May 06, 2013 Category: Business Formation & Planning
When an entrepreneur has a good idea, he or she must somehow find a way to bring the idea to the marketplace in order to make a profit. Many times this will require presenting the idea to potential investors as well as directly selling to the public. The University of Michigan understands this need and has taken action to assist young entrepreneurs to showcase their ideas for new business startups.
This is why the school created a new student marketplace which was an idea presented by MPowered, a student organization that focuses on entrepreneurship. The group has taken over an unused office space and transformed it into a hub for startup companies to showcase their products and services. There are a range of types of startup companies being represented at the marketplace, which is called VEX Venture Exposition.
The new hub is meant to be a space for startups in their later stages that are prepared to present their products or services to the public. Originally, VEX was designed for student entrepreneurs to open store fronts. However, the organizers realized that this might be too much of a commitment for students who are also tackling a full schedule of classes. The organizers then decided to make VEX into a workplace during most of the week, except for on Sundays when it will be a day for startups to sell their products and services.
Opportunities such as VEX at the University of Michigan can be valuable resources for new business startups looking to launch their endeavors. On the other hand, what is also important is a well-crafted business plan, which will provide a road map for entrepreneurs. However, this business plan must ensure that the startup business adheres to any applicable laws. Each type of business will have different rules and regulations, therefore it will be important to be well-researched in the law.
Source: annarbor.com, ” Student startup marketplace opens in bottom floor of Michigan Union ,” Ben Freed, April 21, 2013