Saginaw Valley State University receives Midland Area Community Foundation grant for student entrepreneurs

Saginaw Valley State University has received a grant from the Midland Area Community Foundation which will position the school to help students in Midland county launch their own businesses starting next year. The SVSU Student Entrepreneurs project will provide necessary resources and specialized support to assist students in the successful creation of their startups.

In an article posted on Saginaw Valley State University’s website, Mohamed Adel, who serves as the associate director of the Dow Entrepreneurship Institute at SVSU talked about the grant, saying, “Thanks to the $40,000 grant from the Midland Area Community Foundation, we will provide seed funding, tailored support, and infrastructure to help four SVSU student entrepreneurs launch their businesses in Midland County. This support enables our student entrepreneurs to navigate Michigan's diverse business environment, foster innovation, and shape a brighter future for all.”

The SVSU Student Entrepreneurs project operates as part of the Dow Entrepreneur Institute contained in Saginaw Valley State University’s Carmona College of Business and provides students with assistance for a wide range of business startup challenges such as preparing the resources needed to create a startup, identifying angel clients, developing a prototype solution, and identifying a business problem.

The SVSU Student Entrepreneurs project will also provide labs and coordinate resources for students to work on their startup projects, even if they are not business majors. Any student with an interest in starting their own business is welcome.

While many startup competitions will reward only one entity or individual, the Student Entrepreneurs project will offer the same amount of resources to all student businesses in the hope of setting each of them up to succeed. 

Participating student entrepreneurs will be able to earn up to $10,000 based on how well they achieve in five different parameters: building their marketing plan, which includes control measures, competitive analysis, positioning, targeted marketing and situational analysis (projects can earn up to $2000 based on this parameter); building their business model canvas and incorporating their business, which includes cost structure, revenue structure, resources components block, customer components block, and the value proposition (this parameter allows for the possibility of $1,500 in funding); building the financial model, which includes a 3-5 year financial projections, valuation, sensitivity analysis, and assumptions (this can earn the project up to $1,000); validating the product or service, which includes developing detailed blueprints of the product or service they plan to offer, and building a clear cost structure based on that (this can earn the participants up to $5,000); and building a business plan, which includes a plan to raise money from investors by presenting information such as a description of the company, staffing needs, the company’s management structure, financial plan, operations plan, marketing and sales strategy, market analysis, and industry analysis (participants can earn up to $500 for this parameter).

Adel went on to talk about how the broader goal of the project is to improve the local economy, saying, “Entrepreneurial activity is a vital indicator of economic strength. Small businesses create jobs and opportunities for all citizens and improve the overall quality of life. Entrepreneurs play a crucial role in helping the Great Lakes Bay Region navigate a shifting and often uncertain economy. It is essential to assist college student entrepreneurs who are just starting their careers. College campuses are ideal environments for entrepreneurism as they provide resources, collaborative opportunities, and a platform for incubating and developing innovative ideas.”

Saginaw Valley State University’s Student Entrepreneurs is based on a program that was created at Ohio University’s Innovation Center. That program has since supported the creation of nearly 250 jobs and generated an estimated $18 million in employee pay, as well as nearly $50 million in economic output for Athens County, Ohio in 2021. Throughout the past seven years, the business incubator’s job creation numbers have jumped nearly 80%, with employee compensation rising over 200%.

Saginaw Valley State University has projected that 10 student businesses will create nearly 200 jobs over the next five years, and produce $10 million in economic activity for the region in that time. It is often difficult to predict entrepreneurial success or failure; however, communities where start up businesses are prioritized in strategic investments, like this program, tend to see higher rates of growth.

SVSU student entrepreneurs are currently being recruited for the program, and those who are interested in participating can find more information or apply here.

The Midland Area Community Foundation was created to ensure that residents of the community thrive, support long term transformation, and cultivate the power of giving in the region. This project is in line with the Community Foundation’s Building Our Livelihood focus area.

More information about Saginaw Valley State University can be found on the school’s website.