N.C. State University has established a new fund that will provide crucial seed capital to student entrepreneurs thanks to a $1 million gift from a donor.
The university announced last week that it received the donation from Robert “Chip” F. Andrews III, an N.C. State graduate and a member of the school’s board of trustees, and his wife Lyn.
The university hopes to augment the fund with money from other donors.
“Our ultimate goal is to be able to provide enough capital for young startups so they become attractive to angels and VCs,” or venture capitalists, said Lewis Sheats, senior lecturer of entrepreneurship and director of the school’s Entrepreneurship Clinic.
The first grants will be announced later this spring. A total of $50,000 will will be awarded in this first round of grants to one or more students chosen from a group of five finalists.
Recipients also will attend a three-month “boot camp” that will include coaching from local entrepreneurs, some free professional services and office space.
Juniors, seniors, graduate students and recent graduates of N.C. State are eligible for the grants.
Chip Andrews is the retired former chairman and CEO of FMI, a Raleigh company that provides management consulting and investment banking services to the engineering and construction industry. He currently is managing member of Andrews Ventures, which manages real estate and venture capital investments.