Pitt Business e-newsletter Issue 13, January 2009
Economic Uncertainty Inspires Young Entrepreneurs
Jared Stabiner, former president of the Entrepreneurs' Society, and Nick Del'Omo, former Entrepreneurs' Society liaison to the IEE, board the bus to the airport
Entrepreneurs can thrive during unstable conditions, relying on their willingness to tackle risk and their ability to assess profit potential. Faced with a less-than-ideal job market, some entrepreneurs are finding this path at a younger age. During a period when the market is declining and workers are struggling with lost wages and high gas prices, a group of Pitt students are discovering that entrepreneurship offers promising opportunities.
A group of 19 Pitt students, ranging from a sophomore Spanish major to a first-year MBA/Juris Doctorate dual degree student, are exploring opportunities to forge their own career paths by creating, showcasing, and developing their ideas at Pitt's Institute for Entrepreneurial Excellence (IEE). The group of students meets regularly to develop elevator pitches and explore funding opportunities for a variety of ideas such as a GPS-driven parking space locator and an online gift Web site that would allow users to design accessories to suit the unique preferences of the gift recipient.
"Helping students grow and build their entrepreneurial ideas is not only beneficial to them, but also to society as a whole," said Michael Lehman, director of student services and PantherlabWorks in the IEE. "At a time when innovation is crucial, we need to help young entrepreneurs connect with the resources and networks that will allow them to reach their full potential."
Recognizing that an understanding of the process of starting a business provides a strong competitive advantage to new entrepreneurs, the IEE is helping students gain real-world experience. The students showcased their ideas to peers and investors from around the country by participating in elevator pitch competitions at the 2008 Collegiate Entrepreneur's Organization (CEO) Conference November 6-8. The CEO Conference attracted more than 1,200 participants.
In a time of economic uncertainty, many students are still willing to accept risk in exchange for the promise of potentially high rewards. Through the assistance of the IEE, some hope to build the market rather than fear it.
Shaun Brooks (left) and Ray Vargo (right) pose with some of the students preparing to leave for Chicago.
