2008 Woodie Awards
MU venture program invests in student businesses, searches for prospective clients
Ann Koblenzer
Issue date: 1/25/08 Section: Campus
While most second semester seniors are taking minimal credit hours and making perfect attendance at dollar draft night, finance majors Wiley Curran and Scott Picklo, and accounting major Jack Tench are trying to enhance both their resumes and Miami University's future.
The three are student fund managers for Miami's Venture Fund (MVF), which invests in students and alumni looking to start their own business.
"We give money to a business and in return we take an ownership position in the business, based on the percentage that our investment is worth," Tench said.
The group is currently looking for prospective clients while working with their current clients.
Tench said they are now interested in drafting a business plan and spending time to better their respective ideas, they then work with students and alumni on all aspects of developing a strong business plan.
"We are not just handing them money-we will sit down and direct them to the people they need to speak with to further develop their business plan," said Marissa Evans, junior mass communications major and public relations for MVF. "They are coming to us for guidance and potentially financial assistance. We really want them to be prepared and serious about their ideas."
According to Tench, the MVF was created by a professor at Miami almost 15 years ago, however it sat idle for most of that time. Tench said they don't know why the project was abandoned, but it was jump started when entrepreneurship professor Jeff June started an independent study class to spark interest in the group last year. Students were informed of the independent study through the entrepreneurship department.
Tench, Curran and Picklo picked up the idea and with Kyle Brown and Mackenzie Smith, who graduated in 2007, they moved the legal framework through the university.
At the end of second semester last year, June approached the three students to continue work with the fund for no credit. They agreed and at the end of last year they approved the first investment, GoPicnic, under the new framework.
The three are student fund managers for Miami's Venture Fund (MVF), which invests in students and alumni looking to start their own business.
"We give money to a business and in return we take an ownership position in the business, based on the percentage that our investment is worth," Tench said.
The group is currently looking for prospective clients while working with their current clients.
Tench said they are now interested in drafting a business plan and spending time to better their respective ideas, they then work with students and alumni on all aspects of developing a strong business plan.
"We are not just handing them money-we will sit down and direct them to the people they need to speak with to further develop their business plan," said Marissa Evans, junior mass communications major and public relations for MVF. "They are coming to us for guidance and potentially financial assistance. We really want them to be prepared and serious about their ideas."
According to Tench, the MVF was created by a professor at Miami almost 15 years ago, however it sat idle for most of that time. Tench said they don't know why the project was abandoned, but it was jump started when entrepreneurship professor Jeff June started an independent study class to spark interest in the group last year. Students were informed of the independent study through the entrepreneurship department.
Tench, Curran and Picklo picked up the idea and with Kyle Brown and Mackenzie Smith, who graduated in 2007, they moved the legal framework through the university.
At the end of second semester last year, June approached the three students to continue work with the fund for no credit. They agreed and at the end of last year they approved the first investment, GoPicnic, under the new framework.
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