They have a history of success that breeds success. In 1999, more than 25 of the 100 business plans submitted to the annual entrepreneur contest at Harvard won venture backing, spokesman Jim Aisner said. Those are highly unusual odds. Most venture firms say they look at thousands of plans every year and fund only a few dozen, at most. That does not mean that every young buck at Harvard who's gunning to win the business plan contest has a brilliant idea.
Flint points out that the firm looks at business plans from graduates of many less famous schools.
Indeed, he said, plenty of attitude comes with Harvard's talent. Simply having a Harvard or MIT pedigree does not ensure success. Even the founders of UniversityAngels concede as much. But the other 80 percent come from other schools across the country. And not all plans make it through the company's screens to the site.