For members of the Duke community interested in entrepreneurship, access to start-up funding and networking support is now a little easier.
The University's Innovation and Entrepreneurship Initiative has announced the launch of a Duke angel network—designed to connect entrepreneurs in need of funding with "angel" investors able to meet their needs. A new philanthropic fund known as the Duke Innovation Fund will invest in start-ups created within the network, creating an even larger pool of capital.
Over the last two years, the I&E Initiative has worked to develop a variety of resources to help Duke's entrepreneurs translate their ideas into action. Until now, however, the funding to put these individual ideas into practice has been difficult to secure.
"The piece that's really been missing, the piece that sort of squares the circle and brings it all together, is access to money for early stage innovation," said Eric Toone, professor of chemistry and of biochemistry and the leader of the Duke Innovation and Entrepreneurship Initiative.
The network will exist on a website open to anyone with a Duke affiliation, including alumni, faculty, students and staff. Individuals interested in investing will be able to browse through different options and connect with the teams behind the projects.
Though a number of other universities have similar angel networks, the opportunity for general philanthropy offered by the Duke Innovation Fund will be unique, Toone noted. Individuals who wish to contribute to Duke entrepreneurship more broadly, rather than investing in a specific venture, will be able to donate to the fund—which has opened with a $2 million commitment from the University's senior administration.
But the I&E Initiative hopes that the network will build partnerships that extend beyond finances. Ideally, the network will allow for a give-and-take of ideas and the formation of strong relationships, said Kip Frey, a member of the network's steering committee and professor of the practice of law and public policy.
"There's a broader goal of creating a very active community around the world of Duke-affiliated people who not only invest, but who mentor, who offer advice, who help with due diligence," Frey said. "What we really hope that this network does is energize that community around the entire lifecycle of start-ups."
Staff from the I&E Initiative will oversee the network, ensuring that investors are accredited by the Securities and Exchange Commission and that due diligence is performed. The initiative hopes to close the first investments later this Spring.
The network will offer opportunities to Duke affiliates worldwide, but it comes at an especially exciting time for entrepreneurs in the Research Triangle area. The region's universities and human capital make it a natural fit for the growing start-up community, Toone said.
"Although this is a national phenomenon... central North Carolina is particularly well-suited for it, and Duke is obviously interested," Toone said.
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