The University of California will launch a $250 million fund for innovation in the UC system, officials announced Tuesday.
The fund aims to connect UC campuses to outside businesses and the rest of California, said a UC spokesperson. It provides resources to enhance entrepreneurship on UC campuses and help fledgling companies coming out of the UC system thrive.
UC officials announced the fund will be led by entrepreneur Vivek Ranadivé, a multi-millionaire software executive and manager of the Sacramento Kings. Ranadivé will contribute 5 percent of the fund.
Ranadivé will independently manage the fund, build a team to attract outside capital and other investors and invest in promising companies coming out of the UC system, UC officials said.
UC President Janet Napolitano said in a press conference the venture fund’s main purpose is to finance the development of promising products in areas such as life sciences, technology, energy and agriculture.
Compiled by Melody Song, Bruin contributor.