Lead Instructor Julia Casey and Instructor Margo Fliss brainstorm Upstart Alpha curriculum earlier this year.
At the Center for Economic Development we often refer to “wish list projects.” These are the ideas born from brainstorming sessions or lightning bolts of inspiration that we hope we can execute somehow, someday. Of course we all know that money and time are limited, and good ideas are easier to dream than to do. But we’re just headstrong enough to take our wish list projects seriously, and sometimes we even overcome earthly constraints to make them happen.
Upstart Alpha is just such a project. Only 18 months ago, a university-based startup accelerator was just a twinkle in our eyes, an unfunded idea that generated enthusiasm. Fast forward to our partnerships under the ARCTIC Program, with funding support from the Office of Naval Research, and we find ourselves on the cusp of launching!
Upstart Alpha emerged from our work in the entrepreneurial ecosystem and our training capacities for early-stage entrepreneurs. We saw a need to create pathways for students to explore entrepreneurship, and to bring new talent to Alaska’s burgeoning startup community. That community offers networking events, support services, and risk capital, but investors still note a shortage of investible startups.
At the same time, entrepreneurship among young people is low and falling. Although over 60% of 20-somethings say they want to own a business, few of them actually do. Only 6% of Alaska’s businesses with employees are owned by someone under 35. Retirees start businesses far more often than recent college graduates, despite the Silicon Valley stereotypes.
That gap between expectations and reality tells us that something should be done to help the entrepreneurially-inclined take their first steps. As part of the university system, we also have a duty to support the success of our students, especially when entrepreneurship is their preferred vocation.
To those ends, Upstart Alpha represents our twist on the accelerator model. It will be cohort-based, accepting 12 individuals on a competitive basis, and lasting for four months (January to April 2020). The curriculum emphasizes the Lean Startup approach and customer discovery to develop and validate a business model. Participants won’t be stuck behind a desk--there will be hard work well outside of their comfort zones as they launch or grow their business with the help of supportive mentors.
So who are we looking for to apply to the program? We want dedicated individuals who are serious about entrepreneurship. Applicants don’t need to have a current business (although it would help) but they must be able to make a commitment to starting one, either on their own or as part of a team. University of Alaska students are the priority, but we aren’t restricting applications to any particular major or program. We welcome undergrads, grad students, voc-tech enrollees, and non-degree seeking students. We’re even reserving a few slots for non-students.
We want to see promising startups come out of Upstart Alpha, that go on to earn revenues and scale up. Hopefully, they become investible eventually and hire employees when the time is right. The most important outcome, however, is growing entrepreneurs. Most startups fail, and that should be seen as a normal and healthy thing. Gifted entrepreneurs will bounce back and try again. We think we can help build that skillset--and mindset.
