The university of California introduced a $ 250 million challenge fund to spend money on startups “rising from the college of California device.” The fund will likely be curious about students, professors and alumni of the 10 UC colleges, with a particular emphasis on startups in the lifestyles sciences, expertise, power, agriculture and materials sectors.
The funding arm will likely be led by way of Vivek Ranadive, an entrepreneur and owner of the Sacramento Kings.
“I stay up for supporting fellow entrepreneurs and rising revolutionary, value-driven agencies with a mission to improve our society and make the arena a greater place,” stated Ranadive, in a remark.
With campuses throughout the state of California, including Berkeley, l. a., and San Diego, the UC device is known for having one of the crucial nation’s prime public universities. (Full disclosure: I obtained my undergraduate levels at UC San Diego).
The college of California has been granted extra patents than some other college on this planet and has over 30 accelerators and incubators. more than 800 startups with UC patents had been founded on account that 1980.
“This mission will make stronger the research and entrepreneurship of UC school and student researchers whose discoveries can advantage folks all the way through California, the nation and the sector,” UC President Janet Napolitano mentioned, in a statement.
The fund does now not take money from lessons or the state and is backed by means of the UC Investments workplace. UC Investments has about $ 100 billion in its investment portfolio, including a pension fund, an endowment and different capital swimming pools.
This entry passed during the Full-textual content RSS provider – if this is your content and you are studying it on any person else’s web page, please learn the FAQ at fivefilters.org/content-best/faq.php#publishers.
TechCrunch » Startups