University of California invests $250M in startups!
Silicon Valley entrepreneur Vivek Ranadivé will lead a fund and build a team to invest in innovation opportunities emerging from the University of California which at the same time will be an anchor investor with an amount of $250 million! “Our business plan for the UC innovation fund is designed for the next 100 years. Therefore, it’s important that we get this right with a great team and an independent structure, which is what we have accomplished by recruiting Vivek to lead the fund. He is a visionary who has transformed the way businesses operate across the world and developed his own innovations in Silicon Valley”, said Paul Wachter, chair of the UC Board of Regents Committee on Investments. It must be noted that the University of California is a rather rich environment for innovation. For each year of the past few decades, UC has been granted more patents than any other university in the world! Researchers produce on average five inventions a day! There are at least 30 incubators and accelerators throughout the UC system. The system spans the state of California, with its 10 campuses, five medical centers, three affiliated national laboratories, 246,000 students, more than 200,000 faculty and staff, and 1.7 million living alumni.