Whether it was in a garage, a dorm room or even as a sketch on a napkin, many great companies had humble origins. For student entrepreneurs at the University of Illinois, a new initiative seeks to help transform their business dreams into startup realities.
The iVenture Accelerator is a program focused on supporting the top student startup talent on the Urbana campus through early stage financial support, mentoring, co-working space at the Research Park and networking events with the Chicago startup ecosystem – all while maintaining strict accountability toward achieving milestones.
John Quarton, the director of the Hoeft Technology and Management Program and of the Academy for Entrepreneurial Leadership with the U. of I.’s College of Business, said the newly launched program’s ultimate goal is nurturing early stage student startups.
“Our student fellows get to spend the summer on campus with the time and support they need to build prototypes, test demand, research the competitive landscape and otherwise progress in developing their startup ventures,” he said. “Whether they’re creating a high-tech, commercial, social or cultural venture, the Accelerator equips them with what they need to turn an idea into a viable, scalable business.”
Before, a student may have been moonlighting as an entrepreneur, “essentially, trying to get a business off the ground in addition to going to school,” Quarton said. “What the iVenture Accelerator provides are the resources, access, time and space for them to focus exclusively on their startups.”
The monetary resources include a $2,500 stipend for the summer for up to four members of the nascent business, which helps to defray the costs of living in Champaign-Urbana as well as the opportunity cost of forgoing a more lucrative summer internship.
“The team is also eligible for up to an additional $10,000 in seed funding, but they have to make a case for it,” Quarton said. “We don’t write them a check and say, ‘Have fun.’ They have to meet milestones that they put in their business plan, such as incorporating by a certain date. We’re trying to give them real-life experiences that teach them that, in order to get the money, they have to show progress and results.
“We’re also trying to help them understand how venture funding might work, but at a smaller scale with the focus of guiding them throughout the entire process.”
As a first step in the journey, students are urged to polish their pitch at events on campus that function as miniversions of the reality TV show “Shark Tank,” in which entrepreneurs pitch their ideas to potential investors.
“SocialFuse is an event that allows anyone with an idea to pitch it to their peers,” Quarton said. “We hold it in different venues across campus, with the hope that potential venture partners hear about these ideas and are able to connect with others to form a team and get the project off the ground.”
The Cozad New Venture Competition is the next step.
“That’s where you’re in front of people who make the decision about who will win more than $150,000 in cash and in-kind services such as legal work,” Quarton said.
Eventually, once the ideas are honed and refined, students can apply to the iVenture Accelerator, which accepts three rounds of applications with deadlines in the fall, winter and spring.
“Last year, we selected 13 startups out of 36 teams that applied, and we were purposeful in trying to select a wide variety of startups,” Quarton said. “We had technology startups, and we had traditional commercial startups, as well as social innovation startups through the School of Social Work and the College of Fine and Applied Arts. Our hope is that everyone on campus recognizes that they have the ability and resources available to them to be entrepreneurial.”
Mayank Kale is a junior from Pune, India, studying computer science. He co-founded Invoq Health, a technology company focused on creating mobile applications for community health care workers in developing nations. He said one of the reasons he chose to attend the U. of I. is because of its “entrepreneurial ecosystem.”
“History shows that Illinois has produced great entrepreneurs, and I can say with certainty that entrepreneurship continues to thrive here at Illinois,” he said. “There are phenomenal resources available. It’s really very educational because everyone here is invested in our success, which only inspires you to do better. It really helps to have other people around who can guide you – not instructing what to do, but guiding. They’re always willing to help.”
“You can come to Illinois interested in building something that doesn’t exist today,” Quarton said. “It could be something brand-new that’s never before been seen in the world, or it could be something that helps to solve a current problem or challenge that any existing company or entity is struggling with.”
Caitlyn Deegan is a sophomore from Carol Stream, Illinois, majoring in materials science and engineering. She was a lead engineer with MakerGirl, an educational startup that teaches young girls about science, technology, engineering and math topics such as 3-D printing.
“Thanks to the accelerator, we were able to stay in Champaign for the summer and host MakerGirl sessions,” Deegan said. “We were able to reach more than 300 girls, which is way more than we would be able to reach during the school year.”
Deegan also had the chance to network throughout the summer.
“We met so many interesting people through the accelerator. We went to Chicago or they came here to talk to us,” she said. “It also allowed us to expand and do sessions in southern Illinois, which were amazing. We got to talk to more people about what we need to expand and reach more people.”