CHICAGO - An Indian American businessman has donated a whopping USD 5 million to the University of Chicago to help aspiring entrepreneurs in their pursuit of innovation.

"I don't simply want to provide the money for this new program, I plan to serve as a thought leader, mentor and guide for these aspiring entrepreneurs, so that my years of experience, my struggles and my successes may serve as an additional resource to help them succeed," he said

Rattan L Khosa, 79, gifted the amount to the varsity to launch a student entrepreneurs program after his name at the Polsky Center.

Mr. Khosa, who came to the US in 70's and secured a research fellowship from the University of Maryland, had just USD 3.75 in his pocket when he joined the varsity.

He started his company AMSYSCO in 1981 from the basement of his home. After nearly four decades, Mr. Khosa has grown it into a highly profitable venture that provides post-tensioning systems on commercial structures and occupies a 55,000 square foot facility.

"Starting a business from a scratch is like jumping off a cliff in the middle of the night while blindfolded, hoping that there is a safety net down below," Mr. Khosa said.

When more than 80 per cent of companies fail within the first year even those with ample funding it's clear that there is much more to a startup's success than just money, Mr. Khosa said.

"I don't simply want to provide the money for this new program, I plan to serve as a thought leader, mentor and guide for these aspiring entrepreneurs, so that my years of experience, my struggles and my successes may serve as an additional resource to help them succeed," he said.

"Rattan's leadership, generosity, and success will serve as an inspirational example to our most promising entrepreneurial students," said Madhav Rajan, Chicago Booth Dean and George Pratt Shultz Professor of Accounting.

"His new gift will enhance Booth's reputation as the destination for aspiring Entrepreneurs," said Starr Marcello, executive director of the Polsky Center and adjunct assistant professor of entrepreneurship at Chicago Booth.