Entrepreneurship Academy

Member

Anna Mihaylova


Duration

From April 14 to 28, 2018

Target

Students in high school from higher grades, university students, graduates and people looking to start a business


Target population

150


Target avg age

26


People impacted

150


Sustainable Development Goal

Decent Work and Economic Growth


Development stage

Education and Economic Empowerment


Purpose

To create traction in the young community to develop their business ideas and improve their entrepreneurship knowledge. To improve their ability to identify problems at local, national, international level and generate business ideas to tackle those problems. Get a firsthand experience at developing MVP in an educational direct feedback environment. Move forward with introducing their products to the market/investors.


Overview

An entrepreneurship academy split into 3 phases (during 3 consecutive weekends). After each phase a workshop activity would collect data. It will be used to identify and gain initial feedback for the most limiting factor, when starting a new business or growing a stagnated one for the local community. Collecting data from the participants to later aggregate the results to improve the next edition.

Phase 1: Idea - Defining a problem and SWOT analysis; Business Canvas Model; Homework for the week - Generate a business canvas model of your idea and send it to the organizers for feedback.
Phase 2: Product - Product Development; Marketing; Mentor sessions
Phase 3: Financing - Commercialization; Pitching; Filming of pitching sessions for the participants


Results

150 participants over 3 weekends, 20 of which who participated in StartUp Weekend with their ideas from the academy.
20 one on one mentoring sessions.
4 newly created companies.
A lot of business connections made between the lectors and the participants.


Recommendations

Since the end of the academy, a number of other NGOs and private companies have organized similar events, meaning that there was no need of the academy in 2019.
We are planning on resuming it in 2020 if there is still a demand in Varna for it.

For the next edition we are hoping to get an accelerator as a partner to support the participants or the best pitched idea to receive a reward such as pitching in front of actual investors/angels. We are also planning to introduce more workshops to balance out the lecture parts. To collect literature on all subjects and share it with the participants so they can read more.

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