Memphis University’s Crews Centre for Entrepreneurship is creating a seed fund to back its spinouts.
The Crews Centre Catalyst (C3) Seed Fund will be seeking to provide micro-investments that will help pay for early startup costs for Memphis firms. The fund has been created thanks to an anonymous donation of $100,000 to the Crews Centre. Memphis did not say if it has contributed any cash to the fund itself.
As part of the package offered, successful applicants to the C3 Seed Fund will also receive mentorship and be given access to resources at the Crews Centre to help them develop their company.
Mike Hoffmeyer, director at Crews Centre, said: “These are micro-seed investments. The awards are generally up to $3,000, so if (the applicant) needs a particular piece of equipment or software or they need to travel to a certain location or whatever the case may be, it’s designed to remove some of those financial obstacles.”
