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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
04/12/23 2
Presentation Overview
“Presentation reviews how PSU Engineering Entrepreneurship Minor helped boot strap a student start-up
named DiamondBack Automotive Accessories.”
http://www.diamondbackcovers.com/
04/12/23 3
Engineering Entrepreneurship Minor
•Started April 2002•Undergraduate Eng., Bus. IST & Others
“General Electric Told Us We Needed To Do More”
04/12/23 4
Objectives
•Cross Functional Teams•Problem-Based Learning•Experiential Learning•Real World Experiences
04/12/23 5
The Dilemma
Entrepreneurs
Or
Intrapreneurs
04/12/23 6
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.”
04/12/23 8
The First Academic Steps
• Class Project• The Partnership
• Winning the Class Competition• Winning the Design Expo Competition
04/12/23 9
The Next Academic Steps
• Teaching Assistant•Independent Study Classes
• Market Research• Provisional Patent Submission
• Prototype Development
04/12/23 10
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
04/12/23 11
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
04/12/23 12
DiamondBack Automotive:“Where are they today”
• $3.0M in sales•Profitable
• Mfg. in Philipsburg, PA• Sales Office in Harrisburg, PA
•Employs: 25+ people
04/12/23 13
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?”
04/12/23 14
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.”
04/12/23 15
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.”
04/12/23 16
Ethan Wendle Today
President of DiamondBack Automotive
“Plans to complete his degree, wants our advice, our help, wants to help the
Program”