University of Maryland University College is creating a nonprofit company to beef up its commercialization efforts and help the institution develop an endowment.

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The Maryland Board of Regents on Friday approved the University of Maryland University College’s request to create a for-profit business-intelligence company.

The university has committed to using profits generated by HelioCampus to support scholarship programs that would reduce and perhaps ultimately eliminate tuition costs for graduates of Maryland community colleges who seek to earn their bachelor’s degrees at UMUC.