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Saturday November 1, 2014

NY Colleges Ramp Up Entrepreneurial/Startup Funding

New York University Stern School of Business

New York University Stern School of Business (Photo credit: Wikipedia)

Many colleges in NY have been increasing support for aspiring entrepreneurs in the tech industry through funding, mentoring, and networking opportunities. An example given by Crain’s New York Business is New York University’s Stern School of Business, which awarded Nihal Parthasarathi and Katie Kapler $75,000 as part of NYUs New Venture Competition to grow their startup, CourseHorse, which compiles an online catalog of various classes in the city, ranging from dance to computer programming. The school has also established the NYU Innovation Venture Fund, in the hopesof raising $20 million internally and through alumni to fund six worthy startups per year.

Pace University’s Lubin School of Business has also taken part in the fostering of young, entrepreneurial growth. Through a program launched in February, the school aims to create collaboration between students from diverse academic backgrounds.

Though schools are increasing expenditures in startups and entrepreneurship programs, some feel that this is something that cannot be taught, but rather, is an inherent trait in a select few individuals.  The other issue for the school is that it is difficult to measure the success of the programs and funding. NY entrepreneur Robert LoCascio says to Crain’s that, “A lot of us who actually do it don’t subscribe to this method of building companies. The only way to be an entrepreneur is to go through successes and failures. You can’t teach failure.”

According to Crain’s, LoCascio succeeded with LivePerson, a public company with more than $130 million in revenue, but only after he had built a failed venture on credit cards.

Crain’s New York Business