Nokia donates EUR 3 million to the TUT Foundation
Nokia's Board of Directors has decided to make a considerable donation of 12 million euros toward the capital campaigns of Finnish universities. Three million euros of the donation will go to Tampere University of Technology (TUT).
"Finnish knowledge capital has been a significant factor in Nokia's success and we want to support its development and renewal," says Stephen Elop, Nokia's Chief Executive Officer.
"Nokia has a long tradition in cooperating with universities in Finland and they play an important role in our global university partnering program. The culture of cooperation between universities and companies runs deep in Finland and I believe this benefits both institutes of higher learning as well as the Finnish society and economy. At the same time it is important that scientific ambitions and goals remain the starting point of academic research."
President of TUT Markku Kivikoski is extremely pleased with Nokia's generous contribution toward the capital of the TUT Foundation.
"The research collaboration between TUT and Nokia started in the 1980s following the rapid development of the telecommunications industry and the launch of the research programmes of Tekes, the Finnish Funding Agency for Technology and Innovation. We have conducted close cooperation in multiple fields, ranging from information technology to materials engineering and industrial engineering," says Kivikoski.
Foundation model provides independence and increased resources
TUT is one of the two Finnish universities which started operating in the form of a foundation on 1 January 2010, when the new Universities Act came into force.
The foundation model ensures that the University will be able to develop its operations independently. TUT will continue to receive its core funding from the state budget and research funding bodies. The return on the foundation capital will enable the University to make further investments in new research openings and the quality of education, for example.
The TUT Foundation operating as Tampere University of Technology is aiming to raise 50 million euros in capital for the foundation from private financiers by the end of 2011. Hence the government will subsidize the foundation capital of the University by 125 million euros and the overall capital will amount to 175 million euros.
The TUT Foundation has so far received some 34.5 million euros from private donors. The donations are added to the capital base of the TUT Foundation.