December 2017

Transfer Instructions for Gifts of Securities

UConn Foundation
UConn Foundation

< 1 min read

Broker Name: TD Ameritrade

DTC#: 0188

Account Name: The University of Connecticut Foundation, Inc.

Account Number: 427791199

NOTE: Please contact (or have your broker contact) Tracie Littell or Shahid Farooqi when the transaction has taken place. Your stock gift is not identified as having come from you when it is recorded in the Foundation’s account at TD Ameritrade. Without notification, the Foundation cannot record and acknowledge your gift in a timely manner. Thank you for your help and your generosity. Your broker can fax the information at (860) 486-0907 or call (860) 486-6944 for Tracie Littell, or (860) 486-2912 for Shahid Farooqi.

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Impact in Action: Future Entrepreneurs Share Ideas with Philanthropist Peter J. Werth

Tiffany Ventura Thiele
Tiffany Ventura Thiele

2 min read

UConn’s future entrepreneurs had the unique opportunity to pitch their businesses to someone who knows what it takes to create a company from scratch: Peter J. Werth, philanthropist and innovator in generic prescription medication.

Werth, who recently made a historic commitment of $22.5 million to UConn, met with students in a private setting at NextGen Residence Hall (now known as the Peter J. Werth Residence Tower). Each presentation had a common thread. The UConn Entrepreneurship and Innovation Consortium’s members provided the critical funding, mentorship, and guidance to help them enter the business world.

“UConn has played a big part in allowing me to establish myself and establish my business,” said Jaclyn Paride ’17 (BUS) (CLAS), co-founder of Zapployment, an application allowing employers to fill no-show slots with qualified workers. “I would never see myself where I am right now and working on my own business. I have all these mentors that I’ve gained.”

Thanks to Werth’s incredible generosity, entrepreneurial activities at UConn will now operate as part of the Peter J. Werth Institute for Entrepreneurship and Innovation. Under University leadership, the Institute will continue to bring together student and faculty programs fostering entrepreneurship and innovation that potentially have commercial application and can be used to create new companies.

a photo of Peter J. Werth listening to a presentation during entrepreneurship and innovation huddle on December 4, 2017.
Peter J. Werth listens to a presentation during an entrepreneurship and innovation huddle on December 4, 2017. (Photo / Peter Morenus, UConn)

This University-wide collaboration is already producing groundbreaking business ideas, including 3D printing for personalized medicine; a certification program for farms that promote farmers’ health; and a musculoskeletal loading device for sit-to-stand maneuvers for patients suffering from lower limb injuries. Werth provided valuable feedback gained from years of experience as the founder of his company, ChemWerth, Inc. In turn, the students were grateful for his support and advice.

“Thank you for your time and for your dedication to the University,” said Ryan Ouimet ’14 (ENG), Ph.D. student and CEO of MediSense Technology, which is developing a breathalyzer device to help diabetics manage their condition without invasive testing. “We greatly appreciate it.”

“It’s invaluable for these students to meet with Peter – someone who’s been in their shoes and knows what it takes to be successful,” said Dr. David Noble, Assistant Professor-in Residence at the School of Business. “We’re grateful for Peter’s tremendous support of entrepreneurial programming here at UConn. We believe we’ve only scratched the surface of innovation at the University, and his most generous commitment will help us go even further. I’m amazed that he is most excited about getting other entrepreneurial leaders to join his efforts with their time and money to make UConn the premier academic institution in the world, with regard to entrepreneurship and innovation.”

As Werth asked questions and interacted with students, one piece of advice stood out for all of the young CEOs in the room.

“Stay focused and execute,” Werth said. “The hardest part of business is to stay focused and execute.”

Support future start-ups and entrepreneurs

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UConn Receives Second Largest Gift in its History

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Philanthropist Peter J. Werth Commits $22.5 Million to Entrepreneurship and Innovation

The UConn Foundation has received a $22.5 million commitment from Peter J. Werth, ensuring a legacy of innovation and entrepreneurship for generations of students to come.

“Peter’s transformative and historic commitment cements his legacy as a most generous friend to UConn,” said Josh Newton, President and CEO, UConn Foundation. “As a steadfast UConn supporter for many years, Peter has previously given very generously to our athletic programs. We’re grateful that his generosity has expanded to include academics, especially into an area that supports the economy of our state: entrepreneurship and innovation. We hope he will inspire others to follow his lead.”

Announced today at a press conference at NextGen Residence Hall on the main campus in Storrs, Werth’s commitment is the second-largest in University history, behind Ray and Carole Neag’s $23 million pledge in 1999.

$2.5 million will be paid over the next five years to establish the Peter J. Werth Institute for Entrepreneurship and Innovation. The Institute, under University leadership, will bring together student and faculty programs fostering entrepreneurship and innovation that potentially has commercial application and can be used to create new companies. In addition to nurturing innovation, the Institute will facilitate entrepreneurship speaker forums and host an entrepreneur-in-residence to instruct students.

The remaining $20 million is an estate gift, providing ongoing support for the Werth Institute in perpetuity and ensuring Werth’s legacy at UConn for generations to come. In recognition of this historic commitment, the NextGen Residence Hall will now be known as the Peter J. Werth Residence Tower.

“An investment in UConn is an investment in the University’s spirit of innovation,” said Werth, CEO, President, and Chairman of ChemWerth, Inc. “While I didn’t attend UConn, I have come to believe in its mission, and see the importance of creating opportunities for innovation at our state’s flagship university. I’m delighted and honored that I could make this gift in support of young entrepreneurs, as they create innovative solutions for today’s unique challenges.”

rendering of the Peter J. Werth Residence Tower

Peter earned his bachelor’s degree from Fort Hays State University in Kansas and his master’s degree from Stanford University, beginning his professional career as an R&D scientist in the early 1960s. Working from a room above the garage in his Woodbridge, Conn. home, he established ChemWerth Inc., a full-service generic drug and development and supply company, in 1982.

His vision was to produce U.S. FDA-quality active pharmaceutical ingredients in China, which would make generic drugs more accessible and affordable. He immersed himself in the local Chinese market and worked alongside manufacturers to achieve the necessary quality of ingredients. Today, sourcing active pharmaceutical ingredients from China is an industry norm, providing a significant cost savings on medication for millions.

His dedication to improving the lives of people through affordable generic medicine is matched by his most generous philanthropic spirit. Werth’s previous commitment provided the lead gift for the Werth Family UConn Basketball Champions Center, a world-class facility for the UConn women’s and men’s basketball teams. In addition to his numerous charitable donations to UConn, he is the president of The Werth Family Foundation, Inc., which was established in 2001 to support Connecticut communities, with a focus on higher education, children’s services, human services, the arts, and the environment. Werth is also a 2015 honorary Doctor of Science degree recipient from UConn.

“Words cannot express how thankful we are to Peter for his extraordinary gift,” said UConn President Susan Herbst. “This incredible gesture will transform student lives, supporting their entrepreneurial spirit as they create the businesses of the future. Peter is a remarkable individual and wonderful friend to UConn. We are deeply grateful for his generosity.”

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