Changes

<div style="text-align: justify;"><span style="text-align: justify; font-family: georgia, serif; font-size: small;">The student entrepreneurship competitions were made possible by a $5 million gift to UVI from</span><span style="text-align: justify; font-size: small;"><span style="font-family:georgia,serif;">investment strategist and entrepr</span></span><span style="text-align: justify; font-size: small;"><span style="font-family:georgia,serif;">eneur Kir</span></span><span style="text-align: justify; font-size: small;"><span style="font-family:georgia,serif;">il Sokoloff, th</span></span><span style="text-align: justify; font-family: georgia, serif; font-size: small;">e&nbsp;founder of 13D Research on St. Thomas. T</span><span style="text-align: justify; font-size: small;"><span style="font-family:georgia,serif;">he gift supports 13D Student Entrepreneurship Competitions,&nbsp;</span></span><span style="text-align: justify; font-size: small;"><span style="font-family:georgia,serif;">a Distinguished Professor of Entrepreneurship Endowed Chair and the Entrepreneurial Speaker Series at UVI. The first college-level 13D Student Entrepreneurship Competition concluded in May, 2012. The first presentation in the speaker series was made in March by acclaimed business woman and philanthropist Loida Nicolas. The&nbsp;</span></span><span style="text-align: justify; font-family: georgia, serif; font-size: small;">1</span><span style="text-align: justify; font-family: georgia, serif; font-size: small;">3-</span><span style="text-align: justify; font-family: georgia, serif; font-size: small;">D&nbsp;</span><span style="text-align: justify; font-family: georgia, serif; font-size: small;">Competition is sponsored by Innovative Companies, which has made a significant long-term commitment of $50,000 a year to support the entrepreneurship effort.</span></div><div style="text-align: justify;"><br/></div><div style="text-align: justify;"><br/></div><div style="text-align: justify;"><br/></div><div style="text-align: justify;">

<span style="font-family:georgia,serif;">The faculty members here at the University of the Virgin Islands ae being greatly encouraged to innovate and pursue their entrepreneurial pathways. About 20% of the faculty members are playing dual roles in shifting between faculty and entrepreneurs where they are encouraged to commercialize their research. This helps to encourage students to explore their entrepreneurial potential as more than often students are selected to work with faculty members on their research or business establishments. This helps to promote a more Innovative and Entrepreneurial Ecosystem on the Campus.</span>

<span style="font-family:georgia,serif;"><span style="font-size:large;"</span></span>The University of the Virgin Islands currently has no University tansfer function due to the lack of resoucrces that are provied by our technology transfer office. This is one of the major problems we are faced with and are hoping to resolve in the near future.

<span style="font-family:georgia,serif;"><span style="font-size:largesmall;">The University of the Virgin Islands currently has no extent to which we are engaging with regional and local economic development efforts. We also have no economic development office that promotes the University's research and development for positive local economic benefit.</span></span>