Drexel University launches Innovation Fund to invest in student start-ups
The university's initial commitment is $600,000 annually.
Drexel University, a private research university with its main campus in Philadelphia, PA, has announced the launch of its new Innovation Fund which invests in early stage Drexel student and postgraduate start-ups, as well as start-ups founded to commercialize the results of Drexel scientific research.
“This is a bold new initiative to empower our problem solvers to dream big and take on society’s most pressing challenges,” said Drexel President John Fry. “We are doubling down on our entrepreneurial talent and research innovations.”
According to this announcement, the Fund will invest $150,000 per start-up and up to four start-ups per year. Drexel innovators who have completed or are currently participating in Drexel’s innovation and entrepreneurship programs such as the Baiada Incubator Competition, Drexel Startups Fund, National Science Foundation I-Corps, ic@3401 and the Drexel Coulter Translational Research Program have been encouraged to consider the new program to accelerate their entrepreneurial endeavors and shorten the time to the first round of professional investor capital.
A unique aspect of the Innovation Fund is an experiential opportunity for Drexel students to learn the world of venture capital investing through credit-bearing courses followed by experiencing the Fund’s investment process with hands-on activities that directly support the Fund.
