The Three R’s of Supporting
Student Startups
Before and after they’ve “flipped the switch”
Lisa Getzler-Linn, Lehigh University
lig4@lehigh.edu
NCIIA OPEN Conference, March 21, 2014
With
Anita Leffel, UT San Antonio
Lada Rasochova, UC San Diego
CONGRATULATIONS !
Over the last ~20 years our community of
entrepreneurship and innovation educators has
succeeded in repeatedly producing student
driven technology startups.
Our courses and programs are glorious. We have learned from each other and
have converted into believers many of our colleagues across disciplines.
We have exciting stories to tell about our students and alumni.
WHAT’S NEXT?
Student Startup Continuum
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I
I
I
idea idea IDEA
I
IDEA IDEA
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I
I
Team Formation
seeking advice
market/customer research
expert input
networking
mentoring
I
I
Functional
I
I
I
Company Formation
product/service development
expert input
I
networking
I
I
I
I
I
I
Investment Seeking Operational Revenue + Growth
awards and grants
mentoring
I
expert input
bootstrapping
networking
raising capital
mentoring
filing taxes
expert input
student incubator idea competition seed funding Entrepreneur in
Residence
experiential coursework
TTO faculty mentors
community partnerships workspace
alumni network
makerspace
venture fund
biz plan competition
student accelerator
*note – this continuum includes terms that are relevant to the student startup experience at Lehigh and many peer institutions, and does not exclude the future
inclusion of other terms which may describe startup activities.
**note – moving from left to right on the continuum, after IDEA & advice, activities often occur in different order or concurrently
Student Startup Continuum
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idea idea IDEA
seeking advice
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IDEA IDEA
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Team Formation Functional Company Formation
market/customer research product/service development
Resources available to students
expert input networking
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along the continuum
mentoring
expert input
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mentoring
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I
I
Investment Seeking Operational Revenue + Growth
awards and grants
bootstrapping
Resources available to students along the continuum
networking
I
expert input
raising capital
filing ta
Resources available to student companies
networking
mentoring
expert input
When does this happen?
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idea idea IDEA
seeking advice
courses
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I
I
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IDEA IDEA Team Formation Functional
market/customer research
affinity groups
expert input
I
networking
competitions
mentoring
I
student incubator
expert input networking
I
Company Formation
product/service development
grants
I
I
mentoring
I
Investment Seeking
awards and grants
TTO
I
I
I
Operational
bootstrapping
alumni network
I
What does it mean?
I
Revenue +
raising capital
accelerator
expert input networking
I
filing taxes
venture fund
mentoring
Growth
expert input
This is what’s next for us
(it’s time to stop asking for forgiveness)
I
I
I
idea idea IDEA
seeking advice
courses
expert input
I
I
I
I
I
I
I
IDEA IDEA Team Formation Functional
market/customer research
affinity groups
networking
competitions
mentoring
I
I
expert input
I
Company Formation
product/service development
grants
I
networking
mentoring
I
Investment Seeking
awards and grants
student incubator
I
TTO
networking
I
Operational
bootstrapping
alumni network
expert input
I
I
I
I
Revenue +
raising capital
accelerator
mentoring
Growth
filing taxes
venture fund
expert input
RELATIONSHIP – how are student entrepreneurs related to the institution?
RISK – how does the institution view/handle the related liabilities?
REWARD – does ownership provide relationship?
Lehigh Student Startups
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idea idea IDEA
I
expert input
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IDEA IDEA Team Formation
seeking advice
Peer Mentors
I
market/customer research
Alumni Network
mentoring
Functional
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EUREKA! Competitions
expert input
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I
Company Formation
product/service development
“Garage” Courses
networking
I
mentoring
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I
Investment Seeking
awards and grants
bootstrapping
Internship Funding
networking
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I
Operational
raising capital
Student Incubator Space
expert input
I
mentoring
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I
Revenue+ Growth
filing taxes
Tiger Sessions
networking
Mission: To educate student entrepreneurs
Lehigh Startup Shop
Provides
• relationship between student and university
beyond course work
• mechanism for resource distribution
• recognized student use of university facilities
• liability coverage for advisor/mentors/university
Lehigh
Accelerator
• supports student startups that have
“flipped the switch”
• separates educating the student
from giving advice to the company
• separates liability and private
benefit issues from the university
• helps company founders make
business decisions
UT San Antonio Student Startups
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idea idea IDEA
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IDEA IDEA
seeking advice
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Team Formation
market/customer research
Major/Minor
expert input
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Faculty Mentors
mentoring
networking
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I
Functional
I
I
expert input
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Company Formation
product/service development
Grants
I
Wet Labs
mentoring
Tech Transfer Office
expert input
Mission: To educate student entrepreneurs
Student
•
•
•
•
Incubator
Mentor group
Patent help (UT owns IP)
C level execs for startups
1 year free
I
Investment Seeking
awards and grants
networking
I
bootstrapping
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I
I
Operational
raising capital
I
Revenue+ Growth
filing taxes
Experienced CEO/CFOs
mentoring
I
networking
Relationship?
Risk?
Reward?
Mission: Educating leaders of next generation innovative
companies/Commercialization of technology
UCSD MBA Student Startups/Projects
Tech Commercialization is focus of MBA program. 100% of students participate from beginning to end.
Some flip the switch while students but their companies do not participate in programs
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idea idea IDEA
seeking advice
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I
I
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I
I
IDEA IDEA Team Formation Functional
market/customer research
mentoring
networking
I
expert input
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I
I
I
I
I
Company Formation Investment Seeking
product/service development
Lab to Market Capstone Courses TriNet Challenge
expert input
I
awards and grants
mentoring
Operational
bootstrapping
Pathways Ventures(UG) & mystartupXX
networking
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I
I
I
Revenue+ Growth
raising capital
filing taxes
Rady Venture Fund
expert input
mentoring
Mission: help students decide if they really want to start a company,
weigh real issues,
decisions &
responsibilities.
StartR Accelerator
For current students & alumni
• MBAs with Tech/Sci background and
partnering with other grad students
• 6 month term, very competitive (6/cycle)
• Small funding
networking
RELATIONSHIP – how are student entrepreneurs related to the institution?
RISK – how does the institution view/handle the related liabilities?
REWARD – does ownership provide relationship?
I
I
I
idea idea IDEA
seeking advice
courses
expert input
I
I
I
I
I
I
I
IDEA IDEA Team Formation Functional
market/customer research
affinity groups
networking
competitions
mentoring
I
student incubator
expert input networking
I
Company Formation
product/service development
grants
I
I
mentoring
I
Investment Seeking
awards and grants
TTO
I
I
expert input networking
I
Operational
bootstrapping
alumni network
I
I
Revenue +
raising capital
accelerator
I
filing tax
venture fund
mentoring
Growth
expert input
The Three R’s of Supporting
Student Startups
Before and after they’ve “flipped the switch”
Lisa Getzler-Linn, Lehigh University
lig4@lehigh.edu
NCIIA OPEN Conference, March 21, 2014
With
Anita Leffel, UT San Antonio
Lada Rasochova, UC San Diego