Media Business Incubator Project
What it is
The Media Business Incubator is an initiative of The Park School of Communications. Its goal is to provide resources to students of The Park School, and the other schools, who have communications concepts in their entrepreneurial efforts to start-up media businesses. The Incubator supports individual, entrepreneurial interests of students to help “ignite your business into the marketplace.”
What It Does
The incubator provides (1) general guidance in the transition from concept to business, (2) specific advice in the areas of business development, legal, structuring, budgeting and financial planning, (3) early review of entrepreneur concepts and pitches and (4) introductions to businesspeople, media professionals, artists from the creative communities and entertainment professionals. The incubator draws on The Park School’s vast alumni network and The Business School’s internal resources and alumni.
Specific Resources include:
• Legal and Financial Templates (incorporation, non-disclosure, buy-sell, employment, consulting, financial assumptions, financials and other documents), Business Templates (business plan, executive summary, business reporting, SWOT analysis, Competitive Analysis and examples of Sales, Marketing, Distribution, Business Development reports and analyses.
• Phone Calls with the Advisory Team Members
• Meetings with the Incubator Advisory Team Leader
• Initial “Pitch” Opportunities: Once each semester, students will have the opportunity to do a “one-minute pitch” to members of the Advisory Team and Alumni Industry Leaders to “test” their ideas, shows, concepts and businesses and to gain input and advice on how best to move forward. They will get feedback and input from the experts.
The “Pitch” Sessions
The Park School holds one opportunity per semester for students to present the “Best New Media Business Idea.” Each entrepreneurial project, show concept, business plan or idea maybe represented by at least one IC student (or more if desired). Each project much apply for entry prior to the date of the pitch session, and must qualify against a set of criteria. Each project’s presenter(s) will have exactly 1-minute to present the “elevator” pitch, and then a few additional minutes to present the business concept. A team of judges from the industry and academic communities will then have up to 5 minutes to provide feedback and input. The top ideas from each pitch session will be eligible to enter the Park School Media Business Incubator.
“Where” It Is
The Incubator will soon have its “headquarters” online, in a community that includes password-protected entry for specific projects. It will include information, blogs, access to resources and a forum for students, faculty and professionals. The Project Teams for the Incubator Projects (1) will be introduced to the Advisory Team by phone at the start of the projects, (2) will meet on campus a minimum of once a semester and (3) may call on members of the Advisory Team twice per semester, unless invited to do so more often by individual members of the Advisory Team.
The Advisory Team will provide the advice, information and connections; but, it will be the responsibility of the Project Team to take the initiative to follow up and make the progress. The Incubator uses the “consultancy” business relationship model.