HYDE PARK — The University of Chicago announced early Tuesday it will rename its business incubator for trustee Michael Polsky after he donated $35 million.
The Chicago Innovation Exchange will be renamed the Polsky Innovation Exchange after the founder of the Invenergy renewable energy company.
Polsky has given $50 million to university since 2002. The gifts launched the Polsky Center for Entrepreneurship and Innovation at Chicago Booth School of Business. Entrepreneurship is now the top area of concentration among business school students.
“Innovation and entrepreneurship drive the American economy, and universities must play a major role in supporting the innovators whose ideas create new businesses and jobs," Polsky said in a statement. “The Polsky Center for Entrepreneurship and Innovation will take a fully integrated approach to supporting entrepreneurs and will position the University of Chicago to be a leader in driving innovation and new startups.”
In response to the new gift from Polsky, the university announced it would combine many of the offices that manage entrepreneurial efforts at the university under the Polsky Center.
The Chicago Innovation Exchange, a business incubator for university students and faculty, and UChicagoTech, which manages the university’s intellectual property, will both move under the umbrella of the Polsky Center, with the Innovation Exchange’s John Flavin leading the expanded office.
“Uniting our innovation, entrepreneurship and commercialization efforts under a singular brand in one center will make it easier for faculty, student, alumni and community entrepreneurs to accelerate their ideas down a clearly defined pathway from concept to commercial validation,” Flavin said in a statement. “I’m thrilled to lead this one-of-a-kind center and increase Chicago's position as a global destination for entrepreneurship and innovation.”
The offices will be based in the Booth School, 5807 S. Woodlawn Ave.
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