|
 |
|
|
WASHU Offers
Entrepreneurs Several Ways to Turn a Dream into Reality
Starting a new business, even under the best of circumstances, tests
the mettle of entrepreneurs. Fewer than 10 in 10,000 businesses
ever make it out the door, often because the one with the vision
or idea does not know the process.
Washington University provides the proving ground with programs
established to help these fledgling businesses and give the much-needed
push from the nest. These programs offer a podium for ideas and
networking, coursework to follow through with these ideas, and a
competition to turn the dream into reality.
The Olin School of Business has spawned one of the outstanding entrepreneurship
programs in the country, with the Skandalaris Center for Entrepreneurial
Studies founded in 2001. This center has been instrumental for setting
the stage and giving direction to students hoping to pursue the
dream of launching a successful business, while completing their
college degree.
Ken Harrington, manager of the Center, says, “The Skandalaris Center
is a campus wide activity that covers all the Washington University
schools and all degree levels. We try to pull together all the various
discipline and degree levels on the campus for projects and we are
the ones that are familiar with the curriculum and entrepreneurship
that goes on in our schools as well as the outreach activities in
the community. So we become the cross-campus catalyst for everybody.
Idea Bounce
Launched in April 2005 by the Skandalaris Center, Idea Bounce offers
a venue to pose new business ideas, not only for students, but people
across the region.
“If someone, alumnus or student, has an idea, they can post it on
www.IdeaBounce.com,”
Harrington says. “Regardless of the idea; it could be a not-for-profit
social venture, medical venture, and industry, whatever. Then they
can make the decision to do something that is for academic credit.”
Idea Bounce has two options, one being the website where ideas are
posted, and the other is the Idea Bounce event held every six to
eight weeks. This event provides an opportunity for 10 to 15 budding
entrepreneur to pitch their ideas in a two-minute presentation to
a panel of five judges selected from community partners including
venture capital firms, incubators and other entrepreneurs.
“This is a public forum with 100 to 200 people,” Harrington says.
“Five winners are selected and they get to go to dinner with the
judges and get all kinds of free advice. The purpose is for people
to get feed back and contact from the marketplace.”
IdeaBounce.com
offers people from across the region a place to collaborate in the
development of new ideas. The website is already attracting people
who are looking for mentors, advisors, investors, and other partners
for their venture.
“What we’re trying to do out of the Skandalaris Center,” Harrington
says, “is to make an environment that is inviting and easy to try
entrepreneurial things. Irrespec-tive of what type of idea or how
good or bad, we just put it up on Idea Bounce, and from there let
the market decide. Don’t drive yourself nuts, don’t drive anyone
else nuts, put it up there and find out.”
The Hatchery
The Hatchery in an undergraduate course for students from all degree
programs and schools with an idea needing a professional-quality
plan, either as a tool for raising capital or for developing a future
strategy. Students are matched with outside entrepreneurs looking
for new business ideas or support for existing ventures seeking
to expand.
In the Hatchery, three- to five-member student teams work on new
ventures. These ventures may be either student-initiated or submitted
by an outside entrepreneur. Students may work on any of the following
types of projects:
-
A business plan for a new commercial venture,
-
A sustainability plan for a social venture, or
-
A feasibility study for an early stage scientific discovery.
|
Interested Entrepreneurs
can apply for a Hatchery team through the IdeaBounce website. After
the idea is approved by the Skandalaris Center, the idea is posted
on the site where it is viewed by students registered for The Hatchery
course who can submit their resumes for a project.
Once the team is formed, the entrepreneur meets with the students
where they get the necessary background information for the project.
Their goal is to develop a plan for the venture’s success.
This provides a win-win situation for both groups: Students get
experience in developing businesses, and the entrepreneur gets much
needed help in getting his venture off the ground.
“This is a course where you can have high-powered receptions, coffee
with the experts and non-academic workshops open to the community,”
Harrington says.
Olin Cup Competition
The Olin Cup Competition started in 1988 with the dedication of
the John M. Olin School of business. It was designed to give business
students an opportunity to present their positions on a central
business topic. They would then present them to the panel who selected
the winner.
In 1992, student groups began competing to present business opportunities.
Then, in 1997, the competition joined with The Hatchery which linked
students with outside entrepreneurs who had promising ideas but
lacked capital and/or expertise. The cup was then presented to entrepreneurial
teams.
With the advent of the Skandalaris Center in 2001, the competition
began awarding $70,000 in seed funding to competition entrepreneurial
winners. Last year for the first time a $5,000 grant was awarded
to the best student teams.
“Every year the Olin cup competitors are higher quality,” Harrington
says. “This past year it was been harder for the judges to pick
a winner. I think the ventures are just steadily improving and I’m
sure that we’ll see this continue, especially in the students’ competition.”
Success Stories
The 2005 Olin Cup Competition Awards were held in December 2005.
Somark Innovations Inc., and Mobile Access Technologies (iMAT) were
the 2005 entrepreneurial team winners.
(Left to right): Bob Skandalaris, founder and
chairman of Noble International Ltd.; Ramos Mays,
Somark Innovations co-founder; Mark Pydynowshi, Somark
Innovations co-founder; Ken Harrington, Managing Director
of the Skandarlis Center for Enterpreneurial Studies
at the recent awarding of the Olin Cup. Commerce Magazine
is pleased to be the media sponsor of the Olin Cup.
|
|
Somark, a biotechnology firm founded by Mark Pydynowski and Ramos
Mays, is developing an identification and tracking system that works
like a radio frequency identification chip, but without a microchip
or antenna. Instead, it uses a biocompatible material that can be
used to tag anything from clothing to people, and will be used initially
to track cattle.
iMAT, founded by Stephen Foster, who was born profoundly deaf, focuses
on improving communication for the deaf or hearing-impaired by developing
a wearable device that transcribes spoken words into text that the
user can read.
2005 student winners were Teddy Pumomo, a junior business student
who developed HomeWUrk, a company that assists college students
moving into dormitories by providing dorm products, care packages
and other items.
Second-year MBA student Suzanne Shankman created clothing and accessories
from vintage neckties, and founded Suzanne Shankman Designs where
she sells belts, wristbands and throw pillows.
|
Second-year
MBA student Suzanne Shankman created clothing and
accessories from vintage neckties, and founded Suzanne
Shankman Designs where she sells belts, wristbands
and throw pillows. |
|
She says that as a result of the competition, she has been able
to place her product in many stores. With the prize money, she purchased
more equipment for her business including a high tech sewing machine.
Pumomo says that, since the business is still getting off the ground,
the prize money would help in with building technology and software.
“We’ve done a lot of test marketing, but because much of our product
is cyclical, we will need to see how the market reacts. The real
test will be this coming fall when the kids come in.”
“The Olin competition has been a real springboard to our success,”
Pydynowski says. “The seed money is oxygen for us, but the additional
value of the media and awareness of our company has been invaluable,”
adding that due to the media attention, Somark had attracted more
investors.
The Bottom Line
To develop an idea, students do not need to take part in both IdeaBounce
and The Hatchery.
“They can take The Hatchery class, decide it’s good, and then go
for the Olin Cup,” Harrington says. “Or they can plan to do it all,
find out it’s a bad idea and drop out.
“If they do the Olin Cup and find out after some exposure to the
community that it’s a bad idea, they may take another year to prove
their science, so they get expert feedback along the way. And it’s
a simple approach that’s meant to enhance the social fabric of the
community and help as they pursue their entrepreneurial ventures,”
he adds.
It takes more than desire to “build a better mousetrap.” These programs
push the idea to reality, and to help, in many cases, provide the
means to build that mousetrap. |
|
|
|
|
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
|
