The David Eccles School of Business at the University of Utah and the Joan and Tim Fenton Foundation announced the creation of a new $5 million Founders Fund aimed at supporting student entrepreneurs.
Created through a $5 million investment by the Fenton Foundation, the Founders Fund will be an early-stage venture capital backer of student-founded startups. It is designed to accelerate promising businesses that may not be of interest to traditional venture funds.
Tim Fenton explains:
"The vision, determination and entrepreneurial drive among the students at the University of Utah is remarkable, and we look forward to helping them bring their ideas to life through the support of this new and innovative fund."
The $5 million is an investment rather than a donation so the returns on successful businesses will be reinvested to grow the fund further. The Fenton Foundation will be involved in these investment decisions, however, students at the University of Utah's Sorenson Impact Center will have primary roles in researching and analyzing startups seeking funding.
Taylor Randall, University of Utah President and former dean of the David Eccles School of Business added:
"This fund will help our student startups gain stronger footing in the marketplace and I look forward to seeing this fund grow and increase its support of University of Utah students in their entrepreneurial endeavors."