Dr. Peter Rea, who has been chair of the Division of Business Administration at Baldwin-Wallace College since July 1, 1994, has been named the initial holder of B-W’s Burton D. Morgan Chair in Entrepreneurial Studies. Rea will assume his new appointment July 1, 2006.
Made possible by a $1.5 million grant from The Burton D. Morgan Foundation, this new chair in entrepreneurship will provide leadership for B-W's Center for Innovation and Growth and it's initiatives to nurture economic development in the region.
“We are grateful to The Burton D. Morgan Foundation for this wonderful endorsement of the work being done at Baldwin-Wallace College,” said B-W President Mark Collier. “Baldwin-Wallace is committed to being an active, contributing partner in the economic revitalization of Northeast Ohio. And we are convinced that Peter Rea is the ideal person to guide those initiatives.”
Responsibilities of the Chair
In addition to teaching at the undergraduate and graduate level, the holder of the Burton D. Morgan Chair in Entrepreneurial Studies is responsible for coordinating and expanding current B-W programs related to economic development, as well as College outreach to entrepreneurs and interaction with the business community. Another emphasis is to find ways to integrate entrepreneurial thinking throughout the business curriculum and across the campus.
“These all are things with which Peter Rea has done an exceptional job during his tenure as Division Chair. We are eager to see what happens as he is able to focus his full attention on these areas,” said Collier.
“Many of the traditional cornerstones of our region’s economy have gone out of business, been acquired or departed from the community. It is clear to many that future economic growth will have to come from sectors other than heavy manufacturing,” observed Collier. “We are convinced that the Morgan Chair will be a significant asset in helping our region evolve to an entrepreneurial environment, which is supportive of new and developing business ventures.”
Entrepreneurial initiatives not new to B-W
In addition to its academic emphasis on entrepreneurial thinking, Baldwin-Wallace College already has successfully developed a number of entrepreneurially based initiatives under the umbrella of its Center for Innovation and Growth. Among these are the Business Clinic--which assists in the development of more than 100 business plans each year—and partnerships with area financial institutions and organizations, such as the Council of Smaller Enterprises, the Cleveland Foundation’s Civic Innovation Lab, the President’s Council, and In Counsel With Women.
The College also hosts offices for Glengary LLC, a venture catalyst enterprise. B-W students are able to attend Glengary partner meetings, work with client companies, and to learn first-hand how venture investment works.
“The Burton D. Morgan Chair in Entrepreneurial Studies should help us move to a higher level and be the foundation for our entrepreneurship center that will support the economic revival of Northeast Ohio, while providing unparalleled educational opportunities for our students,” said Collier. “We are pleased to have Peter Rea as the charter chair holder.”
Burton D. Morgan (1916-2003) was a prolific entrepreneur. He founded the Morgan Adhesives Company, a multi-national business producing self-adhesive paper, foils and films and served as its president from 1959 to 1974. He also was co-founder and president of Fasson Products. Basic Search, Inc., his personal venture capital company, assisted in the establishment of several manufacturing enterprises.
He also was a principal partner in Seed One, an organization dedicated to helping others start new businesses. He served as chairman of Multi-Color Corporation, a manufacturer of product labels and provider of packaging services, and he played a key role in founding Filmco, which now is a division of R.J. Reynolds Industries.
In 1967, he established The Burton D. Morgan Foundation, based in Akron and administered by an independent board of trustees. The mission of the Foundation is “To strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit.”
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