The University at Buffalo is seeing increases in the number of active startups formed each year in campus-based entrepreneurship programs and the level of engagement in events.
The university has ramped up its focus in the last five years to build up a support system for faculty and student startups, said Christina Orsi, associate vice president for economic development.
Efforts over the last five years include launching Blackstone LaunchPad, a campus-based entrepreneurship program; participating as a site for I-Corps programs, which combine business model training with a customer discovery process; and opening its Incubator @ CBLS facility downtown.
UB's number of active startups, meaning startups that are still in business and were formed by UB students, faculty or licenses, jumped from seven in 2019 to 24 in 2020. Orsi said she expects this year to meet, if not exceed, last year’s stats.
Meanwhile, Blackstone LaunchPad's events and student engagement in those events has increased every year since the 2018-19 school year.
In fact, Orsi said, the pandemic may have helped to boost Blackstone LaunchPad’s engagement. The program shift to 100% online led to more student participation..
“Virtual allowed them to engage in different ways and perhaps different times,” she said. “Clearly there was an interest in that. I think we’ll have a blend of virtual and in-person going forward.”
A downturn in the economy can lead to more businesses starting as people evaluate career choices and decide to pursue ideas, she added.
Erie and Niagara counties saw its number of Annual new business applications jumped from 2019 to 2020, according to U.S. Census Bureau data.
Orsi said the university will continue to expand entrepreneur services in the coming years, as well as reaching out to UB alumni to let them know the university can help with startup efforts.
“Overall, I think our community has come so far in the last five years,” Orsi said. “You’re starting to see the dividends, more startups growing here and having an economic impact.”
