A few weeks ago I attended the latest pitch event by Entrepreneur First (EF) whereby their latest cohort of super bright academics spoke about the ventures they were hoping to build.
EF are unique in the sense that they don't look to back businesses as much as to back bright academics. They take these talented people, put them into complimentary teams and give them support to get an idea off the ground.
It underlines the entrepreneurial talent sitting within academia that is perhaps thus far largely untapped. After all, with academic league tables focusing more on employability than entrepreneurship it is perhaps not that surprising that few students are given the support needed to turn their ideas into reality.
Promoting Student Entrepreneurship
A number of universities are attempting to do change that picture however. Future Worlds, for instance, is an incubator established at the University of Southampton that aims to help students build and grow a business.
They have already helped over 30 startups via mentorship and an extensive support network, with those ventures securing several million pounds in backing.
“Universities are home to thousands of incredibly smart students, researchers and academics. Future Worlds is growing a unique startup culture and network of mentors that inspires those people to change the world with their ideas,” Reuben Wilcock, director of Future Worlds told me recently.
"We think it’s important to support every part of an entrepreneur’s journey, from inspiring their ideas at our talks and events, to helping create a compelling pitch and connecting them to our global network of mentors, investors and experts,” he continued.
University College London are another leading university aiming to encourage students to setup their own business. They run an annual competition called The Panel (disclosure: I'm a judge at the event), which is styled on the hit BBC program Dragon's Den.
The Panel is run in conjunction with the university's MSc Technology Entrepreneurship course, with winning entrants gaining a place on the course, which would ordinarily cost £11,090. The course itself is designed to give the budding entrepreneurs all of the skills and networks required to thrive.
"We’re hoping ‘The Panel’ will encourage some of the U.K.’s most promising business people to come forward, including those who may not have considered studying while launching their business. We can’t wait to see who comes forward and the ideas they present,” says course lead Chris Coleridge.
The Morpheus Cup
The Morpheus Cup takes this level of competition to another level. The pan-European competition is overseen by Tibor Navracsis, the European Commissioner for Education, Culture, Youth and Sports, and consists of two stages.
Stage one is the pitch stage, with students requested to submit an idea for a project or startup, before then a day of competition taking place in Luxembourg on the 10th of May.
There are 26 awards and €50,000 worth of prizes available, as well as the opportunity to make a name for yourself in front of potential employers, partners and investors.
"Entrepreneurship skills help people to find -- and create -- high-quality jobs, and they enable them to become confident, engaged citizens. That is why promoting the teaching of these skills is a priority for me. The European Institute of Innovation and Technology and its educational programs have a vital role in this, offering young people unique opportunities to develop entrepreneurship skills and to help boost innovation in Europe," Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, said to me prior to the upcoming InnoveIt conference in Budapest.
Starting Young
Of course, each of these projects might have something to learn from the Finnish project Me & MyCity. This consists of a lavish virtual world where children aged 12 and 13 are encouraged to 'live' as adults would, including applying for jobs, paying taxes and starting their own businesses.
The platform works with established companies such as Samsung and Nokia, both of which have virtual representations in the city, and within which children can apply for jobs and perform real-world tasks.
The venture, which is five years old, has seen roughly 140,000 children live a virtual life in one of eight cities spread across Finland. The aim is to help youngsters develop the kind of entrepreneurial skills needed to thrive in the modern world.
This is part of a wider effort throughout the EU to encourage entrepreneurship, especially in response to the high youth unemployment levels across the continent.
Despite this, a recent EU report highlighted the uneven and fragmented nature of many of these projects. It suggests that, whilst the projects outlined above are very positive, more is needed to ensure we give our budding entrepreneurs the best chance possible.
