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Research Triangle Park News

Blackstone Charitable Foundation Commits $3.6 Million to Create Blackstone Entrepreneurs Network in North Carolina’s Research Triangle

4/25/2011

IN THE NEWS

  • Grant to Help Triangle Universities Build Support Network to Tap the Region’s Rich Entrepreneurial Resources
  • Network will Promote High-Growth Companies and Industries that Create Jobs

The Blackstone Charitable Foundation has committed $3.6 million in 2011 to support the formation of The Blackstone Entrepreneurs Network, a dense network of entrepreneurial support in North Carolina’s Research Triangle Park (RTP). Working in partnership with Duke University, North Carolina Central University, North Carolina State University and the Council for Entrepreneurial Development, this five year initiative will help the RTP become headquarters for America’s next high-growth companies.

Watch the video about the Blackstone Entrepreneurs Network.

The Network will recruit a team of veteran “master entrepreneurs” to identify marketable innovations out of area universities and pair them with regional start-ups with the greatest potential to become high-growth companies. Ideal targets are those with the potential to create $40 million in revenue, become profitable within 10 years and are in the early stages of fundraising.

The Blackstone Entrepreneurs Network will mentor 30 new start-ups each year, for five years. Over a ten year period, these 150 regional businesses could create in aggregate 17,200 new jobs and $4.8 billion in revenue.

To read more about the Blackstone Entrepreneurs Network, click here.

To view a copy of the full press release, click here.

[Original post from The Blackstone Group]