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07/03/22 1 NCIIA Annual Meeting Robert Beaury Penn State Univ. [email protected] 814.574-3059 Website: http://e-ship.psu.edu How to Bootstrap a Student Start-Up

Penn State - Bootstrapping Student Start-Up - Open 2011

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Page 1: Penn State - Bootstrapping Student Start-Up - Open 2011

04/12/23 1

NCIIA Annual Meeting

Robert Beaury Penn State Univ.

[email protected] 814.574-3059Website: http://e-ship.psu.edu

How to Bootstrap a Student Start-Up

Page 2: Penn State - Bootstrapping Student Start-Up - Open 2011

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Presentation Overview

“Presentation reviews how PSU Engineering Entrepreneurship Minor helped boot strap a student start-up

named DiamondBack Automotive Accessories.”

http://www.diamondbackcovers.com/

Page 3: Penn State - Bootstrapping Student Start-Up - Open 2011

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Engineering Entrepreneurship Minor

•Started April 2002•Undergraduate Eng., Bus. IST & Others

“General Electric Told Us We Needed To Do More”

Page 4: Penn State - Bootstrapping Student Start-Up - Open 2011

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Objectives

•Cross Functional Teams•Problem-Based Learning•Experiential Learning•Real World Experiences

Page 5: Penn State - Bootstrapping Student Start-Up - Open 2011

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The Dilemma

Entrepreneurs

Or

Intrapreneurs

Page 6: Penn State - Bootstrapping Student Start-Up - Open 2011

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The Ingredients:Ethan Wendle & ENGR 407

“An incredibly talented student who had already decided that he was going to start a business.”

“A class focused on creativity, innovation and starting a new business.”

Page 7: Penn State - Bootstrapping Student Start-Up - Open 2011
Page 8: Penn State - Bootstrapping Student Start-Up - Open 2011

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The First Academic Steps

• Class Project• The Partnership

• Winning the Class Competition• Winning the Design Expo Competition

Page 9: Penn State - Bootstrapping Student Start-Up - Open 2011

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The Next Academic Steps

• Teaching Assistant•Independent Study Classes

• Market Research• Provisional Patent Submission

• Prototype Development

Page 10: Penn State - Bootstrapping Student Start-Up - Open 2011

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The Decision:“Should I Stay or Should I

Go”

• The window of opportunity•What is our responsibility as educators

•The academic perspective•The entrepreneur’s perspective

Page 11: Penn State - Bootstrapping Student Start-Up - Open 2011

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DiamondBack Automotive Accessories

• Business start: 2003• Considerable support from family & friends

• Continued support from PSU • Class projects• Student interns

• Garber Fund investment• Mentorship, Mentorship, Mentorship

Page 12: Penn State - Bootstrapping Student Start-Up - Open 2011

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DiamondBack Automotive:“Where are they today”

• $3.0M in sales•Profitable

• Mfg. in Philipsburg, PA• Sales Office in Harrisburg, PA

•Employs: 25+ people

Page 13: Penn State - Bootstrapping Student Start-Up - Open 2011

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Lessons Learned

“The entrepreneur and the intrapreneur have different needs and you must determine which is

your priority and if it is possible to serve both.”

“Specifically, is it the goal of your program to startsuccessful businesses?”

Page 14: Penn State - Bootstrapping Student Start-Up - Open 2011

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Entrepreneur Needs

• Educational Mentorship“You must be willing to commit significant hours

at outset and maybe for years”

• Flexible Curriculum“Allow certain students to spend time working on their ventures, while other classes/students

support their efforts.”

Page 15: Penn State - Bootstrapping Student Start-Up - Open 2011

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Entrepreneur Needs

• Money“Your program needs a fund to help

get businesses started - $100k a year is ideal.”

• Professional Connections“Must establish an active network of alumni

and local entrepreneurs.”

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Ethan Wendle Today

President of DiamondBack Automotive

“Plans to complete his degree, wants our advice, our help, wants to help the

Program”