First Round Capital is now accepting applications from Columbia, NYU, Princeton and Cornell Tech campus students for the $500,000 ‘Dorm Room Fund,’ which gives students investors — and entrepreneurs — the chance to work as venture capitalists. First Round will act as consultants to the fund, conducting trainings on investment philosophies and how to scout businesses.
According to TechCrunch, the idea is an extension of last year’s creation of The Dorm Room Fund in Philadelphia, which accepted 11 undergraduate and graduate applicants from the University of Pennsylvania and Drexel University and has currently made five investments. The average size of each investment is $20,000, according to CeCe Chang, who is Director of the Dorm Room Fund for First Round. Chang notes that the program may soon expand to Boston, San Francisco and Chicago.
As previously reported on TechCrunch, General Catalyst debuted their Roughdraft VC fund last year, supporting student startups in Boston.