Harvard is without a doubt hot for entrepreneurship right now. From announcement of the Harvard Innovation Lab coming later this year, November’s Ignite2010 conference that aimed to light a fire under HBS students for entrepreneurship, to the student-driven momentum of the HBS Startup Tribe and the $50,000 fund they recently set in motion — Harvard is letting the world know they are a flagship institution for the entrepreneurial minded.
And at Harvard College, Harvard’s undergraduate school, excitement and momentum is just as high. In fact, the end of January is a particularly exciting time for entrepreneurial undergraduates thanks to Hack Harvard and the Harvard Innovation Challenge (better known as i3).
We had the chance to catch up with one student entrepreneur, Zachary Hamed, that took part in Hack Harvard and who plans to apply to i3. He is working on a company called Aid Aide, which will open its doors later this year. Think TurboTax for college financial aid, the site helps families manage forms and simplifies the process while ensuring they get the best financial aid possible.
As far as how high the excitement around entrepreneurship is at Harvard, Hamed explained, “I feel like part of the mass entrepreneurship vibe is only an extension of the movie The Social Network and the launch of Facebook from here only a few years ago. Everyone is looking to be the next Facebook.”
Hamed went on to add, “And while that encourages the launch of programs like Hack Harvard, it will be interesting to see the entrepreneurial landscape once all the hype dies down a bit. Nevertheless, it’s great to be receiving resources and funding that we would never have received at say, another college campus or 40 years ago when these types of programs were not even on the map.”
Hack Harvard
The first big day was this past Sunday for a group called Hack Harvard, where 13 teams boasted applications to a full auditorium of community and Harvard members alike. Hack Harvard is an incubator for students over winter break, where they can apply and flex their computer science skills and build applications amidst workspace, funding, and training. Hack Harvard’s goal is to help students produce “cutting edge software products that improve student life.” It all happens during a week at Harvard called Optional Winter Activities Week (OWAW).
Hamed, who is part of Hack Harvard said it was an amazing and unique experience. “Being able to learn more about startups and incubators with other students who were experiencing the same types of issues was a great way to build up my project.” As far as skeptics asking what progress can actually be made in a week, he shared, “While a week seems like a short amount of time, I made a good amount of progress, and although my site isn’t ready to launch quite yet, other projects who were less complex are fully functional and are launching this week.”
Examples of some of the apps on display include one that romantically matches students with one another, another that connects Harvard students with local artists, and another that helps optimize the room selection process for students. According to a Crimson article, many of the applications had been launched as final projects for a computer science class, and were then fully developed during the OWAW week.
You can check out a great gallery of photos to see just what Hack Harvard week was all about here.
Harvard Innovation Challenge (i3)
Similar to the more well-known Business Plan Competition for Harvard Business School students, the Harvard Innovation Challenge (referred to by students as i3 – Imagine, Invent and Impact) is a competition for undergrads at Harvard College who have business venture ideas.
The i3 is a relatively recent program, and in fact many of the student teams applying are the companies coming out of the Hack Harvard incubator. Up for grabs is $50,000 in prize money and services, and a summer spent in Harvard Square to further build the venture.
“I’m not sure what the competition is like for i3, but there is a lot of hype on campus about it,” said Hamed. “As far as I know, there are no other such competitions at Harvard, so the Hack Harvard teams that enter are competing against all Harvard undergrads, which is difficult.”
Teams with venture ideas can apply to i3 by submitting an executive summary, describing their team, and a base business plan. The challenge includes two tracks: one for commercial ventures (for-profit), and one for social ventures (non-profit). First place winners in each track receive $10k, and will be invited to spend the summer in an Innovation Space in Harvard Square.
Judges of the competition include a long list (and healthy mix) of founders, VCs, analysts, consultants, academics and even policy groups like the Kauffmann Foundation. Judges are asked to judge the teams based on the project’s viability, team, impact as well as their overall impression of the pitch. If you are interested in helping with i3 and being a judge, you can apply right here.
The submission deadline for Harvard students for is January 30th (application here), and judging of this application round will occur between February 1st and 8th. Those who make it on to the semi-final round will have the chance to update their applications, with final judging occurring February 21st and 22nd.
