June 28 (Bloomberg) -- New York University created a venture-capital pool to encourage discoveries by faculty and students that can turn into profit-making undertakings.
Outlays by the fund will range from $100,000 to $1 million each, beginning next year, and will go to start-up companies commercializing NYU research, the university said today in a statement. The fund expects to start producing income for the university in five to seven years, said Frank Rimalovski, the fund’s managing director.
NYU received $2 million toward the pool from the sale of an information-technology venture earlier this year, and will seek $18 million from donors, said Rimalovski, who assumed his post in May.
“We’re looking to build an investor syndicate to support the growth of companies -- Internet, life sciences and information technology, for example -- that we spin out of NYU,” Rimalovski said in an interview.
To read the full, original article click on this link: NYU Plans $20 Million Fund to Spur Money-Making Discoveries - BusinessWeek
Author: Janet Lorin