Last fall, Stewart Thornhill stepped into the role of executive director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies, which is part of the University of Michigan's Stephen M. Ross School of Business. His big idea is to intiate a Silicon Valley-style business accelerator.
"The accelerator will be modeled on Y Combinator, Techstars, Launchpad LA. The perfect company to enter an accelerator is the one that is quarter-baked. You want it to be half-baked before it's really in a position to get that early, seed or angel investor money. But if companies try to go for that early investor too early, they're going to fail or they're going to have to give up so much of their company because of the wildly risky nature of it that it's often not worth doing.
We often find that students who incubate ideas, whether in a formal incubator or just in their dorm room, often get to the point where they finish their degree, they'd love to be able to take it to that next stage, but they have to go get a job. They've got student loans, they have to pay rent, buy groceries."
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