Purdue Research Park entrepreneurship program for high school students to begin

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Purdue Research Park entrepreneurship program for high school students to begin
Cynthia Sequin, Purdue University News Service
Posted on Friday, July 27 2007

EST LAFAYETTE, Ind. -- About 40 high school students from 14 Indiana counties will arrive at Purdue University on Sunday (July 29) to begin a week long summer academy to learn more about the world of entrepreneurship.

The Purdue Research Foundation's Entrepreneurship Academy, which runs through Aug. 3, is made possible through a $35,000 grant from Indiana's Workforce Innovation in Regional Economic Development, or WIRED program. The Purdue Research Park is directing 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 will take 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 will be working with Purdue Research Foundation staff, Purdue faculty, industry leaders, business experts and high-tech entrepreneurs. Participants also will tour the Purdue Research Park and Discovery Park.

Projects of the Entrepreneurship Academy include:

* 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 will present a five-minute "elevator pitch" that will include an executive summary of their business with a PowerPoint presentation. Judging criteria includes the business concept, presentation, market knowledge, competition awareness and financial plan.

Winning teams will receive tuition vouchers for higher education in the amounts of $500, $250 and $100. Judges for the academy include Susan Davis, Greater Lafayette Small Business Development Center; Jody Hamilton, Indiana Economic Development Corp.; William Connors, CEO of Purdue Employees Federal Credit Union; and Steven Gerrish, director of business development for the Purdue Research Foundation Office of Technology Commercialization.

Other program sponsors include Lafayette Printing Co., SSCI Inc., BASi Inc., CSO Architects, ICx Griffin Analytical, Purdue University, Purdue Employees Federal Credit Union, Lafayette/West Lafayette Development Corp. and the Indiana Small Business Development Corp.

For more information, contact project coordinators Sascha Harrell at (765) 496-7721, smharrell@prf.org, or Carmen Hunt, (765) 496-1049, clhunt@prf.org.

The Purdue Research Park is home to more than 140 companies. About 90 of these firms are technology-related, creating the greatest cluster of these types of ventures in the state. The park is part of the Purdue Research Foundation, a private, nonprofit foundation created to assist Purdue University. The 591-acre research park, located just north of campus, has the largest university-affiliated, business incubation complex in the country. The Purdue Technology Centers are composed of four complementary facilities totaling 195,000 square feet.

The U.S. Department of Labor funds the Workforce Innovation in Regional Economic Development, or WIRED, initiatives with a goal of helping Indiana manufacturers develop innovative business strategies. The program is designed to integrate federal, state and local investments in work force development and economic development. Through the Center for Regional Development, Purdue's Office of Engagement is involved with the project.

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