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$1Million Chair of Entrepreneurship Arrangement

12 October 2004

Dunedin City Council and Otago University Seal $1Million Chair of Entrepreneurship Arrangement

Dunedin (12 October, 2004) – The University of Otago and the Dunedin City Council (DCC) have today sealed an arrangement which will see the Council invest $1Million in a Chair of Entrepreneurship at the University’s School of Business.

The innovative arrangement will see the Council’s investment matched dollar-for-dollar by the Government. The Council will also take an active roll in the Chair of Entrepreneurship programme by having input into the selection process for the chair.

A deed of gift that sets out the conditions required by the DCC in its future relationship with the University of Otago was signed at today’s University Council Meeting.

Officials from the University and the Council said the landmark agreement will enable the University to invest heavily dynamic projects and build on New Zealand's knowledge economy. The Chair in Entrepreneurship will sit in the University's School of Business and introduce students to the skills needed to succeed in developing new or innovative businesses.

The outgoing Mayor of Dunedin, Sukhi Turner, said the agreement is symbolic of the close working relationship that exists between the University and the City of Dunedin.

“The City recognises the real benefits that are created from entrepreneurial activity in the economy and we are very pleased to assist this programme,” Mayor Turner said. “It is a delight to me to be able to sign off on my mayoralty by signing off such an important agreement.”

Dunedin City Council Chief Executive Jim Harland said the Chair in Entrepreneurship is an important position that will enable the School of Business to build on its current strengths and opportunities. " To appoint a champion within the University in this area will assist the City’s focus on economic development. It will allow us to capitalise on the immense interest we have seen in the areas of innovation and entrepreneurship from students, academics and the local community,” he said.

Practicing entrepreneurs will be involved in the programme to enhance the University’s relationship with business. The Chair will develop and lead executive education courses in entrepreneurship at the practitioner level through the University's Advanced Business Programme.

"For Dunedin this appointment will allow for greater support, particularly in the area of establishing new ventures, where this level of expertise will be provide invaluable experience," Mr Harland said.

ENDS

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