University of California, Riverside is set to open an incubator today dubbed Epic as it gears up to raise a VC fund to provide seed capital.
University of California, Riverside is launching a new innovation centre today backed by the institution’s research funding and commercialisation arm Office of Research and Economic Development.
Dubbed Riverside Epic – an acronym for Entrepreneurial Proof of Concept and Innovation Center – the incubator also benefits from a portion of a $2.2m state award given to University of California System by governor Jerry Brown last month.
Additionally, a range of unnamed regional organisations and entrepreneurs have contributed to the centre, which will be open to faculty, students and entrepreneurs from the public.
Riverside Epic, which officially opens today at 3pm local time, reunites existing resources already available on campus but adds proof-of-concept funding, seminars and workshops, mentorship, training and access to potential investors.
The university has already identified more than 25 opportunities to launch spinouts through the hub. Faculty and researchers generate more than 70 inventions each year, primarily in the sectors of agriculture, biomedical, driverless cars, energy and the environment.
UC Riverside is also in the process of raising a seed-stage venture capital vehicle named Highlander Venture Capital Fund and is collaborating with an undisclosed Silicon Valley-based firm to secure the cash.
The centre’s partnerships include the cities of Riverside, Corona, Murrieta, Temecula and Palm Desert as well as the Temecula Valley Entrepreneur Exchange, InSoCal Connect, the Murrieta Innovation Center and Excite.
