MSU Foundation’s Diversity in Entrepreneurship Program Continues to Soar
POSTED: Thursday, January 20, 2022
CATEGORY: Foundation News
Minority business enterprises accounted for more than 50% of the two million new businesses started in the United States in the last 10 years1. While these numbers spur optimism and promise for the future of diversity in entrepreneurism, there’s much more to be done, especially for young, diverse aspiring professionals for whom entrepreneurship isn’t a widely sought-after employment option.
MSU Foundation’s Conquer Accelerator provides five startups each with a $20,000 investment, access to workspaces, 10 weeks of hands-on mentorship and training, and a student intern from CADE. CADE, formally known as Conquer Accelerator Diversity in Entrepreneurship, is an internship program offering students from diverse backgrounds an opportunity to work in the entrepreneurship landscape, gaining experience and understanding of the tech and startup world early in their career. This is just one part of Conquer Accelerator’s continued efforts to increase diversity, equity and inclusion within the entrepreneurial ecosystem.
Since its inception in 2020, Conquer has sponsored two cohorts in Grand Rapids and one cohort in East Lansing, yielding a total of 15 CADE alumni. The program found quick success among the participating startups and interns and is quickly becoming an essential part of Conquer Accelerator.
The Power of CADE
The CADE Program recruits five diverse interns each year to join the companies in the Conquer Accelerator Program. The paid interns undergo 12 to 15 hours of basic business, organization and professional relationship education divided among six to eight seminars prior to the start of the internship. CADE interns then commit 15 to 20 hours per week for 10 weeks to their assigned startup. This ensures added diversity in the program, providing greater opportunities and overcoming the opportunity gap that currently exists in the small business ecosystem, especially in the high technology sectors.
CADE isn’t a cookie-cutter internship experience. From day one, participants are immersed in the day-to-day work of their assigned company, learning both hard and soft skills. From sales and investor relations to marketing and IT, these students are given the opportunity to explore their career interests and be a part of a growing company. In a recent CADE alumni survey, close to 70% of respondents were given leadership roles and the opportunity to own and manage specific projects.
Although 80% of the alumni surveyed had never worked in a startup environment before, 100% reported they were more interested in entrepreneurship at the conclusion of their internship.
“The CADE program is an opportunity for students to gain increased access to practical education, life skills and big lessons about entrepreneurship,” said Tom Stewart, program manager of Conquer Accelerator. “Even if students leave our program knowing a startup is not for them, we’re happy to provide the introduction to entrepreneurship skills which is valuable in all careers and to witness the dynamic growth this program encourages from students.”
Furthermore, 40% of the CADE interns surveyed were hired full-time upon completion of their internship or found their internship extended. Those who were not hired post-internship found other relevant opportunities where they could apply their newly acquired skills.
Where Are They Now?
We caught up with a few CADE alumni to hear more about what they’re up to now and how their internship helped launch their professional endeavors.
John Tran, fall 2020 intern, now works directly with Conquer Accelerator helping oversee the internship team. A scientist with a doctorate in plant biology, Tran became involved with Spartan Innovation’s Venture Fellows’ program in 2019 at Michigan State University, which sparked an interest in venture capital and private equity. He brought his analytical experience and technical research skills to his Grand Rapids CADE internship with Building Catalyst.
“Everyone has a different experience with the program,” Tran said. “My favorite thing was learning to take an individual’s nuanced experience of life and watch it become a company. The process from idea to startup is fascinating.”
Building Catalyst is a software company that transforms facility planning, preconstruction, and production by using new knowledge and advanced automation. Tran helped initiate research initiatives to identify the kinds of metadata that data centers do not normally provide. The experience pushed him to explore this area further and ultimately resulted in his current position with Conquer.
“I really get to combine two parts of myself with this position,” Tran said. “My introverted and extroverted sides come together, as I get to spend time doing research and facilitating workshops and events.”
Sierra Bentley, summer 2021 intern, worked with a small tech startup called CrossBraining. She was responsible for gathering data to help end-users feel empowered when they used the technology. Her lifelong love of technology paired well with this startup, and she learned valuable lessons about the interworking of entrepreneurship and the metrics needed to gage success. CrossBraining is a software designed for hands-on, experiential learning. Using CrossBraining, students take short videos of their learning, which helps build confidence in the classroom.
“CADE is full of nice, down-to-earth people.” Bentley said. “CrossBraining genuinely wanted to hear from me and know what I was thinking. I was given every opportunity to see what it’s like to start a business.”
Although she was not offered a permanent role with CrossBraining, she is now an IT specialist for a different company that makes its own software.
“I’d love to use my passion for technology to educate people across the country,” Bentley said. “Building connections with others is one of my favorite parts about technology.”
Alendrea Dantzler, fall 2021 intern, was partnered with SBE Medical during her time with Conquer. Although healthcare wasn’t her forte, marketing was, and her skills truly shone during her internship. She was given the responsibility of developing SBE’s marketing plan, conducting research through surveys and handling related projects alongside management.
An entrepreneur herself, Dantzler currently owns five businesses and is in the process of earning her master’s degree in marketing at Davenport University. Upon graduation, she will be diving headfirst into her own projects including YAE Cosmetics.
Tariq Akeel had a unique CADE experience, as he was a part of the program twice. The first time he worked with Airway Innovations, and the second time he worked with Tom Stewart assisting in weekly tasks associated with the entire cohort.
“I spent time creating Airway Innovations’ financial forecast, presentations for investor pitches and regulatory aspects needed for the project to launch,” Akeel said.
Originally from Michigan, Akeel pursued his undergraduate degree at Brown University. He then found his way back to MSU Law School and is now a lawyer in Chicago. His specialty is working with startups and venture capitalists.
“Through CADE I was able to get a firsthand look at what it’s like from a business perspective in these situations,” Akeel said. “Now I’m able to use that knowledge in combination with my legal background.”
Finding the Right Talent
An important part of any internship program is finding the right candidates. For the CADE Program, this job is made a little easier with help from partner Axios HR. Axios expertly connects interns with the right opportunity through traditional interviews and recruitment. Both Tran and Bentley were recruited into CADE and matched with a startup that could use their skills.
“We’ve been in this industry for 30 years and our mission has always involved diversity,” said Dan Barcheski, founder of Axios HR. “We didn’t pursue diverse candidates for positions because it was the ‘thing to do’, we did it because it was the right thing to do. We’re fortunate to have seen a change in mindset from businesses and organizations around the world and feel exceptionally proud of our track record filling CADE internships with diverse candidates.”
Moving Forward
Although still in its formative years, CADE has already impacted numerous students and startups. The internship program can be applied across MSU Foundation’s venture landscape as the organization looks to continue to prioritize diversity in entrepreneurship and bring innovators together.