7 Paybacks an Alma Mater Can Offer Young Entrepreneurs Think university resources are only for students? Here are some ideas for how to best utilize your old school -- even when you're no longer on campus.

By Martin Zwilling

Opinions expressed by Entrepreneur contributors are their own.

7 Paybacks an Alma Mater Can Offer Young Entrepreneurs
image credit: State.gov

Student-entrepreneurs have it easy. When they want advice, they ask their professors who've likely been there and done that. When they need resources, they head off to the campus computer lab or research facilities. When they need test subjects, they turn to their classmates.

While you might think such resources dry up once you graduate, the truth is, your alma mater is likely only too eager to lend a hand. After all, many universities seek out and need the exposure and experience of entrepreneurs who are already active in the real world marketplace.

Here is a short list of the areas where you should be able to find help, whether you're a student or an independent entrepreneur:

1. Exploring hot ideas. Universities are often a rich source for new ideas from their students, their professors and their own research. They also value real-world entrepreneurs to decide which ideas are viable in the marketplace. Start by contacting the university outreach liaison or a professor in your area of interest or expertise.

Related: Could Faculty Entrepreneurs Drive Innovation?

2. Product research and prototype development. Take advantage of the tech classes, labs, equipment and graduate students looking for actual problems to research. Some professors know how to get grants to fund development for you in strategic focus areas like biotech that would otherwise cost you many thousands of dollars.

3. Business plan assistance. Many universities offer entrepreneurial courses or evening classes that can provide assistance on creating your initial plan. Look for special programs for entrepreneurs like the Arizona State University Technopolis program, which is available to non-students.

Related: Lean Startups Need Business Plans, Too

4. Early-stage funding. Don't look for formal venture-capital levels of funding, but certainly early-stage Kauffman Foundation grants, incubators and entrepreneurship incentives are available from endowments and state funds. Collaborative efforts with local companies like Siemens Venture Capital are available for certain technology and focus areas as well.

5. Legal guidance. Most universities have friendly law professors or an entrepreneurship legal clinic to address concerns like protection of intellectual property and privacy. These might even be available online and may be staffed by outside lawyers working on a pro-bono basis with the school. Start by contacting the law school.

6. Building a team. If you need part-time help to pitch in on a prototype, you can always find hungry but high-caliber graduate and PhD students. If you need experienced partners and vendors, many professors and entrepreneurship staff will have the contacts you need in the local business community.

Related: What to Do When Friends Want to Be Co-Founders

7. Connections to a mentor. Similar to finding experienced team members, you can use university contacts to possibly serve as mentors. Most schools also nurture relationships with local and former executives whom they use for guest lectures to MBA courses, judge student business plans and assign as mentors for university spinoffs.

I live in the Phoenix area, home of Arizona State University. They have several "outreach" programs to help startups, including their Venture Catalyst program for business plan development, mentorship, interim management, connections and development roadmap. They also provide incubator services and space for early startups.

Related: An Inside Look at Arizona State University's SkySong Incubator

The Thunderbird School of Global Management, also here in Phoenix, has a top-ranked International MBA and entrepreneur curriculum, a startup incubator program and hosts a group of Angel investors to assist qualifying startups.

I do volunteer work at both of these schools, and I'm not even an alumnus from either one. Believe me, the payback for me has been large from both of them, and I'm betting that you can get the same from a university near you.

How have you used university resources to help you launch? Leave a comment and let us know.

Wavy Line
Martin Zwilling

Veteran startup mentor, executive, blogger, author, tech professional, and Angel investor.

Martin Zwilling is the founder and CEO of Startup Professionals, a company that provides products and services to startup founders and small business owners. The author of Do You Have What It Takes to Be an Entrepreneur? and Attracting an Angel, he writes a daily blog for entrepreneurs and dispenses advice on the subject of startups.

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Business News

The World's Richest Man Just Surpassed a $200 Billion Fortune

Bernard Arnault is just the third man in history to reach this landmark.

Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.

Growing a Business

This Stock Screener is on Sale for Memorial Day

invest while mitigating risk with this top-rated stock screening app.

Business News

The Virgin Islands Want to Serve Elon Musk a Subpoena, But They Can't Find Him

Government officials would like to talk to Tesla's owner as part of an investigation into the Jeffrey Epstein case.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.