On Tuesday, April 26, the University Innovation Fellows wrapped up their Entrepreneurship Boot Camp: a four week long crash course focused on starting your own business.
This final session focused on building and pitching a business plan. The session was led by Dennis Encarnation from WiseLabs in Schenectady: a community of scientists, engineers and businessmen who help develop businesses in the Capital Region.
Carol Maxwell, the CEO of MicrOrganic Technologies, spent the session walking 25 students through the business plan that she had pitched to the Eastern New York Angel Investors, represented by their CFO Kevin O’Leary.
The students gained valuable insight from many different perspectives within the startup industry. Maxwell showed the students how she successfully presented her business to receive funding. Maxwell also taught students how to answer important questions about a company’s profitability, marketability, and more.
Her focuses included the attitude of the company, noting that it is important for a business startup to “act like a big company from the start.” O’Leary and Encarnation provided commentary from their perspectives. The specifics of business plans were the highlight of this particular session, though since this was the final session, general advice about business wrapped up the boot camp.
The general theme was to help teach students how to find success in business. “The ones who succeed are the ones who know they’re going to fall down and know how to get back up again,” said O’Leary when asked for the key to finding this success.
The strong turnout of interested students this term provided optimism for continued success within this program, and WiseLabs hopes to continue educating Union students with a similar series in the fall.