by Susan Scherreik, Founding Director of the Center for Entrepreneurial Studies at Seton Hall University
Schools out for summer. But that hasnt quelled a debate raging in entrepreneurial circles: college or not? Bill Gates, Steve Jobs and Mark Zuckerberg dropped out, so why waste time and money better spent on your startup?
Indeed, for the past three years PayPal co-founder Peter Thiel has handed $100,000 to bright kids under 20 to start new ventures as a way to quicken the pace of innovation. Your smart phone can access all the information you will ever need. So does it make sense to pursue an academic diploma?
Well, yes. The obvious reason: research studies show that, with a few notable exceptions, college-educated entrepreneurs boast twice the average revenue and number of employees than their counterparts who skipped college. Makes sense, since college teaches you more sophisticated ways of looking at the world around you, enabling you to better respond to the warp-speed changes in todays business environment.
But to assume that you should attend college for the academics alone would be to miss the point. Savvy entrepreneurs are turning to bricks and mortar institutions because academia provides unique and valuable opportunities in an otherwise virtual world. As Taseen Peterson, a 28-year old Newark based entrepreneur and student at the Stillman School of Business at Seton Hall University, puts it: -The traditional college experience has changed. Students are no longer going to school “just” for the degree. Many students, both old and young, are deciding to go to school to sharpen their skills, leverage brain power, network, build client/user bases and gain access to the plethora of resources ranging from technology and office space to classmate/employees, and successful alumni ready to invest in the businesses that are being pumped out of their alma maters.-
And Petersons provides the perfect example. When he transferred to the Stillman School of Business two years ago, his company, TapFactory, boasted a successful app, Notefuly, with more than 3 million downloads, and was one of the Apple Stores most popular offerings. But alumni and other mentors that Peterson met at the Stillman School of Business helped him to refine his business model and add another million users. Whats more, as a college student, he has been eligible to enter an array of college business startup competitions, including Seton Hall Universitys Pirates Pitch Venture Fund Competition. In 2013, Peterson was among the winners of the SHU contest, snagging a portion of the contests $10,000 in prize money. This year, Peterson went to the next level, entering and winning a national collegiate contest. Peterson came in first at the SXSW Festival collegiate digital startup contest in March in Austin, Texas, beating out institutions that included Carnegie Mellon and University of Southern California. A week later he landed on Inc. magazines list of the 2014 Coolest College Startups. His acclaim has led to a tryout on Shark Tank and other promising opportunities. Says Peterson: -Finishing my undergrad degree is my biggest goal, and I am already looking at M.B.A. programs.-
But entrepreneurs need not pursue solely traditional academic degrees to plug into alumni and faculty networks. At Seton Hall, for instance, entrepreneurs can enroll in graduate courses and obtain a four-course Certificate in Entrepreneurship. Harvard offers its own version of condensed programs for entrepreneurs via its executive education division, recently attracting high-school educated entrepreneurs like hip-hop record producer and song writer Swizz Beatz, husband of pop star Alicia Keyes. Beatz has embraced the experience to the extent he even posts Instagram photos of his dorm life at Harvard.
And seasoned entrepreneurs might consider getting a teaching gig at college or university. Teaching entrepreneurship as an adjunct professor can burnish your credentials and expand your reach with alumni investors and mentors.
Entrepreneurial education is the fastest growing area of all college education. With September still a few months away, youve got time to research whats out there, find a good fit and join other smart entrepreneurs who are jumping on these under-the-radar opportunities.
About Susan Scherreik
Susan Scherreik joined Seton Hall University in 2003 as the Founding Director of the Center for Entrepreneurial Studies in the Stillman School of Business. Under Scherreiks leadership, the Center created Certificates in Entrepreneurship for undergraduate and M.B.A. students; entrepreneurship scholarships; the Pirates Pitch New Venture Contest offering $10,000 in prizes; the Seton Hall University Entrepreneur Hall of Fame Induction Dinner; and the Distinguished Entrepreneur Lecture Series. Scherreiks responsibilities include fund-raising, working with the Centers Board of Advisors, and community outreach. Seton Hall University appears in the Princeton Review/Entrepreneur Magazine ranking of national entrepreneurship programs.
Scherreik currently participates in the 2014 LeadNJ Fellowship program. She served as a judge in the Ernst & Young Entrepreneur of the Year contest for New Jersey from 2004 to 2009. Previously, Scherreik was an editor at Business Week magazine. She holds an M.B.A. in finance from Columbia University, where she was a Knight-Bagehot Fellow. In addition, Scherreik holds a B.A. in History from Rutgers University.
