SOUTH JERSEY (KYW Newsradio) — An innovation fund for students and staff at Rowan University just got a $20-million boost. School officials say members of the community are also eligible for capital to start or expand their businesses through the Rowan Innovation Venture Fund.
“There are a lot of technologies that are coming out of Rowan and in South Jersey that need financial support and support from the university,” fund managing director Ernest Holtzheimer says of the program that began with $5 million in 2014. He highlighted one of the fund’s successful investments.
Rowan has contributed $150,000 to a company started by a pair of former students, Mike Lombardo and Kayvon Jahanbakhsh. Halfday Tonics makes healthy iced tea and other beverages sold in more than 1,400 locations nationwide, including Target stores.
“And if you speak with them, they always say that being able to approach other investors and say that their university had invested money into the company, opened more doors for them,” Holtzheimer said.
Rowan students and staffers are the priority when funding decisions are made, but it’s also possible for local residents and businesses to receive investment capital.
“We do hope that those companies that we invest in and are part of our portfolio will take advantage of the human capital that comes out of Rowan, the talented graduates that we have. Offer internships to students and somehow make a connection to the university.”
Rowan president Ali Houshmand says one of the university’s goals is to increase investments in innovative research to create a more entrepreneurial environment.
“At $25 million, the RIVF is among the largest venture funds from a public university in the region,” said Houshmand. “As Rowan grows, part of our mission must be to support innovators with the ideas and ability to launch businesses, create jobs and improve our community.”
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