Center keeps young entrepreneurs from leaving Missouri

According to a 2011 study by the Kauffman Foundation, 54 percent of people in the millennial generation want to start their own business or already have.

Missouri Innovation Center (MIC), a non-profit organization affiliated with the University of Missouri since 1986, and others at MU are supporting young entrepreneurs by providing a network of tools for entrepreneurs and students to succeed in start-up firms.

“By becoming a home to entrepreneurs and start-up enterprises, MU is helping to drive the state’s economy,” says Rob Duncan, MU vice chancellor for research. “Without the MIC and other resources at MU, many of these firms would have to move out of the state, and some would never make it out of the research phase. Instead, with help from MU, these firms can move forward, make revenue and employ Missourians.”

MIC provides an array of services to prospective innovators and entrepreneurs. Jake Halliday, president of MIC, says one focus at the center is on helping graduate students working on high-tech, high-growth ventures. MIC provides grant-writing assistance, access to a patent attorney, regulatory advisory service, business plan advice, education on how to pitch ideas to investors, and access to potential investors.

Halliday teaches a course, “High Growth Ventures,” in the Crosby MBA program in the Trulaske College of Business. In the course, Halliday leads graduate students from across campus through the process of evaluating the commercial prospects of inventions made by MU researchers, building business plans and obtaining financing.

“In the course, students build real inventions,” Halliday says. “This course is a great learning tool for students and closely simulates the real-world start-up environment. In several cases, the class simulations convert to real companies led by graduate students sharing ownership with the faculty inventors. This is helping Missouri retain some of our most promising graduates.”