Marquette University recently announced a new initiative that would grant funds to students and faculty looking to explore entrepreneurial ventures.

The Marquette Enterprise Seed Fund, founded with the help of the Wisconsin Economic Development Corporation’s (WEDC’s) Capital Catalyst Program, will provide ventures with grants of $25,000 and $50,000 to groups that have created legal business entities.

The program will award six grants during three separate competitive application periods, which will kick off this fall.

WEDC initially proposed the idea to Marquette President Mike Lovell, who recently announced the university’s strategic innovation fund that will grant about $5 million to 38 distinct projects this year. Both entities contributed $300,000 to the new program.