Duke University is establishing a network of alumni experts to provide investment capital and other support to help entrepreneurs start companies and create jobs based on research, technology and business ideas that come out of the university community, the school said Wednesday. One of its primary aims is to address the early stage investment gap that stymies so many would-be startups.
Duke President Richard Brodhead said, “We’ve heard from people across this community that one of the biggest barriers is a lack of investment capital. This new network is addressing that challenge directly by drawing on one of Duke’s greatest resources, namely its alumni and other supporters.”
The “Duke Angel Network” will provide Duke’s global community of entrepreneurs, early-stage investors, researchers and educators with resources to move new ideas into the marketplace — not only with much-needed investment capital, but also with mentoring and other services.
At the same time, a new philanthropic Duke Innovation Fund will invest alongside the angel network to expand the funds available for companies receiving support.
Eric Toone, vice provost and director of Duke’s campus-wide Innovation and Entrepreneurship (I&E) Initiative, which will oversee the new effort, said “We expect to help create and expand dozens of Duke-based entrepreneurial projects through this platform.”
Toone said Duke will soon begin seeking angel investors to participate in the network, as well as donors to support the philanthropic innovation fund, to which the university has made an initial commitment of $2 million. The network plans to begin making investments later this year, he said.
The network will draw heavily on the participation and expertise of Duke alumni, more than 700 of whom are currently registered on AngelList, a leading website for the entrepreneurial community. Noting that Duke’s Global Entrepreneurship Network (DukeGEN) now sees between 50 and 100 investment opportunities annually from alumni, faculty and staff in the United States, Toone predicted the new Duke Angel Network would attract 150 angel investors within the first three years.
