Sir Owen said the programme aimed to help students take their ideas and concepts and develop them into "credible, profitable businesses" that would target a global marketplace - thus taking Kiwi ideas around the world but, importantly, ensuring profits remained in New Zealand.
"We come up with some great ideas, [but] 20 per cent of New Zealanders live overseas, me included," he said.
"These ideas have gone overseas with the individual - other people in other countries and other investors have benefited from it.
"We acknowledge that not all these ideas will be able to bloom in New Zealand, but at least it will allow our better minds and students to know how to promote these ideas."
Sir Owen described it as a "wonderful opportunity" for the students.
"It's almost like giving people the key to the door, in an education sense, a key to business."
It was also hoped the venture would become a model for other New Zealand universities to take up, he said.
"We'd like to think that other universities will grab on to that model too."
The initiative will give students studying arts, engineering, science, education, law, business, medicine and creative arts and industries at the University of Auckland next year the opportunity to learn essential entrepreneurial skills.
The programme might also give "mom and pop" investors an opportunity to put their money into enterprising Kiwi start-up projects, he said, as he encouraged more people to get involved in philanthropy.
However, he said the Government could do more to make it possible.
"With a slight amendment to the tax [laws], to allow for donations into certain charities ... I think a lot more people would donate money," Sir Owen said.
"I've spoken to politicians about it at the highest level, Helen Clark and John Key, but they take no notice."
He added: "This is money sitting in people's bank accounts ... it's not working for the individuals, it's not working for the country.
"The idea of the mom and pop investors, if you put something into an enterprise - just say you get 50 per cent back - if you could write that off your income tax, you'd be encouraged to do it.
"And think of the boost you're giving the country too."
Such philanthropy amounted to "investing in [your] own country", he said, although he admitted "it's a huge quantum leap forward for a dairy farmer or somebody who's worked hard to earn every cent" to make such an investment.
He was "just helping my country out" through his philanthropic work, he said, brushing off further questions about his motivation by claiming he was "a real nuisance".
But finally he said: "I was successful in business so, sharing it out, you know. It's actually better to give sometimes than receive.
"The good Lord looked after me so I'm trying to look after somebody else."
He focused on "the needy - people who can't help themselves", he said, and had more recently narrowed his aid to New Zealand and India.
"There are so many causes and so many things that need time and attention.
"Governments concentrate on votes, I concentrate on need. But you've got to look at the macro picture, you've got to say, 'Well what's really going to help New Zealand?'
"And I think this initiative with the university will in time, maybe five years or more, bring in enormous benefits to New Zealand. Huge."
Sir Owen Glenn
•Sir Owen, 75, was born in India and came to New Zealand with his family when he was 12.
•He built a global logistics business - OTS Logistics Group - in the US, which he sold in 2012 to a London private equity group for a reported $400 million.
•He was knighted in the 2013 New Year honours for services to philanthropy.
•The Glenn Family Foundation was registered in New Zealand in 2010 with the purpose of relieving poverty and advancing other projects for the benefit of youth and the community in New Zealand and India. The trust deed was amended in 2012 to extend work to the Pacific Islands.
•His personal fortune was last year estimated at $450 million by the National Business Review, placing him 22nd on the NBR 2014 Rich List.
Other philanthropic work
•This week Sir Owen will officially open the national aquatic centre in Auckland after he pledged $3.85 million into the project.
•In 2002, Sir Owen donated $7.5 million to the University of Auckland for the development of the Business School's premises, which was then named the Owen G. Glenn Building.
•In 2008, donated an additional $500,000 to the university to establish the Barry Spicer and Owen G. Glenn PhD Scholarships.
•In 2012, vowed to pump $80 million into fighting child abuse and domestic violence in New Zealand, starting with a public inquiry, which became embroiled in scandal.
•In 2012, pledged $8 million to health projects in Otara.
•Donated $1 million to the Christchurch earthquake recovery fund.
