There are outposts in higher education that defy classification and take unique approaches to education. Deep Springs in eastern California comes to mind with its select handful of students who attend for two years and combine deep analysis of such texts as Plato’s Republic with a daily dose of ranching and farming. Another one is Cooper Union in New York. Now, among this select group, with its first graduating class in 2006, is the Franklin Olin School of Engineering located in Needham, Massachusetts, next door to Babson College, the leader in undergraduate business entrepreneurship. All three schools were endowed by entrepreneurial men who intently made them tuition free.

Olin, however, does far more than give free tuition to attract the brightest students.