Most budding entrepreneurs know that starting a business venture from the ground up takes more than just imagination and innovative ideas. It requires cash to get the idea from the virtual drawing board to real life.
For University of Utah students, the Lassonde Entrepreneurial Institute has a program developed specifically to help bring potential product ideas into reality.
Launched as a “milestone grant program” open to all U students, Get Seeded is designed to help start-ups grow their business ideas.
Originally created by students, Get Seeded monies can be used for prototypes or website development, test marketing or sales—milestones that can be met in 30 to 90 days to track the progress of a new project.
Students can apply for two types of grant funding, said Anne Bastien, director of programs at Lassonde Entrepreneurial Institute.
“There are micro-grants, which are $500 or less, and then there’s the regular grant, which is $501 to $1,500,” she said. “Students submit ideas, which then get vetted by another group of student leaders before finalists ultimately get to pitch for the grants.”
The program typically doles out about 50 to 60 Get Seeded grants per school year, with the aim of encouraging student creativity, Bastien said.
“We’ll give you a bit of money to try a wild or new idea to show we believe in you,” she said. “Try your ideas. See if you can make a go at it. It’s not about it being the end-all, perfect idea.”
“For the most part, students use these experiences to help expand their entrepreneurial skill sets,” Bastien said. “Some of them started in this program and have gone on to do marvelous entrepreneurial things.”
Mya Oetinger, a second-year marketing major, has been interested in business since childhood. It was that passion that prompted her to pursue her education at the university.
Her idea was called Inside Out-Fit, reversible clothing that allows for packing lighter in your suitcase or storing less in your closets and drawers on campus, while adding versatility to your wardrobe.
“I needed a prototype, so I went and just got two shirts and sewed them back to back,” she said. It wasn’t exactly what she envisioned, but it was enough to get her to the final round of the competition where she was one of three winners who received Get Seeded funding.
She used some of the $1,500 to take an entrepreneurship class to help her further understand how to make her business idea a reality.
“I’ve also invested in getting a few more materials and I’ve learned how to sew now,” she said. “I still have a little bit of funding, so I’m going to look into getting materials and trying to create a final product with it.”
Eliasib Paredes, a senior majoring in political science, was another recipient who is using his grant to get his eco-friendly apparel business idea off the ground. He developed a company called Organic Vestitus that uses sustainable materials to make hemp t-shirts. His project impressed the panel so much he was awarded a full $1,500 seed grant that he used to buy second-hand equipment to make his products. So far, he’s sold everyone he’s made, which makes him optimistic about his future prospects.
“I was able to start up an LLC, and then I was able to buy some inventory to create products,” Paredes said. “So far, it’s been going well and I have some ideas about other products I would like to create. I’m excited to see if I can grow this into something big.”
Bastien said the main thrust of the program is to encourage more students to move forward with their business ideas.
“Hopefully, at some point down the road, it shows these young people there are opportunities for them to potentially reach some of their entrepreneurial dreams,” Bastien said.