Harvard University Partners With VC Firms To Launch New Fund
Harvard University has partnered with several venture capital firms to launch The Experiment Fund. The Experiment Fund is starting with $10 million and was co-founded by Harvard alumni Patrick Chung (New Enterprise Associates) and Hugo Van Vuuren. Accel Partners and Polaris Ventures is also associated with The Experiment Fund.
Two of the world’s most prolific technology entrepreneurs, Bill Gates and Mark Zuckerberg, are known for being Harvard University dropouts. Why did they drop out? Possibly due to lack of resources at the University. Mark Zuckerberg moved to Silicon Valley from Harvard University to raise VC funding for Facebook in May 2004 and never looked back.
In December 1974, Gates’ friend Paul Allen showed him the Altair 8800 on the cover of the Popular Electronics magazine and he knew that a PC revolution would follow so he did not want to miss out on that opportunity. If The Experiment Fund offered to fund entrepreneurs like a Zuckerberg or a Gates, then perhaps these types of entrepreneurs would not feel that they have to drop out and move away.
According to GigaOM, Harvard University was offered a stake in The Experiment Fund, but the school decided against it.