Notre Dame IDEA Center Establishes Startup Fund

Posted: Updated:
(photo courtesy of University of Notre Dame) (photo courtesy of University of Notre Dame)
SOUTH BEND -

A separate for-profit investment fund to speed up ideas toward development has been established by the Notre Dame IDEA Center. The Notre Dame Pit Road Fund name draws from the center's race-car branding.

The fund will offer seed funding for student, faculty, alumni and community startups, which Notre Dame vice president and associate provost for innovation, Brian Ritchie, says will fill a resource gap between a business idea and the ability to garner follow-up investments and hitting the commercial market.

“The fund will give promising early-stage IDEA Center-vetted projects access to the right amount of capital at the right time,” said Ritchie, who serves on the fund’s investment committee along with two other senior IDEA Center executives who also are experienced in startup ventures and funding. “The ability to apply small, light, fast money to these projects makes all the difference in the early stage of de-risking.”

A private group of investors infused over $22 million to establish the fund, for which an outside accounting firm has been hired to oversee various reporting requirements. 

  • Perspectives

    • Tax Planning: Now’s the Time to Tackle It!

      Year-end is still months away, but smart investors have already begun their tax planning. Spending time analyzing your capital-gain situation could benefit you come next April 15th, no matter what investment vehicles you use - individual securities, mutual funds, exchange traded funds, or others. Here's how…

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Wesemann Hall at the Valparaiso University Law School (photo courtesy Tony V. Martin/The Times of Northwest Indiana)

      Valpo School of Law Transfer Denied

      A proposal to transfer Valparaiso University's law school to another university has been shot down. The Tennessee Higher Education Commission has denied the transfer to Middle Tennessee State University, which would have led to the creation of a College of Law at the school. 

    • Harris Corp. employs nearly 500 at its Fort Wayne facility.

      Planned Defense Mega-Merger Involves Fort Wayne Operation

      A defense industry contractor with a presence in Fort Wayne has announced a merger agreement. Florida-based Harris Corp. (NYSE: HRS) and L3 Technologies Inc. (NYSE: LLL) in New York say the combination will create the sixth-largest defense company in the country. In early-2015, Harris completed the $4.75 billion acquisition of Exelis, a long-time manufacturer of military radio technology in Fort Wayne. Shortly after the acquisition, Harris consolidated...

    • Manufacturer to Close in Muncie

      Illinois-based JD Norman Industries is planning to close its facility in Muncie. In a notice to the state, the company says the decision will result in the layoffs of 130 employees. JD Norman did not provide a reason for the closure.

    • More Indiana Sears, Kmart Stores to be Cut

      Multiple Sears and Kmart stores throughout Indiana will be victims of the latest round of closures prompted by the parent company's bankruptcy filing. Illinois-based Sears Holdings Corp. (Nasdaq: SHLD) says a total of 142 locations will be shuttered as part of efforts to return to longterm profitability and competitiveness. Liquidation sales are slated to begin soon and the stores are expected to close by the end of the year. In its most recent earnings report, the company announced...

    • Zimmer Biomet Partnering With Apple

      Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) has announced a partnership with Apple Inc. (Nasdaq: AAPL) to assist patients undergoing knee and hip replacement surgeries. Zimmer Biomet has developed an app for the iPhone and Apple Watch designed to improve the connection between patients and their surgical care teams.