(DURHAM) -- A $3.6 million grant from the Blackstone Charitable Foundation aims to establish a support network to promote growth and job creation in Research Triangle Park region. The initiative includes the involvement of four Triangle area universities.

The Blackstone Entrepreneurs Network is a five-year initiative to help North Carolina’s Research Triangle become headquarters for America’s next high-growth companies with the greatest potential to create new jobs.  This is how the initiative was billed when the announcement was made in Durham on Monday.
 
“The Blackstone Charitable Foundation views support for entrepreneurship as a critically important element in meaningfully building of jobs and improving the United States' growth and competitiveness,” said Stephen A. Schwarzman, Chairman, CEO and Co-Founder of The Blackstone Group. “We are pleased to join this partnership to develop what will be a dynamic regional network capable of applying the operational expertise and coordinated, laser-like focus on bringing ideas to market.”

The universities partnering in the initiative include Duke University, North Carolina Central University, North Carolina State University and the University of North Carolina at Chapel Hill. The Durham-based Council for Entrepreneurial Development also will be part of the effort.

The formation of a dense network of entrepreneurial support in the RTP will resemble a similar support network that exists in Silicon Valley and the Boston Corridor. The goal of the program is to identify and mentor 30 start-up teams each year, for a total of 150 over the program’s five-year span. By linking talented serial entrepreneurs to local start-ups, the Blackstone Entrepreneurs Network has the potential over 10 years to create more than 17,000 jobs, attract more than $800 million in seed, start-up and expansion capital, and generate more than $4 billion in revenue.