Avnet and Arizona State University Launch Innovation Lab

Avnet makes $250,000 annual commitment to accelerate the success of
entrepreneurs and spark next-generation technology ideas

PHOENIX–(BUSINESS WIRE)–#entrepreneursAvnet,
Inc.
(NYSE:AVT),
a leading global technology distributor, today announced a new
partnership with Arizona
State University
(ASU) and its Ira
A. Fulton Schools of Engineering
. The organizations collaborated to
create the Avnet Innovation Lab, which is designed to spur
economic growth in the technology sector and enable aspiring
entrepreneurs to advance their innovations. The lab will provide
critical business consultation and venture support to entrepreneurs
developing new technology, especially inventions that make the world a
better place.


Avnet will exclusively support the lab with an annual commitment of
$250,000 plus administrative expenses for three years. The donation will
award funding to select entrepreneurs, or performers, to accelerate
their ideas and take their inventions to the next level. Avnet and ASU
will also provide mentorship and critical connections for performers to
bring their technologies to market, as well as offer dedicated lab space
in the Ira A. Fulton Schools of Engineering.

“The technology industry exists because of those individuals driven by
an entrepreneurial spirit, but every inventor needs support to bring
their ideas to life,” said MaryAnn Miller, senior vice president, chief
human resources officer and corporate marketing & communications for
Avnet, Inc. “We created the Avnet Innovation Lab at ASU’s Ira A. Fulton
Schools of Engineering to give today’s entrepreneurs access to the
combined consulting services, facilities and resources of a Fortune 500
company and one of the most innovative schools in the U.S. Avnet and ASU
share a passion for innovation and life-long learning. Together, we will
inspire those advancing technology to make the world a better place.”

Avnet and ASU have selected four entrepreneur organizations that are
creating revolutionary technology to participate in the Avnet Innovation
Lab. The selected participants must demonstrate a dedication to using
technology to help improve the world and have ideas or products that can
be scaled on a global basis.

“Entrepreneurship and innovation are a part of everything we do as a
university,” said Ira A. Fulton Schools of Engineering Dean Dr. Kyle
Squires. “To be successful in these areas, we need strong corporate
partners. ASU will be able to offer entrepreneurs a new experience
through the Avnet Innovation Lab. We will connect them with one of the
largest companies in the world – Avnet – which is an expert in the
intricacies of bringing technology to market.”

The Avnet Innovation Lab is led by a highly-experienced advisory council
that will select and guide performers in areas related to business
strategy, design, engineering, marketing and supply chain. The advisory
council includes Dave Bent, vice president of IT, Avnet, Inc.; Kris
Burgoon, vice president of marketing services, Avnet Electronics
Marketing; Julie Jones, vice president of supplier marketing, Avnet
Technology Solutions; Wade McDaniel, vice president of supply chain
solutions, Avnet Velocity; Dr. Kyle Squires, Dean of Ira A. Fulton
Schools of Engineering; and Dr. Cody Friesen, ASU Associate Professor
and CEO of Zero Mass Water who chairs the council. MaryAnn Miller,
senior vice president, chief human resources officer and corporate
marketing & communications for Avnet, Inc., and Steve Phillips, senior
vice president and chief information officer, Avnet, Inc., serve as
executive sponsors.

“As a technology entrepreneur, I know firsthand the challenges in
developing a new technology and bringing it to market,” said Dr.
Friesen. “In creating the Avnet Innovation Lab, I’ll be able to assist
the next generation of entrepreneurs with their journey and share
insights from my experiences. For example, Avnet has supported my teams
in navigating the supply chain complexities needed to successfully bring
a new energy storage technology to the market and has begun to help us
drive our next technology company into the marketplace. Avnet will also
be a tremendous resource for entrepreneurs participating in the Avnet
Innovation Lab. Together, we will be able to provide the critical advice
needed to turn their ideas into a reality.”

Avnet has a long-standing commitment to supporting technology
development and STEM education. The company provides an endowment to
support supply chain professors at ASU’s Ira A. Fulton Schools of
Engineering, and W.P. Carey School of Business / Thunderbird School of
Global Management. Avnet executives also serve in various capacities,
such as on boards and as guest lecturers at the business and engineering
schools.

Applications for the next Avnet Innovation Lab are expected to open in
late summer of 2016. To learn more about the Avnet Innovation Lab,
visit: www.avnet.com/innovationlab.

Click to Tweet: .@Avnet commits $250K to partnership with @ASU to
accelerate the success of #tech entrepreneurs http://avnet.me/55572
#AvnetInnovationLab

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or http://www.linkedin.com/company/avnet
Read
more about Avnet on its blogs: http://blogging.avnet.com/

About Avnet, Inc.

From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT)
accelerates the success of customers who build, sell and use technology
globally by providing them with a comprehensive portfolio of innovative
products, services and solutions. Avnet is a Fortune 500 company with
revenues of $27.9 billion for the fiscal year 2015. For more
information, visit www.avnet.com.

Contacts

Brodeur Partners for Avnet, Inc.
Caitlin Wendt, 480-308-0283
cwendt@brodeur.com
or
Ira
A. Fulton Schools of Engineering, Arizona State University
Terry
Grant, 480-727-4089
Theresa.Grant@asu.edu