A new ASU program is striving to provide guidance and preparation for students who seek to start new businesses once they graduate.
The Venture Catalyst initiative was launched Oct. 5 at ASU’s Skysong Innovation Center with a $1 million grant from Gov. Jan Brewer. The grant will allow Venture Catalyst to offer direct help to student entrepreneurs in order to bring their ideas to the open market.
Rick Shangraw, senior vice president of the Office of Knowledge Enterprise Development, said the program will be a tool to help continue entrepreneurial success in the ASU community.
“The robust platform of services offered by Venture Catalyst will ensure new faculty and student entrepreneurs meet success,” Shangraw said,
Charlie Lewis, vice president of Venture Development at ASU, is serving as the director of Venture Catalyst. Lewis said the program will accelerate the culture of entrepreneurship at the University.
Lewis added that connecting students to the right resources was vital to their success at the next level, saying the program will navigate the difficult terrain they have to cross in making their idea into a viable business.
“Moving from that idea to actual company success is a huge chasm” Lewis said. “You need something to help you cross that bridge.”
One current opportunity that Venture Catalyst is offering to students is an opportunity to participate in a competition held by Foundation Capital, a venture capitalist company based in California, where 20 students from universities nationwide will be recognized as young entrepreneurs.
This distinction will come with $1,000 in scholarship money for the next two semesters, along with access to one of five foundation partners who will work directly with students to provide insight and guidance as they enter the business world.
“We’ve built Foundation Capital upon the pillars of entrepreneurship and discovering disruptive technologies,” said Paul Holland, one of the five partners who will work with the winners. “We’re excited to find and work with talented students who are certain to be the future innovators and leaders in Silicon Valley.”
ASU is one of 20 universities worldwide that Foundation Capital looks to establish a deep connection with, according to a press release from the company.
Other ways the program currently helps prepare students for success at the next level in their business plan, Lewis said, is connecting them to experienced entrepreneurs in the Valley through online networking on the Venture Catalyst website.
Lewis said students can also receive one-on-one help through entrepreneur office hours at Skysong, and the Tempe, West and Downtown campuses. On these days, students will be able to get help from veteran entrepreneurs and other experts.
“Most of the opportunities we look at usually are in the idea stage,” Lewis said. “We encourage students with entrepreneurial aspirations to come in and talk about their ideas.”
Reach the reporter at michael.reppenhagen@asu.edu
