Ideas may be free, but turning them into action often isn鈥檛.
That鈥檚 the realization that Evan Price, vice-president finance of the 麻豆传媒 Student Union, came to when he started his own farm outside of Truro three years ago.
鈥淚 was spending two days a week on school, and five days a week on my business,鈥� he recalls. 鈥淚 kept finding blocks and barriers to getting going 鈥� sourcing financing, finding mentors and partners, networking. I thought to myself, 鈥業magine how much more difficult this would be if I 诲颈诲苍鈥檛 have a commerce background.鈥欌��
His experience sparked the idea for the DSU Innovation Program, which launched earlier this month. By the end of the term, the DSU will have given out $20,000 in interest-free loans, in amounts ranging from $100 to $5,000, to students looking to launch their own business, a non-profit, a community event 鈥� anything that requires some support and resources to get kickstarted.
鈥淲e鈥檙e looking to change the culture at Dal,鈥� says Taylor Quinn, a first-year IDS student who鈥檚 the recruitment and promotions commissioner for the program. 鈥淲e want to change from 鈥業 can鈥檛 do that鈥� to asking 鈥榳hy can鈥檛 we?鈥� and, in the process, create a startup-focused, innovative culture.鈥�
Providing startup support
The cash loans, the source of which are increased dividends following a restructuring of the DSU鈥檚 cash flow, are only part of the picture. The program is also about providing real guidance to entrepreneurs through partnerships various student and university groups, offering a network of support for successful applicants to tap into.
For example, participants will be able to utilize the services of the pro bono law society in the Schulich School of Law, getting legal advice on items such as incorporation or contracts. The program is also working with alumni on mentoring opportunities, computer science students for website work and the Students in Free Enterprise society on business plan reviews.
Even the application process itself is designed to help students succeed: applicants are expected to meet with Mr. Quinn and Alexa Reedman, the program鈥檚 planning and logistics coordinator, to review their pitches and prepare a one-page 鈥渓ean canvas鈥� business model. They鈥檒l also attend three networking sessions and report on what they鈥檝e learned before making their final pitch to a loans committee made up of students, faculty and community members.
鈥淲e鈥檙e looking to see that they鈥檙e willing to put in that effort to succeed,鈥� says Ms. Reedman, an economics and ESS major. 鈥淎lready, we鈥檝e met some people who have fantastic business ideas, or some who鈥檝e already started businesses and looking to expand or try something new. You start to realize how many entrepreneurs there are on campus and the amazing things that they are already doing.鈥�
Getting things kickstarted
The program鈥檚 organizers advise that students who are interested in applying should start the process in the next couple of weeks; they hope to start approving the first loans in March so successful applicants can hit the ground running on their ideas the moment April exams are finished.
Students will have up to 12 months to repay the loan 鈥� though if their initiative is shorter-term, they can repay it even sooner.聽
鈥淚t doesn鈥檛 have to be an ongoing business,鈥� says Mr. Price. 鈥淭his could be a one-off event that needs some startup capital, or something you want to do over the summer months. The point is to get rid of some of the barriers that prevent students from considering these sorts of ideas.鈥澛�
And they want those ideas to come from all across campus.
鈥淚t鈥檚 not just about commerce or management students,鈥� says Mr. Quinn. 鈥淲e want engineering students and nursing students and IDS students and everyone else to be able to feel like they have the ability and the resources to turn their idea into a viable business venture.鈥澛�
For more information on the program, students can contact Alexa Reedman at al379902@dal.ca or Taylor Quinn at taylorquinn92@hotmail.com. The program is also tied into the Bigger Pitcher speaker series, every Thursday at the Grad House, which features networking opportunities and discussions with local business leaders.