The Pan-University Entrepreneurship Initiative at the University of Virginia is gearing up to expand its programs in the coming weeks, with a focus on developing the entrepreneurial skills of both students and faculty. Established in October 2023, the initiative aims to foster a culture of innovation and entrepreneurship to inspire young entrepreneurs. Led by Business Administration Professor Michael Lenox, the initiative will provide resources such as programming, funding, mentorship, and a student-oriented entrepreneurial clubhouse set to open its doors on October 2.
The Foundry building, located at 9 Elliewood Ave, will serve as a student center for entrepreneurship and mentorship. It will offer a central location for students to discuss entrepreneurial endeavors, receive mentorship, and provide an extracurricular meeting space for student organizations around Grounds. The initiative is partnering with student groups to plan events during Entrepreneurship Week, including a founders fair, an entrepreneurship challenge, and an Entrepreneurship Mini-Summit facilitated by the Alumni Association.
In addition to the Foundry building, the University is working on creating a wet lab accelerator in partnership with the Charlottesville Biohub, a biotechnology industry cluster. This accelerator will offer technological tools for students interested in pursuing ventures in biotechnology and life sciences. The Pan-University Entrepreneurship Initiative is also partnering with the U.Va. Licensing and Ventures Group to aid students and faculty in the patenting and licensing process.
Despite the initiative’s goals to foster innovation and entrepreneurship, some members of the University community, including Board Member James Murray, remain skeptical about investing in entrepreneurship programs. Murray believes that the skills necessary to succeed as an entrepreneur are innate and cannot be taught, advocating instead for investing in liberal arts education. However, Lenox and Business Administration Professor Saras Sarasvathy argue that entrepreneurship skills are teachable and valuable for students.
Sarasvathy’s research on expert entrepreneurs led to the development of effectuation in entrepreneurship, a model of decision-making used to manage uncertainty when starting a business. She, along with other professors, have encouraged the University to teach risk management for entrepreneurs through the study of effectuation. Students like Tina Yao have expressed support for the initiative, citing the importance of investing in entrepreneurship programs to allow students to embrace their creativity and pursue their passions.
The official launch of the Foundry on October 2 will kick off a week of interactive activities from various University departments, including U.Va. Innovates and the Alumni Association, from September 28 through October 4. The Pan-University Entrepreneurship Initiative aims to encourage entrepreneurial thinking, expose students to the possibility of creating something new, and provide them with the skills and resources needed to succeed in the world of entrepreneurship.
