Fire Awards: Winner - Fire starters/community builders
UMSL Accelerate, the entrepreneurship program of the University of Missouri-St. Louis, has played a key role in seeking to boost the diversity of St. Louis’ startup economy. In 2021, it launched its UMSL DEI Accelerator, which has provided $50,000 to 11 startups led by minority founders. It’s also helped cultivate the next generation to the local startup sector, using its accelerator program to provide paid internships to its students. It is now seeking to expand its accelerator programming, with the hopes of creating and advancing more local startups.
Dan Lauer, founding executive director of UMSL Accelerate, shared more about how his program is seeking to expand how St. Louis elevates startups.
UMSL Accelerate in 2020 launched its DEI Accelerator. Where did that idea come from and how did it get launched? I originally connected the dots on accelerators by watching the ecosystem grow from incubators to TechStars and Y Combinator to corporate accelerators. When we launched UMSL Accelerate, I thought a university-led accelerator could be a first of its kind and differentiate as we have assets that include student-paid interns, faculty advisors and alumni connectors. Our first was a corporate accelerator. We launched the Ameren Accelerator and hope to announce another (new) one this fall. We then turned attention to student accelerators and launched Entrepreneur Quest Student Accelerators across the four campuses in the University of Missouri System.
The idea of a purpose driven accelerator comes from our mission and call to be a beacon of hope. There are a lot of conversations and initiatives around workforce development and job creation and anchor institute. Charlie Hoffman, dean at the time, created a culture of innovation and allowed for alternative and new programs. I noticed the stress in summer of 2020 in the city and felt that early access to capital for underrepresented founders is a glaring problem. We created a presentation and Ameren, Edward Jones, Express Scripts said “yes” to a pilot along with private anonymous donors.
What lessons have you learned from the first two cohorts of the DEI Accelerator? We have plenty of entrepreneur talent from all walks of life in St. Louis. We received 437 first-year applications. The gap is how to support the companies after the program. We need a post-accelerator accelerator. FlipStik is scaling nationally. DEMIBlue Natural Nails, Nebula Media Group, Pop Pop Hurray! Gourmet Popcorn all are thriving and there will be some that can scale globally. If it’s a consumer products company, they all need $1 million, distribution and manufacturing. How do we support the stars?
How does UMSL Accelerate support its accelerator companies after they complete the cohort? The accelerator has enjoyed strong media coverage and the community seems to be supporting the traction. I personally mentor a couple; we have strong PR investment and as we grow in the ecosystem we create and connect the founders to new opportunities.
How does UMSL Accelerate merge its accelerator operations with its focus on educating students? Do the two connect? Our intention is to be a first choice for entrepreneurially minded students. For us, it starts with students. Our entrepreneurship degree (BSBA ENT) has a strong pedagogy. We have a practitioner-based, real world, bias towards action program. The three are very connected: EDUCATE is the in-class experience; INNOVATE is a suite of mentor, clinics, clubs, co-curricular all focused on take home value; and COLLABORATE is where students can get paid to learn while interning for a startup. From chancellor to development to dean to department chair to faculty, there is tremendous alignment.
What is UMSL Accelerate’s top goal for the next year? We are growing to 70 students pursuing the degree. We have capacity to support one corporate, one student and two purpose-driven accelerators per year.
What can St. Louis do better to get more college students and young people engaged in entrepreneurship? The demand is already here. Nearly half of our entering students want to start a business. Covid-19 introduced the side hustle. As we grow, we will begin supporting entrepreneurship in the high schools.
There’s currently concern about an economic downturn and what that means for startups. What steps is UMSL Accelerate taking to ensure it can continue to help portfolio companies grow, even in a downturn? Entrepreneurship will have cycles, yet the beast is unleashed and will not be put back in the barn. Our commitment is to pursue best in class. For students, the pandemic ushered in the side hustle — 50% of students ask for entrepreneurship when looking at colleges and companies grow and prosper during uncertainty. Intentional planning, mindfulness, three-year horizons all help founders through turbulence. It’s a great time to be an entrepreneur at UMSL. It’s a great time to be an entrepreneur in St. Louis.
For links to profiles of winners and finalists in the 2022 Fire Awards and Startup Exit Awards, go here:
