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Establishing ventures is not necessarily the normal action starting a business and operating for profit. The term venture also can refer to concepts in social entrepreneurship, with collaborative ideation at the forefront. There are two main implications for establishing ventures. First is embracing the alternative though process and finally, leveraging problems as opportunities.
== Create an Advanced Venture Lab ==
Establish working Venture Lab, modeled after the startup sauna at Aaltoes University, where students can meet, envision and prototype new ventures.
=== Faculty/Student Engagement ===
We believe a state-of-the-art facility on campus where students can meet, network and develop projects free from the University IP confines will be beneficial for all stakeholders involved. We had two members of our faculty (Dr. Tim O’Keefe and Dr. William Paulin), visit Aaltoes University this year and believe we can model their institution at the University of North Dakota. It will be important to get faculty engagement in the Venture Lab in order for it to reach its full potential.
=== Leveraging Other Initiatives ===
We can use the Student Entrepreneur Club and the Grand Challenge Initiative to drive interest in the Venture Lab. In addition, the combination of the Jodsaas Center, Dakota Venture Group and the Center for Innovation can help create an ecosystem that fits the needs of a Venture Lab.
=== Strategic Action Agenda No. 4: ===
· Send 2-4 students to Aaltoes University over the summer to share ideas, and learn from each other
· Build a mobile venture lab within the Jodsaas Center to gain insight and interest into the Advanced Venture Lab
· Gather funding and determine site for the lab
== Thought Processes ==