Applications due March 20 for new paid fellowship program

Applications due March 20 for new paid fellowship program

RAIN Source Capital, a multistate network of angel investor groups formerly known as the Minnesota Investment Network Corp., has announced the availability of a $10,000 fellowship honoring St. Paul businessman Alan Ruvelson.

The Ruvelson RAIN Maker Fellowship will offer a stipend and educational support during the senior year for a student interested in learning about private equity investing by working side-by-side with angel investors in one of 12 communities in Minnesota, North Dakota and Iowa where RAIN Source Capital has affiliated funds.

Applications and brochures are available at the RAIN Source Capital Web site or by contacting the fellowship project manager, Candace Campbell, (612) 827-7988. Applications are due on Monday, March 20.

Known as "Bud" to his friends, Ruvelson, 90, is an alumnus of St. Thomas Academy, the College of St. Thomas and the University of Minnesota. In 1959, he founded First Midwest Capital Corp., one of the nation’s first venture capital companies to provide funding for small companies that could not access the public markets. He is known as the “Father of Venture Capital” in Minnesota and, with a few others, founded the industry in the United States.

He also has served on boards and advisory groups at several Minnesota private colleges, including the University of St. Thomas, the College of St. Catherine and the College of St. Benedict.