Last fall, the University of Virginia put together a plan to make it easier for potential entrepreneurs to find help, guidance and even funding for their ideas. Now, a year later, that plan has solidified under an initiative, UVA Innovates, to assist students, faculty and staff with moving forward with their big ideas.
The launch of UVA Innovates coincides with the University’s Fall Entrepreneurship Week featuring several events for the innovation-minded, including:
- An “Entrepreneurship Escape Room Tournament,” Saturday at the McIntire School of Commerce
- “The Entrepreneurship Challenge” on Sunday at The Foundry, a new dedicated space at 9 Elliewood Ave. for student entrepreneurs. The Foundry officially opens with a ceremony Oct. 2 from 1:30-7 p.m. featuring UVA President Jim Ryan, former Reddit Chief Technology Officer Marty Weiner, a reception and open house.
- A “Founders Fair” Oct. 1 in the Newcomb Hall Ballroom where budding entrepreneurs can meet with potential funders including investors and local business owners.
- A UVA Alumni Entrepreneurship Mini-Summit Oct. 4 in Arlington for graduates looking to take their ideas or companies to the next level.
Michael Lenox, a Darden School of Business professor who is overseeing this Universitywide initiative, talked with UVA Today about where the program is, and where it is destined to go.
Q. A year ago, UVA announced the first efforts at formalizing innovation and entrepreneurship resources for students and faculty across the University. How has that worked out?
A. The last year was spent listening and ideating on what were the critical unmet needs in our University community. We are now bearing the fruit of this work, standing up a suite of exciting new initiatives, including a new clubhouse for student entrepreneurs and innovators called The Foundry; a one-stop-shop for support for faculty and graduate researcher founders called the Venture Hub, in partnership with UVA’s Licensing and Venture Group; and a new wet lab biotech accelerator in partnership with CvilleBioHub.
All of this is supported by the new UVA Innovates platform to help catalyze and coordinate the numerous efforts taking place around Grounds in the various schools and units.
Q. What is the idea behind UVA Innovates and how does it advance the previous work?
A. Over the past decade, entrepreneurship and innovation offerings across Grounds have been flourishing. For example, offerings have grown to include undergraduate entrepreneurship minors, the UVA Entrepreneurship Cup competition, the Galant Challenge at McIntire, the Batten Institute’s iLab Incubator at Darden, and the social entrepreneurship program at the Batten School.
On the faculty and researcher front, we created the UVA Seed Fund, new translational research programs and the iCorps program.
Lenox says entrepreneurship is “much more than starting a business. Entrepreneurial thinking is a set of skills and a way of approaching our world that fosters creativity and innovation” in any chosen path. (Photo by Matt Riley, University Communications)
Yet despite these efforts, there was a sense that the whole was not greater than the sum of the parts and that we could do more. UVA Innovates is meant to serve as a catalyst to these existing efforts, providing coordination and support, and standing up new offerings to meet unmet needs. UVA Innovates will also take a leading role as we think beyond our ecosystem on UVA Grounds, working with local and state entities to help foster innovation and entrepreneurship in Charlottesville, the commonwealth and beyond.
Q. What are some of the ideas or products that have come from this effort that you have found particularly inspiring?
A. On Oct. 2, we will host a grand opening of The Foundry, our student space at 9 Elliewood Ave. This is meant to be a home for creative students throughout the University, from every school. The energy among entrepreneurial and innovative students for a space of their own has been palpable. From the various student clubs that touch upon these topics to individual students who are starting a new business, have a big idea or simply want to hang out with other creative types, The Foundry is meant to be a hub for curious minds.
By design, the space itself is a little rough around the edges. Our intent is to co-create the space with the students, aligning it with their needs and their most creative ideas.
Q. Why has entrepreneurship become such a big part of the student experience at colleges in general, and particularly at UVA?
A. I love the notion that entrepreneurial thinking provides our students with agency – the ability to envision and manifest a future that aligns with their passions. To be clear, this is much more than starting a business. Entrepreneurial thinking is a set of skills and a way of approaching our world that fosters creativity and innovation in whatever direction your passions may take you, from starting a nonprofit, to developing new products and services, to working at an established organization.
Our world needs more entrepreneurial thinkers to address the critical challenges facing society. I think entrepreneurship in this way comes naturally to UVA students. Through entrepreneurial thinking, we are empowering the types of citizen-leaders that have been a hallmark of this University since its founding.
Q. What will success look like for UVA Innovates?
A. In 10 years, my hope is that UVA is well-known as a place where creative and innovative minds envision a better future and are empowered to pursue it. We will be a fountainhead of new ideas, technologies and ventures that advance solutions to our greatest challenges. We will create a vibrant community of entrepreneurial thinkers on our Grounds and beyond, engaging with our local Charlottesville community, partnering with ecosystems throughout the commonwealth and extending our impact through our global network of entrepreneurial and innovative alumni.
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November 21, 2024
