For the student entrepreneurs accepted into the Darden Business Incubator, the summer heralds the moment when their promising early-stage ventures are given the chance to fly.
In late May, 11 companies – four more than last year – entered the Incubator, which is designed to foster the development of start-up businesses to the point of obtaining significant, third-party investment support or bootstrapping to profitability.
In addition to providing space in which to work, the support of the Darden community and faculty, and valuable networking opportunities, Darden even provides seed money – over $13,000 per venture – thanks to the generous backing of the Batten Endowment.
“We offer students all the nuts and bolts that a business needs to get off the ground and be successful. Over the course of the summer, we talk about every aspect of starting a business, from incorporation and intellectual property to funding,” said Philippe Sommer, director of entrepreneurship programs at Darden. “We hear from angel investors, lawyers, venture capitalists and accountants.”
In the eight years that the Darden Business Incubator has been active, close to 60 companies have participated. Approximately 50 percent of those continue to operate – which is a high number, as most entrepreneurs know.
“Having an incubator at Darden is a real asset,” said Sommer. “While many business schools say they have an incubator, it is often a course, not a physical space with a community. Darden’s incubator nurtures start-ups for an entire year. Plus, a relatively small number of schools offer the financial resources that Darden does.”
Joining the 2009-2010 incubator is a wide variety of companies, including an independent film production company, a wholesale nursery, financial service companies (including a private equity fund and a fund targeted at the underserviced financial investor in Latin America) and a couple of Internet ventures, including a search engine/social network and an online retailer.
While each business must involve a Darden student, the Incubator is also open to members of the wider University of Virginia community who are interested in pursuing an entrepreneurial business idea. Projects are selected for the quality of the concept and business plan and the research behind it. Once in the Incubator, the start-up must reach a series of well-defined milestones, and participants are encouraged to establish an advisory board.
M.J. Toms, associate director of entrepreneurship programs, sums it up this way: “The savvy entrepreneur should be thinking of Darden and the resources we offer if he or she is thinking of starting a business.”
Founded in 1955, the University of Virginia’s Darden School of Business improves society by developing principled leaders in the world of practical affairs.
For additional information, contact communication@darden.virginia.edu.