The Paul A. Covec ’64 Innovation and Commercialization Fund will be used for startup companies and to help patent research.
Get Instant Access to This Article
Subscribe to Worcester Business Journal and get immediate access to all of our subscriber-only content and much more.
Worcester Polytechnic Institute has received a $3-million gift from a 1964 graduate, to create an innovation and commercialization fund as part of WPI’s larger $500-million fundraising effort.
The donor, Paul Covec, spent years as a Silicon Valley investor and entrepreneur. He founded California real estate company Cypress Property Management 40 years ago and built residential properties throughout California, Oregon, and Nevada, according to a Monday press release from WPI announcing the donation.
Covec’s $3-million donation will create the Paul A. Covec ’64 Innovation and Commercialization Fund. The endowed fund will be used to stimulate growth in startup companies and help patent research, market research, and technology licensing.
“Education has the power to unlock potential and open new paths to opportunity, discovery, and innovation,” Covec said in the WPI press release. “My WPI education shaped my future, and by establishing this fund, I hope to inspire and support students and faculty as they strive to create a brighter future for our global society.”
WPI faculty and students have achieved more than 70 patents since 2016. WPI research has led to the creation of 25 startups, with a combined 536 employees and more than $1.7 billion in capital raised. WPI received elite Research 1 status earlier this year.
Following his $3-million donation, WPI will rename the amphitheater in its innovation studio as the Paul A. Covec ’64 Amphitheatre.
“Paul understands and appreciates the power of a WPI education and the impact of our research and innovation, creating value that truly matters to society,” WPI President Grace Wang said in the press release. “I am grateful for Paul’s generosity to support and accelerate the development of innovative ideas from faculty and students to reach the marketplace and make an impact.”
Covac’s donation is part of WPI’s Beyond These Towers campaign: a fundraising campaign launched in 2021 with the goal of raising $500 million.
Brad Kane is editor of the Worcester Business Journal.
