UNIVERSITY PARK, Pa. — Penn State has appointed Joe Herbst, former chair of the Penn State Research Foundation and Smeal College of Business alumnus, as the inaugural executive director of the Nittany Angels. The newly established investor network is supported by a major gift from alumnus Richard A. Gottscho. Herbst took the helm effective Oct. 1.
The Nittany Angels will provide early-stage investment capital and infrastructure to help accelerate Penn State-affiliated startup companies. It is designed to strengthen the pipeline of startup companies emerging from the University’s research enterprise and connect those ventures with accredited investors from the Penn State community, including alumni, faculty, staff, parents and students. Priority will be given to companies based on Penn State research, using common early-stage investment securities.
“This Nittany Angels will expand access to early-stage capital and create a community of mission-aligned investors who are passionate about supporting Penn State entrepreneurs and startups,” said James Delattre, associate vice president for research and director of the Office of Entrepreneurship and Commercialization. “Joe is uniquely equipped to lead this initiative given his close ties to the Penn State research enterprise as well as his experience on the operations side of angel investing.”
As a board member and past chair of the Penn State Research Foundation, Herbst guided efforts to accelerate the translation of University research into real-world impact for eight years. He has over 30 years of business experience in various financial capacities, including 12 years in commercial lending, serving as chief financial officer at a number of early-stage technology companies and working in or with manufacturing, software, financial services, ecommerce, digital media and consumer products companies. He has been an active angel investor since 2004 and was a prior managing partner of Robin Hood Ventures, a prominent early-stage investment group based in Philadelphia and one of the city's oldest and most established angel investment groups. Herbst received his undergraduate degree in finance from Penn State in 1983.
As executive director of Nittany Angels, Herbst will oversee the network operations, manage relationships with investors, and lead efforts to identify and support high-potential Penn State startups and Penn State-affiliated companies.