In April, UVM announced its new venture fund called Bootstrapped Ventures, which was created by UVM President Richard LeRoy and partner Chris Wiebe.
Bootstrapture Ventures is the first venture capital fund for UVM.
It will offer $10 million to UVM students who make at least $100,000 a year.
The investment will support programs that help students learn, work, and stay relevant in the startup industry.
“We’re really excited about this,” said UVM president Richard Le Roy, who served as UVM chancellor from 1995 to 2000.
“This is a great example of the power of the private sector to help students and their families get ahead.”
Bootstraps students will receive a $5,000 loan from the fund.
They will also receive an $8,500 equity investment in the company, which will be used to create a UVM-branded online community, launch its first business, and grow the company’s technology infrastructure.
Bootstrap Ventures will invest $10,000 in UVM and $8.5 million in Uvm’s students, who are eligible for federal student loans.
The bootstraps program is not just for Uvm students.
It also includes students at other colleges and universities in the state.
Boot Straps students at UVM also have the opportunity to invest in UVMs technology.
“Bootstrapping students are going to be very good at making this investment,” LeRoy said.
“It’s going to allow us to go in and make investments for students in the future.”
Bootstrap students also have access to more funding and mentoring opportunities, as well as other benefits.
LeRoy expects Bootstrappers to be a success.
“Our students have a lot of potential.
They are incredibly creative and very talented.
They’ve got a very entrepreneurial attitude.
They can make some great investments, and they’re going to find it hard to turn down a few million dollars.”
LeRoy says Bootstrappings students will be able to take advantage of some of the same perks that UVM alumni receive, such as access to its online business platform.
The university will also invest in additional scholarships for Bootstrapers.
For example, Bootstrapper students will have the option of receiving a scholarship for attending the Bootstrappy School of Business at UVC, or receive a scholarship through a non-profit scholarship program such as the Bootstrap Program for Students.
UVM will also be able tap into the BootStrapped Venture Capital Fund to help UVM develop its technology infrastructure, and to make investments in the bootstrapping community.
Le Roy says that the UVM Board of Trustees has been supportive of the initiative.
“In terms of the UVC board of trustees, they were very supportive,” he said.
BootStraps students are also able to get additional scholarships, including the Booty School of Entrepreneurship Scholarship.
The Bootstrapluses also have a chance to receive the prestigious UVM Entrepreneurs’ Club Scholarship, which is available to UVS students who have earned at least one year of bachelor’s or master’s degrees in entrepreneurship.
UVS also will be partnering with Bootstraplets alumni to create an online community.
“There’s going be a community of Bootstrappers at UVS that will be working together on an entrepreneurial program,” Le Roy said.
UVC students also can get additional financial aid.
The UVM campus is in a tough financial situation.
The annual tuition for the average UVM student is $32,935.
The school is also struggling to attract and retain students.
In recent years, tuition has risen by over $1,200 per year.
Uvm is working to attract more students to the school, and it will continue to do so through the Boot Strapping Venture Capital Program.
Leroy hopes that the Bootstrapping Venture Fund will help bring in more students who are willing to take on more debt to get ahead in the industry.
Uvms new venture will help the school attract and keep students in place.
UVm’s entrepreneurial program is also expected to benefit the university.
Roy said that UVC’s financial aid has been very supportive.
“They’ve helped us get through a very difficult time,” he added.
“When they said we’re going through a financial crisis, they helped us to recover.
It was the right thing to do.
And it’s going well.”