Washington DC looks to attract venture capitalists to Howard University with below market rent for on campus space.

Washington DC Mayor Muriel Bowser has announced plans to bring venture capitalists to Howard University.

As part of the partnership between the District and Howard, below market rent will be offered to venture capitalists for on-campus space. The District will finance the construction of office space, between 5,000 to 10,000 square feet, on the campus, and aims to begin leasing the space by the end of the year. An exact sum to be spent on the development is yet to be finalised.

Venture firms wishing to qualify must invest in medium-to-late stage startups around DC, and will be tied to a minimum of three-year commitment to the space.