Barrett Brothers Invest $2.5-Million In UNB Initiative To Grow Digital Economy
SAINT ANDREWS–Ed Barrett wished the University of New Brunswick’s “entrepreneurial” leaders “many sleepless nights” and “exciting mornings” at an event in Saint Andrews Tuesday announcing the establishment of the Barrett Chair in Entrepreneurship for Digital Transformation, funded by a $2.5-million investment by Ed and his brother Bill.
“Entrepreneurs get up in the morning motivated by the prospect of success. Entrepreneurs stay up late at night because they have a fear of failure or worry that they haven’t solved the problem,” Ed told a gathering of 100 business, academic, and government leaders at the Algonquin Hotel.
“I would like to wish those [leading this initiative] many sleepless nights and many, many exciting mornings.”
Ed and Bill are co-CEOs of the Barrett Corporation and leading entrepreneurs in the telecommunications and distribution industries throughout North America. Out of Woodstock, New Brunswick, they founded Xplornet Communications Inc., Canada’s largest provider of high-speed internet to rural areas.
The Barrett Chair will be based at UNB’s faculty of computer science and will help the university’s McKenna Institute drive digital progress and prosperity in New Brunswick.
In addition to leading the faculty of computer science’s entrepreneurship activities, the chair will coordinate applied research groups; create new experiential learning opportunities focused on innovation and entrepreneurship; contribute to the faculty’s business development activities; and coordinate with other entrepreneurship centres across UNB.
Ed says he and his brother made the investment because they believe the province needs entrepreneurial leadership and better coordination between entrepreneurs and within the various centres at UNB.
He also values the experiential learning component and says enterprising students have much to offer the province’s businesses.
“They are participating in the problem-solving that’s going on at a number of businesses that need help,” he said. “That was particularly meaningful to us. Bill and I have talked from time to time about how this would have been so helpful to us at various stages in our business.”
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The announcement was part of a two-day Digital Innovation Summit, the inaugural one hosted by the McKenna Institute. There were a handful of participating students, and UNB President Dr. Paul Mazerolle says a measure of success will be the growing presence of UNB grads in the coming years.
“This generous investment in the future of entrepreneurship in New Brunswick will help to foster the next generation of innovators [that] will help propel this province forward,” said Dr. Mazerolle.
“I’d like to think that 20 years from now, at the 20th anniversary of the Digital Innovation Summit, this room would be filled with UNB computer science grads that are helping change our [economic] landscape. That Barrett Chair is going to help foster innovation and entrepreneurship through the computer science [program] and the university.”
The McKenna Institute was founded in 2021 to serve as a catalyst and connector for academia, industry, and governments to foster a globally competitive digital economy.
McKenna, the Deputy Chair of the TD Bank Group and former New Brunswick premier, says the Barrett investment will help grow the digital capacity of companies through partnerships between the university and the private sector.
“This is a force multiplier,” McKenna told the group about the significance of the investment. “Out of this seed will grow many trees, and these are the trees we are going to have in the province for decades to come. This is an extraordinarily important step that is going to bring ‘town to gown,’ and bring great ideas on the hill to great entrepreneurs from down in the valley.”
Mark Leger is the editor of Huddle and the Director of News Content for Acadia Broadcasting. Send him your feedback and story ideas: [email protected].