CEO gives $1M gift

By Rory Dineen
Contributing Reporter

Yet another big name in the business sector has taken a liking to the university and its goals, this time in the form of a million gift.

Last week, the family of John Chambers, president and chief executive officer of Cisco Systems, presented the financial stipend to the university with the goal of encouraging student entrepreneurs on campus.

The gift was granted via the Chambers Family Charitable Trust at the Fidelity Charitable Gift Fund. The donation will mark the creation of the Chambers Family Endowment Fund for Entrepreneurship, which looks to finance projects and courses at the university that support entrepreneurship through the Internet or e-commerce.

Chambers' selection of the university was not surprising to those who knew him.

"Growing up in this general area and having had a daughter attend Wake, Mr. Chambers has been tuned into the school for some time," Robert Mills, associate vice president for university advancement, said.

In May 2000, Chambers, who has been Cisco's chief since 1995, delivered the university's commencement address to over 900 students, one of whom was his daughter.

He was also the Babcock School's honorary Broyhill lecturer in 1997. Chambers has often expressed his approval of the university's drive to secure the latest technology.

"This is not the first time Chambers has presented gifts to the school," Mills said. "Within the past few years he has given not only financial donations, but has provided, through his own purchases, Cisco equipment to facilitate technological advancement."

Though this separate fund will be managed as part of the university's overall endowment, its resources will be tapped only with the consent of the Chambers Family Endowment committee.

The university hopes the fund will produce a 5 percent return each year and this income will be used to further fund grants for entrepreneurially minded students.

Financial awards from this fund will be available to programs and students on both the Reynolda and Bowman Gray campuses, with the first grants awarded next spring. The Chambers family has cited several university programs, which they hope their gift will support.

The Center for Undergraduate Entrepreneurship at the Calloway School of Business and Accountancy, the Knowledge2Work program and the Angell Center for Entrepreneurship at the Babcock School of Graduate Management are chief among the beneficiaries.

"The grant should give students who have entrepreneurial aspirations for the Internet the opportunity to develop their ideas through the help of faculty and other experts," Mills said.

"While it's unlikely the fund will provide capital for student-run businesses, it will help students evaluate whether they have what it takes to pursue their ideas further."