Issue link: https://www.e-digitaleditions.com/i/54913
idea exchange Entrepreneurs on the 'FastTrac' WHAT MAKES A SUCCESSFUL entrepreneur? Just four factors: a problem, a solution, ambition, and know-how. If an individual can supply the first three, the right training can provide the last. To provide that training, the John Pappajohn Entre- preneurial Center (JPEC) at the University of Iowa's Tippie College of Business in Iowa City has adapted the FastTrac NewVen- ture program, offered through the nonprofit Ewing Marion Kauff- man Foundation of Kansas City, Missouri. The curriculum, which Tippie has offered since 1997, helps a hopeful entrepreneur take an idea from concept to a potential real busi- ness in seven weeks, explains David Hens- ley, JPEC's director. Gretchen Swan is one entrepreneur who took the pro- gram through JPEC. She enrolled after she encountered the first factor in the entrepre- neurial equation: the problem. As an eco- conscious mother, Swan used drinking fountains to refill reusable bottles but found the process less than ideal. "I'd watch my kids get a little too personal with drinking fountains, or I'd only be able to refill my bottle halfway," says Swan. Swan's solution? The ThirstStation, an 80 May/June 2011 BizEd adaptation of a European vending machine that dis- penses chilled and hot filtered water without sacrificing taste, convenience, or cleanliness. The machine also can dispense flavored water and teas. Swan, who has a degree in marketing, enrolled in FastTrac, which meets once a week for seven weeks. Each three-hour session includes interactive discussions, guest speakers, networking, and men- toring. Additional guidance is avail- able through JPEC and the local Small Business Development Center. Each student enrolls with a business concept and leaves the program with a business plan. "FastTrac made me accountable for my idea," Swan says. With the help of Tippie market- ing professor Dave Collins, Swan has piloted the ThirstStation at several locations in Iowa City, including in the Pappajohn Business Building on campus. In the pilot phase, Swan also has learned to emphasize educational efforts to both inform people about and attract them to the new concept. The response has been "very good so far," she says. Swan also has sold reus- able bottles near the stations, in an effort to change consumer behavior. Swan emphasizes that the Fast- Trac program is designed for people who have a vision but need the tools to move forward. Information about FastTrac programs is available at www.fasttrac.org. FastTrac has trained more than 300,000 people since 1993. The Tippie School has enrolled 370 partici- pants since 1997.