University of Michigan establishes non-profit, philanthropic “Accelerate Blue Fund” to invest in start-ups
Following approval by the University of Michigan’s Board of Regents, the institution has announced the creation of the “Accelerate Blue Fund” to provide seed capital to nascent UM-affiliated start-up.
It is designed as a non-profit, philanthropic fund that has been initially funded with $250,000 in donations secured for this purpose. A fundraising effort is being launched with a goal of raising at least $20 million in additional gifts. The fund will begin accepting start-up investment applications after it has raised $2 million.
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