When Adam Keune took over as executive director of the John Pappajohn Entrepreneurial Center (Iowa JPEC) last summer, he knew he wanted to create a venture capital fund to provide a stable source of financing and usher in a new era of startup activities—and entrepreneurial success—at Tippie.

After several months of discussions with Big Ten schools operating similar funds, and several more cutting through red tape, Keune and the JPEC Board of Directors have unveiled the Hawkeye Venture Fund, which they hope to grow to $10 million in a few years. Keune is recruiting angel investors and networking with venture capital professionals to make it happen. He aims to start awarding money to Iowa startups in various stages of development this year.

“The Hawkeye Venture Fund is our way of saying that we’re looking for new ways to help startups,” says Keune. “The entrepreneurship landscape is shifting, venture capital activity is down from a few years ago, and so our goal with the fund is to put more emphasis on helping startups to scale—with financing but also with a lot of support and mentoring.”

Keune, the co-founder of an educational startup, wants to take JPEC and entrepreneurship at Tippie to the next level. In the past, startups received mentoring and professional advice but rarely the financial backing necessary to move beyond the early stages of business growth. “With the new fund in place and serious investors on board, we’ll be able to deliver the money needed to create full-fledged businesses,” he says.

In addition to funding, JPEC will connect startup teams to coaches who know the entrepreneurial process from A to Z. Keune is recruiting new members to the board of directors and looking for Tippie alums with serious entrepreneurial chops who want to give back. He’s also meeting with venture capital funds and private equity companies that could help him identify worthy startups.

“Most of these firms can’t invest in young startups,” says Keune. “I’d like them to pass these fledgling companies along to JPEC so we can build them up before going back to the firms for next-stage funding.”

The Hawkeye Venture Fund will be open to students, alums, faculty, and anyone who has completed one of JPEC’s Venture School training or mentoring programs.

Funding requirements will mirror those of professionally managed funds, including approval from a review board comprised of industry professionals. The fund will take an equity stake in the companies, and any returns from liquidity events will go directly back into the fund to reinvest in more companies.

“It is not about how fast we can make money,” says Keune, “but how we can help more Hawkeyes start successful businesses.”

Tippie students will play a significant role in the new fund. Keune is creating a fellowship in investment banking that will allow students to vet startups and present them to a review board. He also envisions students participating in case studies that involve fund-financed startups, an entrepreneurship-focused podcast, and a newsletter from JPEC.

“We’re humble in the Midwest, so we don’t always talk about the good things we’re doing, especially in innovation and entrepreneurship,” says Keune. “It’s time to get the word out.” 

Want to get involved? Email Adam at: adam-keune@uiowa.edu. 

This article appeared in the Spring 2025 issue of Tippie Magazine.