BC-MD--Maryland Universities-Startup Fund/126
Maryland university system to invest in startup companies
HYATTSVILLE, Md. (AP) — The University System of Maryland plans to establish a $25 million fund to invest in startup companies created by students, faculty and graduates.
Multiple news organizations report that the Board of Regents committee approved the fund on Thursday.
The fund would require the system to invest $10 million over the next four years, and the remainder would be raised from venture funds, state funds and other sources. That fund is intended to offer investments between $50,000 and $500,000.
Regent Robert L. Pevenstein says he hopes the fund is a step toward addressing the system's need to commercialize ideas.
The committee also approved a $5.3 billion operating budget and a multi-use building near the University of Maryland, College Park.
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