“So is he who lays up treasure for himself, and is not rich toward God.”
The U.T. system sent out a very revealing press release without intending to do so this morning:
AUSTIN – Julie Goonewardene, Associate Vice Chancellor for Innovation and Strategic Investment for The University of Texas System, will serve asan evaluating judge for a new competition launched today that will award a $100 million grant to a single proposal designed to help solve a critical problem affecting people, places or the planet.They actually have a bureaucrat whose sole responsibility is "Innovation and Strategic Investment"?!? Because, clearly, the best way to drive innovation is to put a bureaucrat in charge of it! Considering that they're at the "Associate Vice Chancellor" level, how much is this person getting paid?!?
It gets better:
Goonewardene currently runs a $50 million venture fund for the UT System, where she oversees an entrepreneurial network and brings resources to assist companies and startups involving university assets.The U.T. system has a $50 million venture fund?!?
Apparently, they do:
The UT "Horizon Fund" appears to be mostly dedicated towards biotech related efforts, but the details of the fund aren't nearly as appalling as the fact that it exists in the first place.
[Author's Note: That being said, given that we're talking about UT, does anybody doubt that we could have A LOT of fun looking into who's actually getting the money?!?]
At $10k per year, $50 million is the equivalent of tuition for 5000 students!