#TIBCO founder @VivekRanadivé. (Amar D. Gupta | Siliconeer)
A prominent Indian American businessman will lead a venture to collect funds for University of California with an aim to invest in innovation opportunities, writes Lalit K. Jha. (@siliconeer, #siliconeer, #TIBCO, @VivekRanadivé, #VivekRanadivé, #TiESV, @TiESV, #UniversityofCalifornia, @California)
Anchored by $250 million from University of California’s investment office, the fund will be an independent entity run by Vivek Ranadivé, who will build a business team and help attract outside capital.
“Our business plan for the UC innovation fund is designed for the next 100 years,” said #PaulWachter, chair of the UC Board of Regents Committee on Investments.
“Therefore, it’s important that we get this right with a great team and an independent structure, which is what we have accomplished by recruiting Vivek to lead the fund,” he said.
Ranadivé, is the founder and former CEO of #TIBCO, a multi million-dollar real-time computing company. The Indian American is also the owner and chairman of the #SacramentoKings, a National Basketball Association (#NBA) team.
“Vivek is a visionary who has transformed the way businesses operate across the world and developed his own innovations in Silicon Valley,” UC’s Investment Officer #JagdeepSinghBachher said.
“This venture will support the research and entrepreneurship of UC faculty and student researchers whose discoveries can benefit people throughout California, the nation and the world,” the university’s president #JanetNapolitano said.
“Vivek is a leader who can make that happen. His involvement will enable us to achieve our objective of capitalizing on UC innovation,” Napolitano added.
“It is a tremendous honor to partner with the University of California in this unique collaboration focused on investing in breakthrough technologies emerging from the world class University of California system,” Ranadivé said in a statement.