A new initiative – the Michigan Investment in New Technology Startups (MINTS) was approved by University of Michigan regents at their Dec. 15, 2011 board meeting. Plans for the initiative had been announced in early October by UM president Mary Sue Coleman in her annual address to campus.
In addition to approval for the overall program, regents also approved guidelines for MINTS. Managed by UM’s investment office as well as the office of technology transfer, the program involves investing in start-up companies formed using UM technology. It’s estimated that over 10 years, the program will invest about $25 million from the university’s long-term portfolio. According to a staff memo, the investments would be part of the portfolio’s venture capital sub-portfolio. A limit of up to $500,000 would be made in any single round of financing.
This brief was filed from the boardroom of the Fleming administration building on the UM campus in Ann Arbor. A more detailed report will follow: [link]