Innovative Grant Helps Start-Up Businesses, Students Grow
The University of Wisconsin - Parkside Small Business Development Center (SBDC) is collaborating on an innovative grant program to provide new businesses with the talent they need to prosper. Working with the Wisconsin Department of Commerce and UW - Whitewater, the UW - Parkside SBDC will administer the Entrepreneurial Assistance Grant.
Under legislation originally drafted by State Representative Peter Barca of Kenosha, Wisconsin businesses less than 12 months from incorporation can receive grants up to $3000 to support paid internships for students in business, engineering, information technology, or similar fields to help their business grow. Interns will work directly with entrepreneurial businesses and gain hands-on experience in research marketing, business plan development, or other functions related to the creation and growth of a new business.
"This grant has the potential to have a triple impact for the region's economy," said UW - Parkside SBDC Director Matt Wagner. "Start-up firms acquire accelerated growth through specialized student talent from UW - Parkside, area employers will have a pool of future employees with applied learning experiences, and, in some cases, students will become entrepreneurs and create their own businesses."
Serving as the grant's project managers, the universities' Small Business Development Center will identify companies that meet the grant's criteria and that are in the best position to benefit from student talent. They will also work with the universities to identify students or student teams matched to the identified needs of the business.
"This is an exciting opportunity for the university and our students to make a direct impact on the region's economy," UW - Parkside Chancellor Debbie Ford said. "This program gives our students a chance to be an integral part of the development of a business."
To participate, students must be of junior standing or higher with a minimum grade point average of 3.0, and have a recommendation from a faculty member. The internship would be preceded by the development of a "Scope of Work" agreement between the university and the interested business. UW - Parkside School of Business and Technology Dean Fred Ebeid said he expects many students to be interested in this program. "I see so many pluses for students from these internships, pluses that will have long-term positive effects for them. These experiences that will truly change their lives for the better," Ebeid stated.
SBDC Releases Return on Investment Statistics from 2010
A total of 390 existing businesses and nascent entrepreneurs in Kenosha and Racine counties received counseling and/or business training delivered by the UW - Parkside School of Business and Technology's Small Business Development Center (SBDC), according to Dr. Matt Wagner, the director. These services resulted in a dramatic return on investment (ROI) based on State of Wisconsin funding support.
The ROI chart shown on the right outlines the return as measured in new business starts (17), new jobs created (34), jobs retained (44), and overall capital infusion ($8.25 million) into the economy. It also provides an estimate of the added state tax revenue ($201,824) provided by the investment.
