Universities are the place to launch a startup.
Here’s why and how.
Universities have always been intertwined with entrepreneurs. Whether you look back at the origin of academic freedom or modern institutions where the likes of Google and Facebook were first hatched, there are reasons why universities are great, if not the best, testing grounds to launch an idea.
Essentially, universities are a microcosm of society as a whole. They are made up of processes, roles and communities which completely mirror modern day world. Here’s why…
Government = University Management Team.
Vice-Chancellors run the show at universities. They set the rules (laws), the budgets, tax (tuition fees)… these guys are the the overarching leaders within the university bubble. Create enough of a stir at your university and you might get a meeting with one of them, in the same way if you cause an impact with your startup you might end up at Number 10 Downing Street. It’s likely they wont have a clue what you’re talking about or trying to do, but will be supportive and have a fantastic network to tap into. If you make it big, these are the guys who will suddenly want to be your best friend ;)
Student unions are ‘your voice’ at university. Normally half run by students, they run lots of events you can tap into and wipe up a storm quickly within the student body.
Pro tip: Understand what Vice-Chancellors do, just don’t worry about them too much. Go old school and wear a shirt (ironed) if you ever meet them. Never wear a suit, ever (Thiel Law).
Economy = Student loan.
Universities have their own micro economy all based off student loan infrastructure. At the start of term, when the new loan comes through, students feel rich. New stash, membership fees, new shoes, five more jaeger bombs on a night out than usual. It’s like the dot com boom. Student clothing companies thrive and nightclub owners start planning the opening of their casino. Money is flashed.
At the end of term, the economy has crashed. Overdrafts are spent and credit is crunched. Money is tight. Tuna pasta bake is on ration, only one night of entertainment per week is allowed and people get their heads down to study, hit deadlines and dig the society out of this economic slump.
Pro tip: Timing is everything when launching. Play the market.
Local communities = societies and clubs.
If you want to start a monopoly in a niche market, universities are the place. You want to gather 200 extreme sports dudes in one place, go to a ski society social. You need users for your new game, the girl next door is a massive gamer. You want a cryptocurrency just for your university, someone will buy into that.
Furthermore, halls are a great place to start looking at different demographics. En-suite, catered with amazing views. Premium, exclusive, unique. The half falling down, self catered shit hole…You get the idea. Halls are the centre point of university life, especially during the formative first year. They are where you meet your housemates, girlfriends and future best friends. Each hall is different. Each one attracts a different type of person for whatever reason.
Testing an idea has and never will be easier than at university. Your friends that you live on top of have time to play with new products, give you feedback and help you out (co-founders!). If there’s product/market fit, there’s an enormous network effect. Never ever again in your life will you be so close and connected to so many different types of people.
Pro tips: Find people who have a different skill set to you. The opposite if possible. Go super niche when launching. First year students take a lead from the 3rd and 4th years. Focus on them. If you get the final year students talking, the freshers will follow.
Celebs = BNOC (Big names on Campus.)
Brands are constantly trying to get ‘influencers’ to use and endorse their products. They spend millions trying to make this happen. At university, the rugby club captain is your David Beckham, the university student president your Jay-Z and that person everyone knows but they have no idea why is Kim Kardashian.
Never again will you be in the same lecture or social space with someone that has the same (relative) amount of influence as these people.
Pro tip: Don’t spend time trying to buddy up these people so they showcase your product. Make something they want first.
VCs, Angels and accelerators = University Innovation Centre, grants and startup competitions.
Access to money, network and advice is all available at universities. Often for free. As with angels and VCs, it’s hard to find. You normally have to get introduced or seek out the right people, but you can find them.
Pro tip: Look for things like SETSquared, speak to former students who started at university and find out who they spoke to when they were there.
University was where I discovered this world of technology and startups. Without a single clue what I was doing, but an idea I believed in, I was given grants, support and mentorship to launch my first idea and startup. It was where I could fail safely, and most importantly where I met people who I still work with today.
University is the place to to test and develop ideas. Your idea might not work, in fact it probably wont, but you’ll learn more than you ever could imagine.
If software and mobile is eating the world, then universities and colleges are the places to start experimenting with some cooking. ☺
