Why University is the Best Place to be an Entrepreneur
Before starting my degree at the University of Southampton, I was already fascinated with the startup ecosystem. I was convinced about starting my own business venture after graduation, with the knowledge and skills gained from my Computer Science course. But I never suspected that I would find the perfect conditions for building a startup right on my university campus.
This is especially relevant to those currently studying at a university, those about to enter one, and those still unsure whether they should do so. I believe it’s also important for anyone who works at a university or is in any way involved in the microcosm of the startup world that is university entrepreneurship. Now let’s get to why this is the case.
The Time
The transition from high school to university brigs about a lot of changes in a young adult’s life. By far the biggest of those changes is the much greater degree of freedom. Not freedom from responsibilities (there’s a lot more of those), but the freedom to choose how you spend your time.
Many take this opportunity to set aside more ‘free time’, in which they can binge watch Netflix, try out various clubs and activities, or go out drinking on a daily basis (for the sake of transparency, I have nothing against any of these as I have been partial to them myself). Others choose to focus exclusively on their studies, or find a part-time job to make some extra cash. But for an aspiring entrepreneur, or anyone with a startup idea and some desire to turn it into a real business, this is time to think and experiment.
When you’re developing your idea, the best thing you can do is give yourself room for that idea to breathe. You have to put your full attention into it, then let go of it, spend some time doing something completely different, and then come back to it, closing the cycle. Your idea will mould itself and become clearer and stronger every time you let it rest and then revisit it.
You can also spend that time doing research, testing and validating different parts of your idea (more on that later), and discussing it with your peers. By approaching your idea from many different angles, you can figure out exactly how to turn it into a successful business. And you won’t be afraid of experimenting and just trying things out. Taking risks is less scary when you are a student because you’ve got less to lose, you’re not responsible for anyone but yourself yet, and it’s likely that you can always fall back on your course if all else fails.
The Place
Most universities have vast resources and networks that can aid you in the initial steps of creating your startup. A university is also a great place to validate your business idea.
With small exceptions, universities give you access to very good infrastructure and equipment that you’d struggle to find or afford outside of your campus. Well-maintained computer labs and research laboratories, meeting and presentation rooms, work and study spaces, and even library resources and access to expensive software can be very valuable to the early days of a startup, in which it is usually lacking the resources to provide such amenities itself.
Additionally, most universities have a good reputation and often hold events with guest speakers from various fields. These events are a great way to not only learn more about business and entrepreneurship (or any other relevant topic), but also meet people, grow your network, and be inspired. (Tip: stick around and talk to the speaker and the other attendees after the main event is over. Join conversations, ask questions, make friends and contacts, and most importantly: listen and learn.)
But there is an even more impactful, often overlooked reason why a university is a good place for a startup. In his brilliant book Zero to One, Peter Thiel notes that “Every startup is small at the start. Every monopoly dominates a large share of its market. Therefore, every startup should start with a very small market.” He continues by concluding that “The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.”
A university fits this description very well. It provides a great opportunity for a startup to test and validate its idea in a small, self-contained market of people with similar interests. Of course, some are more well suited for this environment than others: a social media platform will benefit from interacting with the on-campus community much more than a healthcare technology business. And some may have a very niche target market that is underrepresented at a university. But any product or service that has even a small amount of user interaction, or that wants to experiment with different marketing strategies, can tap into the student community in order to validate their idea before expanding to other markets.
The People
Last, but certainly not least, is the value of the people at a university — students, as well as staff and academics. No matter how good a founder or his idea might be, he will never succeed without a strong network of like-minded entrepreneurs and mentors.
I’ve often heard people say that university is the best place to find a co-founder. I could not agree more. You meet people on campus with similar interests and aspirations every day. Everyone is open to making new connections, partnerships, and friendships. In bigger universities that offer a wide range of courses, you’re also never at a shortage of talent, whether you’re looking for someone to program your website, plan your social media campaigns, or help you develop your technical product.
Talent is not limited to students, though, as you’ll also be in contact with professors, researchers, and other staff at the university. All of them are professionals in their respective field and, sometimes depending on the person, they will be happy to help you by answering some of your questions, giving you guidance, or connecting you with others in their network.
In bigger universities, there are even tools that directly support students who want to start their own business. They can take the form of mentorship schemes, business clinics (that help with legal and accounting matters), and small funds for student entrepreneurs. All of these can make a big difference for someone that has no experience in the business world or little to no money to spend on developing their idea. Some universities even have their own startup incubators or accelerators that can provide you with support in any and all of your startup endeavours (if you want to see what that looks like, check out Future Worlds, the on-campus accelerator at the University of Southampton).
University is full of young people with the necessary motivation, enthusiasm, and passion to build great things. Hopefully more of them realise that they have the means to take that extra step and pursue their startup ideas on campus.
If you have a comment or suggestion, or simply want to discuss this topic in more detail, I urge you to leave a reply or tweet at me. I’d love to hear your thoughts.
