BGA | BUSINESS IMPACT
A
pproximately 5% of recent graduates in the UK are self-employed
support student and alumni ventures for a number of reasons: • It could generate a source of income from future benefactors • Well-known alumni can help to raise a university’s profile • It can help to attract new students • It shows engagement with business and the wider community It is for the reasons above that we have seen an increase in the support available for both student and alumni entrepreneurs. Universities should always be interested in championing alumni success stories and entrepreneurs would do well to make their alma maters aware of what they are doing – be it a high-tech startup or a social enterprise. Making connections One of the most obvious ways in which alumni can leverage support from their university is through networking opportunities. This could be through formal networking clubs, by offering to speak at events, or by providing guest lectures for current students. Networking clubs allow alumni to meet other entrepreneurs from different subject areas and these connections could ultimately become future suppliers, customers or collaborators. For example, The London School of
Economics (LSE) Entrepreneurs’ Alumni Group offers access to investors as well as networking with alumni and students, and the Princeton Entrepreneurship Council offers access to further funding, networking and mentors, provided you already have $100K USD invested. Harvard Alumni Entrepreneurs also offers networking globally and covers all schools within the university. At Alliance Manchester Business School (Alliance MBS), we host regular events that involve both networking and talks from high- profile entrepreneurs. Recent speakers have included Sir Charles Dunstone, Co-Founder of Carphone Warehouse, and the former- footballer-turned-entrepreneur, Gary Neville. There are also universities that offer an ‘entrepreneur in residence’ scheme, such as the University of Portsmouth and Lancaster University. This is helpful for those looking to become a more permanent fixture at their university, as it provides access to research, as well as access to the student entrepreneurship ecosystem. Live projects Another way universities support alumni is through project work. Alumni entrepreneurs will often provide live projects for students to work on – for example, this could be MBA projects which help a business as well as the
or freelance, according to the latest data
from the UK's HESA (Higher Education
Statistics Agency), with only 0.6% having actually started their own business. But many graduates begin careers in their chosen industry before spotting an opportunity to start their own business. Indeed, setting out on their own often happens many years after graduating, so it’s right that many will ask what support is available from their university in the years after they have left the institution. There is an abundance of support available for current students who want to start their own business. From on-curricular courses, incubators, accelerators, boot camps, competitions and skills training, to practical support, such as mentoring and funding. The good news is that many of these activities are also open to alumni who wish to tap into the resources available to take their business ideas forward. Indeed, universities actively look to
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'One of the most obvious ways in which alumni can leverage support from their university is through networking opportunities'
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