WSU students join in on venture

From the next academic year, students at Wayne State University (WSU) will be able to get hands on experience in the venture world thanks to a new student-run investment fund.

The fund is being set up with a $100,000 endowment from Fifth Third Bank which will be formally presented to the institution on 3 December. The funding is part of a wider $300,000 package provided by Fifth Third to academic institutions in the Detroit area.

In setting up a student-run venture fund, WSU is following in the footsteps of nearby Michigan University. Michigan, which is just 20 miles west of WSU down Interstate 94, currently runs three student-run venture funds, including the $7m early-stage venture fund, spin-out focused Zell Lurie Commercialisation Fund, and the Social Venture Fund, which focuses on for profit companies with a stated aim of having a social benefit.

The fund will be tied to WSU’s School of Business, and accessed by students enrolled on its new portfolio management course. The course begins next year, but students will have the chance to begin working on the fund over the summer. Robert Forsythe, dean at the business school, said: “This new student managed investment fund heightens the profile of our university and provides a built in internship to our curriculum. We cannot thank Fifth Third Bank enough for their generosity in providing the initial funds that we intend to grow into a multimillion dollar portfolio.”

David Girodat, CEO of Fifth Third Bank Eastern Michigan, added: “Fifth Third Bank is committed to the revitalisation of Detroit and a key component of that is higher education along with developing and retaining a talented workforce. With this grant, Wayne State University can improve the learning experience for its business majors who will have the opportunity to be real time fund managers.”