Calling all student entrepreneurs! Do you have a great idea for something that you believe could – with some market research and mentorship – be successful? The Hub Incubator program at the University of Guelph might be what brings your idea from a dream to a product.
Housed in the John F. Wood Centre for Student and Business Expertise at the Gordon S. Lang School of Business and Economics, The Hub Incubator is open to all students across U of G, offering a place for entrepreneurs to pursue their passions and develop a fulsome business plan to execute them.
Making entrepreneurship at U of G accessible
Enter Erin Young, the Wood Centre’s business incubator services manager, who developed the program. “We’re the one-stop shop for entrepreneurs in the making,” she says. “Students have all this expertise in learning about their field of interest and start to identify problems, analyze them and think – how can I fix that? Is there a product I can develop to address it?”
It’s that lightbulb moment that Young loves to see. “This is a journey of self-discovery and confidence building that is so important.”
The Hub Incubator is broken down into three specialized programs: the IdeaLab, the IgniteLab and the LaunchLab, taking student entrepreneurs from ideation to preparing for launch.
Each project is supported financially with stipends of up to $4,000 through a gift from John F. Wood that established the centre to develop a new generation of entrepreneurship-focused business leaders.
For Keerthana Madhavan, a computer science graduate student, the program exceeded her expectations. “It was like a mini-MBA program, packed with valuable lessons and hands-on learning opportunities,” she says. “I had an incredible experience and gained a wealth of knowledge and skills that will undoubtedly serve me well in my future endeavours.”
It is advised that students journey through the program sequentially, but there is flexibility to enter at a different level if their business concept is advanced enough.
“It’s competitive,” Young says. “Those will get into LaunchLab learn the foundations of business, budgeting, cash flow, legal and accounting, marketing and sales. It’s all to prepare them for the Expo.”
LaunchLab Expo the culmination of Wood Centre program
The premiere event showcasing the program’s students and their products is the annual LaunchLab Expo, which returns to the University Centre March 25 from 12 to 4 p.m.
Last year the inaugural event drew more than 500 people from the general public, U of G faculty, staff and students and community organizations like the Business Centre Guelph-Wellington.
This year, the Expo will support eight student companies across five industries including agri-tech, biotech, food and beverage, veterinary medical devices and sustainable living. Up for grabs are cash prizes and the People’s Choice Award, as well as networking and exposure opportunities.
Among the crowds are investors, businesspeople and some of the mentors and other experts who support LaunchLab students throughout the year.
“The trade show experience is invaluable because a lot of these student entrepreneurs will participate in trade shows throughout their career,” Young says. “It gives them a taste of what it will be like out there in the real world.”
LaunchLab Expo is made possible with the support of a grant from The John Dobson Foundation, a long-time champion of entrepreneurial education.