Millions of new graduates will be hunting for jobs after getting their diplomas in the late spring, but some are about to take a different path as they start ventures of their own. According to a study, an increasing number of young people are choosing to go on an entrepreneurial journey rather than pursuing traditional early-career roles. Small businesses are some of the most popular types of startups that new graduates launch since these are practical and self-funded, but research shows that the tech sector attracts 18.2 percent of first-job entrepreneurs, the largest share of any industry.
Some of these tech businesses are started in college since it’s where rookie entrepreneurs have all the freedom to explore new ideas and get crucial feedback from their peers. If you have a current project that has the potential to be the next big thing in the tech industry, you’ll need to start the ball rolling to create momentum and secure a foothold in the competitive market. Here’s how to turn your college project into a successful tech startup.
Solve a Real Problem
If you want to know if people will be willing to pay for your app or software, find out if there is a real, painful problem that people will want to solve using your digital product. The app should clearly define what problem needs to be rectified, and not just demonstrate what it can do. Lack of social support when dealing with mental health issues, for instance, has become a significant problem among teenagers in the U.S.. This led Columbia graduate Zibo Gao to co-found Sincerely, a teen mental wellness platform where users can support each other through anonymous letters.
Waste management is another issue that needs to be addressed in campuses all over the country as some students have no idea how to properly sort their waste. To solve this problem, UC Davis student Sambhav Agarwal co-founded a tech business called Sortify, and this involves attaching AI-powered cameras to disposal bins, which will alert individuals where a piece of trash is supposed to go. The idea was developed through a class project, and it earned Agarwal and his co-founders a top 10 finalist spot in the Big Bang Business Competition.
When validating demand for your tech product, don’t just ask your friends if they think they’ll use your software or app. Keep in mind that people will say yes just to be polite or to avoid hurting your feelings. You will need to identify the target user, then conduct interviews so they can describe their problems in detail. You may also want to check search trends to see if people are searching for solutions that are similar to your digital product. Get feedback from your classmates, faculty members, and industry professionals so you can finetune your concept before developing your app.
Protect Your Work and Intellectual Property
Many colleges and universities have intellectual property policies which state that any invention or product created using school resources and equipment belongs to the institution. If you created your tech product using university computers or labs, or if you received funding from a professor’s grant, then you are not allowed to commercialize it unless you follow specific, formal procedures. To be able to legally sell your product, you have the option to form a legal entity, like an LLC or corporation, then act as the licensee to the technology. Your school’s Technology Transfer Office will negotiate an agreement that covers upfront fees, payments, and royalties on future sales, among others.
On the other hand, if you created the tech product using your own resources and equipment, file a provisional patent application to protect your IP. Be sure to do this before showing or demonstrating the app or product online, or before presenting it in a competition or conference. You have a 12-month grace period from the first public disclosure, sale, or offer to file a patent application, so be sure to file as soon as you’re certain that the app or product is functional and you can describe how it works to solve a specific problem. Afterwards, take steps to register your startup, get the necessary permits, and obtain a tax ID.
Find Mentors
Navigating the tech industry can be tricky, so find mentors to help you map out your steps as you make the transition from student to business leader. Study findings indicate that mentorship can be a crucial element to stimulate business growth and success, so connect with professors, alumni, or local entrepreneurs who can provide you with guidance. A good mentor can provide advice tailored to your strengths and weaknesses, and they can give emotional support so you can become more confident as an entrepreneur. They may also provide access to their professional networks, which can open doors to potential investors or clients.
Secure your financial future by turning your academic project into a business. Consider these tips to transform your college project into a successful startup, and help other people tackle real world challenges while making an impact in the tech industry.
