Changes

Following are an array of strategies that will fully address Gap #1 over a 2-3 year period:

Tactic #1: The Student Venture Capital Fund

*Description: I believe that this strategy can hit on a number of key points to develop the innovation and entrepreneurship on campus. The immediate problem The Student Venture Capital Fund will solve is the lack of entrepreneurial extracurricular clubs. This will provide students with a way to get involved in the I&E ecosystem on campus while learning and having fun. On campus, there is a similar organization called The Student Fund. My idea was to model this club in a similar mindset. The interesting part about this idea is that it can be twisted and reorganized so that it fits the needs and resources of the campus. The way I see this tactic running would be to gather a group of 20 to 50 students. Each month the group would meet and give presentations about startup companies they have researched and learned about. They would put together all aspects of their business plan and then pitch it to the larger group. We would have a theoretical dollar amount in the fund to give to each company. The students acting as the <span data-scaytid="40" data-scayt_word="VCs">VCs</span> could discuss pro vs cons and whether they would invest in this company. Student groups could be broken down into sector/industry groups so everyone could learn about different industries as well. On the other hand, instead of conducting the Venture Capital Fund in a theoretical sense we could attempt to raise money through the ICE program or other university resources. This way we could actually invest money into student entrepreneurs and gain a more hands on approach. This could also open doors to invite local venture capitalists to speak, sit in on the meetings, or give advise. I think a club like this could also teach non-business students the "frightening" financial process behind funding ventures.

*Team Leader: TBA

*Milestones: Develop and adjust idea December 2013, test feasibility Jan-Feb 2014, &nbsp;recruit students May 2014, Apply for chartering October 2014, Kick off Nov/Dec 2014.

Tactic #2: Business Plan Competition (Demon Deacon Pitch Plan Competition)

*Description: This event would solve another large gap within the potential column of the innovation and entrepreneurship ecosystem. A competition of some kind is desperately needed on Wake's campus. A pitch plan, business model competition, executive plan, or shark tank type of event are all possibilities. As of right now we have something called the <span data-scaytid="190" data-scayt_word="i2i">i2i</span> (inspiration to innovation) competition. This gives students a problem and some materials to invent and build a way to solve the problem. This is a great competition! I would also like to see one more relating to pitch a plan or venture idea to a give problem. For starters, this could possibly be incorporated into the <span data-scaytid="257" data-scayt_word="i2i">i2i</span> competition to spice things up with a new aspect to the competition. Winners of this event now receive&nbsp;$1,000. &nbsp;I also see a business plan competition as a way to involve&nbsp;teachers from disciplines outside of the engineering and science departments. From this, students can be inspired by teachers in their discipline and find ways to be entrepreneurial themselves. Furthermore, this could also be twisted into an undergraduate elevator pitch competition for students with current or possible ventures.

*Team Leader: Austin Evers Competition Director and President of E-Society&nbsp;

*Milestones: Assess the current competition and how it can be improve Dec 2013, Design another possible competition Jan 2014, test possible competition March 2013, reevaluate competition April/May 2014, hold competition fall of 2014.&nbsp;

Tactic #3: Wake Forest Start-up Weekend

*Description: The third way I see to solve the gap in the potential column would be through at Start-up Weekend. Through this event, students could form teams and work on a 54 hr <span data-scaytid="433" data-scayt_word="intensitive">intensitive</span> time span to create ideas, business plans, and prototypes. This competition could be framed in many ways from sustainability themes, social impact, to improving campus in an innovative way. These teams could also be put together according to a survey of strengths and weaknesses prior to attending the event. The goal of this would be to create teams and show students their ability to create meaning.

*Team Leader: Hunter Dean Program Director

*Milestones:&nbsp;Assess idea and make improvements Dec 2013, design possible weekend program Jan 2014, test possible event March 2013, reevaluate the event April/May 2014, hold competition fall of 2014.