Klaipeda university Future Fund launched together with local businesses

The Klaipeda University Future Support Fund was established this week. It expects to start operations in the nearest future, once the official registration procedures finish. The founders aim to grow the instrument into an endowment capital fund in the next few years, the Klaipeda Univerity informs.

Nine companies from the Klaipeda region became the founders of the Future Fund: Western Shipyard (part of the BLRT Grupp), Limarko Shipping Company, Linas Agro Group, Klaipeda FEZ Management Company, Vėjo projektai (the makers of the Dancer Bus), Argus, Garant, Lighthouse Asset Management and Benko Servisas. Their contributions will form the 90.000 EUR initial capital of the fund.

A 5-strong fund board was elected for a 3 years-long term, as well as a controller. Vytautas Lygnugaris, the CEO of Limarko Shipping Company, was selected as the chairman of the board. Vytautas Adomaitis, a Swedbank alumnus, was appointed as the CEO of the fund.

“We are delighted to have made a large step forward by creating a clear and transparent mechanism for businesses to contribute to the Klaipeda region academic development. This is a new possibility for businesses and the academic community to cooperate and to focus financial and intellectual resources on solving important problems in the region,” Prof. Artūras Razbadauskas, the rector of the Klaipeda University, said.

The fund aims to strengthen the cooperation between business and academia, as well as to foster knowledge transfer and implementation of new ideas and services. The fund will also support the development of scientific innovations and technologies, will gather knowledge and strengthen the infrastructure needed to develop innovative technologies and services in the areas of marine energy, ports and shipping, biotech and the blue economy. The fund will also seek to support programs and training of interest to businesses and the society, academies, the STEAM center, university classes and other learning forms. The fund will also help projects and programs in the areas of science, culture, education, art, environment, history, nature, architecture, cultural asset protection and restoration and other social initiatives. Annual scholarships for students, lecturers, scientists and other members of the academic circles are also on the agenda.

The Klaipeda University Future Fund will seek various revenue sources, including, but not limited to, private donations and income tax donations.