 The money was used by his former university as seed funding for installing the classics and music school in the Old Chemistry building at the Christchurch Arts Centre.In 2017, 40 years after its move from the Christchurch Central City to the Ilam campus, the University of Canterbury returned to its original home, and opened The Teece Museum of Classical Antiques in May 2017.Teece’s 1986 paper “Profiting from Technological Innovation” was selected by the editors as one of the best papers published in "Research Policy" from 1971 to 1991  and is the most cited paper ever published in the publication.