Pando Daily likes the idea of the University of Pennsylvania as Stanford of the East, reporting on new UPenn neighbor First Round Capital's Dorm Room fund.
Google, Yahoo, Microsoft and Facebook were started on college campuses. The thinking goes that if students were smart enough to create these companies, then they are smart enough to identify peers with potential. First Round is taking applications for its batch of eight mini-VCs on the Penn and Drexel campuses. Once its initial investment team is picked, those members will choose their own replacements as they graduate.
They’ll be given $500,000 to invest in companies (around $15,000 each) over the course of the school year.
Original source: Pando Daily
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