The UMass Lowell New Venture Fund is a new model for university cultivation of start-up activity through early venture-style support. Not only does it provide a path for university owned innovation to become a start-up, but additionally we will provide enhanced mechanisms, support and resources for external start-ups within our incubator and related programming system or businesses seeking to do business with the University. This in turn grows the overall number, quality, and culture for start-ups at UMass Lowell. The following criteria define the investment board focus in making investments:
We accept applications from faculty and student start-ups throughout the UMass system. Additionally, we will consider investments in companies that are presently part of the larger UMass Lowell Community. This includes opportunities from our incubator projects, UMass Lowell alumni that are engaged in our incubator projects, and businesses utilizing UMass Lowell research and service capabilities including sponsored research, research service agreements and the core research facilities.
In addition, The River Hawk New Venture Fund looks for:
· A scalable business model,
· An addressable market of at least $150,000,000+,
· Limited capital expenditure requirements to make substantial commercialization milestones that will aid in securing follow-on financing,
· Opportunities that can be accelerated with support from outside Angel Investors, Fund Partners, and advisors once development milestones and market analysis is complete, and
· Concepts that are in industry sectors where UMass Lowell expertise and external network can aid in long-term success.
The companies in which we will consider an investment should meet these additional criteria:
· Proof of Concept and a path to prototype or working prototype
· Exit opportunity is plausible within 5-7 years
· At least two team members identified. For University spin-outs this can include a key student that can transition with the technology and a mentor or active staff advisor.
For Life Science companies, additional criteria include:
· Protectable intellectual property