thomas F. Keller Leadership Donor Society. Additionally, Yang recently served on the school’s Alumni Council. With their gift of $350,000, a restricted endowed scholarship has been established that will benefit international MMS students. Fuqua has also named a team room after the couple in honor of their donation to the school.
“We know the value of the MMS program and what you can achieve through it because we’re living it,” states Cosmin. “Through this scholarship, we want to help provide that same opportunity to international students.”
“As we’re both international students [Panait is from Romania, while Yang hails from China], we understand the job market can be tough, and coming to America is a big leap,” explains Lilian. “We’re hoping to give students the chance to feel less of a financial burden and allow them to rest easier throughout studying and finding a job – to know that they’re supported by individuals other than their families.”
During their time at Fuqua, Panait and Yang were supported by the MMS community in myriad ways. Panait notes that “People sometimes ask whether the one-year MMS program is ‘enough’ time, as in, ‘Is it enough time to build friendships, school spirit, memories and to bond with people?’ The answer is yes. Our experience was one of the best years of our academic lives. Everyone was so tight-knit. It’s something you don’t see anywhere else.”
Both Panait and Yang love to talk to prospective students about the MMS program, and they agree that it can be difficult to fully convey the program experience and mindset through a website or a pamphlet. “It’s different from the [typical] MBA experience,” says Lilian. “Many of my classmates came straight out of undergrad, and taking that passion and ambition – even just for a year – and bringing it together in one place creates a beautiful outcome.”
For Panait, Fuqua was a graduate-level institution, as he came to the school with an undergraduate degree in economics from Emory University, along with experience at investment banks MD Global Partners. Yang is a former vice president of Citigroup who now oversees the Cosmin Panait and Lilian Yang Foundation, along with taking care of the couple’s daughter.
Compared with much of Fuqua’s other curricula, the MMS program is relatively new; its first class was in 2010. “We were only the second class to graduate,” observes Lilian. “We’re young, but MMS students and alumni have so much yet to give, as they’re still progressing through their careers and getting to where they want to be. Once they’re there, they’ll have that chance to reflect on the impact Fuqua has had on their lives and will be able to give back just like we’re doing now.”
Cosmin agrees. “It’s about the journey,” he elaborates. “Fuqua is so much more than just a prestigious school you can say you attended. It’s the people you get to know, the relationships you get to build, and knowing that when you leave the program, you have this awesome, irreplaceable connection with others from your class.”
On behalf of the school, the administration has been delighted by the couple’s generosity. “The continued success of the MMS program is fueled by the incredible support and engagement we see from alumni like Cosmin and Lilian,” declares Fuqua’s Dean Bill Boulding. “The school is strengthened by the diverse perspectives international students bring to the Fuqua community, and this amazing commitment allows Fuqua to remain competitive as a top destination for global talent.”
In New York City, animal shelters grapple with limited resources and an influx of pets, highlighting the need for comprehensive solutions beyond adoption.
The pandemic showed us the importance of animals in our lives, but it also exposed how fragile the safety net for these animals can be.”
— Cosmin PanaitNEW YORK CITY, NY, UNITED STATES, December 12, 2024 /EINPresswire.com/ — The COVID-19 pandemic spurred pet adoptions as individuals sought companionship during isolation. However, as life returns to normal, many shelters are overwhelmed with surrendered animals, leading to a persistent overcrowding crisis. In New York City and across the country, animal shelters grapple with limited resources and an influx of pets, highlighting the need for comprehensive solutions beyond adoption.
A Post-Pandemic Reality: Overcrowding in NYC Shelters
The New York City Council recently held a hearing to address the escalating strain on the city’s animal shelters. Risa Weinstock, CEO of Animal Care Centers of New York City (ACC), attributes the surge in pet abandonments to factors such as financial hardship, housing restrictions, and limited access to veterinary services. “Animal shelters nationally are navigating many post-COVID challenges that are dramatically and negatively impacting animal welfare,” said Weinstock.
Despite the opening of a $75 million animal care facility in Queens, it was operating at over 200% capacity within a month. Currently, approximately 800 animals await homes across the city’s ACC shelters. “The intake far outweighs the physical cage space in any of the care centers,” Weinstock explained. This situation mirrors a nationwide trend, with shelters across the U.S. facing similar challenges.
“After COVID, we’ve seen an unfortunate reality emerge where many people—who turned to pets for companionship during isolation—are now unable to keep them due to financial hardship or changing lifestyles,” Cosmin Panait, co-founder of the Cosmin Panait & Lilian Yang Foundation said. “This has placed an unprecedented burden on shelters, especially in urban areas like New York City. Addressing these challenges requires not only more resources but also innovative approaches to prevent these situations from escalating,” added Panait.
City officials and advocates point to budget constraints as a barrier to solving the problem. While the ACC operates with a $33.5 million budget, Councilman Justin Brannan argues that the focus needs to shift to root causes. “We’ve got a serious upstream problem,” he said. “Instead of pulling people out of the river, let’s go upstream and figure out why they’re falling in.”
Panait echoed this sentiment, emphasizing the importance of community involvement and prevention. “The pandemic showed us the importance of animals in our lives, but it also exposed how fragile the safety net for these animals can be,” he said. “If we can tackle the root causes—like access to affordable veterinary care and spay-and-neuter programs—we can create long-term solutions that benefit both people and pets.”
The Importance of Early Education
One long-term solution to addressing shelter overcrowding lies in education—starting with children. Advocates believe that exposing children to animals and teaching them kindness and empathy at a young age can fundamentally change how the next generation views and treats pets. Early education that emphasizes the sentience of animals—their ability to feel pain, joy, and fear—can help foster a deeper respect for all living beings.
“Teaching children to see animals as sentient beings, not as toys or disposable possessions, is crucial for creating a compassionate future,” said Panait. “If we can instill these values early on, we’re not just improving the lives of animals, but we’re also raising a generation that will grow into more empathetic and responsible adults.”
Studies have shown that children who grow up with pets or interact with animals in structured environments develop greater empathy, social skills, and emotional intelligence. By making these experiences accessible to children in urban and underserved communities, advocates hope to plant the seeds for long-term cultural change.
The Impact of Housing Inequities on Pet Ownership
A significant driver of shelter overcrowding is the lack of pet-friendly housing, a problem that disproportionately affects low-income families. According to a recent article in The New York Times, rental policies that restrict pets or impose high fees create barriers for pet owners, forcing many to surrender their animals. These policies exacerbate housing inequities, leaving vulnerable populations with fewer options to keep their pets.
For many landlords, allowing pets is seen as a financial risk, resulting in increased cleaning costs or potential damage to properties. However, advocates argue that the benefits of pet-friendly housing far outweigh these risks. Studies have shown that pets contribute to tenants’ mental health and stability, making them less likely to move frequently—a win-win for landlords and renters alike.
Cosmin Panait addressed this issue, stating, “Housing policies may penalize pet owners disproportionately in lower-income families, since their housing options may be more limited. When people are forced to choose between keeping their homes or their pets, the animals often end up in shelters. This cycle needs to be broken through legislative action and better support for pet-friendly housing options.”
Some states and municipalities are beginning to address these disparities. For instance, California recently enacted laws to limit pet restrictions in housing developments, setting a precedent for other states to follow. Panait sees such measures as a step in the right direction but stresses the need for widespread adoption of similar policies nationwide. “Legislation that encourages landlords to allow pets, could significantly reduce the number of animals surrendered due to housing challenges,” he said.
The overcrowding crisis isn’t solely the result of pandemic-era adoptions. For many, the decision to surrender pets is rooted in financial constraints exacerbated during and after the pandemic. Rising housing costs, pet restrictions in rental agreements, and veterinary expenses are pushing pet owners to the brink. Additionally, a nationwide shortage of veterinarians and vet techs compounds the issue.
This reflects a national challenge: many individuals underestimated the long-term responsibilities and costs of pet ownership, leading to decisions that overwhelm shelters.
In Conclusion
By addressing the systemic causes of shelter overcrowding and instilling compassion and responsibility in the next generation, society can move closer to a future where every pet has a safe, loving home—and no animal is left behind.