Wake Forest University and Wake Forest Baptist Medical Center in Winston-Salem, North Carolina, have announced a $2.5 million grant from the Los Angeles-based Wells Fargo Foundation to create the Wells Fargo Faculty Scholars Program.
The program will fund the recruitment of faculty whose research has the potential to generate significant intellectual property and regionally based commercialization efforts as either start-up or spin-off companies. Faculty who receive funding through the program will be affiliated with Wake Forest University and/or Wake Forest Baptist Medical Center and will conduct a portion of their research at the Piedmont Triad Research Park. The multiyear grant will help cover the costs of recruitment, salary, benefits, laboratory, equipment, research, and travel costs associated with faculty members' work.
"We are pleased to make this multiyear grant to Wake Forest Baptist Medical Center and Wake Forest University to show our support for advancing job creation and economic development," said Stan Kelly, regional president of community banking for Wells Fargo in North and South Carolina. "We're responsible for being leaders to promote the long-term economic prosperity and quality of life for everyone in our communities. If they prosper, so do we."