A $25 million University System of Maryland venture fund that is designed to help startups created by members of the university community officially launched this month.
According to UMD student newspaper The Diamondback, it’s called the Momentum Fund. So far, $10 million is committed from USM. UM Ventures and UMBC are working together on raising an additional $15 million from local VCs and angels.
The application is live, and startups can apply on a rolling basis. The group will also have an external advisory board made up of six to eight entrepreneurs and investors to make recommendations and set policies.
The venture fund comes at a time when the University of Maryland-Baltimore is looking to increase entrepreneurial activity, including creating a new innovation center.
Join the conversation!
Find news, events, jobs and people who share your interests on Technical.ly's open community Slack
Baltimore daily roundup: The city's new esports lab; a conference in Wilmington; GBC reports $4B of economic activity
Baltimore daily roundup: Find your next coworking space; sea turtle legislation; Dali raided and sued
Baltimore daily roundup: Johns Hopkins dedicates The Pava Center; Q1's VC outlook; Cal Ripken inaugurates youth STEM center
