Carnegie Mellon University in Pittsburgh has announced gifts totaling $21 million from alumnus and venture capitalist James R. Swartz ('66) and his wife, Susan, to establish the Swartz Center for Entrepreneurship.
The gift for the center, which will serve as a hub for ongoing efforts of the Center for Innovation and Entrepreneurship, the James R. Swartz Entrepreneurial Fellows Program, the Innovation Fellows Program, Project Olympus, LaunchCMU, and the Open Field Entrepreneurs Fund, includes $13 million to create an endowment that will support a faculty chair, entrepreneurs-in-residence, an executive director, and staff.
Another $8 million — together with $10 million committed in 2014 for the creation of space for entrepreneurship activities in a new building on the David A. Tepper Quadrangle — will support programmatic and infrastructure projects over the next four years. Leveraged with additional support, the remaining $8 million will fund infrastructure projects at several locations on campus, as well as curriculum development and community outreach aimed at engaging local secondary schools in entrepreneurship learning opportunities.
"As one of the most successful venture capitalists in the world, Jim understands the importance of nurturing innovators and creative thinkers," said CMU president Subra Suresh. "This gift will bring together cross-university initiatives in ways that will have a far-reaching impact on future generations of young entrepreneurs."