UNIVERSITY PARK, Pa. — The Farrell Center for Corporate Innovation and Entrepreneurship, the Department of Management and Organization and the Penn State Smeal College of Business have introduced a robust digital repository and portfolio of services designed to help entrepreneurial alumni and graduate students affiliated with the college.
The Propel Business New Venture and Innovation Program is a curated and moderated portfolio of services and resources that includes an internship program for startup companies, a finance clinic, including financial modeling and venture funding, a digital library, innovation grants, student consulting team assistance, faculty assistance, legal assistance and other forms of support.
“As our undergraduate and graduate corporate innovation and entrepreneurship programming has grown, and the number of graduates has multiplied, we’ve recognized a need in our community of alumni and students, especially at the graduate level, for additional resources to support entrepreneurship and intrapreneurship,” said Shawn Clark, Michael J. Farrell Endowed Professor for Entrepreneurship and director of the Farrell Center.
Over the course of two years, Clark enlisted the help of Jeanette Miller, associate director of the Farrell Center, Travis Lesser, program coordinator for the Farrell Center, Steve Carpenter, program coordinator for the Garber Venture Capital Fund, Michael Zaydon, adviser and program director for strategic initiatives, and others.
Because of her depth of domestic and international experience working with a wide range of startups and teaching the new venture creation course in the Smeal master’s program, Miller knew what kind of resources would be most helpful.
“Through my experience launching startups and understanding the needs of our students and alumni in starting new ventures, I know that entrepreneurs, especially those in the early stages of their ventures, need a number of resources to help answer crucial questions and fill in the knowledge gap,” she said.
Propel Business provides alumni and graduate student entrepreneurs a one-stop shop for the information and support they may need in each stage of new venture creation. The portfolio of services includes:
- Digital Resources: access to a curated library of articles, videos and other publications
- Penn State Corporate Innovators and Entrepreneurs Network: provides assistance in connecting with subject matter experts, alumni and business leaders
- Entrepreneurial Finance Advisory Services: offers assistance with financial modeling, forecasting, business planning and funding strategies
- Business Transformation Consulting Services: a pathway to faculty input on business models, strategic plans and business plans, as well as semester-long pro bono consulting services from student teams
- Penn State Legal Assistance: a gateway to obtaining general legal assistance through Penn State Law’s Entrepreneur Assistance Law Clinic and legal assistance related to intellectual property from Penn State Law’s Intellectual Property Law Clinic
- Farrell Center Experienceship Program: obtain access to student interns funded by the university
- Farrell Center Innovation Grants: up to $5,000 is available to sponsor projects at the Learning Factory in the College of Engineering, which offers prototyping, testing and development services using engineering students
- Garber Venture Capital Fund: apply for access to early-stage venture capital funding from one of the nation’s largest and most active student-centric venture funds
“Propel Business is more than just a digital library of resources, legal clinic, IP clinic, and source of financial advice for business planning,” Lesser said. “It opens doors to mentoring and connecting with faculty, entrepreneurs, and business leaders in a collaborative intrapreneurial space, thus helping to increase the likelihood of success with their business. There’s also an active online collaborative space — the CIENT LinkedIn Group — that enables networking with fellow Penn State innovators and entrepreneurs.”
Those interested in engaging with Propel Business should complete an online form. Applicants will be contacted within two business days to assist with their specific needs. Direct questions can be answered by emailing Lesser and Zaydon, the Propel Business program co-leaders, at propel@smeal.psu.edu or by calling (814) 865-8673.