Harvard announces to fund to help student start-ups

On Tuesday, Harvard Business School announced a $50,000 fund that will go toward 10 teams of students interested in building prototype models for their start-up businesses, Xconomy reports. The idea for the Minimum Viable Product Fund was pitched by three first-year students and funded by the Arthur Rock Center for Entrepreneurship.

“For entrepreneurially-minded students at HBS, this fund alleviates the financial barrier preventing them from building initial prototypes or test products,” said Dan Rumennik, a student who proposed the fund. “This is the greatest challenge for people with an idea but no money.”

The funds will focus on the “lean” model of start-ups, a guideline that focuses on quick creation of prototypes to get the item on the market as soon as possible, HBS entrepreneur-in-residence Eric Ries told Xconomy.

Students who receive funding will be paired with a faculty mentor who will observe students’ progress on a monthly basis. At the end of the semester, students will debut their prototypes for a chance to earn awards up to $10,000.

According to AScribe, 50 percent of HBS graduates classify themselves as entrepreneurs a decade or more after graduation. Some of the world’s most recognizable entrepreneurs graduated from HBS, including New York City mayor Michael Bloomberg and Tom Stemberg (founder of Staples).

Melissa Clark
Follow:

Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
Melissa Clark
Follow: