Drive Capital, a venture capital firm investing in market-defining startups located in the “Driveway,” the still underinvested region in North America between the Hudson River and the Rocky Mountains, today announced an investment by the Georgia Institute of Technology (Georgia Tech) into Drive’s new five-city Seed Program launched in March 2023. Georgia Tech’s investment directly supports seed-stage startups in Atlanta and the surrounding region. Financial terms were not disclosed.

“This announcement is about more than just a financial partnership; it represents the type of collaboration that will ensure cities like Atlanta are at the forefront of technology and innovation,” said Chris Olsen, Co-founder and Partner at Drive Capital. “This is a model for how America’s innovation economy is developing.”

Georgia Tech research accounted for more than $4 billion in economic impact in the state of Georgia in FY 22. Its researchers pursue inventive solutions to the world’s most pressing problems, advancing new frontiers in science and technology.

“Georgia Tech is a world-renowned research institute and their exceptional work aligns with our vision of supporting innovation in underinvested communities,” said Drive Partner Andy Jenks, who is leading the Seed Program for Drive. “Academia and entrepreneurship propel the American economy forward; Georgia Tech’s investment helps ensure entrepreneurs in and around Atlanta will receive the funding they need at the earliest stage of their journey.”

Historically, higher education institutions have provided venture capital investment to venture funds that flow to entrepreneurs primarily located in Silicon Valley, Boston, and New York.

Drive’s Seed Program allows colleges and universities to directly support innovation and entrepreneurship within their geographic region. This fuels local economies and prevents brain drain, the phenomenon in which educated workers leave their communities for economic opportunities in a different city.