Sept. 15, 2021

This paid piece is sponsored by Dakota State University.

Entrepreneurship often conjures images of starting and owning a business, but entrepreneurial skills are useful in all facets of life, including other jobs.

“Businesses, especially larger businesses, progressive businesses, aggressive businesses, they want employees that think entrepreneurially,” said Dr. Michael Roach, DSU assistant professor of management and Collegiate Entrepreneurs Organization Club adviser. “They want creativity, they want people to go out and solve problems, and those are all things entrepreneurs do.”

CEO Club President Kevin Jenkins agrees with this sentiment.

“It has given me a different outlook on how I approach a lot in life. I feel like I think more clearly and can get more accomplished.”

Jenkins has learned how to be a leader and inspire people to make their dreams come true through his participation with the CEO Club.

At DSU, the CEO Club is an official chapter of the international Collegiate Entrepreneurs’ Organization, which is dedicated to informing, supporting and inspiring college students to be entrepreneurial. The Dakota State chapter helps students develop that entrepreneurial mindset. The club invites entrepreneurial speakers to share their advice with students, assists them with their business ideas and hosts an annual competition.

The Business Plan Competition started with just DSU students. It expanded the following year to include regional high school students, and last year it expanded again to include students from other regional two- and four-year colleges.

Actual business startups will require things like a feasibility analysis to determine if their plan makes sense and whether there is a market for it. They also often will create highly detailed business plans that can be anywhere from 12 to 120 pages for investors and lenders to review, Roach explained. For students who participate in the competition, they must provide a basic business plan. The judges evaluate these business plans and select finalists to continue on to a live pitch competition.

The live pitch portion is inspired by the elevator pitch.

“The idea behind elevator pitches is you get on an elevator with a potential number of venture capitalists, and you’ve got maybe 90 seconds to get them interested in that idea,” Roach said. “Ninety seconds to boil your idea down to its essence and try to convince that potential investor to take an interest in your idea.”

After the pitch competition, a total of $4,000 in cash prizes is awarded to the high school and college students. This monetary incentive is to encourage students to think seriously about their business, Roach explained.

The live pitch last spring was part of DSU’s first Entrepreneurs Day. It included entrepreneur and venture capitalist speakers, an area for an audience to watch the pitches and a demo area for students to promote their ideas and businesses.

Beyond the Business Plan Competition, students are encouraged to attend or enter competitions such as the Innovation Expo in Sioux Falls, the Governor’s Giant Vision competition and University of South Dakota’s Invent-to-Innovate competition.

These opportunities allow students to begin building a network in the entrepreneurial world. It also helps them become connected with organizations such as Startup Sioux Falls, which offers mentoring programs.

Paulson Cyber Incubator & Entrepreneurial Center

The new Paulson Cyber Incubator & Entrepreneurial Center, located in Dakota State’s Entrepreneurial Building, is an educational, applied learning laboratory for DSU faculty engaged in research and technology transfer, DSU students pursuing entrepreneurship through the creation of a business and the startup needs of the greater Madison and regional community.

In addition to incubation, the Paulson Center offers educational programming open to the public through workshops, boot camps, conferences, competitions, camps, internships and more.

Last spring, the CEO Club and the Office of Research and Economic Development hosted Entrepreneurs Day at the Paulson Center. They also use the center to host CEO meetings and provide space for members to work on their business ideas.

The Paulson Center, named for Matt and Karine Paulson of Sioux Falls, is funded through seed money from the state and a donation from the Paulsons. Matt is a DSU alumnus, successful entrepreneur, private equity investor and author.