Northwestern University is launching two new funds to support budding entrepreneurs, stocked with a total of $14 million.
The $10 million N.XT Fund is for early-stage innovations based on technologies patented by the university. Students and faculty can apply.
The $4 million NUseeds Fund provides seed investment for student startups, whether or not their technology is owned by Northwestern.
Applications are due April 15 for NUseeds’ first funding cycle and April 23 for N.XT.
“We have a committee of venture capitalists that will be making decisions of which we are going to fund,” said Alicia Loffler, associate provost for Innovation and New Ventures at Northwestern.
N.XT Fund awards will be made twice a year and range from $50,000 to $200,000. Applications will be accepted all year.
The money comes from university funds and there are strings attached, Loffler said. Northwestern will take varying amounts of equity in each startup that accepts money from N.XT. The companies also receive mentoring from an experienced entrepreneur in their field, and Kellogg School of Management students will provide market research.
The NUseeds Fund is part of The Garage, Northwestern’s incubator launched last year. To apply, ventures must have participated in The Garage Residency Program and received funding from an accelerator program or an institute investment partner. Northwestern also takes equity in companies from NUseeds, Loffler said.
Awards will range from $10,000 to $100,000, and funded startups will get coaching from alumni and community experts, according to a news release.
Money in the NUseeds Fund came from philanthropic gifts.
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