The Town of Addison and Baylor University Launch Entrepreneurial IncubatorFeb. 5, 2013
Entrepreneurship students in Baylor University's Accelerated Ventures Program, who launch a new online business as part of their course work, can continue to grow their companies after graduation as part of a new partnership agreement with the Town of Addison, Texas.
The program teaches students to create real online companies, raise real funds, create marketing plans, launch products and services, and generate sales.
"Addison has an amazing entrepreneurial eco-system that has helped cultivate many of the region's burgeoning companies," said Orlando Campos, director of Economic Development in Addison. "When we learned about the Accelerated Ventures Program at Baylor, we saw this as a tremendous opportunity to leverage our existing ecosystem to support new business start-ups, and cultivate strong working relationships with new businesses that could be based in our community."
Addison will provide free office space and ancillary support services for one year to graduates who complete the program at Baylor's Hankamer School of Business. Through its Economic Development Department, Addison will provide business network support during the 12-month period to aid the development of the new business, and to leverage the support of community economic development stakeholders.
"Baylor's partnership with the Town of Addison is a great opportunity for our graduates," said Terry S. Maness, D.B.A., dean of Baylor's Hankamer School of Business. "The service that Addison is providing is invaluable and will increase the chances of success for these young entrepreneurs."
According to Campos, "We realize that the first five years of any business start-up is very critical, but through our support we can help enhance the sustainability of these companies so that they become stronger and increase their chances of longevity. Addison's strong sense of place and community also helps foster the creativity these entrepreneurs need to be successful. Business is booming in Addison, and our support for the program is certainly a win-win scenario that outweighs the risk," he said.
Students enrolled in the two-semester Accelerated Ventures Program experience the business start-up process firsthand by taking a company from its conceptualization to selling its products or services. The program includes eight student teams per year with three students per team.
Students are required to launch their companies in 45 days. By the end of the first semester, companies are expected to be generating revenue. By the end of the second semester, they should be profitable.
Each team receives $5,000 of seed funds from the Baylor Angel Network through BAN AV Investment Fund One, LLC. Fund One has agreed to fund the program for three years.
The program began in 2011 when Les Palich, Ph.D., the W.A. Mays Professor of Entrepreneurship, and Kendall Artz, Ph.D., director of Baylor's entrepreneurship program and chair of the department of management and entrepreneurship, began discussing a course they could teach that uses social media and other emerging technologies that would be timely and relevant.
"In the program, students learn the foundational principles required to start and run successful businesses while simultaneously applying these principles to the coursework," said Artz. "Students who initiate and develop business start-ups through the program and who want to continue those businesses after graduation can move those start-up businesses to Addison which will help provide real-world incubation."
Addison is alive with entrepreneurial spirit where businesses like Mary Kay, Bottle Rocket Apps, Credera, Amplifi Commerce, and Splash Media call home. Within a compact urban center, Addison has a unique combination of towering office buildings and mixed-use spaces, upscale shopping, beautifully landscaped residential communities, award-winning parks, 22 hotels and over 170 restaurants, all within a 5 minute drive from anywhere in town. The Addison Airport--Texas' busiest general aviation airport--is a convenient way to arrive via charter and private planes. Addison is located 13 miles north of downtown Dallas, 16 miles northeast of DFW airport, 11 miles north of Love Field airport and about a mile from The Dallas Galleria.
ABOUT BAYLOR UNIVERSITY
Baylor University is a private Christian university and a nationally ranked research institution, characterized as having "high research activity" by the Carnegie Foundation for the Advancement of Teaching. The university provides a vibrant campus community for approximately 15,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating university in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 80 countries to study a broad range of degrees among its 11 nationally recognized academic divisions. Baylor sponsors 19 varsity athletic teams and is a founding member of the Big 12 Conference.
ABOUT HANKAMER SCHOOL OF BUSINESS
Baylor University's Hankamer School of Business provides a rigorous academic experience, consisting of classroom and hands-on learning, guided by Christian commitment and a global perspective. Recognized nationally for several programs, including Entrepreneurship and Accounting, the school offers 24 undergraduate and 13 graduate areas of study. Visit www.baylor.edu/business and follow on Twitter at twitter.com/Baylor_Business.