狐狸视频

True Blue Fund will support early-stage startups at U of T

Photo of True Blue Expo
True Blue Expo, U of T鈥檚 annual showcase of startups and entrepreneurship, was held Thursday at the MaRS Discovery District (photo by Nick Iwanyshyn)

Entrepreneurs and their early-stage startups at the 狐狸视频 will soon have access to a new financial support fund worth up to $5 million.

Called provides philanthropists a way to support U of T鈥檚 entrepreneurship and innovation activities. The university is committing $2.5 million to match donations to the fund, which, in the coming months, will provide funding for prizes, awards, fellowships and support for U of T鈥檚 entrepreneurship programs.

David Palmer, the university鈥檚 vice-president of advancement, said the fund will provide crucial support for early-stage U of T startups that are trying to get ideas off the ground in fields ranging from cleantech to regenerative medicine.

"A small grant, prize or fellowship given to a company or team at this stage can be hugely transformational in terms of their ability to prototype new ideas, demonstrate proof-of-principle and put together business and market plans,鈥 Palmer said.

The new fund is expected to add further momentum to U of T鈥檚 innovation and entrepreneurship efforts, which have helped underpin the Toronto region鈥檚 transformation into a global innovation hub. In particular, it will encourage entrepreneurs who are students or recent alumni to take the risks necessary to develop game-changing technologies and businesses 鈥 helping to create new jobs and investment in Ontario and beyond.

Over the past decade, U of T entrepreneurs have launched more than 500 research-based startups, generating more than $1 billion in investment. The university was recently ranked Canada鈥檚 most innovative by Reuters and among the top five university-managed business incubators in the world by UBI Global.

The idea for the True Blue Fund was first hatched a few years ago as Palmer and Vivek Goel, U of T鈥檚 vice-president of research and innovation, were putting together the Entrepreneurship Leadership Council. The council comprises leading entrepreneurs and innovators and offers the university advice on how to stimulate entrepreneurship, connect to global markets and expand U of T鈥檚 innovation ecosystem, which includes campus-based accelerator programs that operate across all three campuses.

Palmer said that, in the process of meeting with alumni around the world, it became clear a 鈥渓arge number鈥 of innovators and entrepreneurs were looking for a way to give back to U of T by supporting its innovation ecosystem.

鈥淭hey wanted to mentor students, advise startups on how to find funding and help them develop effective market and business strategies,鈥 he said.

鈥淢any were also looking for ways to become angel investors themselves."

So, Palmer and Goel, working with the Entrepreneurship Leadership Council, set about creating a vehicle for donors to make philanthropic financial contributions to an early stage angel-type seed fund. Gifts can be directed to support a campus-linked incubator or accelerator or to a specific project. Examples include projects focused on supporting women, Indigenous communities or mental health.

鈥淭he True Blue Fund will provide our student entrepreneurs with critical support,鈥 said Goel. 鈥淎nd it will encourage even more visionaries and innovators to choose U of T as the place to translate ideas and  research into real-world impact and launch successful startups.鈥

Read more about entrepreneurship at U of T

 

The Bulletin Brief logo

Subscribe to The Bulletin Brief

UTC