Newark Rutgers Business School Dean Glenn Shafer announced Thursday the creation of a $3 million George F. Farris Chair of Entrepreneurship, a new faculty position that will enhance the school's efforts to provide entrepreneurial studies to future students.
According to the announcement, the position was made possible by a $1.5 million endowment from the Celia Lipton Farris and Victor W. Farris Foundation and a matching gift from an anonymous donor.
In 2011, the anonymous donor pledged a total of $27 million, which is the largest from an individual in the university's history, in an "18 Chair Challenge" during the "Our Rutgers, Our Future" campaign, the announcement said. The pledge offered a 1:1 match which enabled other donors to fund the endowed chair with a gift of $1.5 million. At Rutgers, an endowed chair typically requires a gift of $3 million.
"Taking advantage of this opportunity, Rutgers Business School aims to recruit an outstanding scholar who combines intellectual leadership in the study of entrepreneurship ecosystems with on-the-ground experience in leading high-tech startup communities," Shafer said.
Rutgers Business School administrators said the professor who fills the new position will run a newly created Institute for the Study of Entrepreneurship Ecosystems, connect students with innovative business leaders, launch programs to help students take their ideas to market, publish research and attract grant money to Rutgers, the announcement said.
"I can't think of a more fitting way to celebrate and perpetuate the legacy of George Farris," Rutgers University Newark Chancellor Nancy Cantor said. "His own entrepreneurial approach to weaving together theory and practice, the technical and the social, scholarship and teaching, stretching across perceived boundaries, is precisely what we hope the Farris Chair will promulgate for generations to come in our students, our faculty, and those with whom they partner to find resilient solutions to business challenges."
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