NEW YORK & SACRAMENTO, Calif.–(BUSINESS WIRE)–The University of California and the Blackstone Charitable Foundation announced today (Sept. 24) the expansion of an exciting program that will equip students with more tools and resources to take their entrepreneurship and innovation to the next level. The $5 million expansion of the Blackstone LaunchPad powered by Techstars program will give more UC campuses critical access to resources, opportunities and mentorships for students and recent graduates across disciplines and experience levels.
“As the home to entrepreneurs and researchers at the forefront of cutting-edge discoveries and technological advancements, UC is the powerful engine behind California’s global leadership on innovation,” said UC President Janet Napolitano.
“We take great pride, especially, in our efforts to break down barriers and increase opportunities for women and minority entrepreneurs. We are excited to bring LaunchPad — and its valuable resources, opportunities and network — to UC campuses to further embed the ‘startup culture’ into the fabric of our campus communities.”
UC students will be able to take advantage of LaunchPad events, coaching and an exceptional talent network to help them succeed in their entrepreneurial ventures, moving groundbreaking research out of the laboratory or classroom and into the marketplace. This program has been operating at UCLA since 2014, reaching more than 8,000 students, serving 800-plus startup ventures and facilitating more than 3,000 startup consulting meetings. Eight more UC campuses will now be able to leverage the opportunities from LaunchPad thanks to the Blackstone Charitable Foundation grant.
“With its unique network of colleges and universities, California has a rich history of fostering entrepreneurship and a bright future for the next generation of entrepreneurs,” said Jon Gray, president and chief operating officer of Blackstone. “The LaunchPad program has been transformational for students who draw on its resources to grow new businesses and invest in their communities. We are proud to partner with the University of California system in expanding this important programming to more students.”
The Blackstone Charitable Foundation established LaunchPad in 2010 and partnered with Techstars eight years later to provide participants with access to their network of more than 10,000 mentors, invitations to signature events like Startup Week and Startup Weekend, and access to world-renowned content and startup services. Blackstone LaunchPad and Techstars also help student entrepreneurs navigate the complex landscape of fundraising, job placement and recruitment. LaunchPad has achieved success across 18 campuses in the U.S. and Ireland, providing nearly 500,000 students with the access to resources, personal connections and professional networks they need to get their companies off the ground. To date, LaunchPad graduates have gone on to incorporate close to 9,000 businesses that have raised nearly $200 million in investments.
UC has a long history in innovation and entrepreneurship, helping launch iconic industries and businesses in California semiconductors, biotechnology, digital media and aerospace, among other fields. LaunchPad amplifies UC’s flourishing entrepreneurship efforts for students, which currently include 43 incubators or accelerators, numerous competitions, entrepreneurial training academies, and boot camps that support students through the startup stages of discovery, validation, commercialization and scaled growth.
The 2018 TechCrunch list recognized several UC campuses as the country’s top public universities with the highest number of alumni startup founders who have raised at least $1 million in venture investment funding. UC Berkeley and UCLA scored the top two positions respectively.
About Blackstone Charitable Foundation
The Blackstone Charitable Foundation was founded at the time of Blackstone’s initial public offering in 2007 with substantial commitments from the Firm’s employees. Influenced by the enterprising heritage of the firm and its founders, The Blackstone Charitable Foundation is directing its resources and applying the intellectual capital of the firm to foster entrepreneurship. Through its investment expertise across several asset classes and geographies, Blackstone has a unique perspective on the global economy and a heightened understanding of how entrepreneurial activity is often the crucial catalyst in the growth of successful businesses, industries and communities. For more information, go to http://www.blackstone.com/foundation.