WSU’s Center for Entrepreneurship Celebrates 25 Years

Center for Entrepreneurship has been teaching students to think and act like entrepreneurs — skills they can use throughout a career, whether or not they work for a startup.

“I see entrepreneurship education — especially the hands-on aspect — as the best way for students to develop their potential,” says Marie Mayes, Center for Entrepreneurship director. “It’s the spark that encourages them to step outside their comfort zones, take initiative, and deal with ambiguity.”

Whether they’re pitching a hypothetical product in a business plan competition or working toward a venture launch, students are mastering skills that will benefit them wherever their career paths lead, she says.

Creating a Legacy in Entrepreneurship

Mayes is the fourth director of the Center for Entrepreneurship, which is celebrating its silver anniversary.

The center was founded in 1995 by Rom Markin, a former Carson College dean who also was the first director. Initial funding to support entrepreneurship faculty came from the estate of WSU alumnus James Huber. Additional funding from Don and Mary Ann Parachini, Dan Castles, and The Herbert B. Jones Foundation has allowed the Center for Entrepreneurship to grow programs and resources for student entrepreneurs. Their generosity has benefited thousands of students.

Grasping the Fundamentals of a Startup

The Center for Entrepreneurship offers a range of programming—from helping freshmen and sophomores explore what it means to be an entrepreneur to mentoring teams on the cusp of launching a company. But the annual Business Plan Competition is perhaps the best known program.

Jerman Rose, a former Center for Entrepreneurship director, started the competition in 2002 to teach students the fundamentals of launching a startup. Through connections with WSU’s Voiland College of Engineering, the competition has grown to attract multidisciplinary teams and students across majors.

Engineering students often bring ideas for new products to the competition, teaming up with business majors and others to develop plans with marketing strategies and financial statements.

“Students sometimes see their classes as academic exercises,” says Rose, a clinical professor and special assistant to the dean. “They have a hard time figuring out how things fit together. We provide that opportunity.”

Honing Skills Through Practice

Mayes enjoys watching students gain skills and confidence. In addition to financial statements and marketing goals, a business plan might require creating a prototype or writing code. Students also practice communicating and problem-solving.

As part of refining their plans, students interview prospective customers. Based on the feedback, “there could be changes to the product or marketing plans,” says Mayes.

Students also practice pitching their plans to live audiences. “I’m glad you made us pitch so much,” students tell Mayes after they graduate. The public speaking skills help them in job interviews and work presentations.

Feedback from industry professionals who judge the competition is valuable, too, Mayes says. Graduates who’ve launched startups mention how much they appreciated the critiques, suggestions, and mentoring from the judges.

Although the 2020 competition was canceled because of COVID-19, teams still submitted plans and received feedback. Seventeen teams applied to the virtual Jones Milestone Accelerator (JMA), and seven were accepted. JMA teams are moving their learning to venture launch. The top four teams will pitch their ventures at an event in November.