US universities make big bets on startups
By Rob Lever, AFPWASHINGTON--Just before graduating from the University of Michigan, Calvin Schemanski began his startup.
October 14, 2013, 12:13 am TWN
With two classmates, he got free office space on campus and US$7,500 in funding from the university's student startup accelerator, TechArb.
The project, a restaurant recommendation app called MyFab5 using a “favorites” formula, is now preparing a national launch.
The project is among dozens at Michigan and thousands across the United States getting help from “incubators” at U.S. colleges and universities, often with a dream of launching the new Facebook or Google.
“There's a real spark of entrepreneurship on campus,” said Schemanski, who graduated in 2012 with a business degree.
“There are a lot of entrepreneur clubs and programs and events every couple of weeks,” he told AFP.
The 23-year-old, who had begun his own pedicab service as a freshman, acknowledged that “it's definitely a sacrifice” to work nights and weekends on these projects while other students attend parties and football games.
But he said “there is a good support network” of professors and mentors to help students and new graduates get their startups going.
Hundreds of U.S. colleges and universities have created incubators, aiming to provide a different kind of educational experience, and a chance for a successful company.
“I see this as an extension of education which provides practical training,” says Vivek Wadhwa, a technology entrepreneur with affiliations at Stanford, Emory and Duke universities.
Wadhwa is also vice president for innovation at Silicon Valley-based Singularity University, which focuses on new technologies and entrepreneurship.
“The likelihood of another Google or Facebook is one in 10,000, but it doesn't matter. Students gain lots of good experience. They come our much smarter,” he said.