Inaugural Venture Summit Cements New Fall Tradition, Marks MSU Hatch's Tenth Anniversary

Contact(s): Diego Fernandez and Aaryn Richard

On Friday, September 23rd, the Burgess Institute for Entrepreneurship and Innovation opened its doors to the public, kicking off its inaugural two-day gathering, Venture Summit. This year's event marked the MSU Hatch's decade-long service to Spartan venturers. Venture Summit drew nearly 200 entrepreneurs, investors, makers, and shakers — alums and students alike — to East Lansing.

"We wanted to create an event that celebrated The Hatch, showcased student success, and strengthened ties to our ecosystem," said Laurel Ofstein, the Burgess Institute's faculty director. "We also wanted to give returning alums the chance to see how we've grown, including spaces like the new Venture Kitchen at the MSU Union."

Spread across several venues, attendees began with the open house, where they had the chance to network and tour the MSU Hatch and the Venture Kitchen. From there, revelers headed across campus to the Minskoff Pavilion. At the Entrepreneurship Lab, attendees could speak with six student startup teams or choose to attend a four-part lineup of speakers. The celebration did not end there.

From the Minskoff Pavilion, the moveable feast headed to the Eli and Edythe Broad Art Museum, where entrepreneurship student scholars were honored for their achievements.

"Our students are at the heart of what we do here," said Christopher Sell, the institute's director of alumni and entrepreneur engagement. "The awards ceremony opened the space for our community to celebrate both the generosity of our alumni community and our students' hard work and successes."

MSU Hatch at the Center of MSU Entrepreneurship

Let us take a trip down Grand River Avenue and marvel at the evolution of the MSU Hatch — a space that numerous Spartan entrepreneurs have had the chance to call their home away from home.

"The Hatch," as many Spartan entrepreneurs lovingly refer to it, provides a centralized startup incubator right on Grand River Avenue in the center of East Lansing. The Hatch is where students interested in starting their own companies become a part of the Burgess Institute's Discovery and Launch programs. Once on board, students receive hands-on mentorship and financial resources to aid their ventures.

Students of any major are welcome to take advantage of the resources and services provided at the startup incubator. They have the freedom to work at their own pace and convenience. The MSU Hatch's setting enables a social work environment, an exciting alternative to the tenants' basement, library, coffee shop, or kitchen. The Hatch facilitates a community of like-minded student entrepreneurs by providing an attractive place for connecting, collaborating, and creating.

"Around 2012, I took a position with Spartan Innovations," said managing director for venture creation, Paul Jaques. "In 2012, the entrepreneurial ecosystem in the Greater Lansing Area was still reforming after the Great Recession in 2008; there were few investors and fewer startups. Still, the mayor and the city of East Lansing thought a venture creation program at Michigan State would be a perfect opportunity to grow something remarkable."

This desire for an entrepreneurial ecosystem in the city of East Lansing was the spark that led to The Hatch as it is today.

"There was an amazing group on campus called the 'Gumball Club,'" says Jaques. "They were a dynamic group of students who took learning about startups into their own hands. They had a vision and built the community on their own. The Gumball Club is where The Hatch started, and they are a big part of the reason why The Hatch is so popular today."

The Hatch had humble beginnings, reflects Jaques. "It started as a small space with a concrete floor and not much else to it," said Jaques. "Then we added furniture, knocked down a wall, doubled the size of the space, painted it, and added a couple of rooms for co-working."

Since its inception, The Hatch has gone through many iterations, bringing it into its own as a professional incubator space for student venturers.

"What I remember most is the students coming in here and having a lot of fun: playing ping pong, watching shows, and talking about their inventions and ideas. There have been so many great years here at The Hatch."

Today, the MSU Hatch hosts over 200 student teams each year. These are student venturers who have applied to the Burgess Institute's Discovery program, the first step in their journey. Once teams have completed their Discovery milestones, they are welcome to apply to the more advanced Launch program. Roughly fifty teams make it into this program annually. Once accepted, they receive greater access to tailored services, concentrated mentorship, and funding opportunities. At the end of the year, fifteen of these teams have the chance to compete in the Burgess New Venture Challenge, Michigan State's premier pitch competition.

There is no shortage of MSU Hatch student success stories. Paul Jaques has been there from the beginning. He lights up when asked for examples.

"Brett Kopf, the founder of Remind, is probably one of the most successful students who ventured through our program," said Jaques. Remind is a classroom app that connects over 30 million students, parents, and teachers. Remind has seen so much success that it has hit #1 in the app store. "Amazingly, Brett's idea received seed funding. He started the company in Silicon Valley and hired a CEO to help run Remind's day-to-day operations. Today, Brett is working on his next venture, a fintech company called Omella."

"Another success is Joe Johnson, who started VADE Nutrition. He was a wrestler here at MSU, who started his company here, and now you see his products all over the country."

By now, Jaques can barely contain himself, "Brianna Makaric! She's another great one who began her venture, BRITE Bites, in a commercial food truck we had stashed away on campus. She went through a lot to see the success BRITE bites had." Brianna has since wound down her venture to pursue a full-time career in marketing consumer packaged goods.

Students with food-based venture ideas can now utilize the Burgess Institute's newly founded commercial kitchen space, Venture Kitchen.

"Students should get involved with The Hatch and the Burgess Institute's programs. It's not only about starting an idea. It's about learning how to adopt the entrepreneurial mindset as a whole," said Jaques. "I tell students that one of the most successful things you can do is get a job. Companies are looking for candidates who possess an entrepreneurial mindset. Even if you dip your toes in the water with starting a venture, that will give you a leg-up over the competition."

The Burgess Institute's student venturers who have learned how to plug into the entrepreneurial mindset are more likely to provide value to companies. These students can identify gaps in the marketplace and are keen problem-solvers.

During Paul Jaques's ten years of involvement, his favorite part about working at The Hatch, and for the Burgess Institute, is that "every day is different."

"I love that initial meeting," reports Jaques. "They tell me the idea they're so excited over. And then they come back to me two or three years later, even after graduation, saying either that they moved on with the idea or that they moved on to their career."

The MSU Hatch is open to all students and will continue to be a catalyst for student collaboration and venture creation.

"What I'm most excited for, for the Hatch's future, is its growth," said Jaques. "Seeing how students utilize the space every year never ceases to amaze me. Being a part of guiding those new ideas makes discovering where our venturers ultimately end up so cool."

The Hatch's ten-year history means that those initial student venturers now have successful startups and full-fledged careers. Some have even started families.

"I love seeing students grow with their ideas. From seeing them launch their ventures or careers to getting married and having kids, many choose to give back once they become an alum of our program. Giving back looks different to everyone. Whether it be a philanthropic contribution or a contribution of their time, serving as speakers, mentors, or as one of our entrepreneurs-in-residence, that generosity has enormous impact."

With the close of the inaugural Venture Summit, the Burgess Institute for Entrepreneurship and Innovation looks back fondly at the last decade of venturing, and ushers in a new decade of creation, collaboration, innovation, and, most importantly — celebration. What's your venture?

Are you interested in getting involved with the Burgess Institute? Apply to the Discovery program by visiting https://entrepreneurship.msu.edu/discovery-launch. Reach out to Paul Jaques (jaques@msu.edu) or Lori Fischer (fisch210@msu.edu) to schedule a time to check out the MSU Hatch in person on the third floor of 325 E. Grand River Avenue., suite 345, East Lansing, Michigan 48823.