Please do not leave this page until complete. This can take a few moments.
Woodbridge businessman Peter J. Werth has pledged $22.5 million to the UConn Foundation, which will include establishing an Institute for Entrepreneurship and Innovation.
Werth, CEO of ChemWerth Inc. in Woodbridge, will pay $2.5 million over the next five years to establish the Peter J. Werth Institute for Entrepreneurship and Innovation, which will bring together student and faculty programs fostering entrepreneurship and innovation that have potential commercial application and can be used to create new companies.
The remaining $20 million is an estate gift, providing ongoing support for the Werth Institute in perpetuity. In recognition of this commitment, UConn has renamed the NextGen Residence Hall as the Peter J. Werth Residence Tower.
The commitment from Werth is the second-largest in university history, behind Ray and Carole Neag’s $23 million pledge in 1999.
UConn Foundation CEO Josh Newton said Werth’s expansion from giving gifts for athletic programs to supporting academics and, by extension, the state economy, is a philanthropic model he hopes others will be inspired to follow.
UConn President Susan Herbst said Werth’s “incredible gesture will transform student lives, supporting their entrepreneurial spirit as they create the businesses of the future.”
Werth earned his bachelor’s degree from Fort Hays State University in Kansas and his master’s degree from Stanford University, beginning his professional career as an R&D scientist in the early 1960s. Working from a room above the garage in his Woodbridge home, he established ChemWerth Inc., a generic drug development and supply company, in 1982.
“While I didn’t attend UConn, I have come to believe in its mission, and see the importance of creating opportunities for innovation at our state’s flagship university,” said Werth.
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments