Howard University may get some venture capital firms on campus in the near future thanks to a new partnership with the District.
D.C. Mayor Muriel Bowser was joined by Howard President Dr. Wayne A. I. Frederick Wednesday to announce the establishment of the District's first Technology and Innovation Hub. Basically, Howard will offer below-market rent for on-campus space to venture capital firms, providing startups and emerging companies with the opportunity to tap into financial and educational resources VCs can supply.
“Today, we are taking a major step towards building an ecosystem that will make D.C. a world-wide hub for technology and innovation,” said Mayor Bowser. “This plan will bolster efforts to support our growing technology and innovation sectors by addressing the needs of startups and entrepreneurs in the District. I look forward to working with Howard University to foster more innovation, inclusion and equity throughout the community.”
The District will fund between 5,000 to 10,000 square feet of office space on Howard's campus, with occupancy of the tech hub targeted to be full this year.
In order to qualify for the affordable housing, VCs must invest in medium-to-late stage startups in D.C. and be willing to make at least a three-year commitment to the space.
“Throughout our 148-year history, Howard University has served as the starting point for countless entrepreneurs, innovators, and visionaries looking to make a positive impact in their local community, our nation, and the world,” said President Frederick at the time of the announcement. "We’re proud of that legacy and recognize the urgent need to serve as a starting point for the next generation of technology and innovation leaders – particularly, men and women of color, too often overlooked when opportunities like this become available.”
Details about the partnership are minimal, making it difficult to gauge just how much of an impact D.C.'s commitment to transforming Howard into an innovation center will truly have on the region and the university alike. There's still no word out on how much the city plans to spend on the tech hub, but Washington Business Journal says it could hit the six-figure range.
Despite the lack of information available at this time, the partnership looks to be highly beneficial for Howard given the university's financial troubles as of late. Having investment arms on campus could help attract prospective students and expand the university's entrepreneurship offerings for aspiring startup innovators.
