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Wayne State University Engineering Ventures Program

Wayne State University Engineering Ventures Program. Nancy Philippart Executive in Residence July 27, 2011. Program History. Program conceived and funded by local entrepreneur alumnus Formally resourced with Executive in Residence in spring, 2009 (8 hrs/week)

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Wayne State University Engineering Ventures Program

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  1. Wayne State University Engineering Ventures Program Nancy Philippart Executive in Residence July 27, 2011

  2. Program History • Program conceived and funded by local entrepreneur alumnus • Formally resourced with Executive in Residence in spring, 2009 (8 hrs/week) • Future plans to fund endowed chairs and full-time resources in college

  3. Vision Wayne State University’s College of Engineering is recognized as a leading educator in providing students the entrepreneur skills to channel creative innovations into ventures that have value

  4. Mission The Engineering Ventures program will identify, mold and mentor engineering students interested in considering a career as an entrepreneur and provide them the skills necessary to channel creative innovation into ventures that add value

  5. Strategies Encourage entrepreneurship through: • Formal education • Engineering Entrepreneurship Certificate program (EDGE) • Networking and mentoring support • Active student CEO organization • Partnerships with other entrepreneurial entities • Hands on experience • Internships with start-ups

  6. Launched Winter, 2011 the EDGE engineers | entrepreneurs

  7. Why Get the EDGE? Engineering students interested in: • Starting a business • Working for a start-up or small company • Working as an independent service contractor • Learning business fundamentals

  8. Certificate Prerequisites/Requirements • Currently enrolled in or completed an undergraduate degree (BS) in engineering or engineering technology • Completed minimum of 60 credits of coursework in engineering • Minimum of 2.0 cumulative GPA • Must maintain at least C in each certificate course with overall GPA of 2.0 • No other coursework prerequisites

  9. Certificate Requirements 15-16 Credit Hours* • Business Finance: FIN 3290 • Marketing Management: MKT 3300 • Legal Aspects of Engineering Entrepreneurship: BE 5800 • Entrepreneurial Management: MGMT 5650 • Capstone Project: CHE 4800; CE 4995: ECE 4600; IE 4800/4880; ME 4500; BME 4910/4920; ET 4999 * Some courses may count towards departmental engineering requirements

  10. Active Student CEO Organization • Relatively new - started in 2007 • Chapter of national Collegiate Entrepreneurs Organization • Supported by Engineering but open to any WSU student • 25 members but only 8-10 active participants • Strong student leadership continues to be an issue • Provides students • Opportunity to participate and compete in national CEO events, competitions & conferences • Networking opportunities with ‘real’ entrepreneurs • Support for developing business pitches and plans • Opportunities to meet/partner with student entrepreneurs from other colleges • Priority consideration for internships with start-ups • Access to other university resources (i.e. Launch Pad, Tech Town, Small Business Legal Clinic)

  11. CEO Accomplishments • Participate in regional and national CEO and other entrepreneurs’ forums • Feb 2011 Regional CEO Conference business plan competition • First place presentation • Second place written business plan competition • Held on campus pitch competition • Four winning students to compete at national CEO conference in Oct in Fort Worth • Accelerate Michigan • Finalist in top six although did not place for cash awards • Crain’s Best Idea competition winner • First place in EngGen pitch and business plan competition

  12. Partnerships • TechTown – WSU new business incubator • Formal training – FastTrac, Smart Start • Networking events – First Friday • Blackstone Launch Pad • Mentoring and support for student start-ups • WSU Small Business Legal Clinic • Free legal assistance for student start-ups • Developing relationships with venture funds interested in student entrepreneurship • Fontanalis Partners • Sargon Partners

  13. Internships • Launched new internship program with Tech Town and Business School • 50/50 funding by University & start-up • University funds with work study money so students must meet requirements • Piloted with one CEO student, Spring, 2011 • Four summer internships funded this summer • Continue to grow program

  14. Future Direction • Grow EDGE enrollment • Consider specific graduate certificate program • Increase CEO participation • Integrate partnership opportunities • Grow internship program • Cultivate faculty research commercialization opportunities as source of internships • Develop relationships to help students procure funding for business ideas

  15. Top Three Challenges • Engaging engineering students & encouraging entrepreneurial mindset • Faculty understanding and support • Incentives not aligned • Consistent capstone funding • Currently planning to utilize undergrad research grants

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