NYU is planning to create a $20m venture capital fund to provide seed funding for startup companies based on technologies developed at the University.
The fund will be almost entirely funded from external sources and is expected to make its first investments in 2011.
The University has named Frank Rimalovski who brings 11 years of experience identifying, developing, funding and growing early stage companies based on research innovations, as the fund’s managing director.
The fund will be governed by an independent advisory board and two investment review boards.
The vehicle, which has been initially capitalized with $2m, with the rest to come from contributions by donors, will make investments ranging from $100,000 to $1m, accompanied by other external early stage investors.