Entrepreneur Plus - Short White
For Subscribers

Tapping Into College Resources Need R&D capacity but can't afford it? Turn to creative college students who can give you their fresh, unaffected perspectives.

By Chris Penttila

Opinions expressed by Entrepreneur contributors are their own.

When bold furniture wanted to design a new line of contemporary office furniture, it outsourced the job. But instead of outsourcing to a professional studio, it called on design students at the University of Cincinnati's School of Design to come up with some new ideas.

Working with students was a good alternative for Spring Lake, Michigan-based Bold Furniture. "Many designers require retainer fees, and that can be anywhere from a few thousand dollars a month to $10,000 a month. In addition, they'll look for royalties between 1 percent and 5 percent of sales," says co-owner Todd Folkert, 27. "Working with the students, there's really not that significant of an upfront cost. It's pretty much all variable, tied to the success of the product." The $2 million company is in the second phase of the design process and hopes to have a marketable furniture line by summer 2006.

Continue reading this article — and all of our other premium content with Entrepreneur+

Join the internet’s leading entrepreneur community! With your subscription you’ll get:

  • Access to all of our premium content and an ad-free experience
  • A complimentary subscription to Entrepreneur Magazine
  • Four free e-books a year and 20% off everything from our bookstore
  • Exclusive events with business celebrities and successful entrepreneurs

Editor's Pick

A Father Decided to Change When He Was in Prison on His Son's Birthday. Now His Nonprofit Helps Formerly Incarcerated Applicants Land 6-Figure Jobs.
Lock
A Teen Turned His Roblox Side Hustle Into a Multimillion-Dollar Company — Now He's Working With Karlie Kloss and Elton John
Lock
3 Mundane Tasks You Should Automate to Save Your Brain for the Big Stuff
Lock
The Next Time Someone Intimidates You, Here's What You Should Do
5 Ways to Manage Your Mental Health and Regulate Your Nervous System for Sustainable Success

Related Topics

Business News

'I Am Just Floored': Woman Discovers She Won $1 Million Lottery Prize While Checking Her Email at Work

Initially, she thought the email was a scam, but went to lottery headquarters and walked away with a six-figure check after taxes.

Business News

Amazon Might Soon Be Adding Ads to Prime Video

The company wants to generate more ad revenue for its streaming service.

Business News

'I've Got the Bug for Business': See All of Mark Wahlberg's Entrepreneurial Endeavors, From Marky Mark and the Funky Bunch to Wahlburgers

Mark Wahlberg owns businesses in several categories, including entertainment production, apparel, fitness, and nutrition.

Business News

South Park Creators Spent 'Infinity Dollars' Renovating Iconic Colorado Restaurant, Set to Reopen Soon

Casa Bonita, a long-time favorite of South Park creators Trey Parker and Matt Stone, went bankrupt during the pandemic. The duo purchased and painstakingly renovated the Mexican spot "like a piece of art," Stone said.

Fundraising

'Entrepreneur Elevator Pitch' Is Back Open for Business!

Check out this preview of season nine of our hit show "Entrepreneur Elevator Pitch." Big ideas and big money are on the line!

Leadership

How Leveraging External Trainers Can Advance Your Companies Growth and Talent Optimization

Discover how your organization can use external trainers to build capabilities, lower training cost and create a sustainable workforce for the future, while still delivering high-quality training and lasting results.