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.
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