A Canadian businessman and Western University alumnus has given back to his alma mater in the form of a multi-million dollar fund to help student entrepreneurs.
Pierre Morrissette, executive chairman of Pelmorex Corp., donated $5.5 million to Western through his family's charitable foundation on Thursday. The money from the 1972 Ivey Business School graduate is to be used to support entrepreneurial research, education, and programming for all students no matter which faculty they study in through the Morrissette Institute for Entrepreneurship.
“Entrepreneurship has been very successful at Ivey,” said Morrissette. “Now we’re going to take that energy and enthusiasm for entrepreneurship across all faculties, providing an opportunity for students in engineering, in health sciences, in music, to create businesses, to commercialize knowledge and to convert that energy into realizable success.”
Western will also be kicking in $2.5 million to bring the fund up to an even $8 million.
University President Alan Shepard said that developing student entrepreneurial skills is a priority for Western.
"This investment builds our capacity to offer an entrepreneurial experience for any student who wants one. We are deeply grateful for Pierre’s vision and generosity—he is a terrific champion for Ivey, Western and Canada,” said Shepard.
Morrissette has now donated more than $10 million in total toward entrepreneurship at Western. In the past, he has also mentored students, served as the chair of the Ivey Advisory Board and was a founding co-chair of the Western Entrepreneurship Board.
“When you look at what’s required to start a business, the intangible skills, such as risk tolerance and tenacity – those skills you’re born with. But the skills required to turn an idea into a business, those can and must be taught,” said Morrissette.
Kinesiology student entrepreneurs Sucheta Khurana and Gurveer Bahia, the creators of the healthy snack Arise N’ Go, believe the Morrissette Institute will not only help them further develop their business but will also be instrumental in getting other student startups off the ground.
"The Western entrepreneurship ecosystem was critical for our business. We were supported with resources, guidance, and funding opportunities from the beginning," said Khurana. “This gift will help students like us grow as entrepreneurs at every stage of the journey.”
