Rowan Sets Up Research Fund [AUDIO]

Rowan University will create a new venture capital fund to back regional research aimed at helping New Jersey's economy.

The Rowan University Foundation is getting the ball rolling on the fund with $5 million in "seed" money. University president Dr. Ali Houshmand said he wants to see investment in this enterprise targeted for assistance to the entire region.

"We want our research to translate into jobs, into the well-being of people," Houshmand said, "and that really makes me very, very proud, and that's really what I would like the public to hear."

He says the venture fund will open doors for faculty, students and alumni to bring their studies and research to life.

An advisory committee is currently being set up, comprised of business leaders, financiers, engineers and faculty. Its purpose is to steer the fund and decide on dispensing money -- up to $1 million annually for five years -- to research projects that are deemed worthy of development for the benefit of both Rowan and the region.