FAYETTEVILLE — A $23.7 million gift from the Walton Family Charitable Support Foundation will boost University of Arkansas, Fayetteville research efforts with an eye towards commercialization, the school announced Friday.
“As we aim to strengthen our research engine, this investment in highly productive research faculty, research infrastructure, and signature research areas will augment our output,” Chancellor Joe Steinmetz said in a statement.
$5 million will support faculty hires in what UA is calling “signature research areas,” while another $5 million will go towards research with potential for commercialization.
Other parts of the gift include $3.6 million going to help UA’s Technology Ventures, which helps faculty protect and develop intellectual property and $2 million to assist Daniel Sui, UA’s recently hired top research officer, with new initiatives.
The foundation, established by the family of Walmart founder Sam Walton, has previously given millions in support to the university, including a $120 million gift announced last year supporting arts education and a $300 million gift in 2002, at the time considered the biggest donation in support of a public university.
“Universities are powerful engines in driving regional and national economies. There is even more potential for our universities to accelerate economic growth and development,” Jim Walton said in a statement released by the university.
Read Saturday's Northwest Arkansas Democrat-Gazette for full details.