The mission of the Gary S. Holmes Center for Entrepreneurship is to inspire and educate the next generation of entrepreneurs. In addition to promoting experiential activities inside the classroom, the Holmes Center supports student's efforts to "learn by doing" through the launch and operation of new ventures while enrolled in school.
The Business Hatchery in Room 2-212A serves as a focal point for student business start-up activity, and enables a select number of students to share ideas and utilize external resources necessary for launching their business. Entrepreneurial students will utilize this space to conceive, launch, and "hatch" their own independent businesses, with help from outside legal, accounting, research, and other advisory services.
Experienced members of the local entrepreneurial business community have volunteered to advise the students on their efforts. These "Entrepreneurs-in-Residence" will coach the students on the analysis and execution of their venture, providing access to their network of industry and functional contacts. Thanks to the generosity of several partners in the local business community, students will also be provided with a limited amount of pro bono professional services as they launch their businesses.
A select number of students from across the University will be admitted to the Business Hatchery during the fall of 2011. Finalists in the Minnesota Cup competition and winners of the most recent BizPitch elevator pitch contest are automatically admitted. Interested University students should apply online or contact John Stavig.
The Tom Auth Entrepreneurial Seed Capital Fund and the Ann & Robert Jackson Seed Capital Investment Fund have been established to provide small grants of seed capital to worthy student entrepreneurs. Students participating in the hatchery are eligible to apply for annual grants of up to $2,000 to get their business off the ground.
Auth and Jackson Entrepreneurial Seed Capital Fund Grant Application
Admitted students will be provided with access to the hatchery room, professional services and participating entrepreneurs to assist in building their businesses:
You now have access to room 2-212A for use in working on your business. You may utilize the computers, phone, printer and office space for these purposes. BusinessPlanPro and Peachtree accounting software are available on these computers. This room will also be utilized by the Entrepreneurship in Action students. Please keep the room in a clean condition and be respectful of other approved use.
If you require legal or accounting advice/assistance, please contact John Stavig to initially discuss the issue and he will put you in touch with the appropriate individual for professional assistance. Assistance with the formation of a legal entity and basic contractual agreements are typically available on a pro bono basis. Preliminary guidance can be provided on more complex legal issues (IP, employment agreements, etc.), but may require out-of-pocket expenses. Accounting assistance offers preliminary guidance on employment, sales, and income tax reporting, in addition to general advice on setting up your accounting and financial reporting systems.
Seed Capital Funds
Two endowments have been established specifically to support student-run businesses. The targeted annual payout is currently $6,000. Attached is an application to apply for grants from this fund, which are limited to $2,000 per business. These funds will be distributed without any strings, but carry an expectation that you will assist future University students if/when your business becomes successful.
Support from Entrepreneurs-in-Residence
Attached are brief biographies on our initial listing of entrepreneurs-in-residence that have offered to assist you in developing your student-run business. You may contact them directly, but please abide by the following expectations. I would also encourage you to discuss with me who would be the most appropriate contact or at a minimum to review their bios prior to contacting them.
Expectations of Student Entrepreneurs
Expectations of Entrepreneur-in-Residence