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Entrepreneur and Northwestern University alumnus James Farley and his wife, Nancy, have made a significant gift to the University to endow the Center for Entrepreneurship and Innovation at the McCormick School of Engineering and Applied Science. In honor of the gift from the James N. and Nancy J. Farley Foundation, the center will be named the Farley Center for Entrepreneurship and Innovation.
The center, which was established last year, is designed to take engineering beyond application of the sciences to the creation of businesses that capitalize on innovations. One of the center’s first initiatives, a two-quarter course called NUvention: Medical Innovation, brought together 82 students from four schools (McCormick, Kellogg School of Management, Northwestern University School of Law and Feinberg School of Medicine) to teach them how to develop a medical device and create a business plan for the idea. The center raised more than $230,000 from more than 10 companies and 11 provisional patents were filed. Corporate supporters include Baxter International, Greatbatch, Boston Scientific, the Medtronic Foundation, Moog, and Covidien.
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