Elijah Ward was both anxious and intrigued when he answered the phone for his first conversation with a startup CEO. He was representing actual capital, not a practice interview or an internship assignment. Even though Ward was only 21 years old, his inquiries influenced real investment choices. The stakes were real. The money was already wired.
He is one of 28 undergraduates who manage Atland Ventures, a student-owned business situated at the Carlson School of Management at the University of Minnesota. By managing over $2 million in assets, the team has demonstrated that managing venture capital doesn’t require a corner office or an MBA; instead, it just requires rigor, resilience, and the ability to answer the phone.
| University | Venture Initiative | Capital Goal | Distinctive Feature |
|---|---|---|---|
| University of Minnesota | Atland Ventures | $2 million+ raised | Student-owned VC firm with real equity and digital focus |
| Butler University | Butler Angel Network | $10 million target | Alumni-backed network with endowment co-investment |
| Emory University | Student Venture Fund | Not disclosed | Prioritizes underrepresented founders in early-stage startups |
| University of Arkansas | Dickson & Main Venture Model | Active investment | Alumni-centric, research-tied startup backing |
| American University | Eagle Venture Fund | $150,000 seed fund | Fully student-managed, focused on pre-seed investments |
Atland is not by herself. Student-led venture networks have expanded remarkably quickly in recent years, and universities are embracing this change rather than fighting it. This trend is furthered by Butler University’s Angel Network, which began with a $10 million target and funds from its own endowment. The university is supporting student-led investments rather than merely allowing them.
The experience is very adaptable for students. By combining practical investing with business theory, they acquire a toolkit that is typically saved for later stages of their careers. They are doing more than just going over decks in class; they are also evaluating term sheets, conducting due diligence calls, and challenging growth projections. It’s finance, but it’s covered in fingerprints.
What about alumni? This is strategic engagement, not philanthropy motivated by nostalgia. Many alumni are reclaiming their role in their university’s future by becoming angel investors and connecting with student-run funds. This is done through capital and conviction rather than lectures or donations.
Over the past decade, this shift toward university-backed venture activity has notably improved the bridge between academia and entrepreneurship. These initiatives, which were previously limited to theoretical incubators, now transfer real capital, make their way into actual cap tables, and occasionally generate actual returns.
However, money isn’t the only factor. Dr. Paul Newsom, who now directs the Butler Angel Network, sees the initiative as something much deeper. He declared, “This isn’t a simulation.” “It’s a living laboratory for making decisions.” His experience as an angel fund manager guarantees that this won’t turn into an academic sandbox because it is intended to be extremely effective, with real-world results and investor-grade rigor.
More universities are doing the same for a reason. These ventures create an exceptionally clear value proposition: for early-stage startups, funding combined with university support is particularly beneficial. It’s a career accelerator for students. It’s also a new kind of influence for universities, and it’s more flexible than conventional tech transfer models.
Asynchronous learning and remote collaboration tools during the pandemic demonstrated how much education could change when the need arose. These student venture networks continue that evolution by substituting unpredictable, occasionally disorganized, entrepreneurial ecosystems for regulated learning settings.
One student I spoke with recalled missing a lecture because he had to travel to attend a strategy session for a portfolio company. He laughed and said, “I learned more that day than I would have in any lecture hall, but it wasn’t great for my attendance grade.”
Despite being anecdotal, these tales reverberate throughout campuses. The pattern is remarkably similar between American University’s modest $150,000 Eagle Fund and Emory’s efforts to support underrepresented founders: real stakes lead to real learning.
These funds also have access to an exceptionally robust deal flow through alumni networks. Trust becomes a differentiator when it is based on a shared academic heritage. This is supported by research from the University of Illinois, which shows that venture capitalists are quantifiably more likely to fund founders from their own alma mater. This effect is driven by familiarity and a common language rather than bias.
In the context of a tightening venture capital landscape, this shift matters. Investors are growing increasingly wary. The bar for risk is getting higher. However, a different kind of stability is provided by early-stage funds that function through reliable networks, particularly those connected to research institutions.
This is also acknowledged by the Gen Z students behind Atland. “We look for products that solve problems we’ve experienced directly,” said Savannah Guiang, one of the firm’s co-managing partners. Digital-first platforms and delivery technology are among the areas in their portfolio that fit with both scalable potential and generational insight.
Universities like Butler and Minnesota are creating ecosystems that offer students much more than just resume lines through strategic partnerships. The steering wheel is being handed to them.
They’re also refusing to let go.
One investor told me that he likes student partners’ direct honesty. He said, “They’ll let you know when your idea doesn’t make sense.” “They don’t care about politics or appearances.” It is becoming more and more uncommon to see such frank examination with new eyes.
Getting feedback from a group of students may seem unusual to early-stage founders. However, for those who have gone through it, the experience is frequently very rewarding in terms of insight and surprisingly inexpensive in terms of time.
The sustainability of student-led venture groups is not the question as these funds grow. It’s about how far they’ll go and whether or not traditional VC will start using their strategy.
Professional investors and even institutional backers have expressed interest in Atland since the debut of its second fund. One of the businesses in its portfolio came back as a funder. That kind of reversal—startup backing its own former investor—is exceptionally rare and particularly innovative.
It also demonstrates something that is difficult to duplicate: when given financial responsibility, students frequently step up to the plate.
