Posted on Jan. 8: Gift fosters generation of innovation
[img_inline align=”right” src=”http://padnws01.mcmaster.ca/images/booth.walter.jpg” caption=”Walter Booth”]A McMaster alumnus and successful entrepreneur hopes to foster another generation of innovation with a $1-million gift to support the creation of a new research chair in engineering entrepreneurship and innovation.
The gift from Woodstock businessman Walter G. Booth will be used to establish the Walter G. Booth Chair in Engineering Entrepreneurship and Innovation in the Faculty of Engineering. The gift was celebrated today with an announcement at the University.
Booth is Chairman and CEO of the Timberland Group, a group of three companies that specialize in winching and hoisting products that are sold around the world. Booth graduated from McMaster with a bachelor of engineering in mechanical engineering in 1962 and obtained his master's in engineering in 1965.
Booth said this gift is his way of saying thanks to two McMaster professors former engineering dean Jack Hodgins and Jim Siddall and honouring their willingness to be academic leaders of innovation. Booth said both men were instrumental in his academic life and pursuit of a meaningful and successful career as an entrepreneur.
“Both men took a chance on me at crucial times in my life and entrepreneurship and innovation are about taking chances and taking risks,” he said. “I see the need in our own organization and in Canada for this type of engineering person who has an entrepreneurial bent and strength.”
McMaster University President Peter George lauded the establishment of the endowed chair as a generous investment in the future of outstanding teaching and research in the engineering faculty.
“Mr. Booth's generosity and vision allows the University to pursue an exciting area in engineering studies,” said President George. “It contributes in a significant way to McMaster's ability to deliver exceptional educational opportunities and research in the area of engineering entrepreneurship and ensures our students continue to be in the forefront of teaching and scholarship in this vitally important area.”
When Booth decided to obtain a university education, only McMaster, under the guidance of Dean Hodgins, agreed to accept him into the University's engineering program without Grade 13, although he had graduated from Ryerson's three-year mechanical technology program after high school.
“He took a chance on me at the time when it was pretty important to me,” said Booth.
Booth said he kept in touch with Professor Siddall after he graduated with his bachelor's degree and it was Siddall who encouraged him to apply for a Ford Foundation Scholarship and return to McMaster to study for his master's degree in engineering.
“I had to find a firm that would split the expenses for the program and that firm happened to be Timberland,” he said. “I have been with Timberland since graduation from the master's program. I studied for a year under Jim Siddall and he was a great mentor who guided me through the master's degree program. He instilled in me a love of engineering and its application to industry.”
The endowed chair is part of the proposed Centre for Engineering Entrepreneurship and Innovation in the Faculty of Engineering. The centre will focus on how to commercialize new engineering ideas and technical expertise.
Engineering dean Mo Elbestawi said Booth's generosity will help the Faculty to continue building on its strengths as student-centred and research-intensive and its commitment to taking an innovative approach to engineering.
“The chair will have a managerial focus that emphasizes the creation of new business through innovative, opportunity-oriented management,” said Elbestawi. “This is generally recognized as a major driving force for growth in the Canadian economy.”
Photo caption: Walter Booth poses in front of the John Hodgins Engineering Building. Photo credit: Ron Scheffler
