The US-based University of Cincinnati (UC) will commit up to $10m to support a corporate venturing-backed local accelerator in the city.
The university said it would invest $5m initially and up to $5m more in Cintrifuse as part of the accelerator’s planned $100m programme to invest in local start-ups and venture capital funds in other cities.
Jeff Weedman, former head of open innovation at consumer goods company Procter & Gamble, reportedly said the UC Research Institute would have an important role in Cintrifuse as it was a non-profit affiliate to help bring corporations into the university.