Rowan University, a New Jersey-based institution, has launched a $5m university venture capital fund aimed at funding research initiatives.

The launch of the fund comes as Rowan, designated last year as the state’s second comprehensive public research institution by the State of New Jersey, commits to a programme of commercialisation and technological development. The university is looking to specialise in engineering, medical education, life sciences, and business, and last year research $24m in sponsored research and grants. Rowan is looking to increase this figure to $100m within ten years, and has already recorded a 35% increase in federal funding and a 55% increase in state funding since midway through 2013.

The new fund will be available to students, faculty, and alumni, and Rowan is also aiming to grow its value by attracting external donors.

Paul Tully, Rowan Foundation chair, said: “With an endowment of nearly $175 million, the Foundation is in a position to make a meaningful investment in the University’s researchers and entrepreneurs in a way few universities can. While Rowan’s students and faculty will undoubtedly be successful in attracting outside funding, some may first need seed money to get their ideas started. Through the Rowan Venture Fund, the Foundation will provide an opportunity to support research ideas at their earliest stages.”