Entrepreneurship@DU’s Microgrant Program offers funding and mentorship to help students pursue new business ideas
Imagine having an idea for a product or service that could solve a problem or fill an unmet need. Riding the wave of excitement, you’re flooded with curiosity. How would it work? Is the problem or opportunity you’re solving widespread or more limited? Would customers use it? Who would be most likely to purchase it? How much would they be willing to spend?
Uncovering the answers to these questions is key to determining the viability of a new product- or service-based business—but the process can feel daunting. So, where do you start?
Joshua Ross, director of Entrepreneurship@DU.
If you’re a University of Denver student, you start with Entrepreneurship@DU. Housed within the Daniels College of Business, E@DU offers a variety of classes, programs and funding options for student business ventures at any stage. For students wishing to explore an initial idea, the Microgrant Program is a natural first step, providing the opportunity for guidance and support with ideation, problem validation, customer definition and more.
Not just for business students, one-time microgrants of up to $2,000 are available to full-time undergraduate, graduate and PhD students from any area of study across the university. According to Entrepreneurship@DU Director Joshua Ross, the program’s secret sauce is the combination of funding and faculty advisement.
“The microgrants provide students with some financial resources they can put into creating a prototype or conducting market or customer validation, as well as a faculty mentor to guide them through the process. It’s important for those to go together—money plus faculty—to help students dial in on what they want to know first about their business idea,” he said.
The Microgrant Program contains up to three phases depending on how fresh or developed a student’s idea is when they enter the program.
“Some students just have an idea, some already have customer validation and want to prototype their product, and others approach us when they are close to entering the market and need marketing dollars,” Ross said. “Each phase is different, and it’s important we understand who they are, what they’re doing, and where they fit into the process.”
In phase 1, participants can receive up to $500 to validate and test their idea. In phase 2, students use the information they discovered about the problem or opportunity to develop a minimum viable product. They can receive up to $1,000 to support this process. Phase 3 focuses on activation, when the new product or service is ready to launch with the help of an additional $2,000 for sales and marketing.
Students who have already validated their product can skip phase 1 and enter the program at phase 2, and those entering the program with a product that’s ready to go to market can begin at phase 3.
To date, E@DU has awarded 42 microgrants, including to Sam Fordyce, founder of Briskets for Betterment.
To date, E@DU has awarded 42 microgrants totaling more than $33,000. Some student businesses have gone on to participate in the intensive summer Basecamp Accelerator program. Daniels’ Pioneer Venture Group offers an opportunity for students to pitch their business ideas for a chance to receive venture capital funding to support further growth. Previous microgrant recipients include Snow Shuttle (student-led carpools to and from ski resorts); ChaiGo (a ready-to-drink chai latte product); Stoked LA (a woman-owned fashion and comfort clothing brand); and The Bird of Paradise (a narrative short film about “
“Microgrants are for any student who has identified a problem to solve or an opportunity to address, who is passionate about that problem and willing to spend time and effort to test out their idea or solution,” said Ross. “Just because you get the grant, it doesn’t guarantee the business will happen for you. This is where the work begins.”
The rolling application period for microgrants is September 1-May 1 each year. To apply, students should ensure they meet the eligibility requirements on the Entrepreneurship@DU Microgrants Program webpage, outline their business idea and objectives and email du.entrepreneur@du.edu to schedule a readiness assessment with a grants administrator. If approved to continue, students will receive access to a formal application. For more information, visit www.daniels.du.edu/entrepreneurship/microgrants-for-students.