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Well who needs a boardroom when you have a dorm room before putting a doozy as Mark Zuckerberg joined the billionaire's club remember it all -- all starting with FaceBook being cooked up.
In his -- And that's seventeen year old who just got thirty million dollars from you know he's so does that before even made it to college.
Uncle Sam isn't doing much to spark innovation.
Kids is still an -- that are out there how do you find.
That's -- venture capitalists -- Barnes is giving a couple college students.
Half a million dollars to do whatever they want when.
And explain that as -- I think it's not that simple.
Not not quite whatever they want it's is really designed to Foster student partnership.
And so as we looked at the landscape for four start ups and answer the sort of industry more broadly.
We saw one area where access to capital really hadn't changed in 510 maybe in fifteen years and that was.
A place where it was it was also -- it was very rich in terms of power.
Which was America's colleges and universities do you see gets is -- -- colleges and universities what are you going to -- we we started in Philadelphia.
At Penn and Drexel because its proximity to first round capitals home office me.
Now next where we've come to New York based on student demand.
And then tomorrow actually we're launching in California at Stanford and account and who do you seek out for the type of kids who interest.
We really look for builders we look for people who.
Have built something that can be something on line it can be and I got it there except that process already involved in a little bit.
-- so this is really investments and Nelson mean to be clear about is what we're doing is his first round capital as a -- stage venture capital fund right and we look to find students who want to run a startup that is a venture capital fund on campus.
We fund them with half a million dollars and then they make the investment decisions so the students are actually identifying talent.
There analyzing market the fellow students it is tonight's specifically designed so the only fellow student so if you're at Drexel would it be.
Drexel kids -- you go to Drexel kids so we did it by geography rather than doing silos of universities so we we chose for the investment -- focused on Drexel and Penn.
And then -- -- -- as you can invest in in any sort of run by a full time student in the greater Philadelphia region.
In New York the investment team is made up of students from NYU courthouse tech campus Columbia and Princeton.
But they can invest in the student from Cooper Union or from -- But -- -- before but it's detective that theme here is that which are looking out of it tends to be because -- the investment amounts are so small and it's it's become so cheap.
To thank you mentioned that it movement -- -- -- -- solace -- young men's and it's it's so cheap to start -- -- -- these -- -- -- get something from the dorm -- into the market and get -- feedback from consumers.
That what we're trying to do is align the CapitalSource with the Oscars needs but it takes -- -- -- the stake in the next Mark Zuckerberg have.
We'll dormant -- is taken next Mark Zuckerberg hopefully they're not a passive player that's right now we're advising we're revising the investment -- but but -- and would be -- key investor if it would have if -- entrepreneurs that are funded by the don't -- choose to seek out funding from first round that'll be great but we fully expect that.
Many of these companies will be funded by top tier venture capitalists across the country -- And is by no means a scouting program for first on capitol are.
Financial investment we believe we've done -- -- and we believe the business case is there for the dorm fund this as a standalone entity for us to invest.
Is there a common and none.
Site he or mindset.
Of a lot of these young.
Bill Gates -- in Zuckerberg -- Michael Dell's.
It seemed to them.
So I think I think they they have a very clear vision of what the world could be like.
They also very clear vision of what it is today and and what's missing.
And then the unique thing about the entrepreneurs.
And in these colleges and universities they they see a bridge that understand how to take that first step.
Towards that vision.
And I think the -- fund is designed to help them do that.
By removing some of the friction comes along with starting a company.
I've been at this moment and it and thank you very much confidence -- haven't -- what.
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