Entrepreneur Lab

e-Lab is empowering a new generation of youth for a future in entrepreneurship. With access to all necessary resources to start up a business, actively mentored students are put into a position of power in the real world, with real decision making ability. They will be deriving a company from the ground up.

Members engaged in e-Lab have the opportunity to either join a team in a leader role for a start up, or join as an employee or intern with an entrepreneur already leading the venture. A team usually is comprised of a seasoned entrepreneur and several emerging entrepreneurs who are motivated to evaluate feasibility, formulate business plans, and identify funding sources.

An e-Lab team may be formed as a instrument for mentoring or as a way for a seasoned entrepreneur to move a project forward when he or she lacks sufficient time when working alone.

Education through e-Lab is also open to faculty in the surrounding collegiate community. e-Lab will be offering a faculty observing program in which faculty may examine the business start ups in their area of expertise. Faculty who are involved with successful ventures consequently earn many benefits.

Benefits of Involvement

Entrepreneurial minded people from all perspectives reap the many benefits of our e-Lab.

From the student perspective

The typical paradigm for a student thriving to be an entrepreneur is to go about the venture step by step on his or her own. The student after spending much time in development of the business plan and finding resources must then obtain funding.

e-Lab will be offering resources to any student with an entrepreneur mentality to accomplish his or her goal. With e-Lab, a student has the opportunity to choose from a list of business concepts to develop.

The student will most likely be part of a student team, and all the necessary resources to assemble a concept into a business plan will be accessible through e-Lab's resources. Not only will this student not suffer academically, but they will be given the opportunity to obtain credit in the process through elective course credit and or internships.

From the concept provider perspective

e-Lab is an outlet for established businessmen with modest time availability and creative minds to expand their business ideas. By outsourcing a concept to e-Lab, a student team is assembled and the concept is researched and built into a business plan.

The concept provider has the ability to fund the project and or play an active role. Otherwise, the concept provider may approve the student team to become the venture's core staff.

e-Lab, is allowing the concept provider to have their concept(s) become established companies without stretching them beyond their time constraints.

From the faculty perspective

e-Lab's secondary mission is to educate the youth in our community in entrepreneurship and leadership. The venture development process through e-Lab will be greatly benefited by the observations collegiate faculty may offer. If involved, faculty will then be educating themselves on entrepreneurship. This also opens e-Lab to become elective course credit for students involved within it.

This is possible for the reason that faculty may give assessments at the end of a projects semester tenure. If the project has recorded at least 40 contact hours and has lasted more than three weeks, then it can qualify for elective college credit. This is very beneficial for faculty because then they are going to be rewarded for their time spent on engaging in the process.

Students will also benefit as they are receiving credit for their project(s), which allows them to focus on both school and entrepreneurship at the same time.

The process for development of e-Lab into course credit is in progress.

From the coaching/consulting perspective

Coaches and consulting firms can establish independent contracts with e-Lab. Coaches and consulting firms or individuals working have a significant increase in deal flow, as many ventures utilize them.