Although the worlds of academia and business often operate quite differently, the two have found common ground at the College of Engineering. Here, students benefit from corporate resources and expertise, and corporations connect with the world’s finest young engineers, who are potential employees and a source of fresh ideas. 

“It has become evident to many people that technological literacy is down and economic competition is up,” said Mike Drake, director of the Office of Corporate Relations. “To compete effectively in this environment, it’s critical that education and industry develop mutually beneficial associations. Michigan Engineering students go on to create innovative technologies that solve problems, enrich the economy and make life better. On the other side of the equation, corporations leave an unmistakable imprint on this campus – in laboratories and research, in faculty endowments and student scholarships, in team projects and special programs.”

Drake cited a handful of specific examples of corporate-student interaction. The Solar Car team, one of the more visible student-team projects, attracts sponsorship and recruiters from a wide range of industries. The U-M chapter of the National Society of Black Engineers maintains a Corporate Partnership Program that makes many of its activities possible. FuturTech, the University of Michigan’s premier business-and-technology conference, assembles representatives from the Ross School of Business, the College of Engineering, the School of Information and major corporations from around the world to discuss new developments at the intersection of business and technology.

A great example of the academic-corporate intersection is a new program called Michigan Opportunities and Resources for Entrepreneurs (MORE). “It’s a catalyst for entrepreneurship,” Drake said. “This is a program that brings together a lot of elements – University and start-up resources, innovative ideas and people who have a passion for transforming those ideas into marketable products and services. Companies connect with students and faculty experts, find research collaborators, use Michigan Engineering’s labs and equipment, and frequently partner in entrepreneurial pursuits.” 

Entrepreneurial Opportunities Day is a MORE event hosted by the College of Engineering, MPowered (an organization that fosters entrepreneurship among students at the University of Michigan), Michigan Engineering’s new Center for Entrepreneurship, and WIRED (the United States Department of Labor’s Workforce Innovation in Regional Economic Development program). The activities of the day promote the sort of collaboration that Drake mentioned. Small innovative companies and inventive entrepreneurs learn how to leverage the University’s faculty, students and resources to enhance their businesses. The resource fair gives company representatives and student entrepreneurs an opportunity to get good advice from law and accounting firms, venture capitalists and marketing consultants. Faculty experts lead roundtable discussions on topics such as aerospace technology, alternative energy, optics and how to connect with University experts.

“The day is fertile ground for job-hunting students, too,” Drake said. “An event like this gives company representatives a chance to meet and interview our students. Mentors – often accomplished entrepreneurs – match up with students and give them the benefit of expertise and wisdom acquired through years of experience. Mentoring has been a key in helping to transform students into professionals, and aspiring entrepreneurs into successful businesspeople.”

The College’s Center for Entrepreneurship, in partnership with MPowered and other University resources, offers advice to new entrepreneurs and established businesses. Drake said these organizations are a “terrific resource for information on issues such as how to structure the legal, accounting and insurance aspects of a company; how to create a marketing plan; ways to set up a founders agreement that defines expectations, clarifies how those expectations will be met and facilitates the acquisition of venture capital; how to plan and finance expansion; what the latest legislative developments are and how they affect businesses in Michigan. The University’s and the College’s initiatives to nurture entrepreneurship are going to expand opportunities for students, innovative companies, the University and the entire State of Michigan.”