Penn State President Eric Barron told the board of trustees Friday that he intends to push a culture of entrepreneurship on all of Penn State’s campuses, including University Park.
Barron says he wants to see entrepreneurship emphasized among faculty, staff and students.
“We need to do more than just keep the doors open to innovation,” Barron says. “We need deliberate strategies to promote economic development and a culture that rewards entrepreneurship.”
Barron gave a similar presentation in June before the Chamber of Business & Industry of Centre County.
His plan includes the following elements:
– Develop an economic development culture by making a component of the College of Business available to every Penn State student regardless of the major field of study. Enabling students access to a business or entrepreneurial minor would enable students in any area, from engineering to art, to have a strong business sense upon graduation.
– Connect students with opportunities for economic development created through Penn State intellectual property.
– Place an emphasis on assisting faculty with concepts that could transition to marketplace.
– Offer five $50,000 awards for start-up companies in competitions judged by field experts based on a concept’s potential for success.
– Create a Penn State branded platform to put intellectual property on display for investors and venture capitalists that includes a specific opportunity for alumni to invest in young companies.
– Create a Student Innovation Foundation that offers a welcoming environment with staff who will assist students with implementing their entrepreneurial ambitions.
– Develop partnerships with public and private entities to assist entrepreneurs.
– Create an entity outside of the university that would draft proposals for government grants designated for entrepreneurs.
“We should always encourage students to follow their passion, and connect them with equally passionate faculty and mentors,” Barron told trustees. “What I am suggesting is that if we are driving Penn State’s intellectual property to the market, and we are teaching at the cutting edge, then we will be placing our students into the very careers created by our economic development.”
Barron says funding requests for these initiatives is part of the 2015-2016 budget proposal. Barron says this detailed plan will help ensure government funding.
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