The William Davidson Institute lost its founder and guiding force Friday with the death of Bill Davidson. He was 86.

The Institute was created in 1992 when Guardian Industries Corp., an international manufacturer of glass products, made a major financial commitment over a 20-year period to establish an institute at the University of Michigan’s business school. Named in honor of Davidson, Guardian Industries’ chairman, president and CEO, WDI represented an aggressive and visionary response to global economic transformation.

At a ceremony celebrating the creation of the Institute, Davidson said: “My vision for the Institute is that it will help to forge a path for those responsible for economic change in these emerging markets – that it will give them the knowledge, the methods and the blueprints for a successful transition to a market economy.”

Today, through a unique structure that integrates research, educational outreach, field-based collaborations, and development consulting services, WDI creates long-term value for academic institutions, partner organizations, and donor agencies active in emerging markets. WDI also provides a forum for academics, policy makers, business leaders, and development experts to enhance their understanding of these economies. WDI is the only institution of higher learning in the United States that is fully dedicated to understanding and promoting actionable business and public policy approaches to addressing the challenges and opportunities in emerging market economies.

“Bill Davidson was a business visionary, a great philanthropist, and a dedicated family man,” said WDI Executive Director Robert Kennedy. “He built Guardian Industries into one of the world’s leading industrial firms. He funded universities, hospitals, and other charities around the world. And it was a joy to see him with the family he loved so much.

“I had the privilege to work for Mr. Davidson over the past six years. He was incredibly generous to the University of Michigan. One of the nice things was that it was never about him. Bill always encouraged us to aim high and to accomplish great things. The thing he said most often was, ‘How can I help?’

University of Michigan President Mary Sue Coleman said Davidson's impact on U-M will "last for generations."

"His generosity as an adviser, a business executive, and a philanthropist enhanced the teaching and research experience for U-M students and faculty," Coleman said. "He did not hesitate to share his knowledge and expertise, and our university is stronger for it.

"It was always a pleasure to spend time with him, and my thoughts are with Karen and their family," she said. "We will miss him, and we will honor his legacy as a dedicated and successful alumnus."

Ross School Dean Robert J. Dolan, who also serves as president of WDI, said Davidson had a bold vision in establishing the Institute. While it was an inspiring one, Dolan said, it also was a challenging one. It was all made possible by Davidson’s “most generous financial support, and more importantly, by his great guidance and leadership.”

“A presentation of plans for his Institute was sure to be met with hard questions, which inevitably proved to be the precisely correct set of questions to be posed,” Dolan said. “Boldness was encouraged, as long as it came from a foundation of careful analysis. His often-expressed ‘You’re doing great’ never lost its inspirational value.

“We at the Institute look forward to carrying on the kind of work he encouraged us to and, our sadness at his passing is in proportion to the gratefulness we have for the opportunity to have worked with him.”

Davidson may have been best known as the managing partner of the Detroit Pistons Basketball Club, a team he bought in 1974. He was inducted into the Basketball Hall of Fame in 2008. He was the majority owner of Palace Sports and Entertainment, which includes The Palace of Auburn Hills, the Detroit Shock (Women's National Basketball Association) and DTE Music Theater, a world-class entertainment venue, as well as management of Meadow Brook Music Theatre.

During his tenure as owner, Davidson’s professional teams won seven world championships, three in the NBA, three in the WNBA and one in the National Hockey League. Palace Sports and Entertainment owned the Tampa Bay Lightning when that franchise won the Stanley Cup in 2004.

In addition to accomplishments as a professional sports owner, Davidson was one of metro Detroit’s most notable philanthropists, responsible for more than $200 million in donations to local and international charities and universities.

Organizations and municipalities that have benefited from his generosity include the Detroit Symphony Orchestra, the Jewish Theological Seminary of America, the University of Michigan, Technion-Israel Institute of Technology, the Weizmann Institute of Science in Rehovet, Israel, the Karmanos Cancer Institute and Children’s Research Center of Michigan, the city of Detroit’s Parks and Recreation Department, Hadassah Ein Kerem Hospital in Jerusalem and countless others.

In 1997, Davidson was honored for his philanthropy by the Council of Michigan Foundations and also named one of America’s most generous donors by the New York Times.

A native of Detroit, Michigan, Davidson received his undergraduate degree in Business Administration from the University of Michigan in 1947 and his Juris Doctor degree from Wayne State University in 1949. In 1996 he was awarded the Doctor of Humane Letters, Honoris Causa from the Jewish Theological Seminary in New York. In 2001, Davidson was awarded an honorary degree from the University of Michigan.

Dolan said one of the great things in life is that people get to pick their teachers – not so much by signing up for a class with someone, but by whom they adopt as their model of behavior.

“One did not have to be with ‘Mr. D’ for very long to figure out that there were lifelong learning opportunities in whatever you did with him,” Dolan said. “Whether it was discussing the strategic plan for his Institute, having dinner, or attending a Pistons game, they all offered lessons in leadership. Seemingly complicated questions were boiled down to essentials, and then answered with the more parsimonious general principles.

“Addressing a dilemma by asking, ‘What would Mr. D do?’ has always been a most worthwhile practice for me - one that I plan on continuing, even though, sadly, my very enjoyable days learning from him have ended,” Dolan said.

Davidson is survived by his wife, Karen, two grown children, Ethan and Marla, and three stepdaughters, including actress Elizabeth Reaser.

Kennedy said Davidson was a great man who leaves behind a “huge legacy.”

“I will miss him and will always remember the impact he had on me, the University, and everyone he came into contact with,” he said.