Cameron Teitelman, founder and senior managing director of StartX, said the grant will pay for the founders stipends, staff salary and operational costs.
“We will have raised over $1 million by the end of the year, so this is a significant chunk of that,” he said.
StartX was launched by Stanford students in 2010 as an accelerator for entrepreneur students from the university. The company does not take equity from any of the companies that stem from the program. The accelerator has supported more than 240 founders and 90 companies, which have raised more than $70 million in funding, according to the press release. Approximately 85% of the startups attract institutional or angel funding within three months of joining StartX.
“We’re building a scalable, education-focused organization to serve as a trusted resource for the world’s best entrepreneurs,” Teitelman said in the press release. “The Kauffman Foundation’s support will help us take a big step toward our goal of building a truly disruptive platform for entrepreneurial education.”
He added that the startup plans to assist other ecosystems and universities in the accelerator and entrepreneurship sector, but was not ready to disclose exactly where the company plans to expand.
“We know we have learned some lessons with the implementation of our program at Stanford and want to share those lessons broadly,” he said.
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