All students are the future of their field. With their fresh perspectives and uninhibited ideas, it’s no surprise that they often come together while still in the midst of their studies to attempt to innovate their field through business ventures and start-ups. The rapid development of communications technology and social media has greatly aided the possibility of these student start-ups over the past decade. With every passing year, it’s becoming easier and easier for students from all kinds of college backgrounds to connect and work on developing projects.
However, part and parcel of being a student is needing to get creative when it comes to finances. Especially for start-up ideas that truly seek to change the world, the overhead costs needed for a successful business are often far beyond what could be considered a reasonable budget for full-time students. In order for hopeful young people to turn any of their ideas into a business that generates profit, students generally have to look for external funding and finance. Fortunately, there are a wide variety of routes through which students can seek funding for their start-up projects. Here are some funding opportunities that progressive students can use for finding inspiration!
Many universities will dedicate a portion of their annual endowment to funding the projects of their students. This is only to be expected, as universities are an environment intended to foster their students’ creativity and contribution to society. Many courses, beyond the scope of just business studies, even encourage their students to write about possible projects and business ventures they could launch within their field. It’s not uncommon to be assigned a research paper or essay on start ups within a given field, and many pupils may even write their dissertation on project development within their field. Online, there are plentiful examples of such research essays and even services where students can get help from expert writers, such as essay writing service in the UK by Writix, in order to take their business dissertations to a truly impressive level. Students looking to incorporate their business ventures into their academic writing can then take their research to their university endowment board and use their work to apply for start-up funding!
2. Government Funding
There is a wide range of federal agencies that award funding to small ventures across the United States. Through the US Small Business Administration, it’s possible for pupils with a promising initiative to apply for funding from many of the most important federal agencies. In order to apply for such funding, student groups should assess the area in which their idea will create the greatest benefit to society. NASA, the Department of Education, the Department of Energy, and the Department of Standards and Technology are just a few of the examples of agencies that will finance projects that promise a positive outcome for their field. The forms to apply can be found online on government funding websites and offer clear instructions as to how students can avail of financing opportunities per agency.
There are many competitions, both regional and national, that are specifically dedicated to finding and promoting the most promising up-and-coming student innovators. Competitions such as the Global Student Entrepreneur Awards and International Business Model Competition offer students an opportunity to both fund and increase awareness for their projects. Often, high achievement at these competitions attracts the interest of private investors, who can really help get a project off its feet. As these competitions exist at many different regional levels, students should research what their state has to offer!
4. Private Investors
A more traditional route of start-up funding, it’s no secret that having strong investors is often a ticket to success. Those confident in the potential of their venture should harness the power of networking and reach out to powerful backers. With a solid business proposal, passion, and dedication, it shouldn’t be too hard to convince a backer that they’re making a worthwhile investment! And while not every pitch will be successful, perseverance is the ticket to success when it comes to finding a backer.
These are just four of the most reliable methods that student innovators can pursue to find funding for their project ideas. However, the education system is slowly shifting to place more and more emphasis on the ability for students to innovate alongside their studies, so it’s always worth getting creative with how you pursue funding!