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Fresno State Foundation launches investment arm

New California Ventures, LLC, plans to provide seed money for startup businesses.New California Ventures, LLC, plans to provide seed money for startup businesses.Fresno State will give more support to local entrepreneurs following the creation of a new limited liability company.

New California Ventures LLC, a wholly-owned subsidiary of the Fresno State Foundation, will task itself primarily on providing seed money to start-up companies  and projects and attracting other sources of capital.

Fresno State's Lyles Center for Innovation and Entrepreneurship will also play a role as it provides consulting services and helps entrepreneurs prepare materials in which to pitch to the LLC.

The investment committee of the Fresno State Foundation will also sit as the board of the new LLC with committee chair R. Stephen Heinrichs serving as president.

"The goal of the foundation by creating this new LLC is to improve the chances of a successful start-up by providing seed money to move research forward to help finance the commercializiation of a new product or service," said Deborah Adishian-Astone, the foundation's executive director and associate vice president of Fresno State's Auxiliary Operations and Enterprise Development, in a release.