Control Data Corporation (now Ceridian) established the William C. Norris Institute in 1988 to enable the company’s founder and retired chairman and CEO to continue his endeavors in support of innovation in education and the creation of new companies that provide socially beneficial products and services.
The mission of the Norris Institute is to support the commercialization of innovative, socially beneficial technologies by Minnesota entrepreneurs. It does this by providing convertible loan notes, equity investments and business assistance. Capital returns resulting from the institute’s backing are directed to new or follow-on investments.
When Mr. Norris no longer could be involved in the daily activities of the institute, he sought a permanent home in which to perpetuate its mission. After several meetings with leaders of the University of St. Thomas, in 2001 the William C. Norris Institute became a unit of St. Thomas’ Graduate School of Business, now the Opus College of Business.
The Norris Institute provides start-up equity and assistance to Minnesota entrepreneurs who submit innovative, well-planned business strategies that address the institute’s – and the university’s – mission. Preference is given to St. Thomas alumni and students, and to businesses with the potential to provide high-quality jobs to unemployed or under-employed people.
The institute supports the Opus College of Business vision of providing "relevant" business education by involving students in pre-investment analysis and by having them serve as consultants or interns with companies being started by local entrepreneurs. Students and alumni who are developing business plans receive feedback and possible financial investment from the Norris Institute. Business alumni or students are founders of 11 of the 24 companies in which the Norris Institute has invested since 2001.
The funding being raised through the Opening Doors capital campaign will be used as endowment resources to support the institute’s work in support of a next generation of ambitious entrepreneurs.