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The UConn Foundation has received a $22.5 million commitment from Peter J. Werth, ensuring a legacy of innovation and entrepreneurship for generations of students to come.<\/span><\/p>\n \u201cPeter\u2019s transformative and historic commitment cements his legacy as a most generous friend to UConn,\u201d said Josh Newton, President and CEO, UConn Foundation. \u201cAs a steadfast UConn supporter for many years, Peter has previously given very generously to our athletic programs. We\u2019re grateful that his generosity has expanded to include academics, especially into an area that supports the economy of our state: entrepreneurship and innovation. We hope he will inspire others to follow his lead.\u201d<\/p>\n Announced today at a press conference at NextGen Residence Hall on the main campus in Storrs, Werth\u2019s commitment is the second-largest in University history, behind Ray and Carole Neag\u2019s $23 million pledge in 1999.<\/p>\n $2.5 million will be paid over the next five years to establish the Peter J. Werth Institute for Entrepreneurship and Innovation. The Institute, under University leadership, will bring together student and faculty programs fostering entrepreneurship and innovation that potentially has commercial application and can be used to create new companies. In addition to nurturing innovation, the Institute will facilitate entrepreneurship speaker forums and host an entrepreneur-in-residence to instruct students.<\/p>\n