A local foundation and a Seattle-based venture fund partnered to contribute $1 million in funding to develop new startups through the University of California- San Diego’s Institute for the Global Entrepreneur (IGE).
The San Diego-based Legler Benbough Foundation pledged a $250,000 matching contribution to a $750,000 gift from the Invention Science Fund, the incubator arm of Bellevue, Washington-based Intellectual Ventures.
The fund will be used to support IGE’s technology accelerator program in the Jacobs School of Engineering. It will give student and faculty entrepreneurs in the program access to mentors, commercialization guidance and industry partners to help develop their startups. At the end, the participants get the opportunity to present their ideas to ISF, which has created more than 15 new companies in the past decade.
"We're always looking for new ways to bring disruptive technologies to market faster, and being able to support UC San Diego's network with access to our intellectual property portfolio and mentors is a great opportunity to find the right people for the job," Conrad Burke, vice president of new ventures at ISF, said in a news release. "San Diego continues to emerge as a hotbed for tech startups and, given our strong relationship with UC San Diego, we feel this collaboration is a great step toward bringing impactful inventions to life."
The partnership between the Legler Benbough Foundation and the Innovation Science Fund went into effect on Oct. 24. The Institute for the Global Entrepreneur is a collaboration between the Jacobs School of Engineering and the Rady School of Management at UC San Diego.