By David Madden
GLASSBORO, N.J. (CBS) — Venture capital funds are nothing new. But a newly-formed one is based out of Rowan University.
The idea is to provide some seed money for budding businesses created through Rowan’s two medical schools, as well as schools of engineering and business.
“I would think somewhere in the medical or science area or engineering might be a primary focus,” says Paul Tully, chairman of the Rowan University Foundation, “but, on the other hand, it really would be open ended.”
Hopes are to spur research into ventures that will not only help the community and region, but to perhaps get a return on their investment, as well.
“We believe that helping fund companies that, otherwise, might have some difficulty getting initial funding will enhance job creation in the southern New Jersey region and company formation and possibly even industry formation,” Tully says.
The foundation also plans to grow that fund through private investment.
A review panel is being assembled in to begin looking at proposals from faculty, students and alumni.