UCL partners with Founder.org to offer $100,000 prize for student entrepreneurs
13 February 2014
UCL Advances is
collaborating with Founder.org – a US entrepreneurial
foundation set up by serial entrepreneur Michael Baum – to find someone from
the UCL student community to compete in a global student business competition
with prize money of $1 million being divided among the ten winners.
The prize is awarded to the top ten finalists in the competition worldwide, now including students from UCL – from undergraduates to doctoral students, as well as alumni who have graduated within the last 12 months – who will go up against other teams from some of the world’s most prestigious higher education institutions including Harvard Business School, Stanford University, NYU and the University of Pennsylvania.
The initiative was announced at an evening reception at UCL, where it was announced UCL would become one of the 24 partner schools involved in the programme.
With Michael Baum in attendance, students had the opportunity to kick-start their participation in the competition through giving a one minute, on the spot pitch to Michael, and to mingle with other potential entrepreneurs also interested in joining the competition.
The ten winning student businesses from around the globe will receive cash prizes of $100,000 each, whilst the top 50 business ideas will be admitted into the Founder.org University where they will receive expert advice and guidance to help get their business ideas off the ground.
The initiative was originally established by serial US technology entrepreneur Michael Baum as a mechanism to inspire students to set up impactful companies and, through that, create companies which can grow, thrive and improve the wider world.
Commenting on the new collaboration, Gups Jagpal, Deputy Director of UCL Advances – the university’s centre for entrepreneurship – said:
“This collaboration is fantastic news for our budding entrepreneurs from across the UCL community.
“The prize of $100,000 is a fantastic incentive for anyone thinking of starting a business to take the plunge and put themselves and their idea out there.”