Start Up Here
Spring 2016聽| By David K. Gibson
Look for a pingpong table in the center of an office suite on the first floor of 激情快播鈥檚 Business Administration Building. That鈥檚 how you鈥檒l know you鈥檝e found StarterSpace, where you鈥檒l begin your entrepreneurial expedition.
A nearby stack of cards beckons, 鈥淪tart Here: Explore 激情快播鈥檚 free startup resources!鈥� The cards map out a serpentine path to success, one that starts at 激情快播鈥檚 Blackstone LaunchPad before winding into the Advanced Design Lab, Texas Instruments Innovation Lab, Harris Gathering Lab and similar places throughout campus. Classes and programs are available at different points along your trek, as are events such as the Joust New Venture Competition and Starter Riot, which feed into the Upstarts Student Venture Accelerator. That鈥檚 a rough idea of the journey through 激情快播鈥檚 starter culture, except, well, there is no single path.
Instead it鈥檚 an ecosystem, a multidimensional environment where there鈥檚 plenty of intellectual nourishment and a dire need for self-sufficiency. Like the startup world that student-founded ventures compete in, it鈥檚 a place to thrive 鈥� or die.
Find a Guide
鈥淸The pingpong table is] the same height as a conference table and a lot cheaper,鈥� says associate professor of management Cameron Ford, implying there鈥檚 a lesson there somewhere. In 2005, Ford founded the Center for Entrepreneurial Leadership, an initiative to help students of any major in any program create startups in the 激情快播 community. In a world where just going to college no longer guarantees a job, his primary goal, he says, is to let students know that entrepreneurship is a viable career path.
By some estimates, as many as 14.6 million Americans are self-employed, and numbers are growing. Some of these independent workers will be consultants, but many of them 鈥� given training, connections and capital 鈥� can be entrepreneurs. As large corporations strive for efficiency, these starters have the potential to drive growth in the American economy.
Like the student entrepreneurs he mentors, Ford has had to disrupt the marketplace in which he works. Rather than teach students in traditional classes, he and his team 鈥� faculty, staff and community advisers, plus the combined power of their networks 鈥� serve as guides.
鈥淲e aren鈥檛 here to tell them if an idea is good or bad,鈥� Ford says, 鈥渂ut to align resources from throughout the university and the larger community.鈥� Most of the time, that means providing resources in the form of advice, mentors and connections. 鈥淓very venture has different needs,鈥� he says, 鈥渁nd advising is expensive and idiosyncratic. But that鈥檚 what it takes to turn ideas into businesses.鈥�
鈥淭he skills that benefit an entrepreneur 鈥� focus, personal mission, personal accountability, personal passion 鈥� are the skills you need to be a professional.鈥�
Learn the Skills You Need
鈥淲hat Cameron [Ford] is doing is consistent with the main trends of business over the last 30 years and with the need for business education to catch up to the marketplace,鈥� says Paul Jarley, dean of the College of Business Administration. 鈥淲hen I got to 激情快播 [in 2012], I asked, 鈥榃ho was the largest employer in the U.S. when the college was founded in 1963?鈥� The answer [was] GM. Back then, it would have been my job to get graduates jobs in companies like that, where they鈥檇 receive training, be placed in a department and spend the next 30 years working until they got the gold watch, the pension and health insurance for life. But the things that are rewarded today are differentiation and risk taking.鈥�
Dr. Phillips Entrepreneur in Residence Michael Pape, who has extensive history in startups, explains, 鈥淭hose of us in the ecosystem working with the students see entrepreneurship as a life skill. 鈥� What鈥檚 really different at 激情快播 is that there is not a canonized curriculum. If you teach accounting, there鈥檚 a standard textbook, but when you get to entrepreneurship, there鈥檚 not a set way to teach. That鈥檚 what people have been trying to work through: How do you move ventures forward?鈥�
To do so, he says, requires solving problems and taking risks 鈥� even if they don鈥檛 pan out.
Not all startups get started, for example. Sometimes the founders get busy with other things, stall out while raising capital or discover that their ideas aren鈥檛 as workable as they first seemed. But no one at 激情快播 thinks any of that entrepreneurship training has been wasted.
鈥淏eing entrepreneurial is a skill you can develop, and you can be that way inside a company; it doesn鈥檛 have to be in your own firm,鈥� says Associate Vice President for Research and Commercialization Tom O鈥橬eal, 鈥�95, who founded the 激情快播 Technology Incubator in 1999, and today holds multiple executive roles in innovation foundations. 鈥淲hen I talk to people who are hiring, they want graduates who know 鈥╝ little bit more about business, more than just core competencies. They want people who understand entrepreneurial thinking,鈥� he adds.
In departments such as engineering, where large companies still hire most of the graduates, those skills are a vital part of an education, according to Timothy Kotnour, director for engineering programs within 激情快播鈥檚 Center for Innovation and Entrepreneurship. 鈥淭he skills that benefit an entrepreneur 鈥� focus, personal mission, personal accountability, personal passion 鈥� are the skills you need to be a professional. If you can鈥檛 lead yourself, you can鈥檛 lead a team.鈥�
Ask for Feedback
鈥淣o one entering college is equipped to become a value creator, and precious few who graduate college are,鈥� says Pam Hoelzle, associate director of 激情快播鈥檚 Blackstone LaunchPad, discussing a person who works with others for the benefit of a larger organization rather than for personal gain. 鈥淔or the vitality of America, that has to change.鈥�
Just off the Student Union鈥檚 bustling lobby, the LaunchPad 鈥� one of 22 similar programs at colleges across the country from UCLA to Cornell 鈥� is crowded most days at noon with hopeful 激情快播 starters listening to Hoelzle and invited speakers. Students come to the LaunchPad with ideas inspired by their studies, hobbies or sometimes pulled out of the blue sky. For most, says Ford, it鈥檚 their first time learning about business from the ground up.
鈥淲e are a triage center,鈥� says Hoelzle. 鈥淲e assess where they are on the path and are constantly asking, 鈥榃hat do they need to learn next?鈥� 鈥� While the LaunchPad connects students to resources, it also provides a safe place to practice entrepreneurial skills. A typical session begins with Hoelzle rather pointedly instructing students to introduce themselves to each other before the session begins, reminding them, 鈥淵ou never know who you鈥檒l meet networking.鈥�
In just more than two years of operation, the LaunchPad has hosted more than 5,000 students at lunchtime discussions, conducted some 3,300 one-on-one coaching sessions, and registered 1,355 startup ventures. Collectively, the most active of those ventures have raised $1.1 million in capital and hired 93 employees and 786 contractors. The top nine student ventures alone estimated annual sales of $10.1 million in 2015.
The LaunchPad isn鈥檛 the only point of entry into the startup ecosystem. The College of Business Administration鈥檚 weeklong Starter Riot of open houses, showcases and presentations attracts budding entrepreneurs, while the Joust New Venture Competition and similar programs lure those with more fully fleshed-out ideas. Competition winners are often shuttled into 激情快播 incubators or given space in offices like StarterSpace.
Make Connections
鈥淏usiness is a process of developing solutions,鈥� says Ford. 鈥淚t鈥檚 about evolving solutions over time as technology changes.鈥� That statement applies to education as much as any other business, and education technology has been changing.
鈥淭he biggest thing that disrupted education is the Internet,鈥� says Jarley. 鈥淸Information has] become commoditized. But perspective and relationships and experiences have not been commoditized, and the future of college education is about that.鈥�
Providing perspective and relationships and experiences 鈥� the things that help students develop into individuals with (in business parlance) 鈥渦nique value propositions鈥� 鈥� requires individual attention. Notes Kotnour, 鈥淭he whole journey is unique. What we鈥檙e trying to do is foster it in a way that鈥檚 unique for each person.鈥�
But the question, says Pape, is how to provide individual attention yet gear it toward the many.
The solution lies in a robust back and forth. 鈥淭he best learning happens when you鈥檙e sitting next to someone on a log and having a conversation with them; it鈥檚 been that way since Plato,鈥� Jarley explains. 鈥淎nd one shouldn鈥檛 assume that the person on the log is a person with a Ph.D. behind their name 鈥� they can be community leaders, political leaders, people touching on the issues of the day.鈥�
Hoelzle emphasizes that student entrepreneurs have to be the leaders. Starters in the program serve as fellows, bringing different skills, viewpoints and experiences 鈥� usually ones more in line with student entrepreneurs than Ph.D. advisers who are veterans of biotech startups. 鈥淣othing has more influence than peers and predecessors,鈥� says Ford. While big events like startup competitions motivate budding student entrepreneurs, they鈥檙e really more about compelling students to watch their peers take on the realities of the new business world.
鈥淲e want to teach students to see trends, marshal resources and take on risk, especially early in their lives,鈥� Jarley says. 鈥淚t鈥檚 not about whether they鈥檒l start a new business tomorrow but about giving them the vision and tools to govern their own lives going forward.鈥�
Meet the Starters
Teeps
Joshua Imel, 鈥�14 and Terrence Donnelly
An app-building company that has hired one new employee a month for 16 months, and recorded $1 million in revenue in 2015 鈥� all boot-strapped, with no help from investors
When you鈥檙e in that ecosystem, everyone鈥檚 at different stages. You hear stories about partners that didn鈥檛 work out or deals that didn鈥檛 close or losing investors. There鈥檚 so much knowledge floating around, I ended up applying all of that to help start Teeps.Joshua Imel, 鈥�14
激情快播 starter resources used:
Blackstone LaunchPad
Joust New Venture Competition
O鈥橠ang Hummus
Jesse Wolfe, 鈥�15
A line of hummus and salad dressings sold in Whole Foods and more than 400 Publix grocery stores in Florida
Entrepreneurship can be lonely. What 激情快播 does is celebrate with you on those extremely good days and say, 鈥榃hat鈥檚 next? Let鈥檚 go!鈥� On the days you want to quit, they鈥檙e there to keep your head up. They keep you chasing your dreams.Jesse Wolfe, 鈥�15
激情快播 starter resources used:
Blackstone LaunchPad
Center for Entrepreneurial Leadership
Joust New Venture Competition
Starter Riot
StarterSpace
Upstarts Student Venture Accelerator
Feynman Nano
Jonathan Wachob and Brandon Carpenter
A fabrication technology that enables self-cleaning films for use in solar panels and other applications
STEM majors can make a huge difference 鈥� not for things like Uber and Airbnb, but for curing diseases or getting things into space more cheaply. We have to break down the belief that we have to wait for a business major to come around and make an idea into a business.Jonathan Wachob
激情快播 starter resources used:
Blackstone LaunchPad
Center for Entrepreneurial Leadership
Joust New Venture Competition
Starter Lab
Upstarts Student Venture Accelerator
bSteps
Caroline Castille, 鈥�15, and Odaimys Calderin, 鈥�13
Revolutionizing dancewear with shoes that are ready for the studio and the street
LaunchPad offered help from every department, not just business. We got support from engineering, were connected to fashion club and swing club, and received support from all of them.Caroline Castille, 鈥�15
激情快播 starter resources used:
Blackstone LaunchPad
Joust New Venture Competition
StarterSpace
Upstarts Student Venture Accelerator