Burlington Business Incubator Teaches Student Entrepreneurs at Middlebury College
Excerpt from VTDigger article
Thirteen Middlebury College students are spending their January term learning about entrepreneurship from the Vermont Center for Emerging Technologies, a Burlington business incubator, and VTTA member.
To qualify, each student must have a business of their own to promote. About a third of the students in this year’s class are generating revenue already, according to VCET president David Bradbury.
Bradbury and vice president Sam Roach-Gerber teach the course, which is in its ninth year.
One of the students, James Heath, is building a website called Dormplex that allows students to offer goods and services to others on their campus. Heath, a sophomore, said Tuesday he and his partners planned to launch a beta version of the website this week at the Claremont Colleges in California before launching it at Middlebury in February. (One of his partners attends Pitzer College, one of the seven Claremont Colleges.)
Heath said he hopes the class teaches him some of the foundations of building a company.
As part of the course, students go on field trips and work on their business plans. They are taught selling, accounting, pricing and how to raise capital, Bradbury said. The course includes guest appearances from venture capitalists and other entrepreneurs.
By the end, students decide whether to pursue their business while in college, and about a third of them go on to do so, according to Bradbury.
One concept he and Roach-Gerber teach the students, Bradbury said, is to discover their customers.
“And that means going out and talking to people that aren’t your roommate or your mom or your teammate,” he said. They have to prove that their idea is an opportunity — something that they can make money on repeatedly, and that they can scale so that they can support a team.
Bradbury said VCET helps companies get started at as many as six colleges in the state, but he sees Middlebury as the best entrepreneurial campus in Vermont.
“They’ve focused on student creativity, innovation and entrepreneurship for well over a decade now,” he said. “It is an unexpected place of entrepreneurial energy.”