Penn State celebrated a $1 million gift from a local business leader and his family on Tuesday.
The donation will boost efforts by entrepreneurs to start and grow businesses in the Altoona area.
The gift by Lee Hite will be matched dollar for dollar by Penn State University. To show its appreciation, the Launchbox at Penn State Altoona has been renamed the Hite Family Launchbox for Innovation at Penn State Altoona.
Penn State President Eric Barron came for the celebration on and helped Lee Hite unveil the new logo for the Launchbox. Speakers noted that the innovation hub opened only one year ago has already graduated 24 startups and accepted four local startups as tenants.
Hite hopes the Launchbox may give more budding entrepreneurs a reason to stay in Central Pennsylvania.