WMU's business accelerator, Starting Gate, open for student entrepreneurs

There is something undeniably exciting about seeing new businesses being born.

 

At the first demo day for Starting Gate four startups showed a room full of interested observers what they had accomplished over the summer. Some had changed direction from their initial business idea and others had honed their plans after finding out more about what would work, and what would not.

 

Student-founded FindersKeepers, Fish Ninja, Rgoup, xCheapskate and KittyNinja were the first to get to work in Western Michigan University's new venture accelerator, the Starting Gate. (See related stories in the Growth News section of Second Wave.) KittyNinja's founder was unable to attend the Aug. 20 presentation. 

 

The company founders gave demonstrations of what they saw as the problem their company would solve and talked about who would be interested in using that solution.

 

The startups had access to Starting Gate offices 24/7 and mentors worked with them during the two-month period to develop their businesses, says Moh'd Khair Riy Albattikh, Interim Director of Starting Gate. 

 

For their next step the fledgling companies must demonstrate they have a valid business model that can grow over time. Some of them will go on to investor day, where they will make a pitch to prospective investors. Others may decide to finance the company themselves or seek financing from friends and families.

 

With the five pilot companies on their way, WMU's venture accelerator, located in WMU's Business Technology and Research Park and operated by the Haworth College of Business Center for Entrepreneurship and Innovation, is now accepting applications for the first "official" group of student entrepreneurs. 

 

Students with companies who have been through the pilot program this summer will be encouraged to work with those who decide to grow a business at Starting Gate in the fall. They will continue to get support for their businesses for as long as they need it. 

 

By working in Starting Gate, students gain experience as they decide what needs to be done to move the company ahead, and discuss business model design in meetings with mentors. At regularly scheduled intervals, they show their prototypes and present prototype updates. They also practice their demo and pitch.

 

Key mentors, including faculty members, successful entrepreneurs from the local community, investors and experts in areas of interest such as commercial law, venture capital and others share their skills and knowledge with participants.

 

Further resources are made available through WMU's Small Business and Technology Development Center, WMU Business Connection, Haworth College of Business experts and WMU faculty expertise from across campus.

 

Starting Gate will develop a network of contacts and connections within the local business community to aid in the success of their ventures.

 

And there will be regular update nights to help students define the scope of their companies, adjusting business models and plans and gaining feedback.

 

Students interested in applying for Starting Gate's for fall should visit here  and submit applications by Sept. 6. 

 

"Starting Gate is an exciting opportunity for WMU students," says Dr. Kay Palan, dean of the Haworth College of Business. "Western students are very entrepreneurial in nature, and we see many students begin businesses while they are here. We are excited to provide yet another avenue to support and nourish our students' passion for entrepreneurship."