A new Atlanta foundation will take small equity investments in venture-capital startups, The Wall Street Journal reported Sept. 27.
Formed by a group of local entrepreneurs, the Entrepreneurs’ Foundation of the Southeast hopes its investments will pay off with the companies sell stock to the public or are sold.
Proceeds will be used to support nonprofit groups.
The foundation is modeled on a similar philanthropic effort in Silicon Valley and has the support of local firms, including EGL Holdings Inc., Cordova Ventures, Brown Burke Capital Partners and Robinson-Humphrey, as well as Hewlett-Packard Co. in Palo Alto, Calif., the Journal said.
Supporting firms will be asked to provide seed capital for the foundation and encourage startups they work with to participate, the Journal said.