CHAMPAIGN, Ill. (WBBM NEWSRADIO) -- The University of Illinois at Urbana-Champaign is starting a new angel investing program for alumni.
U of I's new program, called Illini Angels, will allow U of I alumni to invest in startups coming out of the university, as well as companies started by students after they leave.
Besides seed funding, the program will offer advice and mentorship for alumni interested in starting companies. The effort will be overseen by the university’s venture capital fund.
"No place has the power to change the world like the U of I. And no institution has the scale and breadth of excellence to do it in so many different ways. Our alumni, our faculty, our students, whether close to home, across the country or around the globe, are leaders and innovators in every field imaginable," said Robert Jones, U of I Urbana-Champaign's Chancellor.
"We are grateful that such an incredible group of alumni are stepping forward as Illini Angels to back other members of the Illinois family and we can't wait to see the great companies that come out of this new organization."
U of I graduates have founded companies such as Pay Pal, YouTube, and Netscape.
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