UNC social venture incubators currently serve as spaces where students can refine their ideas and draw on University resources, but once their lease is up, these startups have limited options in terms of what they can do next. It is fundamental for UNC to create an incubator that focuses on moving student-led ventures off campus in order to foster further growth.
Incubators support students in gaining valuable experience with real-life entrepreneurship by providing support in the form of advising, funding and consulting. The CUBE incubator that runs through the Campus Y uses an interdisciplinary approach in getting these ventures on their feet. Law students contribute with legal advice; business students provide development strategies and journalism students develop websites. And the approach has paid off — successful student initiatives such as HOPE Gardens and Musical Empowerment have been hosted by the CUBE.
This arrangement is great to get started, but to further this support, UNC should develop an incubator to advise students on what to do after their time in traditional incubators.
Even if businesses are very successful in their first few years, becoming financially independent is a massive leap in development.
The goal is to get these social ventures to stay in North Carolina, help support local economies and make North Carolina a hub for ideas. Similar to how Silicon Valley’s role for technology, Research Triangle Park has potential to become a hub for social ventures, but first it needs the infrastructure.
UNC is uniquely ready to start this charge because this University was founded as a means of serving the needs of the state. Incorporating an interdisciplinary approach could connect this center to people in the community and potential investors.
