The software-focused incubator will invest pre-seed funding to form new businesses from UW-Madison concepts, and will unveil its first startup in spring 2021.
University of Wisconsin-Madison (UW-Madison) is set to launch a software-focused incubator in partnership with its tech transfer organisation Wisconsin Alumni Research Foundation and startup studio High Alpha Innovation.
The initiative, Varsity Venture Studio, offers funding and expertise for pre-incorporation business concepts, initially targeting innovations from UW-Madison’s faculty, students and staff.
Varsity Venture Studio will initially screen a shortlist of five concepts before launching its first startup in spring 2021. The incubator will be funded by the revenues that its portfolio generates.
UW-Madison anticipates Varsity Venture Studio will lead to more spinouts but says the initiative could also be expanded to include businesses without links to the university.
Kieran Furlong, the discovery-to-product representative for engineering and physical sciences at UW-Madison, said: “We are going to see an increased number of spinouts from UW-Madison [which,] in turn, contributes to the state’s economy, to job creation. It also contributes to the reputation of both the university and the state.”
