BCEduventures, Inc. will provide seed funding to Startup Now Accelerator Program graduates
Broward College students and graduates aspiring to be successful entrepreneurs will soon be able to compete for funding for their business ideas through a new Student Venture Fund proposed and founded by Broward College President J. David Armstrong, Jr. with support from a number of area businesses and community leaders.
The fund was announced Tuesday at the Broward College District Board of Trustees meeting and will be coordinated through the College’s business venture unit, BCEduventures, Inc., in coordination with the College’s business incubator “Innovation Hub” that helps entrepreneurs start and succeed with college mentors and support. BCEduventures, Inc. is chaired by President Armstrong, who is also a business investor, and includes BCEduventures board members and entrepreneurs David Maymon and Sean Guerin who will oversee the operations of the new venture fund.
The college’s board endorsed the naming of the fund as the J. David Armstrong, Jr. Student Venture Fund. The initiative which is the first of its kind in the region is the vision of President Armstrong. Through the oversight of an advisory board of successful entrepreneurs, BCEduventures, Inc. will provide seed funding and investment, in the form of a convertible note, to eligible student entrepreneurs who have successfully completed the “Startup Now Accelerator Program” which is estimated at 20 students per year.
The Broward College Startup Now Accelerator is a partnership with CareerSource Broward and offers participants a six-month, four-stage program from boot camp to launch. It challenges entrepreneurs to test their ideas for a potential product-market fit and students can earn up to 12 college credits toward an entrepreneurship certificate with Broward College.
In addition to one-time funding, each year all Startup Now graduates will compete in a “Seahawk Pitch Day” in front of potential investors, mentors and the BCEduventures Advisory board for one-time cash prizes and in-kind services of up to $50,000. Graduates will compete for first, second and third place prizes. The 2018 Seahawk Pitch Day, to be held in May, will kick-off the funds giving and seed funding will commence in the next fiscal year.
“The goal is to help student entrepreneurs convert their ideas into successful businesses,” said Armstrong, who has personally committed the first $100,000 to the fund. “My vision for this fund is that we will grow our next generation of Broward County entrepreneurs through mentorship and support of our outstanding and diverse student population and future business leaders.”
The J. David Armstrong, Jr. Student Venture Fund has already received over $250,000 in commitments from community leaders and organizations including President and CEO of the Greater Fort Lauderdale Alliance Bob Swindell, entrepreneur and Broward College Trustee David Maymon, Florida Power and Light, the South Florida Business Journal, and National Jets. The fundraising goal is to secure commitments of $500,000 by May 31, 2018.
Funds will be awarded to students who meet the following criteria: be a graduate of the Broward College/CareerSource Startup Now accelerator program, which includes developing a strong business plan and close work with a business mentor; have an innovative idea for starting a business in technology, in any of the financial, healthcare, social networking, gaming, aviation, and advanced manufacturing sectors or an innovative product or service, based in Broward County; and have demonstrated a high demand for the product or service.
Erique Triay, director of the Innovation Hub at Broward College, said, “With the creation of this fund, the Innovation Hub comes full circle from its start three years ago, having built the physical infrastructure our entrepreneurs need, having surrounded it by the human component to run our programs and provide world class mentoring, and now having the opportunity to provide the risk capital to fuel the companies we have helped launch.”
BCEduventures, Inc., is a 501(c)(3) non-profit Direct Support Organization (DSO) of Broward College. The Board of Directors of BCEduventures reports directly to the Broward College Board of Trustees and features President J. David Armstrong as its Chairman.
With direct oversight, BCEduventures will designate an Advisory board including successful local entrepreneurs to ensure governance of the fund and will continue to seek new funding sources to ensure its stability. The BCEduventures Board of Directors will administer and disburse the funds based on recommendations of the Advisory Board. The advisory board will consist of Broward College faculty, local entrepreneurs and accelerator mentors. Funding will depend on size of fund, qualifying factors and the number of participating organizations.
For more information, please contact Don Cook, Executive Director, BCEduventures at 954-201-7238 or dcook@broward.edu.
About Broward College:
Serving more than 63,000 students annually, Broward College provides residents with certificate programs, two-year university-transfer degrees, two-year career degrees and baccalaureate degrees in selected programs. The mission of the college is to provide high-quality educational programs and services that are affordable and accessible to a diverse community of learners. For more information, visit www.broward.edu.
