The Grove City College VentureLab, sponsored by the Center for Entrepreneurship + Innovation at Grove City College (E+I), is an early-stage business and social enterprise idea feasibility lab that provides funding in the form of pre-approved expense reimbursement and guidance to accepted teams.

The mission of the VentureLab is to educate aspiring entrepreneurs regarding the exploration and development of new ventures based on their own original concepts. It serves as a valuable starting point for innovation and enables entrepreneurs to gauge the feasibility of their ideas in a supportive environment.

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Training, Coaching, and Mentoring

 

The Grove City College VentureLab:

• Provides a Team Coach to provide a level of accountability while facilitating the learning and building process

• Connects teams to resources within Grove City College such as classes and/or students to assist with research and project work and professors who may be able to provide advice that may assist in furthering the team’s goals

• Helps to identify industry-specific mentors as necessary so that the team members can seek first-hand advice from experts with background and knowledge respective to their venture

• Works with Grove City College Alumni & College Relations Office to reach out to GCC Alumni and Friends around the world to participate as mentors and advisors as needed

• Arranges for access to regional professionals for support as needed and through the Venture U program’s educational sessions (virtual and/or on campus). These professionals may include attorneys, accountants, sales and marketing professionals, HR professionals, etc.

• Facilitates finding competitions, events, and programs outside of GCC that might be of interest to teams in order to further their ideas, obtain external feedback, and win funding.

• Summer coaching will be available to a select group of accepted VentureLab teams who may benefit from extended customer discovery during a quieter time of the year.

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Expense Reimbursement Funding

 

E+I will provide expense reimbursement funding to support the educational component of accepted VentureLab projects that have the intent of probing the viability of innovative ideas or seeking assistance in taking an idea to the next level after the idea has been appropriately vetted. Maximum expense reimbursement funding amounts are dependent on project needs, number of teams accepted, and total program funding. This funding is in no way an investment in any existing or future ventures, and no equity will be exchanged. All expenses must be pre-approved. Please refer to the Expense Reimbursement Funding Guidelines document for details. Examples of reimbursable expenses include market research, registration at trade shows or industry conferences, contract labor, purchase of hardware or software specifically for use in the venture, marketing expenses, and prototype components, etc

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Optional Academic Credit

 

Although it is not a requirement, academic credit is available to students who participate in the VentureLab program through ENTR470 – Independent Research. Additional academic work may be required, dependent upon the number of credits desired (1-3 credits). The maximum number of credits that may be earned is 3. Indicate your interest in earning academic credit on the VentureLab application. Please feel free to contact Professor English with questions.

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Intellectual Property (IP) Policy

 

Grove City College wishes to encourage robust startup activity through the Center for Entrepreneurship + Innovation. As such, students who wish to start commercial ventures may apply to the Provost for an Intellectual Property Policy waiver, which releases them from the school’s current Intellectual Property Policy.

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Entrance Criteria

 

• All applicants to the VentureLab will be required to submit an application. 
• Although students, faculty, staff, recent graduates, and outside individuals may participate in the venture, it is preferred that the Team Lead is a Grove City College student.
• There will be no requirement regarding team size, but multi-disciplinary teams are highly encouraged.

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Program Requirements

 

• Teams will be required to meet regularly with the VentureLab coaches and mentors as assigned. Failure to do so will result in dismissal from the program.
• Teams are required to participate in the Wolverine Venture Battle OR the VentureLab Showcase.
• Participation in all VentureLab-related programs, events, press, and marketing initiatives is required.
• Individual team members who seek academic credit will be required to adhere to the syllabus and must complete all academic assignments in a timely fashion in order to receive credit.

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Additional Notes

 

• Previous participants in the VentureLab program are permitted to apply with a new idea.
• Students may enter more than one idea but must complete a separate application for each idea.