The University of Waterloo has developed a residence only program for burgeoning entrepreneurs called VeloCity. The popularity of the project has now seen it morph into the VeloCity Garage and Velocity Campus programs after just one year. Now the entrepreneurship program is aimed at all students and not just technology oriented participants. Velocity tries to involve students at all levels by providing theme the required resources to learn and grow by experience.
Velocity is unique because it is not like an incubator program where only a certain number of specific ideas are selected. This program is all about providing students with the entrepreneurial resources to figure out if their idea works. All students are welcome and there is no restriction on what type of ideas will be allowed. That means that students who have any business plan that involves technology or lifestyle can participate.
The program has had a lot of success and has created a lot of opportunity for students by providing them the chance to test out their ideas and validate their theories. This sandbox environment provides a lot of value to students when they meet in collaborative environments set up by Velocity.
The program also offers discussions, speakers and presentations on topics every week throughout the semester. Attendees can learn and grow along with the rest of the participants. They can ask questions and get answers to problems they are facing in the realization of their idea. Velocity is not expected to replace any entrepreneurship courses work being offered in the classroom and instead tries to be the practical work that accompanies the academic course.
Another great aspect of the Velocity program is that the students completely own their ideas. This ownership policy has put many participants at ease with working with Velocity and has got students creative juices flowing. University of Waterloo students can completely focus on the idea and not worry about ownership. Hopefully the Velocity concept spreads across other Canadian universities, giving a broader range of students the opportunity to create their own business.
Source: TechVibes
Photo: Globe Campus
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