© 2012 Boise State University1 Venture College Kevin Learned, Director

© 2014 Boise State University2 He “attended Boise State University. He dropped out after two years. ‘I decided I liked making money more than spending it.’” Business Insider. October 25, How a Boise e-book Author Became an Overnight App-design Sensation.

© 2014 Boise State University3 Did he really have to drop out? How can we help students who want to create businesses while they pursue their education?

© 2014 Boise State University4 Venture College A skills-based program that prepares students of any discipline or class to start businesses while pursuing their education Venture College Division of Research and Economic Development

© 2014 Boise State University5 Not an Academic Program Non-faculty leadership Report to VP Research & Econ Development Non-credit Campus-wide eligibility Competitive Skills-based Lean Startup (Blank, Osterwalder) Mentoring Governance Micro-grants Off campus facility Outcomes – Start businesses – Gain skills (badge credentials) – Get jobs – Build personal networks

© 2014 Boise State University6 Admission Admissions committee from business community Present and defend a business idea Seeking passion and commitment Actual idea unimportant

© 2014 Boise State University7 Source of Entrepreneurs CollegeCount% Art & Science12% Business1831% Education12% Engineering1729% Health Science58% Social Science712% BSU Incubator23% Alumni & community814% Total59100%

© 2014 Boise State University8 Class Standing ClassCount% Freshman23% Sophomore23% Junior915% Senior1729% Graduate programs1932% Alumni and community1017% Total59100%

© 2014 Boise State University9 Cohort-Based New cohort begins each semester – Cohort meets for two hours each week – Each entrepreneur has 30 minute individual meeting with director/mentor/earlier cohort member – Pitches every week 16 week initial program based upon Osterwalder’s Business Model Canvas – Expect ten interviews/week – Progress dependent upon entrepreneurs Thereafter meet in “open lab”

© 2014 Boise State University10 Pace NameCustomer Discovery Customer Validation Customer Creation Company Building QuestionProduct/marke t fit? Will customers pay? Is business model repeatable? Is business model scalable? MethodologyInterviewsMVP transaction Marketing and sales strategy Execution OutcomeVerified business model Validated business model Create/find demand Profitable growth Count (37 began)

© 2014 Boise State University11 Outcomes (18 months) Businesses started15 Jobs accepted Sales$300,000 Capital raised$175,000 Prizes and awards won$80,000 Jobs created (FTE)17 Badges earned15 Accelerator acceptances1

© 2014 Boise State University12 Learnings An impatient population exists It’s diverse We don’t compete with College of Business – Gone from suspicion to pride Community support strong (400 mentors) Entrepreneurs don’t follow a timetable Given support and encouragement, businesses will be created

© 2014 Boise State University13 Problems Recruiting Funding Scalability Grants vs. capital for entrepreneurs

© 2014 Boise State University14 THANK YOU Kevin Learned, Director, Venture College Venture College Division of Research and Economic Development