AMBITION | BE IN BRILLIANT COMPANY
next generation of students, with the added bonus of providing a means of giving back to the university. At Alliance MBS, MBA students spend up to 2,000 hours working on their project – these projects can be invaluable for entrepreneurs running scale-up businesses and are often considered more cost effective than hiring a consultancy company. Recent projects at Alliance MBS have not only featured traditional large corporates, but also smaller enterprises, such as Delamere Dairies and non-profits, such as the UK’s Air Ambulance charity, National Trust and YMCA. Many universities also incorporate live company projects into their courses and reach out to their alumni networks to deliver these. These projects do not necessarily have to be solely for business students, and many are used in subjects such as computer science and biosciences. This can be a helpful recruitment tool if you are looking for future talent. Timely collaboration is key Collaboration with a university can also help entrepreneurs’ bottom line. For example, alumni entrepreneurs can be given access to equipment that are out of budget, and therefore out of reach, for many SMEs, such as analytical equipment or new technology. Many universities also have 3D printing technology which can help with prototyping, especially for those using the ‘lean startup’ method for bringing new products to life. There is also the possibility of licensing patents filed by the university – which is a win-win for both parties. While there is no time limit for much of the support that is available, some initiatives need an entrepreneur to have graduated within, for example, the last three to five years – so it is important to clarify this. Many universities allow alumni to enter their business plan competitions, and this is useful for businesses that are at an early stage, as it can provide much-needed injections of cash. It can also provide access to in-kind support, such as incubator space, mentors and access to intellectual property lawyers. For example, The University of Manchester’s Venture Further competition awards £12,000 GBP in prize money across each of its five categories of technology, creative, environmental, social, and business. Beyond academia Alumni entrepreneurs have reported that practical support measures, rather than solely academic, are needed to encourage the
creation of startups. This could represent opportunities to intern with an entrepreneur, rather than at large organisations, or support with budgets and basic financial training. With this in mind, many universities now offer access to workshops that are specifically designed to upskill students and alumni on
venture capital company that invests £50,000-£200,000 GBP in early-stage
technology businesses. Saïd Business School at the University of Oxford has a seed fund operated by MBA students which is open for students, staff or alumni to apply for up to £50,000 GBP in cash, while the University of Manchester has a £5 million GBP Proof of Principle fund for spin-out ventures based on the university’s research. For alumni who came to the UK to study, there is also the opportunity to apply for a startup visa which provides residence in the UK while you work on your idea. Many universities participate in this scheme and it has proved successful at the University of Manchester, where several successful businesses have been created including babywear brand, Joy and Joe, football experiential business, Homefans and eyewear startup, Specscart. What should be clear is that universities are invested in the success of their students, even after they have graduated. The alumni- university relationship is one that should be mutually beneficial and, as a result, you will find that many universities are very happy to support the entrepreneurial endeavours of their alumni wherever they can. Robert Phillips is a Senior Lecturer at Alliance Manchester Business School, where he teaches entrepreneurship to scientists and engineers. With a background in biological sciences, he has worked in industry with GSK and for university spinouts. He holds an MSc from University College London and a PhD from the University of Southampton.
'What should be clear is that universities are invested in the success of their students'
41 41
topics such as finance and marketing. There are also excellent opportunities for alumni entrepreneurs to engage with prospective customers at student markets, demo days and pop-up shops, and this is a great way to gain feedback on new products. There are more than 200 accelerators in the UK, many of which are run by universities, and these can prove invaluable. They enable entrepreneurs to learn quickly and evidence has shown alumni ventures which have graduated from an accelerator programme are more likely to survive, and on average, obtain a higher amount of funding than those that have not. Maintaining links with the university can also present graduates with other opportunities for funding – many Schools offer ‘seed funds’ and some UK universities are part of Campus Capital, a student-led
Made with FlippingBook - Share PDF online