DSU, S.D. Biotech partner on FAST Launch boot camps for entrepreneurs
Oct. 28, 2021
This paid piece is sponsored by Dakota State University.
Entrepreneurship is growing.
Since the pandemic began, there has been something of a “startup frenzy,” according to a Forbes article. published in April. Business applications in the U.S. increased 95 percent in 2020; other countries are seeing similar trends.
“South Dakota is positioned very well for entrepreneurial efforts as well,” said Joni Ekstrum, executive director of South Dakota Biotech, noting resources such as university enterprise institutes and the Angel Network.
Entrepreneurs in the state also have a growing number of resources at their fingertips, thanks to South Dakota Biotech and Dakota State University’s Paulson Cyber Incubator & Entrepreneurial Center.
One of these resources is FAST Launch, a new program provided by South Dakota Biotech. The entrepreneurial resource program will help South Dakota entrepreneurs and small businesses get started or expand their businesses. It is available with a U.S. Small Business Administration grant through the Federal and State Technology (FAST) Partnership Program.
Starting an entrepreneurial venture is often out of people’s comfort zone, Ekstrum said, and “it can take awhile to change the mindset to do these things. Also we find that entrepreneurs have good ideas but don’t know how to get their idea to the end user.”
“These are things we can help with by doing our best to make sure entrepreneurs have the resources they need to make a go of it,” she added, from how to identify potential customers, creating a business plan or finding funding.
Providing these resources is where FAST Launch and Dakota State come in.
The FAST Launch resources focus on four components:
- Boot camp – A training program will provide insight on how to start and grow a business and to develop and commercialize innovations.
- Customer discovery – Boot camp participants are eligible to apply for up to $1,500 to support a customer validation process.
- Business plan – If customer intent is validated, a participant can apply for up to $10,000 to support further development and implementation of business plan.
- Giant Vision Competition – FAST Launch encourages and supports entrepreneurs to participate in the Governor’s Giant Vision Competition, which features a winning business award of $20,000. Applications are due Feb. 25, 2022, for businesses; and March 4, 2022, for students.
Dakota State is providing the foundational educational components for FAST Launch, including two upcoming boot camps. These are scheduled for Nov. 6 and Dec. 4 from 8:30 a.m. to 4:30 p.m. Both are offered in person or via Zoom. Individuals who wish to participate in either event should register through the FAST Launch webpage on the SD Biotech site.
DSU also will provide the customer discovery and business plan creation portions, and individuals should register for these workshops through the South Dakota Biotech site as well. These are offered through the Paulson Center, which opened officially in DSU’s Entrepreneurial Center in August.
“We are pleased to work with South Dakota Biotech and EPSCoR on their FAST Launch program,” said Katherine Cota, the director of economic development at Dakota State.
“This education will allow new South Dakota businesses to apply for funding from the FAST Launch program to validate their business idea and perhaps secure additional funding through Small Business Innovation Research or other programs, such as the Giant Vision Competition.”
FAST Launch is designed for people to be better prepared for the Giant Vision Competition and other advanced funding initiatives. she continued.
The Giant Vision Competition began in 2005 with the goal of igniting the entrepreneurial spirit in South Dakotans. There have been 460 applicants to the business competition; the successful businesses report having raised $96 million in equity and other funding. Many also have received GOED/REDI fund loans. In 2007, a student competition began, and there have been 360 applicants and $194,500 in prize money throughout the first 15 years of this competition. Applications are due Feb. 25, 2022, for businesses; and March 4, 2022, for students.
“All of this assistance with foundational startup education and small grants to help a business validate ideas and verify markets will help new businesses in South Dakota be strong and more prepared for the journey that is entrepreneurship,” Cota said.
