Prominent industrialist Swraj Paul on Friday announced the setting up of a new £400,000 fund to contribute to the economic development of Wolverhampton and the west Midlands region.
Paul, who is also chancellor of the University of Wolverhampton, made the announcement during his speech at the graduation ceremony. Paul’s Caparo Group has major investments in the region and has been closely involved with the university over the years.
He said: “Another exciting project which I am proud to be able to share with you today is the university’s involvement in the development of a Caparo Innovation Centre Investment Fund.”
“This is a £400,000 technology investment fund, which will be a great opportunity for university researchers and will be extremely positive for the economic development of the region, through the support it will provide to new companies specialising in the science and technology sectors.”
Paul, 85, said the idea for the venture was initiated during his time studying at the MIT.
“I hope will act as an exemplar in how new innovation and technological development can help drive business development and growth; particularly at a time when there is so much uncertainty arising from the recent EU Referendum decision.”
“My company Caparo and the University have had a longstanding tradition of collaboration and I am delighted and proud that this partnership will continue to flourish and provide benefits for the local economy,” he told the gathering.