Colorado State University (CSU) system, comprised of three universities in the state, has announced the creation of a new $1.5m venture capital fund to drive innovation in the area.
Applications are open to students, staff and faculty of the CSU system for projects and initiatives up to $500,000, which chancellor Mike Martin hopes will aid in bridging the $160m drop in state funding for CSU since 2009.
He said: “The goal of this new venture capital fund from the CSU System is to incubate and nurture ideas, programs and innovations that will make us better and help build a more durable and entrepreneurial university system that will continue to serve Colorado now and in the future.”
“The CSU System’s three institutions store a wealth of creativity and talent, and I’m confident this new venture capital fund will help us uncover great ideas that might not otherwise have been considered. We also recognise that there is risk and not all of these ideas will work, but that’s the price of innovation and leadership. The CSU System is prepared to shoulder that risk because we must become more entrepreneurial in order to maintain quality and promote economic sustainability.”
