For years Southern Methodist University has hosted pitch competitions, giving student entrepreneurs a shot at funding. Now, the university is replacing those with a new program to provide more support and training along the way.
The student-led SMU Cox Graduate Entrepreneurship Club announced the launch of its Business Accelerator Program last month and is looking for students and recent graduates from across the university’s colleges to apply.
“We want to dedicate and provide support, resources and opportunities for the majority of our student club members in whatever their goal is to launch a viable business and connect with industry leaders ... in order to be successful,” said Valecia Harris president of the Graduate Entrepreneurship Club.
Harris said the revamped programming came about from conversations with past winners of the university’s former Business Plan Competition, who nearly unanimously said they wished they had more hands-on support from mentors and exposure to more potential investors.
Applicants to the six-month program will be whittled down to five to 10 entrepreneurs, who will then participate in a couple of workshops before taking part in a 90-second elevator pitch competition. From there, three Tier I ideas will be named and receive $10,000 in non-diluted funding.
The rest of the competitors will be placed on Tier II. After that, both Tier I and II concepts will be partnered with mentors in their industry and work to develop a network and viable business plan. The program will culminate in a business launch competition with at least $50,000 up for grabs. All participants in the program will be invited to a dinner with curated investors and players in the local startup ecosystem.
SMU graduate and undergrad students are eligible to apply. The program has also been extended to alumni who graduated in the last 13 months since last year’s competition was cancelled amid the pandemic. The program is industry agnostic and Harris said student entrepreneurs from all colleges are invited to apply to add to the diversity of thought and perspective of the cohort.
“In our current state that we're in today with COVID, we have a lot of students… pivoting into the strategy and entrepreneurship side of things,” Harris said. “You can't build a business without getting a diverse perspective and getting a big vision. The idea is to get them into the launch phase, and you can't do it alone.”
The deadline to apply is September 19. The elevator pitch portion of the program kicks off on October 22, with the final pitch competition taking place in March.
Harris said she hopes participants walk away from the program with a network of fellow founders, mentors and potential investors, in addition to understanding consumer trends and product-market fit. She added that on a personal level, she hopes participants learn skills like vision, passion, determination and commitment.
Harris also noted that the launch of the Business Accelerator Program comes on the heels of Dallas Mayor Eric Johnson’s Task Force on Innovation and Entrepreneurship, which includes SMU’s Executive Director of the Caruth Institute for Entrepreneurship Simon Mak as a member, released its findings. Those included an increase in the number of incubators and accelerators in the region, as well as more collaboration between educational institutions and the broader startup ecosystem. She said she hopes the new program will do its part to add value to that mission.
“The biggest thing to get out of this is being an entrepreneur,” Harris said. “And not only that, being able to understand and really have a clear, concrete understanding what the milestones are of actually launching a business and what is involved in it.”
Looking ahead, Harris said the goal for the program is to become self-sustaining, with graduates of the program, along with mentors and community partners, returning to train the next crop of entrepreneurs. Already, SMU has produced several players in the local startup and investing scene.
The university’s Incubator@SMU has produced companies like alternative investment firm Plutus21 Capital, which has grown from 2016 to have more than $60 under its management. Its athletic program has produced founder James Sackville, the founder of Athletes in Recruitment, which helps student-athletes connect with recruiters. SMU and the entrepreneur community around it was also a draw for Chicago health care startup City Health Tech’s planned move to the region after co-founder Irewole Akande graduates from the university.
“What we're doing is wanting to set our students up as next-gen entrepreneurs … and give them the room in order for them to be successful,” Harris said. “What we're hoping with this program is it to be sustainable, not to just be a one-stop type of program and move on to the next, but to build the relationships and the networking they need in order for them to actually create a viable, sustainable business.”
