Student center will offer space to student-run businesses
A room will be available to student entrepreneurs free of charge.
Published March 9, 2010
When the student center completely opens in December 2010, students will have access to restaurants, ATMs and meeting rooms in addition to one unique retailer: a student-run business. The Student Entrepreneurial Center, a 325-square-foot room on the main level of the student center, will be available rent-free to aspiring entrepreneurs to locate their businesses.
The idea for a student entrepreneurial area emerged several years ago as MU was applying for a grant to promote entrepreneurialism on campus. Discussions were held to determine how MU could support student entrepreneurs. Student and Auxiliary Services spokeswoman Michelle Froese said at the core of these talks was the question: What do you need as a student to start a business?
"Capital, for one, but we can't give the capital," Froese said.
Instead, the Student Entrepreneurial Center was conceived to provide student entrepreneurs with a room where they could try out their business plan without the cost of rent to impede on profits or compound loses.
"The idea is you give a space for the business to incubate and grow," Froese said.
The center could house two student businesses, depending on the number of applicants.
"It will be right off the main atrium area, where the lounge and dining space will be," Froese said. "We're expecting 15,000 students to come through daily."
Last semester, the Student Entrepreneurship Committee, which meets monthly, was formed to determine and execute the details of the center. Committee members include faculty, staff and students who are involved in entrepreneurial efforts at MU.
The committee, which will be the primary judge of which businesses use the center, is in the process of designing an application for interested students.
"Our goal is to have a plan in place so when students come back next fall, they can apply," Student Unions Assistant Director Joe Hayes said. "We are going to provide them with access to resources and tools which could contribute to success."
Students applying to use the center would likely have to be in good academic standing, have a business plan, faculty recommendations, a business adviser and a schedule of operations.
"This is for students who have a business idea and really think it can work and need a business location," Froese said. "It gives them an opportunity to have a location in a very high-profile place."
Missouri Students Association President Tim Noce, a senior business major, said the center is a great opportunity for students.
"At the university, it sometimes feels like you're in a bubble," Noce said. "This gives students the opportunity to get real-life experience."