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United States : UNIVERSITY OF MINNESOTA scraps plans for two venture capital funds

August 20, 2014

The University of Minnesota has announced Tuesday that it's cancelling plans for two venture capital funds worth $70 million and instead implementing a smaller program designed to provide seed funding to start-up technology companies born on the university campus.

The U's new Discovery Capital Investment Program will offer early-stage financing to assist in the transfer of university-created technologies to the commercial market.

The new plan will see the institute investing up to $350,000 in equity funding in new technology firms working on a promising product or service.

The U assisted in the launch of 15 new firms, so far this year.

Officials say they would like to keep the momentum going and have instituted new rules and a less costly program to administer that will fund eligible new enterprises.

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Source: TendersInfo (India)

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