If you ask Ted Leonsis, he'll say that Georgetown University has the ability to be the Stanford of the East Coast. The university has a growing number of entrepreneurial-minded students and academic programs have been morphing to cater to the self-starter.
That's why Leonsis, a Georgetown alumnus, and his family continue to put their money behind the university. First, they fund the Leonsis Family Entrepreneurship Prize each year for up-and-coming startup founders through an on-campus pitch competition.
Now, the family is extending their work to include a $1.5 million donation to create a Georgetown Venture Lab hosted at WeWork White House.
Run by the McDonough School of Business' entrepreneurship initiative, the new lab will provide subsidized office space for up to 90 current students and alumni entrepreneurs.
The partnership offers alumni members discounted office space, access to WeWork's resources and an entrepreneurial environment for alumni. Current students will also gain access to career and internship opportunities at both the lab and with member companies, and they can access the resources free of additional fees. Interested alumni and students can apply to join the community now.
"The Georgetown Venture Lab will offer valuable support for aspiring entrepreneurs, while at the same time further strengthening Georgetown's alumni network and Georgetown's connections to the local business community," Ted Leonsis said in a statement. "We would like to see these companies led by Georgetown alumni grow and become leading contributors to the local economy."
A WeWork community manager will staff the Georgetown Venture Lab to coordinate occupancy, assist with programming and bridge relationships between Georgetown members and the rest of the WeWork White House community. The Georgetown Entrepreneurship Alliance will also host programming at the Venture Lab.
"The Georgetown Venture Lab will provide a vibrant hub for alumni entrepreneurs to convene, collaborate, and create," said Jeff Reid, founding director of the Georgetown Entrepreneurship Initiative, in a statement. "We are happy to partner with the Georgetown University Alumni Association and its Entrepreneurship Alliance to support alumni entrepreneurs in this way."
Both Ted and Zach Leonsis are members of the Georgetown Entrepreneurship Advisory Group.
