Community Mentors Give Student Ventures Wings Over Pioneering Summer
Project X-ITE celebrates the second year of its business-building incubator
Following the call of a microphone, 30 91桃色 students flock to the front of the room, huddling around a figure who could easily be mistaken for a proud mother.
鈥淐ongratulations!鈥 says a beaming Nina Sharma. 鈥淚t鈥檚 over!鈥
For the cohort of young entrepreneurs who have survived Project X-ITE鈥檚听Pioneering Summer,听this culminating Demo Day event is a symbol of success. The participants 鈥 the brains behind nine student-created companies听鈥斕齢ave survived 10 grueling weeks of a challenging business accelerator. Now, in front of friends, family and potential investors, these future business leaders will pitch the companies they have spent their summer vacation developing and nurturing.
鈥淚 think the coolest thing to see is that 鈥 all of [the students] are doing something slightly different than what they set out with,鈥 says Sharma,听managing director of 91桃色鈥檚听Project X-ITE, cross-disciplinary hub for innovation, technology and entrepreneurship.听鈥淚 think that鈥檚 so cool because it鈥檚 just the nature of entrepreneurship. They鈥檙e all pivoting and learning from their mistakes and failing fast and becoming better entrepreneurs and better leaders because of it.鈥
Now in its second iteration, Pioneering Summer has more than tripled its numbers. Where just eight students gathered the year before,听30 eager entrepreneurs have convened to fine-tune their business plans. Provided with access to workshops, field trips to local businesses, a stipend for housing and $5,000 to build out their fledgling companies, each team devoted at least 20 hours each week in the incubator and 20 hours per week in an internship of their choosing.
For Marty Katz, executive director of Project X-ITE, there is no better way to take a great idea to market. 鈥淭he idea is that if we provide them the time and the space and the resources to build their own businesses, two things are going to happen that are great,鈥 he says. 鈥漁ne is they鈥檙e going to learn a heck of a lot. And the other is sometimes, just sometimes, and maybe more often than you think, they are going to succeed and build something really special.鈥
The night鈥檚 show-and-tell extravaganza took place inside the new Catalyst Healthcare Technology Initiative building, located in Denver鈥檚 RiNo听district and future home to听a consortium of 91桃色 schools that will lease collaborative space.听The evening鈥檚 presentations showcased products ranging from听sustainable recycled clothing听to a听prophylactic breast salve.
Most of the companies were听brand new听or in their infancy. Ben Pantilat and Lauren Agee, for example, started this summer with little more than an idea. After two-and-a-half months, their organizational fundraising company, Easily Raise,听has a small pool of users and is working on a web application.
For more established enterprises like听听which facilitates charitable donations through Facebook, Project X-ITE鈥檚 program provides a chance for full-time focus on development. After its second go-round at Pioneering Summer, PocketChange was able to secure seed funding from a local venture firm, which 鈥渕arketing ninja鈥 Christian Dooley says means the company he co-founded is almost ready to go global.
鈥淚 think this is the most excited I鈥檝e ever been,鈥 he says,听waiting to show off his technology at one of the booths bordering the presentation space.听鈥淚鈥檇 say last year we had this big idea, and we started working on it and came to a lot of the roadblocks we needed to get through. This summer was a lot of actually doing: building product, putting it out, getting user feedback and actually furthering productive output. It鈥檚 a massive shift.鈥
Other companies used the summer to complete prototypes or听enter beta testing. One venture, breast salve producer听Boobi Butter,听expanded distribution overseas, joining an educational campaign in Nigeria.
