North Carolina State is launching a fund to boost entrepreneurs with a $1 million gift from alumnus and business executive Robert “Chip” Andrews and his wife Lyn.
Called the NC State Acceleration Fund, it will be used to support NCSU student entrepreneurs.
The news was announced on the same day that NCSU, Duke, UNC-CH and NCCU disclosed the launch of the Triangle Venture Alliance, which is aimed to unite alumni in providing funding for startups.
The NC State Entrepreneurship Clinic based in the Poole College of Management will oversee the program.
Grants will be awarded annually. The first $50,000 will be awarded this spring. Juniors, seniors, graduate students and recent graduates are eligible to apply.
Additionally, an accelerator program, which includes a three-month boot camp, will be launched. It’s called the Andrews Launch Accelerator.
Participants will receiving coaching from local entrepreneurs, office space and some pro bono legal and other services.
“There are many deserving students who have really great ideas and don’t know how to implement them or don’t have the opportunity. Those of us who have had some success may have a lot to offer and share as investors and mentors,” he said. “That’s all about giving back – the desire to give back to NC State and to the next generation of students. That certainly matters a great deal to me,” said Andrews, who is a member of the NCSU Board of Trustees, in a statement.
“Then there’s the state of North Carolina. North Carolina is in a highly competitive situation with other states, in terms of starting new businesses and growing economic opportunity and jobs.”
