Duke University launches Angel Network and Innovation Fund to boost investment into startups and spin-outs.
Duke University has announced two new venturing programmes geared towards stimulating investment into the institution’s spin-outs and startups.
The university has established the Duke Angel Network (DAN), comprised of Duke alumni who will offer seed funding, with the goal of signing 50 Duke alumni by the end of the year and 100 by the end of 2016. DAN will be supported directly by the Duke Innovation Fund, which will co-invest alongside the network and typically offer $1 for every $3 DAN provides.
The university has made an initial commitment of $2m to the Innovation Fund. The university will seek outside donors to further expand the fund and has a goal of reaching $20m. The Fund will operate on a non-profit philanthropic basis, while DAN will be for-profit.
Richard Brodhead, president at Duke, said: “We’ve heard from people across this community that one of the biggest barriers is a lack of investment capital. This new network is addressing that challenge directly by drawing on one of Duke’s greatest resources, namely its alumni and other supporters.”