Princeton University has approved a six-figure commitment to the student-run Prospect Student Ventures launched last year.
Princeton University will supply $110,000 to student-run venture capital fund Prospect Student Ventures (PSV), the Daily Princetonian reported today.
PSV was launched last summer by three students – Ayushi Sinha, Kelvin Yu and Tinashe Handina – and will invest in startups founded by their peers. Sinha was previously president of the Princeton Entrepreneurship Club and co-founded clean water company WellPower.
She said: “We have brilliant ideas, projects and research coming out of Princeton. Unfortunately, most never move past the ideation stage because of a lack of access to early-stage funds.”
PSV will not seek to take equity stakes but will aim to train entrepreneurs and investors. The $110,000 investment is intended to last for three years and the fund will invest between $1,000 and $10,000.
Another $138,000 in alumni donations to the fund are pending approval by the university. Princeton’s own commitment is being provided through the vice-dean for innovation’s office, held by Rodney Priestley.
