U. of C. investing $25M from endowment into its own startup companies

CHICAGO, IL - NOVEMBER 30: A Pedestrian walks through the Main Quadrangles (Quad) on the Hyde Park Campus of the University of Chicago on November 30, 2015 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)

CHICAGO, IL - NOVEMBER 30: A Pedestrian walks through the Main Quadrangles (Quad) on the Hyde Park Campus of the University of Chicago on November 30, 2015 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)

HYDE PARK — The University of Chicago is pulling $25 million from its endowment to back business ideas from faculty, students and alumni.

The university on Friday announced it will tap into its $7.1 billion endowment to provide funding for startup companies founded or that include people from the university or ideas developed on the Hyde Park campus.

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“The university is continuing to expand its commitment to support our students and faculty across the institution who are engaged in entrepreneurship,” university President Robert Zimmer said in the Friday announcement.

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