The University of Dayton has announced a $1 million gift from alumnus Ron McDaniel to start an endowment for an undergraduate "angel investment" group that will launch in 2010.

Under the proposed program, "Flyer Angels" will partner with a local angel organization to evaluate new ventures for possible investment, with entrepreneurship majors at the university performing due diligence research on start-up companies and offering opinions on whether to invest in them. "We're looking at this new program as an educational tool for students, one that will aid economic development in our region and help keep our entrepreneurship program in the upper echelon of programs nationally," said Dean McFarlin, chair of the university's management and marketing department.

According to the university, entrepreneurship is the fastest-growing major in the business school. Students in the program are exposed to a variety of hands-on learning experiences, including the opportunity to make sixty-second "elevator pitches" for a chance to win $50,000 in prize money in an annual business plan competition and the chance to commit $5,000 in start-up capital to micro-businesses.

"While most university angel programs operate in graduate programs or through networks where alumni invest in other alumni, Flyer Angels primarily will benefit undergraduate students," said Matthew Shank, dean of UD's school of business administration. "There are very few universities in the country that offer this sort of experience for their undergraduate students."