EAST LANSING, Mich (WLNS) – A Michigan State graduate who combined hair care and entrepreneurship into an industry giant is giving a gift to MSU.
Larry Gaynor, president and CEO of TNG Worldwide, and his wife, company vice-president Teresa Gaynor, are giving $3 million to the Broad College of Business.
The gift will be used to create the Gaynor Entrepreneurship Lab, or GEL, a large, transformative space on the ground floor of the pavilion at Michigan State University.
Students will use the area to host entrepreneurship-focused business courses, presentation sessions and group work.
“Entrepreneurship is the backbone of each and every business and Broad students need to hone the fundamental skills they’ll use during their time on campus and later in their careers,” said Gaynor, who earned a bachelor’s degree in accounting from the college in 1977.
Broad now offers its entrepreneurship courses in facilities outside of the business college and housing it internally is expected to boost productivity for both faculty and students.
It is expected the lab environment will help students exchange ideas and be a flexible workspace.
Gaynor, who is a Michigan native, first became involved with the beauty industry by bringing hair care products into the Detroit hardware store he worked in as a teenager.
He grew that success and eventually spawned Gaynors in 1981, a discount health and beauty store in Farmington Hills, which later housed the professional manicuring supplies company Nailco.
Nailco became TNG Worldwide and it grew from a manicure distributor to a leading full-service beauty distributor and manufacturer.
Today, TNG manufactures industry-leading brands, with customers including salons, spas, retailers and distributors.
“With generosity from alumni and friends like the Gaynors, we are able to continue building a dynamic ecosystem of entrepreneurship that engages students, and allows innovation to define our culture,” said university President Lou Anna K. Simon.