Sharing a Legacy, Inspiring a Future

Gary Smaby carries the mantle of his mother’s endowed gift with pride, purpose, and a clear devotion to sustaining her legacy through the Earl E. Bakken Center for Spirituality & Healing. Margaret Hagen Smaby ‘42 was a lifelong artist whose passion for the University of Minnesota, philanthropy, and spirituality continues in perpetuity through an endowed scholarship in her name.

“The word perpetuity really captures the profound feeling of it all,” says Smaby, who receives annual updates on The Margaret Hagen Smaby Fund for Innovation in Integrative Health Scholarship. “It is incredibly moving to know endowed gifts will be used long after my mother’s immediate family is gone.”

The scholarship was established with proceeds from the Philip C. Smaby Charitable Remainder Unitrust. Margaret and Philip ’41, her husband of 61 years, met at the University’s Foundation Ball in 1939. They had four children together and a successful real estate business.

For Gary Smaby, a retired venture capitalist, the fund is a living, breathing testament to his mother’s character.

“She believed that artistic pursuits enrich the mind, body, and spirit. Through this gift, her wishes will continue to be fulfilled by students who carry that work to the next level. It’s a wonderful way to ensure her legacy is not just remembered, but actively making a difference into the future,” he says.

Most recently, the scholarship fund supported four graduate students in the Master of Arts in Integrative Health & Wellbeing Coaching program.

“The impact of these scholaships is significant,” says Virginia Kaczmarek, development officer for the Center. “The funding allows students to focus more fully on their education, easing the financial strain that can otherwise overshadow their studies.” One recipient shared that 
the money is helping make a lifelong dream possible after facing health and financial challenges.

After years on Wall Street as a high-technology analyst and managing director, Smaby founded Smaby Group Inc., a strategic advisory firm serving Fortune 500 executives and tech entrepreneurs. He co-founded Quatris Fund, a seed-stage venture capital firm, serving as managing partner until 2013. He has held advisory roles at IBM, served as president of the Minnesota Venture Capital Association, lectured at NASA, and held academic appointments at the University of California San Diego and Santa Barbara, including scholar-in-residence at UCSB’s Kavli Institute for Theoretical Physics since 2012.

Committed to his community, Smaby has served on several boards, including the Science Museum of Minnesota, Northern Lights, Nobel Peace Prize Forum, and the Palm Springs Art Museum Architecture and Design Center.

Smaby has maintained a long-standing relationship with the University of Minnesota. He served as managing director and venture capitalist-in-residence for the Carlson Ventures Enterprise, 
and later advised the Office of the Vice President for Research on redesigning its Office of Technology Commercialization.

He went on to launch Innovation by Design, a multidisciplinary program that connects graduate students, faculty, industry partners, and investors to create market-driven, sustainable solutions. 
As director of collaborative innovation, he also developed the rollout strategy that transformed the pilot CoLAB program into a full-scale model.

Outside of his mother’s gift, Smaby contributes to the University with grants through the Smaby Family Foundation. He’s worked on a number of projects, including a collaboration between the University’s College of Biological Sciences and the Weisman Art Museum in Minneapolis. “I enjoy working with the University of Minnesota. They do a great job of serving those of us who like to help kickstart new initiatives,” Smaby says.

He believes endowed gifts are the bedrock of innovative academic units like the Center because they allow the Center’s leadership team to plan for the future with confidence.

“An endowed fund provides a perpetual stream of support, which means the university can consistently create unique programs that incorporate the latest advances in the field,” Smaby explains. “More than just writing a check, you’re entrusting a carefully chosen institution with a piece of your family history and values.

This creates a special, lasting bond between the donor, the institution, and the generations of students who will benefit from that legacy.”Stewarding his mother’s legacy while empowering students to create a better world has been a profound honor and gift in itself says Smaby.