Stanford Is Now Basically a Venture-Capital Fund With Some Dorms

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Potential tech founder. Photo: Jeff Gross/2013 Getty Images

Good news for enterprising Stanford students! Now, if you want to get a few million dollars to launch your Silicon Valley start-up and neither the Google-board-member president of your college nor your computer-science professor is willing to invest his or her own savings directly (as they often do!), you can now get money from your school itself.

TechCrunch reports that "Stanford University is going to start directly investing in students’ companies" via a school-funded outfit called StartX, which will only invest in companies that have "at least one founder with a Stanford affiliation" and will get $3.6 million of the school's money to use for its operations over the next three years, along with a much bigger pool of money to use for investments.

English majors, as always, presumably need not apply.

Update: An earlier version of this post incorrectly stated that StartX would be using its $3.6 million grant for direct investments in Stanford-affiliated start-ups. That money will be used for the accelerator's operations; investment money will be drawn from a separate pool.