When the energy executive Dennis Bakke retired with a fortune from the AES Corporation, the company he co-founded, he and his wife, Eileen, decided to direct their attention and money to education.
Mrs. Bakke, a former teacher, said she had been interested in education since the summer she was a 12-year-old and, together with a friend, opened the Humpty Dumpty Day School, charging $2 a week in “tuition” to parents of the children attending. Mr. Bakke was eager to experiment with applying business strategies and discipline to public schools.
The Bakkes became part of the nation’s new crop of education entrepreneurs, founding a commercial charter school company called Imagine Schools. Beginning with one failed charter school company they acquired in 2004, they have built an organization that has contracts with 71 schools in 11 states and the District of Columbia. Imagine is now the largest commercial manager of charter schools in the country.