#136. Summer Entrepreneurship Camp

Posted on | The Agurban
Summer Entrepreneurship Camp

Last week, about 40 high school students from 14 Indiana counties arrived at Purdue University to begin a week long summer academy to learn more about the world of entrepreneurship.

The Purdue Research Foundation’s Entrepreneurship Academy, which ran from July 29 through Aug. 3, was made possible through a $35,000 grant from Indiana’s Workforce Innovation in Regional Economic Development, or WIRED program. The Purdue Research Park directed the program at no cost to participants. Students from Benton, Carroll, Cass, Clinton, Fountain, Fulton, Howard, Miami, Montgomery, Tippecanoe, Tipton, Wabash, Warren and White counties took part in the academy.

“The Entrepreneurship Academy has had such a strong response that we are planning to expand it next year to include more Indiana counties,” said Joseph Hornett, Purdue Research Foundation senior vice president, treasurer and chief operating officer. “All the students enrolled have an interest in math, science and technology.

“Through this program, they will have the opportunity to experience what it is like start a new business, including developing the concept of a business, creating an executive summary, and then pitching the business to judges of the competition and their peers.”

The students in the program worked with the Purdue Research Foundation staff, Purdue faculty, industry leaders, business experts and high-tech entrepreneurs. Participants toured the Purdue Research Park and Discovery Park.

Projects of the Entrepreneurship Academy included:

  • * Devising a feasible business concept.
  • * Determining financial and budgeting needs.
  • * Identifying opportunities and challenges.
  • * Making the product or service competitive in today’s market.
  • * Developing a communications and marketing plan.
  • * Participating in a “networking” dinner in the Buchanan Room of Ross Ade Stadium.
  • * Presenting a two-minute “elevator pitch” at the conclusion of the academy.
During the “presentation to potential investors” portion of the event, seven teams composed of five students presented a five- minute “elevator pitch” that included an executive summary of their business with a PowerPoint presentation. Judging criteria included the business concept, presentation, market knowledge, competition awareness and financial plan.

Winning teams received tuition vouchers for higher education in the amounts of $500, $250 and $100.

My kind of summer camp!