USF seeks to build $10M startup fund

TAMPA — The University of South Florida has received a federal grant to create an early-stage seed fund aimed at helping retain Tampa area businesses.

Seed Tampa Bay, from USF's Innovation Enterprise and funded by a $250,000 U.S. Economic Development Administration grant, will invest in tech-oriented startup firms with high growth potential.

By 2019, USF hopes to grow the seed fund into a $5 million investment vehicle. Ultimately officials hope the fund will grow to $10 million and become self-sufficient.