With this initiative, both entities aim to foster an entrepreneurial spirit
Last week, IE Business School and Caja Madrid presented the "Venture Lab," an initiative through which both entities will support entrepreneurial development by offering a program of activities that will encourage the development of innovative projects and connect current and former students of the school with funding opportunities. The objective of the "Venture Lab" is, therefore, to bring together all individuals and stakeholders with interests and/or experience in the business creation process.
Ignacio de la Vega, director of the International Center for Business Creation at IE Business School, stated that "the Venture Lab is the ideal showcase for investors, institutions, and companies committed to fostering entrepreneurship." For his part, Antonio Román, deputy general manager of Caja Madrid, noted that "the Venture Lab will allow young entrepreneurs to structure their business ideas in a way that facilitates their search for funding."
The student "Venture Lab" is created for all those who want to continue delving deeper into the project developed in the Entrepreneurial Management Course, who have a clear intention to launch it and who need funding.
Meanwhile, the "Venture Lab" for alumni is aimed at entrepreneurs who have received training at IE and who need financing for their business expansion.
Within the "Venture Lab" different activities will be developed such as the Entrepreneurial Management Forum, the Business Plan Competition, the Entrepreneur Award for alumni, the Business Angels Club and the Entrepreneur's Office.
Within the framework of the Venture Lab, between 250 and 300 projects from current and former master's students will be analyzed annually. Business plans must be based on four approaches: startup projects, corporate projects, family business projects, and social projects. A final committee will select the 10 finalist projects, which will then be presented to a forum of potential investors during Venture Day.
The Student Venture Day, which takes place twice a year, where a committee made up of experts from IE, Caja Madrid, Valma Inversiones and Gavin Anderson will choose a winning project from the Business Plan Competition, which will benefit from follow-up by IE during the year immediately following the award; in addition to a Caja Madrid loan of €30.000 at 0%, for 5 years with 1 year grace period.
The alumni "Venture Day" will consist of a presentation to a venture capital forum of a selection of companies seeking additional investment for their growth, which will take place in March 2008.
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