In a push to encourage innovative thinking among students, the University has tried a little novelty of its own. The first ever "U.Va. Entrepreneurship Cup" will be held this Friday from 1 to 4 p.m. in Robertson Hall. Students interested in the competition submitted business venture proposals in late October and early November, and individual school competitions took place between Nov. 6 and 12.
The competition's approach is decidedly interdisciplinary, with students participating from various schools across the University, including the Darden, Commerce, Law, Medical and Engineering Schools. "It is a creative and unique design - reflecting the talents of both the art and engineering students," said M.J. Toms, associate director of entrepreneurship programs at Darden.
More than just bragging rights are at stake; students are competing for substantial prize money. The first-place winners will receive $20,000 cash, and second- and third-place recipients will be awarded $10,000 and $5,000, respectively. The event is partially funded through the Office of the Vice President for Research and the Darden School, but also benefits significantly from the monetary support of Third Security LLC, a venture capital firm primarily concentrating in the biotechnology and life sciences industries. The company's chairman and chief executive officer, Randall J. Kirk, is a member of the University's Board of Visitors.
The Entrepreneurship Cup is an exceptional idea that should become a routine occurrence at the University. Naturally, such generous funding may not be available on an annual basis, but the competition can still persist with either limited funding or by offering other non-cash incentives for participation. At the very least, the idea of entrepreneurship and its role in modern society should receive more attention from the University and become further integrated into the curriculum.
The advantages of this concept go beyond those that are readily apparent. Something of an eternal debate exists about the proper function of universities. Many see them primarily - or even solely - as a place for intellectual exploration and the free pursuit of academic interests. Scholarly research and a sense of creative independence distinguish universities from most business and political institutions. Others view colleges primarily as engines of economic growth and high-end workforce training centers, delivering to students the skills necessary for productive careers. These skills range from general abilities like creative thinking and effective writing to specific expertise for professions such as teaching, accounting, engineering and so forth.
Entrepreneurship is an idea that in many ways transcends this debate and blends together the two ideals of a university. It fosters the kind of creative thinking and independence that professors and researchers value but, at the same time, is entirely directed toward practical results and market success. Cutting-edge thinking of this sort also offers a clear boon to the economy, providing jobs and delivering tangible progress to local and regional communities.
Entrepreneurship can also be thought of more elastically as a fundamental force behind any change, whether it be social, political or economic in nature. "Entrepreneurship is a mindset anyone can adopt, no matter what their field of study," said Philippe Sommer, director of entrepreneurship programs at the Darden School. "It's about changing the world, which makes it the province of artists, educators, engineers and business people."
This approach to the idea makes it especially applicable to the University as a whole, and administrators are wise to incorporate this attitude into the academic community. Entrepreneurship is an idea that one can fully expect to receive due attention in places like the Darden School, but its significance is often ignored or diminished at the undergraduate level. The Entrepreneurship Cup and initiatives like it spark the kind of creative thinking that can turn the University into a stronger driver of progress. Any institution of higher education should be thrilled with that prospect.
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