For more than 150 years, the Campus Y has been the nexus of social justice and innovation on this campus. Next week, the Y will take another step in its quest to become UNC’s home for social entrepreneurship when it announces the first class of teams accepted into the new Social Innovation Incubator.
As it seeks to create UNC’s next APPLES or Nourish International, the Y should take care to make sure the incubator’s benefits reach beyond the walls of its building.
The proposed projects cover a range of global issues, from public health and information management to artistic expression and water use.
The ventures, some of which would be for-profit and some of which would not, are nevertheless all designed to be financially sustainable. The Y’s role will be to provide seed funding, working space and administrative support to help get the winning ideas off the ground.
Twenty student teams completed a lengthy application for the incubator, and three winners will be announced Jan. 21. As the selection committee considers its decisions, it should strive to choose teams that will not only make the most of the opportunity, but also give back.
The winners must also take what they learn and use it to teach and inspire the broader UNC community. As part of Chancellor Holden Thorp’s Innovate@Carolina initiative, the incubator should benefit the University as a whole.
Winning teams will also be given support through partnerships with UNC’s Entrepreneurship minor, the UNC School of Law, Kenan-Flagler Business School and other University departments.
This unique combination of partners will ensure that teams have the tools they need to tackle the challenges their nascent ventures will face.
But such dedicated attention does not come cheap, and the project is currently raising a $15 million endowment through private donations so the incubator can continue.
