Tag Archives: startup

CardBuddy: A Stylish Solution to Stick-on Phone Wallets

by: Megan McPherson

This summer, the Dingman Center will be conducting interviews with the eight student startups who are participating in the Terp Startup summer incubator phase of our Fearless Founders accelerator program. Participating student entrepreneurs received $3,500 stipends that would enable them to work exclusively on their startups over six weeks in the summer.

The 2016 Dingman Center for Entrepreneurship Annual Rudy Awards at the Robert H. Smith School of Business at University of Maryland in College Park MD, photographed 5 May 2016.I am still relatively new to the Dingman Center, so when Sam Feldman was called to the stage at this year’s Rudy Awards to accept his award for Student Entrepreneur of the Year, I could not fully appreciate how deserving he was of the title. After talking with him more at Terp Startup and interviewing him for this blog post, I would like to give my full, ringing endorsement of Sam, not only for his accomplishments as an entrepreneur but for his strength of character.

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Terp Toolkit: Incorporating Social Impact into Your Business Model

by: Sara Herald

Social impact, long considered to be the exclusive territory of nonprofits, is becoming an integral part of for-profit businesses across the globe.  From huge corporations like Unilever to local startups like Misfit Juicery, generating both profits and social good is gaining acceptance as good business practice.

This shift isn’t necessarily based in moral arguments such as “it’s the right thing to do”, but rather in solid business fundamentals: that’s what customers want.  As more and more Millennials enter adulthood, they want to start up, work at, and buy from companies working to achieve social good.  84% of Millennials “consider a company’s involvement in social causes in deciding what to buy or where to shop” and they report “increased trust (91%) and loyalty (89%) in…companies that support solutions to specific social issues.”

If Millennials expect companies they engage with to have more than one bottom line, how can aspiring entrepreneurs of all kinds deliver on those expectations? The key lies in moving from a donations mindset to an operations mindset.
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Hisaoka Fellow Spends Summer Working at Virtual Reality Startup

At the Dingman Center, we work with many students who want to start their own business. We also work with students who don’t yet have an idea to pursue. For both groups, we encourage them to spend a summer interning in startup land. To jumpstart students’ startup careers, the Center offers two fellowship programs. Through a generous gift from UMD alumnus, Robert Hisaoka ’79, we offer the Hisaoka Fellowship Program to MBA students. In order to be selected as a Hisaoka Fellow, students must secure summer internships with VC- or angel-funded startups and early stage companies. The Dingman Center provides each Hisaoka Fellow a $5,000 stipend to supplement students’ summer salaries.

Mobile-logoDue to overwhelming demand among undergraduate students for startup internships, one of the Hisaoka Fellowships was offered to undergraduate student, Mike Mandl. Mike has participated in our Fearless Founders accelerator program and is passionate about virtual reality technology. He worked his network in the spring to land a summer internship with YouVisit in New York City. After three weeks on the job we interviewed Mike about his experience:

Tell us about YouVisit. What is the company’s mission and core competencies?
MM: YouVisit helps industry leaders in higher education, travel and real estate increase public awareness, online traffic, quality leads, and in-person visits with immersive virtual reality experiences and virtual tours.
Tell us about your responsibilities thus far at YouVisit?
MM: Creating and editing 360 3D videos. Hopefully I will have an opportunity to go film some shots in the upcoming weeks. I have also been helping out the business development team in any capacity.
What projects are you most looking forward to working on with YouVisit?
MM: There are a few different projects that I am excited to be working on, but most of them are confidential as of now. I can say that University of Maryland just became a client, so that will be a project I intend to work closely on.
Why did you want an internship with a virtual reality company?
MM: Before I found out about YouVisit I was creating a 360 college campus tour of University of Maryland with help from the UMD startup company, VisiSonics. The virtual reality industry is estimated to be a 30 billion dollar annual industry by the year 2020. I want to continue working in this field and the best way to do that is to get work experience.
What do you hope to gain from a summer spent in NYC at YouVisit?
MM: My goal is to make as many connections as possible within the growing industry and to learn as many skills as possible relating to creating virtual reality experiences while I am interning in New York.
Have you had any cool startup/networking experiences since you’ve been in NYC?
MM: Going into work everyday has been exciting. After all the work our team has put in I am one of the first people that gets to view some of the coolest cutting-edge virtual reality experiences.
What has been the biggest adjustment as an intern in New York City?
MM: I would say my biggest adjustment has been the change in my environment. There are people everywhere doing lots of cool things at all hours in the day. I have improved managing my free time so I can take advantage of everything this city has to offer.
Mike Mand83550_Mike_Mandl_Y145105_MD005SAE Yl is a University of Maryland undergraduate student majoring in economics. He has a strong interest in up-and-coming technology with the potential to disrupt markets. Mike started his own profit-generating businesses through his landscaping and cell phone repair services, ProTech MD. He spent the past year creating virtual reality college campus tours and plans to find his niche in the market after graduation.
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Terp Startup Javazen Is Putting a Healthy Twist On Your Morning Coffee

What comes to mind when you hear “the Arnold Palmer of coffee?” In the D.C. area, many people think Javazen.

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According to the company website, Javazen is organic coffee combined with premium teas and nutritious “superfoods,” including cacao and goji berries. Aaron Wallach, Eric Golman and Ryan Scheuler started the company in their college apartment while attending the University of Maryland. After recently graduating from UMD and making their first sales, the team decided to run Javazen full-time. Continue reading

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Terp Toolkit: Financing Your Startup

Financing is a hurdle faced by nearly every entrepreneur and can the need for funding can occur at various stages of a company’s life cycle. It’s important to know what options are available, as well as the risks that come with each.

indexSome common methods of financing include:

  •  Friends & Family – Many early stage companies raise a “friends & family” round, relying on the networks of the startup’s founders for seed capital.
  • Crowdfunding – If you are selling a product or service that you think would appeal directly to consumers and you need capital to fund your business, consider crowdfunding as an option. Sites like Kickstarter, Indiegogo , and  Gofundme allow you to post your “project” for viewing by thousands of potential funders in exchange for a percentage share of your money raised.images
  • Contests & Grants – A great way to get funds for your start-up without giving up equity is to apply to contests and grants. In this article Forbes offers some tips for those seeking grants.  A tip: follow entrepreneurship organizations and centers, accelerators, and VC firms / angel groups on social media for posts about local contests.
  • Small Business Loans – This option is most effective if you have been in business for a while and are generating some cash flow.  For those who meet these requirements, the Small Business Administration offers different types of loans to help you grow your business. angel2
  • Angel Investors – For early stage companies with an ability to scale quickly and high growth potential, there is the option of raising a round from angel investors. There are many angel investors, both individuals and groups, who invest ~$25B each year in early stage companies. Most angel deals are done with companies who have either successful beta testing or initial revenues. Deals range from straight equity to convertible notes.
  • Venture Capital Firms – For later stage start-ups with a proven track record of success who are seeking to reach the next level, raising venture capital funds can be the right next step. The total Venture Capital market is ~$45B, invested in a variety of industries and stages.  You can check out the VC100 for a look at the top 100 venture capital firms in the U.S. Researching the right firms for your company stage and industry is essential when raising VC funds.  Looking at the funding history for similar companies to yours on CrunchBase or AngelList  can be a good place to start your research.

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Terp Toolkit: Accounting for Your Startup

When launching a business, often there are a variety of start-up costs to track. Being organized on the front-end with your startup’s finances will pay off in the long-run.

accounting_webThere are several tools at a variety of price points that will help you keep your financial records. Here are some startup-friendly resources: Continue reading

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Terp Toolkit: Getting Started

Terp Toolkit highlights resources for starting your business.

Do you have an exciting business idea or startup that is gaining traction, but not quite sure how to get started with managing your growing venture? In this installment of Terp Toolkit, we’ll cover the basics — such as web hosting, development, phone, and email — which are essential to scaling your startup.

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Thinking about applying to a business competition? Five tips from Elana Fine

For b-schools, incubators and other organizations that support startups, business competitions are very hot right now. For entrepreneurs, they can be great opportunities to flex your entrepreneurial muscles and gain traction for your startup or business idea.

CC-04Apr14-635_hr However, with a seemingly endless list of competitions to choose from and limited time, how do you decide which competitions to enter?

Here are five things to consider from Dingman Center Managing Director, Elana Fine:

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What’s Up at the Dingman Center?

Every two weeks, the Dingman Center distributes The Pitch, which highlights important happenings in our community. In case you missed it, here’s a look at what’s up in entrepreneurship:

Dean Triantis Named One of InTheCapital’s “50 on Fire” for Education

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Congrats to Dean Alex Triantis, who has been named one of InTheCapital’s “50 on Fire“; a list of the year’s disruptive innovators covering nine industries. Since his appointment, the school has received a $1 million grant from the U.S. Department of Education to fund the Center for International Business Education and Research. Dingman Center Angels portfolio company, Homesnap also made the list. Check out the full list here!

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Top 5 Reasons to Attend The Pitch Dingman Competition

GEW_LogoThe Pitch Dingman Competition is THE signature event of UMD’s Global Entrepreneurship Week festivities.

Aside from seeing the five finalists pitch their fearless ventures, here are the top 5 reasons you should attend the Pitch Dingman Competition on November 20th:

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