Students at South Dakota State University (SDSU) who think they have a profitable idea now have an opportunity to make their entrepreneurial vision a reality. The South Dakota Student Ventures Competition, sponsored by South Dakota Innovation Partners in collaboration with SDSU’s College of Engineering Entrepreneurial Studies Program and the university’s TTO, will give students a chance to collect up to $25,000 of investment capital to start a science and technology-based company. Organizers hope the competition will develop student entrepreneurial talent and boost technology-based economic development in the state. Another key objective is to provide a healthy return for investors. Prior to his arrival at the university in 2007, SDSU President David Chicoine launched the model for the Student Ventures competition at the University of Illinois, successfully developing Illinois Ventures as an early-stage capital and business development services company to support start-ups.
Individuals or teams interested in the South Dakota competition must find a concept that addresses a market issue and leads to the creation of a science or technology start-up. The top proposal, as judged by a panel of seasoned investors, will qualify for funding to launch the business, up to a maximum of $25,000. Besides the student entrepreneur, teams may include faculty members, industry professionals, graduate and undergraduate students, and others. “We believe that one of the best opportunities to develop a knowledge-based economy is through the concepts developed by our students,” says Mark Luecke, managing director and CEO of Innovation Partners. The review of student applications will follow the same rigorous process that any top VC firm would employ, he explains. In fact, it’s possible that no applications will be selected for an investment offer, but any start-ups that result from the competition will be formed and capitalized, with work beginning by mid-May of next year. The program “casts a wide net to capture inventions with high commercial value,” says Denichiro Otsuga, SDSU’s director of technology transfer.
Source: The Brookings Register