Adam Treister, owner of Student Designed (www.studentdesigned.com) knew he had a great idea for a company. But he had not been a business major in college – how could he put his great idea in front of people with the money and the knowledge to turn it into something big?
Treister submitted his idea to Xavier Launch-A-Business, known as X-LAB, in 2011.
He attended more than 20 seminars led by industry professionals and Xavier University faculty. He gained insight how to turn his business concept into a working prototype. With the help of Xavier MBAs, Treister was able to modify his business model to provide the best value to the product’s users.
Listen to Adam discuss his X-LAB experience on WVXU’s Cincinnati Edition (Aug. 18 show) at: http://220.127.116.11/cincinnatiedition/081812_Complete.mp3
Seminars included forming an advisory panel and startup finances. He learned that starting a new business takes more than desire and hard work, and that advice and direction from industry professionals can markedly speed up the process to success.
“I would definitely recommend X-LAB to others,” Treister says. “Not only did I receive an ‘MBA in a nutshell,’ but I met great people during the process. I remain in touch with many of my mentors and fellow entrepreneurs.”
X-LAB recognizes that many entrepreneurs need more than just money to succeed. It draws on the College’s 65 faculty members, 500 executives affiliated with the College and nearly 900 MBA students to advise the winners and then connects them to venture capitalists when their idea is honed.
Applications will be accepted beginning today, Aug. 20 and ending Sept. 7 at www.xavier.edu/xlab
When applying online, entrepreneurs will complete an in-depth questionnaire. Entries will be judged on: the viability of the idea, the potential of the entrepreneur and whether the capabilities of X-LAB and the business idea are a good match. The business or nonprofit also needs to be able to grow or make a significant impact regionally or nationally.
Applications will be assessed and 20-25 people will be invited to participate in workshops led by Xavier faculty and local executives from Sept. 29 – Feb. 16. Halfway through the workshops, five winners will be chosen based on their participation, engagement, and progress during the sessions.
The five winners will get access to MBA students’ consulting services, access to any speakers on campus and a meeting with potential investors. They will learn how to take their idea from concept and turn it into reality.
More information about X-LAB is available at www.xavier.edu/xlab.