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Question about funding student businesses

  • 1.  Question about funding student businesses

    Posted 02-18-2010 17:25

    Hello All:

     

    Thanks to those of you who provided suggestions recently about funding student micro-businesses.  I received several wonderful suggestions (and a few horror stories on what to avoid), and we launched this initiative this semester by loaning student groups up to $500 each (which they could match).  If anyone wants a compilation of responses from the list, please let me know.

     

    I'm returning to the list for suggestions about a related initiative.  I have the opportunity to set up a fund that can provide small amounts of funding for existing student businesses.  We already have a business plan competition in place to provide the "big" cash injection for these companies ($7,500 first prize), so this would be more for working capital/equipment needs in the $500-$2000 range for current students, who already have a business or are very close to launching it and need just a little more money.

     

    I know a few schools have this type of funding, so if yours does, I was wondering:

     

    1.      What is the funding range you provide students?  (We might be able to allocate additional funds if our current range is too low).

     

    2.      What kind of process (e.g., presentation to a judging panel) do students go through to obtain funding?

     

    3.      Do you have students involved in the judging process either via an entrepreneurship club or class?  If so, how do you select the student judges? (I would think this would be good experiential leaning for both applicants and judges).

     

    4.      Are the funds a loan, a small equity stake, or a grant?

     

    As before, I will be happy to compile and share responses.

     

    Thanks so much for your suggestions.

     

    Best regards,


    Franz Lohrke

    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    Franz T. Lohrke
    Brock Family Chair in Entrepreneurship

    Chair, Department of Entrepreneurship, Management & Marketing

    Brock School of Business

    Samford University
    800 Lakeshore Drive
    Birmingham, AL 35229
    Office: (205) 726-2373
    Fax:    (205) 726-2464
    http://www4.samford.edu/~ftlohrke

    ++++++++++++++++++++++++++++++++++++++++++++++++++++

     

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