Harvard wants the next Mark Zuckerberg or Bill Gates to stay in Boston. To help reach that goal, Harvard University and New Enterprise Associates (NEA) have announced the Experiment Fund, and early-stage incubator that will offer $250,000 to $500,000 to four to six startups in the Cambridge, Mass. Area.
“We are very excited to host The Experiment Fund; we believe it will provide a much needed set of people, skills, and financial resources to spur the innovation and idea creation of our students,” says Cherry A. Murray, Dean of the Harvard School of Engineering and Applied Sciences (SEAS).
Both Mark Zuckerberg and Bill Gates attended Harvard and dropped out to head west and start Facebook and Microsoft respectively. Harvard faculty members will act as advisors for the fund, however, the university will have no financial stake in it. The idea is that the fund will allow students to create their business in Boston rather than have to take it elsewhere.
“Cambridge has always seeded and cultivated brilliant minds and entrepreneurs, and now they’ll have another reason to stay rooted in and draw strength from these fertile soils,” said venture capitalist and co-head of NEA’s consumer and seed-stage investing practices Patrick Chung
The Experiment Fund will explore three core areas: Information, Healthcare, and Energy Technologies.
[via All Things Digital]