Cedarville Magazine Spring 2020

growth processes and counsel the business owner, known as a “founder” in the industry, toward greater success, usually during biweekly meetings and feedback sessions. Another essential component of an accelerator is access to investment opportunities. Most programs will host a pitch competition, like the ones offered to students this academic year, and invite their network of investors to participate. At this stage of business development, it is most common for startups to seek additional funding and support. Founders of new businesses sometimes offer a share of ownership in their company in exchange for funds. ACCELERATING CEDARVILLE According to findings in the Global Accelerator Report 2016 by Gust, the global software platform for new businesses, 579 accelerator programs made more than $206,740,005 worth of total investments worldwide in 11,305 startups. In 2020, the number of accelerators has expanded to nearly 700 — further proof that entrepreneurs are seeking expert advice on how they can rapidly advance their new businesses. Students are turning to entrepreneurship, rather than part-time jobs, to help pay tuition. They are discovering there is less risk and higher payout to birth their operations while enrolled at Cedarville, rather than wait until graduation to seek traditional full-time employment. Enterprising students have rented workspace off campus so they can fulfill orders for their products. They quickly absorb what they learn in the classroom and are anxious to learn how they can grow their business to its fullest potential. Two of Cedarville’s newest entrepreneurship classes — Marketing the Startup and Creative Problem Solving — saw more than 150 students enrolled this past semester. Five business founders were led through the Accelerator by Rick Prigge, Associate Professor of Management, along with four Entrepreneurs in Residence (EiRs), who are experts in their respective fields. Founders were responsible for weekly assignments that covered design thinking and efficient product manufacturing principles. Acceptance in the Accelerator is by application only and is open to both undergraduate and graduate students and alumni looking to scale, or grow, their businesses. GOING ABOVE AND BEYOND Early discussions around the accelerator focused on its central purpose. The group tasked with this challenge was quick to isolate three core ideas, and a single word emerged: Beyond. More than a bus i nes s ma j or . Wh i l e an entrepreneurship major remains a future possibility, a minor can intersect other departments and schools and capture the imagination of education majors, engineering majors, nursing majors, English majors — students within all the University disciplines. Entrepreneurship and innovation should move beyond the School of Business Administration and become a common way of thinking across campus. More than education. Creative personality attributes such as risk-taking, impulsivity, and independence should be fostered at Cedarville. The Kingdom of God requires innovation to spread its influence further. It is critical to move beyond the classroom and extend opportunities that distill ideas into investable business ventures. More than a college experience. Entrepreneurship feeds professional discipleship. It seeks to move beyond 1,000 days (the approximate number of days students are on campus during their Cedarville experience) and advance a type of mentorship where successful alumni business professionals and investors return to Cedarville University to provide guidance and resources to student founders. STANDING OUT More than 200 universities boast some form of a center for entrepreneurship, but only a handful partner with local accelerators or have developed their programs on campus. Cedarville is one of the first Christian universities that promotes an on-campus accelerator for both students and alumni. “Faith Driven Investor,” an online resource for entrepreneurs, has listed the Beyond program in its top 20 accelerators. Cedarville has developed a vision of professional discipleship between students, alumni business owners, and “Faith Driven Investor” has listed the Beyond program as one of its top 20 accelerators. 22 | Cedarville Magazine