A new University-sponsored resource may soon help student entrepreneurs turn innovative ideas into realities.
Larry Moneta, vice president for student affairs, presented a plan for supporting student-run companies at a Sept. 26 meeting of The Duke Entrepreneur-an organization created last year to encourage pioneering efforts.
"This would be a good service to students who would like some way to be recognized as a viable entity by the University," Moneta said.
He described preliminary plans to create an independent advisory board that would provide financial support to student entrepreneurial endeavors. Available funds would include loans to businesses, startup grants to non-profit organizations and venture capital opportunities.
"The scope of the fund really depends on the business proposals," said senior Jason Gross, co-president of The Duke Entrepreneur. "Duke has a lot of resources, and they're wiling to make these business ideas realities."
The project's details have not been established, and the amount of money the University would be willing to provide to groups would depend on the scope of requests submitted, Moneta said.
"I would prefer trying to avoid overstructuring at this point," Moneta said, declining to pinpoint a budget figure.
He hopes to have board members in place by the end of the fall semester with more specific planning taking place in the spring. Successful fundraising during the summer could put the program in place sometime next year, Moneta speculated.
"It can't be rushed-we're developing something completely new," he said. "The funds will be the last part."
Moneta stressed that financial details will not be ironed out until other structural decisions have been made, emphasizing the legal liabilities the project could place upon the University.
Moneta said the board would include representatives from The Duke Entrepreneur, Duke Student Government, the Office of Student Affairs, the Enterprising Leadership Initiative and the faculty. He added that he expects at least half the board to be comprised of students.
To qualify for board support, groups must present a business plan and prove financial transparency, Moneta said.
The board could also provide money to fund consultations, guest speakers, risk-management guidance and space reservations.
Moneta said he would like DSG-which provides funds to various student organizations and clubs-to eventually endorse the idea.
"A student-run business falls somewhere between a club and a private enterprise," Moneta said.
Students who have already experienced entrepreneurial success supported the idea of a University-supported entrepreneurial fund.
"With any startup company, there are always unforeseen problems," senior Gordon Whitehouse wrote in an e-mail. "I think an advisory board would be a great resource for student-run companies which are working to establish a working model."
Whitehouse is the chief executive officer of Devil's Delivery Service-a student-owned and operated business that delivers food from several popular off-campus eateries.
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