Just as classes wind down for the summer at the University of Virginia’s Darden School of Business, things heat up for a group of student entrepreneurs accepted into the Darden Business Incubator. In late May, 11 start-up ventures entered the Incubator, where they will spend the next few months working to develop their ideas and obtain significant third-party investment.
This year’s incubator class includes four more companies than last year. As participants, each will receive space to work in, Darden faculty support, valuable networking opportunities and more than $13,000 per venture in seed money.
“We offer students all the nuts and bolts that a business needs to get off the ground and be successful,” Philippe Sommer, director of entrepreneurship programs at Darden, said in a statement. “Over the course of the summer, we talk about every aspect of starting a business, from incorporation and intellectual property to funding,” he continued. Students also have the opportunity to hear from angel investors, lawyers, venture capitalists and accountants, he added.
The Darden Business Incubator launched eight years ago, and in that time, almost 60 companies have participated. Of those, almost 50 percent continue to operate today.
“Having an incubator at Darden is a real asset,” Sommer said. Unlike some business school incubators, which are really just a course, the Darden Incubator provides a physical space and supportive community that nurtures start-ups for an entire year, he continued. “Plus, a relatively small number of schools offer the financial resources that Darden does,” he added. The generous seed money provided to each venture is made possible thanks to the support of Darden’s Batten Institute for Entrepreneurship and Innovation.
Among the companies joining the 2009-2010 incubator are an independent film production company, a wholesale nursery, a range of financial service companies and a couple of Internet ventures, including a search engine/social network and an online retailer.
Projects are assessed for the quality of the concept and business plan and the research behind it, with only the strongest gaining admission. Once accepted into the Incubator, the start-up ventures must each reach a series of well-defined milestones. Participants also are encouraged to establish an advisory board.
All incubator companies must involve a Darden student, but members of the wider UVA community who are interested in pursuing an entrepreneurial business idea are also welcome.
To learn more about the Darden Business Incubator, click here.
