University of California’s new student entrepreneurship initiative could help students get into the tech industry
University of Californian President Michael Young has announced the creation of the Student Entrepreneurship Programme (SEP) to help students in California’s tech industry get their feet wet.
The programme is a partnership between the university, the California Association of Colleges and Employers (Calcare), and several local universities, and aims to encourage a “culture of entrepreneurship” and encourage “the growth of startups”.
The initiative is a combination of a tuition waiver, funding, mentoring and job placement, with a goal to “make it easier for students to become successful entrepreneurs”.
Calcare is a non-profit that provides funding to students through the student loans program, with $1.1 million going towards SEP, and $1 million of the funds will be used to “reinforce and develop entrepreneurial skills”.
CalCare is an industry group that also works with universities and colleges to identify and promote graduates and entrepreneurs in their areas.
Calcare said in a statement that the aim of the programme was to “help more students achieve their entrepreneurial ambitions”.
“Our hope is that by supporting students who are entering the Silicon Valley, the State of California and beyond, we will ensure that students and their families can succeed in the technology sector,” Calcare President Joe Dominguez said in the statement.
“We will continue to work with the state and local governments to support these efforts, and to ensure that Californians who want to succeed in this exciting sector have a pathway to success.”
Students can apply for the $25,000 tuition waiver from the end of September.
CalCare said it was partnering with the Silicon Alley Venture Capital Group (SALT) to launch the SEP.
It said that it will be open to anyone from any background who wants to join the programme.
Caltech President David Riebe said that “all of the funding and funding opportunities in this new program are going to be geared towards helping more students who want a better future”.
“The SEP will help Californians find a way to enter this dynamic sector, which is changing our economy and creating opportunities for thousands of young people,” he said.
“The opportunities to be a leader in this industry are vast, and they’re open to all, regardless of where you live or your background.”
The program will be in place through the end, and will be available to students from October.
“California’s entrepreneurial spirit is at the heart of our state’s success, and this new venture initiative is the first step in building a more prosperous future for California’s students and for our state,” Caltech said in an announcement.
Calcentra, a California-based software startup accelerator, is also working with SALT to launch its own program.
The firm has already launched its own SEP for the state of California, and is working with a number of other startups and employers to help boost entrepreneurship in the state.
CalCentra said that the startup’s program would offer funding to those who want “to get into startups”.
Calcentrap, a San Francisco-based technology incubator, is the other startup accelerator that has partnered with Calcare.
It is working to set up a similar programme for students.
“It’s really important that startups and companies grow in this state, because there’s a lot of opportunity here, and we’re really excited to partner with CalCare,” Calcentrop CEO and co-founder David Riggs said.
The Calcentrac programme was also created by the Caltech Entrepreneurs Initiative, which has supported Caltech with funding and mentoring since 2010.
CalTech’s Entrepreneurs Academy programme has been run by Caltech since 2014.
“These two programmes are great examples of the kinds of initiatives we can bring to Caltech that will help our students and families get a better start in the future,” Riggs told Business Insider.
“This is really a great way to help young people, and for Caltech to build its reputation as an entrepreneurial hub.”
The new programme, which was announced on Monday, is only the latest in a long line of initiatives aimed at encouraging Californians to become entrepreneurs.
In May, Caltech announced the launch of the Calcalist Entrepreneurs Program, which aims to create “a more robust ecosystem of innovative companies in the Bay Area”.
Caltech will also be supporting the creation and development of Caltech Accelerator and the CalCalist Entrepreneur Program, with the aim to encourage “talent from around the world”.
The program aims to “provide a pipeline of entrepreneurs, students, and industry leaders who will help Caltech advance the state’s entrepreneurial ecosystem, and create jobs in the local and global technology industries”.
Earlier this year, Calcalists CEO Scott Taylor said that Caltech’s initiative was “a step in the right direction” and hoped that “the program will have a positive impact on the California economy”.
“California has a very diverse population, and it’s one of the most competitive states in the country for entrepreneurs