The vehicle has a target size of $3.7m to be fulfilled by donations from philanthropists, with the aim of providing support to early-stage university businesses and research.
University of Toronto is seeding a new C$5m ($3.7m) financial support mechanism called the True Blue Fund with a $1.9m investment to be matched by philanthropic donations.
True Blue Fund will provide early-stage Toronto projects including spinouts with opportunities to secure critical funding through initiatives including prizes, awards and fellowships.
The vehicle will also help fund the administration of University of Toronto’s entrepreneurship programs.
Toronto’s aim is to add further weight to its innovation and entrepreneurship strategy by giving greater incentive to students and recent alumni to take risks in commercialising technologies and establishing businesses.
Other measures to this end include University of Toronto’s Entrepreneurship Leadership Council, which advises university management on the best route to stimulating entrepreneurship and enhancing the institution’s innovation ecosystem.
University of Toronto yesterday also announced it had received a $74.7m philanthropic boost from Gerald Schwarz and Heather Reisman, which…
