Bradley Ericson, a senior BSBA student concentrating in marketing and entrepreneurship, and Christopher Gray, a pre-junior BSBA student concentrating in entrepreneurship, have been chosen as members of the 11-student board overseeing the $500,000 Dorm Room Fund, which was recently established by First Round Capital.
“I’m tremendously honored,” says Ericson. “Three years ago, when I started 3SecondReceipts, we spent a tremendous amount of time and energy looking for an investment in this range — time that should’ve been spent on development. I really believe an investment like this would’ve had a huge impact. Now, I couldn’t be more excited to have the chance to directly impact startups right here in my own backyard.”
Ericson, who is originally from Bergen County, N.J., and was named Entrepreneur magazine’s College Entrepreneur of the Year in 2009 among other national recognition, says this position gives him “a previously unheard of behind-the-scenes view of the venture capital world,” noting that First Round Capital founder Josh Kopelman believes the best way to find the next Facebook is through college students.
Gray, who is from Birmingham, Alabama, says he’s always admired First Round Capital’s work. “When I first came to Drexel I was interested in being a venture capitalist, so the Dorm Room Fund is the perfect opportunity for me. I am passionate about building awesome products and helping others. Entrepreneurship gives me the ability to do both.” He says he’s already learning the nuts and bolts of how to start and run a venture capital firm.
Simultaneous with the announcing of its team, the Dorm Room Fund has also announced its first investment: a University City-based startup called Firefly, which offers a simplified remote computer screen sharing application in order to improve customer service. The fund’s $20,000 investment gives it a 20 percent stake in the company.