Sensor research receives $500,000 boost from OSU Center for Innovation and Economic Development

Monday, July 21, 2008

Center’s gift aimed to advance economy, job market, areas of excellence in Oklahoma

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(STILLWATER, Okla. July 21, 2008) – Oklahoma State University announced today a $500,000 gift from the OSU Center for Innovation and Economic Development (CIED) to endow a chair in sensor technology.  Once fully matched dollar-for-dollar by T. Boone Pickens’ $100 million chair match commitment, as well as the Oklahoma State Regents for Higher Education, the gift will provide $2 million of impact in endowed funds.
 
The Stillwater-based non-profit organization hopes the chair will attract one of the country’s leading sensor researchers, who could then attract great graduate and post-doctoral students whose efforts and research would culminate to bolster economic development in Oklahoma.  CIED serves OSU’s commitment to economic development through sharing university “know how” (Research), building entrepreneurial strengths (Instruction) and participating in regional strategic alliances (Outreach) that create jobs and wealth for the citizens of Oklahoma.
 
“The Center for Innovation and Economic Development is a vital asset for Oklahoma and we sincerely appreciate this important gift for OSU academics and research,” said OSU President Burns Hargis.  “The response from our alumni and friends has exceeded our wildest expectations.  Inspired by Boone Pickens’ astounding generosity, donors answered the call to make a lasting difference and open a new and exciting chapter at OSU.”
 
In order to take full advantage of the state’s dollar-for-dollar match, and make the most significant impact on OSU academics, the CIED made the gift prior to the July 1 change in the state’s endowed chair matching program.  This gift is part of the $66.8 million in endowed faculty gifts OSU announced recently.
 
The gift will create the Center for Innovation and Economic Development Chair in Sensor Technology located within the College of Engineering, Architecture and Technology.  Earnings from the fund will support faculty salaries, research expenditures, curriculum, students and other activities deemed necessary for the chair.
 
“We sought to find the biggest impact on research that would spur the greatest economic development – not only for Stillwater – but for the entire state, and we think that opportunity lies here,” said Dr. Joe Alexander, CIED president.  “People are our most important asset, and we believe this chair program is going to bring the highest-quality researchers and academics to study at OSU.  And because of Mr. Pickens’ generosity, we decided to make our gift now.”
 
Endowed professorships and chairs are academic designations which provide support for faculty salary, graduate assistantships, equipment and research needs, as well as other support.  These endowed faculty positions allow a university to attract and retain the best and the brightest academic minds in the world.