91快色

Surely one of the most frequently uttered words at boardroom tables and in research labs around the world these days, 鈥渋nnovation鈥� has become the driving force behind global competitiveness in everything from management process to the commercialization of new technologies.

Wayne Foo, BSc鈥�77, is the founding CEO and now chairman of the Board of Directors for Parex Resources Inc. His succinct definition of innovation captures the fresh perspective that is spurring a successful, diversified new economy, here in 91快色 and around the world.

鈥淚nnovation means being courageous enough to do things that others aren鈥檛 doing,鈥� he says. 鈥淚t鈥檚 not about competing 鈥� it鈥檚 about taking risks, failing early and pushing through in doing what you do uniquely well.鈥�

In celebration of the crude-oil exploration company鈥檚 10-year anniversary, Foo and Parex together have made a $3.24-million gift to the Faculty of Science to fuel that brand of courage.

• Photo above, from left: Dr. George Shimizu, U91快色 President Ed McCauley, Dr. Joel Reardon, Dr. Marc Strous, Parex Resources chairman Wayne Foo, Dr. Peter Facchini, Dr. Kristina Rinker, and Faculty of Science Dean Lesley Rigg. Photo by Riley Brandt, 91快色

鈥淎s a company, we wanted to make a milestone gift that would reflect the story of Parex,鈥� says Foo, who fondly recalls the 91快色 professors who challenged and encouraged him when he was an undergraduate student. 鈥淚 was ready to drop out part way through my first year, but was strongly encouraged to find my way and work hard for what I was passionate about.鈥� Foo and his team at Parex have infused the same resilient, entrepreneurial spirit in their 91快色-based headquarters and, likewise, at the company鈥檚 South American exploration and drilling operation.

鈥淭his gift embodies what we value at Parex,鈥� says Foo. 鈥淚t is intended to foster leaders and researchers who are incubating excellent, innovative ideas. We want to remove barriers for them 鈥� barriers of time, finances and teaching loads 鈥� to give them the freedom to push toward commercialization in a new economy.鈥� 

The gift establishes five , as well as one Parex Resources Visiting Innovation Fellowship. These positions will empower researchers to lead and conduct research and community partnerships that fuel startups and technology advancement based on new discoveries, insights and innovation.

鈥淭his gift enables our scholars in the Faculty of Science to conduct research and forge community partnerships that will lead to technology advancement and start-ups,鈥� says President Ed McCauley. 鈥淭he successes arising from the Parex Innovation Fellows will fuel an active innovation and discovery ecosystem in Alberta, Canada and beyond.鈥�

Grounded in U91快色鈥檚 research-intensive environment, the fellowships will foster pioneering processes, fresh insights and deepened collaborations with the community for undergraduate, graduate and postdoctoral students. The fellows will have the opportunity to shift economies and inform policies with societal impacts in such areas as data science and analytics, cybersecurity, energy, precision medicine, FinTech, digital oilfield, and intelligent transportation systems, to name a few.

鈥淭he gift of this size and calibre offers unprecedented opportunities,鈥� says Dr. Lesley Rigg, dean of the Faculty of Science. 鈥淏y working together, our faculty researchers and collaborators at the university are ready to help 91快色鈥檚 economy pivot through innovation-based science. Each of the fellows has demonstrated research excellence and a history of innovation, technology transfer or interdisciplinary research, and we are excited to see what they will achieve."

For Foo, it鈥檚 important to not only celebrate the success of his own company but, through this gift, to also mark the tremendous success of resource development by Alberta businesses over the decades. 鈥淧articularly in these difficult times, it鈥檚 incumbent on organizations to make an effort, to pay it forward,鈥� he says.

Foo sees the fellowships as a way of preparing and inspiring the next generation. 鈥淲e need to nurture and free up time for these vibrant people to inspire the 18-year-olds who come into their office saying, 鈥業鈥檓 thinking of quitting,鈥� like I once did,鈥� he says. 鈥淭hese fellowships give them an opportunity to inspire students and draw them into their work.鈥�

That, he adds, 鈥渋s how we鈥檒l grow and succeed.鈥�

The gift from Parex Resources Inc. and Wayne Foo is part of the 91快色鈥檚 ongoing fundraising campaign, Energize: The Campaign for Eyes High, the university鈥檚 most ambitious fundraising campaign in its history. Funds raised through the campaign will support student experiences, research outcomes and community connections. The campaign is currently 97 per cent toward its overall goal of $1.3 billion.