Great ideas can come from anywhere, but too often there aren’t enough resources available for disadvantaged groups to turn those ideas into sustainable companies. That’s where VentureLink can help, explained Chelsea Samuelson, NJII’s director of growth and entrepreneurship.
“We believe in the power of surrounding people with like-minded individuals, giving them some resources and time, and seeing what happens,” Samuelson said.
The new programs are designed to build real-world business skills under the aegis of VentureLink, a business incubator that supplies space and advice to startups:
- Brick City Entrepreneurship Training – Part-time boot camp, from Nov. 8 to Dec. 10, to teach the basics of building a company, whether technology-focused or traditional. Participants can be from any minority or underserved group.
- Entrepreneur-in-Residence – Full-time, paid program funded by the Paul V. Profeta Foundation that matches people of color or from indigenous heritage with NJIT-owned intellectual property. It will initially run from February through July 2022.
- Newark Startup Studio – Larger version of Entrepreneur-in-Residence for any minority or underserved group, with participants accessing the full range of VentureLink services. It’s expected to launch in 2023.
“These training programs build a foundation of skills and knowledge for people interested in building companies, and provide a network and community of entrepreneurs to lean on and take risks alongside,” Samuelson said. “That is the lifeblood of a thriving entrepreneurial ecosystem and a huge component of what is missing in historically underrepresented entrepreneurial communities.”
Entrepreneur-in-Residence leverages NJIT’s nearly 300 patents received or pending, many of which could be the foundation of a business. Two people of color, or of indigenous backgrounds, will get work space, coaching and $13,000 stipends for six months. VentureLink will also provide experts in business development and the patent subject matter.
“Our objective is to build some companies, but we realize six months is not a very long time. There’s going to be some decision point at the end, where someone can choose to continue to build this company, or they can hand off the technology back to us,” Samuelson explained. The new companies, if successful, would be encouraged to stay in Newark and hire locally. “We hope there will be significant, positive ripple effects in the Newark area,” she said.
VentureLink is now accepting applications for Brick City Entrepreneurship Training, and in December will start taking applications for Entrepreneur-in-Residence. To participate, you must be 18 or older. But you don’t need business experience or college degrees — just ambition, determination and open-mindedness.
Michael Ehrlich, associate professor of finance in NJIT’s Martin Tuchman School of Management (MTSM), said the new programs complement other university efforts designed to foster innovation, including the National Science Foundation I-Corps, New Business Model Competition, Lean Startup Jumpstart and NJIT Lean Startup Accelerator at MTSM, the Leir Research Institute and NJ Innovation Acceleration Center.
“My advice to potential participants is to jump in and take advantage of these resources with both hands,” Ehlich said. “They will get benefits out of these programs in direct proportion to what they put in.”
