On the heels of announcing the largest gift in American University’s Kogod School of Business history from Arlene and Robert Kogod, the Kogod School received another substantial gift which will expand opportunities for aspiring entrepreneurs through experiential learning, pitch competitions, and an enhanced incubator program for AU students and alumni. The gift from the Veloric family, including alumnus Gary Veloric (Kogod/BSBA ’82), furthers the momentum of Change Can’t Wait: The Campaign for American University.  In recognition of this gift, American University will rename the American University Center for Innovation (AUCI) the Veloric Center for Entrepreneurship. The past year has represented the best year for philanthropic support for the Kogod School of Business in the school’s history. 

In making the gift, Gary Veloric said, “The education and experience I received at American University’s Kogod School of Business helped nourish the entrepreneurial mindset that runs deep within my family’s DNA. As a four-generation family of entrepreneurs, my family and I are thrilled to support the next generation of business leaders at AU.”

“With the Veloric family’s support, the Veloric Center for Entrepreneurship will create extraordinary opportunity for students to pursue their entrepreneurial dreams,” said David Marchick, dean of the Kogod School of Business. “Gary Veloric represents the embodiment of entrepreneurial spirit, an attribute embedded in the Kogod School of Business’s DNA.  Many of American University’s most successful alumni are entrepreneurs, including our namesake Robert Kogod”

“This gift from the Veloric family is an incredible example of the momentum that’s happening across American University’s campus,” said AU President Sylvia M. Burwell. “The Veloric Center for Entrepreneurship and the Veloric Event Fund will help continue to support the changemaking spirit that is at the heart of who we are. We thank Gary and Michal Veloric and their families for their generosity, vision, and commitment to the AU community.” 

While a student at American University, Gary Veloric chaired the concert committee, bringing the Police, Jerry Garcia, and the Pretenders to campus. Veloric attributes that experience—booking talent, promoting, and marketing, and managing events—to his development as an entrepreneur. Veloric has been involved with and/or supported more than 100 business ventures. 

With this gift, the Veloric Center for Entrepreneurship will also enhance experiential learning opportunities, such as competitions and workshops, to encourage this next generation of entrepreneurs to be innovative problem solvers. It will add more funds to support successful programs like the Business Incubator and Entrepreneurship Competitions, which provide students with the support and framework to solve real-world problems and begin successful business ventures. 

Through a second part of the gift and the new Gary and Nancy Veloric Event Fund, AU hosted nearly 3,000 students, faculty, staff, and families at a private concert featuring Flo Rida and Hayes Warner during AU’s recent Family Weekend. Following in Gary’s footsteps, students in Kogod’s Business and Entertainment Program, one recognized by Billboard as among the top in the country, helped plan, design, and manage this concert.

Tommy White, senior professorial lecturer, and the current director of AUCI, will continue in the director role at the Veloric Center for Entrepreneurship, said, “With these new financial resources, the Veloric Center will be accelerating American University’s entrepreneurship programming, competition and awards, providing more financial and people resources to our student ventures, and ultimately elevating American University and the Kogod School of Business in the global university entrepreneurial space.”

Since its founding seven years ago, the center has supported dozens of companies and organizations founded by students, including MEANS Database, 2Gether, El Camino Travel, Celise Bioproducts, and more. Each of these companies was started by American University students who saw a need in the market and created ventures to close these gaps. 

The gift from and the Veloric family comes at a pivotal time for American University, which is in the final stages of the most ambitious fundraising campaign in its history. Change Can’t Wait: The Campaign for American University has raised more than $440 million towards its $500 million goal. This gift is one of four centers and institutes that have been named or established through the Change Can’t Wait campaign. AU’s pioneering centers are focused on moving the needle with research, creative products, and innovative teaching that tackle the top issues facing our world today.