Vega founder Charles Chang has donated $10 million to Simon Fraser University (SFU) to create a new institute for entrepreneurship within the Beedie School of Business.
This is one of the largest gifts that the university has ever received. Real estate developers at Beedie Development Group – Keith Beedie and son Ryan Beedie – donated $22 million to SFU in 2011 to create the Beedie School of Business.
Chang made his money by founding the Burnaby-based nutritional supplement maker Vega.
He expanded annual sales to about US$100 million with about 40% of that being in Canada.
Chang then sold the company for US$500 million in cash last summer to global packaged food and beverage giant WhiteWave Foods Co. (NYSE:WWAV). The sale was part of a trend of consolidation in the natural health products sector.
The Charles Chang Institute for Entrepreneurship is expected to inspire innovation and accelerate entrepreneurship at SFU.
Undergraduate students from any faculty will be able to add innovation and entrepreneurship training to their education and they can work toward achieving a certificate named the Charles Chang Certificate in Innovation and Entrepreneurship.
“This wonderful gift will bolster SFU’s mission to be Canada’s engaged university,” said SFU president Andrew Petter.
“Thanks to Charles’ generosity, students from all disciplines will have the opportunity to gain market knowledge and skills, and to learn how to transform their ideas and innovations into businesses and social ventures.”
In recognition of the gift, SFU will name a facility in Vancouver the Charles Chang Innovation Centre. It will complement SFU’s existing downtown presence.
“I believe that entrepreneurship must be multidisciplinary, which is one of the reasons why I connected so well with the Beedie School’s approach,” said Chang, who is a former recipient of the Business in Vancouver Top 40 under 40 award.
“Entrepreneurship isn’t just about business, it’s actually a mindset. It doesn’t mean you have to create something, it means knowing how to think as an entrepreneur, and asking how you solve a problem.”
