PRP Entrepreneurship Academy
June 20-26, 2010

Nationally recognized Purdue Research Park Entrepreneurship Academy adopted at Chicago, North Dakota universities

July 8, 2010

WEST LAFAYETTE, Ind. - A nationally recognized program developed by Purdue Research Park officials to encourage high school students to learn about entrepreneurship has been adopted by education professionals in Chicago and North Dakota.

The model for the Purdue Research Park Entrepreneurship Academy was used in the inaugural North Dakota State University Research & Technology Park Entrepreneurship Academy on the Fargo-based campus in early June. It also will be used at Roosevelt University's Entrepreneurship Academy next week (July 11-16) at its Chicago campus.

Purdue Research Park Entrepreneurship Academy director Tim Peoples said the core of the program can be adapted for a wide range of attendees provided the students are interested in learning about business.

"It does not matter whether the students come from rural or urban areas," Peoples said. "If they have a strong interest in science and technology, and if local business leaders are willing to share their expertise with them, the entrepreneurship academy experience will be a successful one. This was the case in Fargo, and we look forward to replicating the success in Chicago. We will expand further in 2011 as several other universities have expressed an interest in adapting this turn-key program to meet their needs."

During the academy, teams of students are presented with high-tech business cases from sectors like renewable energy and medical devices. The teams work with mentors to determine the viability of the business case, identify capital needs and devise a management plan. Teams then present a 15-minute investor pitch to a group of judges in a business plan competition setting. Winning team members in the Purdue and North Dakota State University academies received tuition vouchers to offset part of the cost of higher education. Winning team members from Roosevelt will receive the same.

"Entrepreneurs will be key factors in the international economy as small business development and expansion will provide jobs and personal income growth," Peoples said. "Young people around the world are early adopters of cutting-edge technology, uncover trends and new methods to solve problems, and are excited about high-tech careers. What they need in order to make the shift to being entrepreneurs is knowing about the processes involved, which is what an entrepreneurship academy can provide."

The program is based on an entrepreneurship methodology called "So what? who cares? why you?" from Wendy Kennedy, a technology industry executive and author who has written about commercializing innovative technology ideas.

The Purdue Research Park Entrepreneurship Academy was named the 2010 Innovation of the Year by the National Business Incubation Association.

About the Purdue Research Park

The Purdue Research Park has the largest university-affiliated business incubation program in the country. The Purdue Research Park has four sites in the State of Indiana. They are Purdue Research Park of West Lafayette, Purdue Research Park at AmeriPlex-Indianapolis, Purdue Research Park of Northwest Indiana and the Purdue Research Park of Southeast Indiana. In 2004, the Purdue Research Park of West Lafayette was named Outstanding Science/Research Park by the Association of University Research Parks.


Purdue Research Park contact:
Steve Martin, 765-588-3342, sgmartin@prf.org

Source:
Tim Peoples, 765-588-3365, trpeoples@prf.org

Program Mission
The goal of the Purdue Research Park Entrepreneurship Academy is to provide innovative math, science and technology-based business and life skills that empower young people, and offer them unique opportunities and real-world experiences.

Program Overview

The Purdue Research Park would like to offer an opportunity to incoming Indiana high school juniors and seniors who demonstrate an aptitude in the areas of math, science and technology along with an interest in entrepreneurship.

Selected students will attend the six-day, high-tech focused Purdue Research Park Entrepreneurship Academy at Purdue University's West Lafayette campus June 20-26, 2010. The Academy is led by Purdue Research Foundation staff with critical assistance from Purdue University faculty, industry leaders and successful high-tech business entrepreneurs. Students work in teams on a fundamental business case to determine the best way for the business to compete, identify capital needs to start the business and devise a plan for managing the business successfully.

The training platform for the program is the So what? who cares? why you?® entrepreneurship methodology. Working with Wendy, the students become a startup company team for an assigned science or technology idea and apply So what? who cares? why uou?® to determine the best options to commercialize their idea, and devise a plan to successfully launch their business.

Participants are provided with business cases, two days of instruction and necessary materials to assist them in the successful completion of the program. On the final day, teams give a 15 minute "investor pitch" to a panel of judges in a business plan competition setting. Each student who completes the program will receive three credits toward the Entrepreneurship Certificate program at Purdue University. Tuition vouchers to Purdue University are awarded to the top three teams whose presentations are judged as having the most solid business strategy and promise for success.