With high profile graduates like Bill Gates and Mark Zuckenberg, Harvard University has formally embraced the marketplace of new technology, robotics, consumer health and just about any other innovative concept. In a Monday interview with CNBC, Harvard formally announced a new on-campus launch of a venture capital fund called The Experiment.
Harvard has welcomed home three graduates to provide venture capital for new entrepreneurs that do not have to attend Harvard to qualify for startup funding. The Experiment is housed at 33 Oxford Street, the home of Harvard’s School of Engineering and Applied Sciences.
Partners Hugo Van Vurren and Patrick Chung will work with NEA General Partner Harry Weller in an alliance to provide first stage venture capital. CNBC described the venture capital fund as an exciting statement of support for diverse entrepreneurial endeavors. The Experiment mandate is to encourage entrepreneurs regardless of age, sex, race or university alliance.
The Experiment is designed to encourage entrepreneurs to make use of the university’s unparalleled first stage developmental facilities. The firm strives to prevent great products from never coming to market. Successful applicants can receive up to $250,000 in initial funding.
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