BizEd

MarchApril2013

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idea exchange How to Make a Pro���t in Ten Days Give student teams ten days���and just CAN$5���to create businesses with ecoeco nomic or social value Location The University of Victoria���s Peter B. Gustavson School of Business in British Columbia, Canada The Program The Gustavson School has a surprise in store for the fourth-year undergraduates enrolled in its three-month immersion entrepreneurship specialization. In the last ten minutes of the ���rst-day orientation, faculty give students this directive: ���You���ve got ten days���go out and make as much money as you can. Then come back and tell us how it went.��� That���s the premise of the Peter Thomas Innovation Project, which kicks off the students��� semester. ���Students are often shocked,��� says J. Brock Smith, professor of marketing and entrepreneurship and director of the Innovation Project. ���Some rise to the challenge, some don���t. But they all learn something from it.��� The Outcomes After ten days, students report how their projects fared and what they learned. Three teams win awards such as polo shirts or leather portfolios, purchased with funds from benefactor Peter Thomas, founder of Century 21 Real Estate Canada Ltd. In 2012, the ���most pro���table��� award went to a team that produced two- to three-minute promotional YouTube videos for ���rms, and the ���most social value��� award went to a team that sold lemonade at events and solicited donations to the Make-A-Wish Foundation. The class also chose the idea with the most long-term potential: a forum where parents could trade children���s clothing and toys. Previous teams have thrived once class ended. One team���which sold advertising space on dry erase calendars that they distributed to students���stayed in business ���ve years. Another received $1 million in venture capital to turn their idea into TeamPages, a suite of online tools for amateur sports teams. This student team sold lemonade and solicited charitable donations at events. Pictured, left to right, are Jiaying Liu, Keenan Berg, Chris Harper, Innovation Project benefactor Peter Thomas, Ashleigh Fourie, and Alex Currie. 72 March/April 2013 BizEd Ground Rules Students���who work in teams of ���ve���cannot risk more than $1 each. They can use their own assets, such as cars or cameras, or borrow assets, but they cannot accrue debt. Any intellectual copyrights belong equally to all team members. They cannot violate laws or university policies. Finally, their enterprises cannot involve food preparation, alcohol, explosives, or toxic materials. Smith approves each project before the teams begin. It���s better to deal with these issues up front, says Smith. He learned this lesson in the project���s ���rst year, when students who had formed a door-to-door paint recycling service discovered that some people had put out paint cans containing dangerous chemicals that could not be recycled in North America. Those students invested $5; the university paid $6,000 to ship the cans to Europe. ���We���ve gotten our $6,000 worth out of telling that story,��� says Smith. ���But it shows the importance of planning ahead.��� The Bene���t On the ���rst day, most of the students have no entrepreneurial experience. ���Afterward, they have the con���dence to say, ���I���ve identi���ed an opportunity and brought a product or service to market,��� says Smith. ���The stakes are small, but they all walk a little taller and they���re ready to be coached.��� J E N N I FE R OAKES The Idea

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