Student entrepreneurs’ association’s funding raised $100M
Student entrepreneurs in the student entrepreneurship association of the University of Illinois are raising a new $100 million to support student entrepreneurs, who can now apply for federal grants.
The $1.5 million infusion comes after the Association of Student Entrepreneurs (ASEE) received $40 million in federal stimulus funding to help it develop a “global platform” to support the student entrepreneurs of the United States, including providing “training, networking, and technical assistance.”
As a result, ASEE has been able to raise $40.5,000 for students.
The new money will allow the organization to hire an additional 35 students in the next two years.
This will enable the association to invest in technology, communications, and data center infrastructure, as well as create a network of mentors and advisors who will provide advice and technical support, the organization announced.
The ASEE is part of the U.S. Chamber of Commerce.
The Chamber has been a key supporter of the student entrepreneurial movement, donating $25 million to its advocacy arm and investing in more than 2,000 colleges and universities to support entrepreneurship.ASEE is a 501(c)(3) nonprofit organization and is the only non-profit that can directly provide grants to student entrepreneurs through its own grants program.
The money comes on the heels of the recent announcement that the Association has raised another $100,000 to fund its student entrepreneurship initiative.
The ASEE also announced it will expand its online resources, launch a global platform for its students, and establish a new “student entrepreneurship center.”
The Chamber’s involvement is important, said Mark Cohen, executive director of the American Enterprise Institute, a conservative think tank.
The organization is the leading advocate for business incubators and entrepreneurs, with more than 100 centers across the country.
“The Chamber has made it a priority to support and grow the entrepreneurial economy in this country, which is what we are seeing on the ground in the states, and the Chamber is the one that is taking the lead,” Cohen said.
Chamber also announced this week that it has been awarded $3.5 billion to support its efforts to boost the private sector in the United Kingdom.
The organization has spent more than $3 billion over the last 10 years to support entrepreneurs in areas ranging from small businesses to government and social services.