Richard Farleigh succeeds Sir Trevor McDonald as LSBU chancellor

As the ceremonial head of the university, he will perform a range of duties including awarding degrees at graduation ceremonies and serving as an ambassador for LSBU.

Mr Farleigh is a private investor with a large portfolio of highly-successful companies – and is best-known as a former panellist on TV business programme Dragons' Den.

He made his first million by the age of 30 and has backed more than 70 small start-up British companies.

"I am delighted and honoured to accept this position and am looking forward to playing an active role in the university," he said.

Mr Farleigh has been appointed for an initial four-year term in succession to broadcaster Sir Trevor McDonald who served as chancellor for a decade starting in 1999.

"I was eager to get involved, after being impressed with how enterprise is embedded in the culture of the university in areas such as teaching and research – encouraging and supporting staff, students, graduates and partners to be bold, entrepreneurial and innovative.

"I was also attracted by LSBU's mission to encourage students from every walk of life with the potential for success to excel and 'become what you want to be'."

Vice-chancellor Professor Martin Earwicker said: "Mr Farleigh is a perfect ambassador for the university – proving that with talent, drive and ambition you can achieve your goals.

"This is a prestigious appointment and I am delighted that he has agreed to become an important part of our university.

"Mr Farleigh and LSBU share common values around ensuring opportunities for all and in placing significant emphasis on research and enterprise.

"We aim to become 'London's Enterprising University' and believe that Mr Farleigh's business knowledge and advice will be truly inspirational for our students and will help us to further strengthen our links with businesses."