Students, faculty and staff at Oakland University and Cooley Law School are participating in a new venture called Ideas to Business (I2B), a lab that teams students from a variety of academic backgrounds. They are gaining access to support and expertise they need to move ideas for new businesses, products and services from inspiration to implementation.
The I2B initiative also provides resources including office equipment, meeting space, product testing support and access to a broad network of business professionals.
Wayne Blizman, I2B coordinator, noted that a National Business Incubation Association study reports that 87 percent of incubator startups are still in business after 10 years, compared to a survival rate of only 44 percent of non-participants after four years in business.
“This program allows the person to take his or her idea from the dream stage to reality,” he explained. “It will increase the odds a new business will become a sustainable, contributing member of a strong economic community.”
The initiative also promotes the value of collaboration in nurturing new business ventures.
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