Newswise — The University of Adelaide has signed a memorandum of understanding with Nobel Peace Prize-winning economist and entrepreneur Professor Muhammad Yunus to create a Yunus Social Business Centre in Adelaide.

The University of Adelaide’s Yunus Social Business Centre will be established at its North Terrace campus and will be run jointly by the University's Adelaide Business School and the Entrepreneurship, Commercialisation and Innovation Centre (ECIC).

The new Centre will see Professor Yunus’ Social Business theory built into teaching, research, and incubation and acceleration activities.

Professor Yunus and University of Adelaide’s Faculty of the Professions Executive Director Mr Paul Hutchinson have today signed the MOU as part of Professor Yunus' visit to Adelaide. His visit is supported by the Don Dunstan Foundation, which currently has a focus on growing the purpose economy in South Australia, and hosted by the STEMSEL Foundation, which has a focus on expanding Dr Yunus’ Young Ambassadors Program globally.

“I’m delighted to be here today to sign an MOU with the University of Adelaide and progress the realisation of a Yunus Social Business Centre in Adelaide,” Professor Yunus says.

“During my time here, I will be taking the opportunity to meet with senior South Australian figures from government, industry, the not-for-profit sector, civil society, and the young people of Adelaide, to discuss the kind of activities we should prioritise and how this might be realised through a partnership with the University of Adelaide.”

Mr Hutchinson, University of Adelaide, says: “We have followed Professor Yunus’ work for many years and we are hugely supportive of his and his organisations’ aims to deliver for people and the planet, as well as for profit.

“The University will play a much greater role in contributing to the achievement of these aims and objectives in Australia, and we are delighted to sign a memorandum of understanding which sets out the collaboration with the Yunus Centre.”

A key focus for the Yunus Social Business Centre will be to attract industry and business to the Centre, so its Social Business ethos can gain traction and progress in Adelaide.

Professor Yunus pioneered microfinancing and founded the grassroots Grameen Bank. In 2006, Professor Yunus and Grameen Bank were jointly awarded the Nobel Peace Prize for their work to “create economic and social development from below”. His Grameen Bank has loaned over a billion dollars to poor communities. He has more than 40 Centres of Excellence for Social Business across the world.

Media Contacts:

Mr Paul Hutchinson
Executive Director
Faculty of the Professions
The University of Adelaide
[email protected]

Dr Wendy Lindsay
Entrepreneurship, Commercialisation and Innovation Centre (ECIC)
The University of Adelaide
[email protected]