The Walton Family Charitable Support Foundation has given $23.7 million into the University of Arkansas’ research and economic development infrastructure.
The gift was announced at a Campaign Arkansas volunteer steering committee meeting Friday. The money brings the campaign’s fundraising total to more than $1 billion. Its goal is $1.25 billion. The campaign runs through June 2020.
The foundation’s investment will support strategic, operational and programmatic initiatives in the Office of Research & Innovation and the Office of Economic Development, over a five-year period.
In the Office of Research & Innovation, the money will be allocated to:
- Strategic initiatives in research, scholarly and creative activities across the university, including operations and programs under the direction of the vice chancellor for research and innovation ($2 million);
- Faculty hires in “signature research areas” across a range of disciplines throughout the university ($5 million);
- Research and sponsored programs capacity ($1.59 million); and
- Innovation funds for faculty research with commercialization potential ($5 million).
In the Office of Economic Development, the money will go to:
- Strategic initiatives, operations and programs under the direction of the vice chancellor for economic development ($2 million);
- Expansion of industry partnerships ($1.67 million);
- Technology Ventures capacity building and outreach ($3.6 million);
- Patent fund ($400,000);
- Entrepreneurship and Innovation programming ($460,000); and
- Gap funding ($2 million).
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