Ready To Grow and Eager To Learn

Cal Poly’s Center of Innovation and Entrepreneurship (CIE) has been holding the Summer Accelerator Program, a 13-week intensive program for students wanting to make their business idea come to life, for ten years.

This summer, the CIE board has chosen nine teams, plus an additional remote team, to be a part of the Summer Accelerator Program. Each team has received $10,000 in seed funding to start building their business, in addition to receiving a mentor, office space, access to guest speakers, and a chance to present their ideas to potential investors.

These resources are invaluable to students. Teams are typically paired with mentors who come from within their relevant industry and are ready to share their experiences and expertise. They also have one-on-ones with the program director, Jose Huitron

Throughout the program’s history, students from almost every college at Cal Poly have been represented, all coming together with the same hope of making their business become a reality, and all hungry for knowledge and information. The 2021 cohort is especially eager to grow according to Stephanie Zombek, the marketing and communications manager for the CIE. This group of college students is receptive to feedback and eager to build their businesses, making this cohort “one of the best we’ve ever had,” according to Zombek.

This program has proven to help young entrepreneurs in their future careers. Some of its past successes? One team, Pashion Footwear, went on from the Summer Accelerator to become a successful business, smashing their goal of raising $500k in startup capital initially, then raising an additional $3.5 million after its February 2021 Shark Tank appearance. The mission of Pashion Footwear is to create a shoe with multiple functions that can be worn for multiple occasions with the ability to be transformed from a high heel to a flat in seconds.

Another business formed during the accelerator program, Alydia Health, is currently adding major value to the health industry through its creation of a product known as the Jada System. This product treats PPH (postpartum hemorrhage and abnormal uterine bleeding), which is a serious, life-threatening complication for mothers of newborns. Alydia Health was acquired for $240 million recently, roughly 10 years after they were in the program.

Intego Technology (formerly known as Intego Sports) is one of the 2021 Accelerator teams, and as a young team, they have already demonstrated their potential. In 2019 junior Alexandra Joelson won the Elevator Pitch Competition, proposing an idea for a modular soccer cleat. Joelson and her co-founder Samuel Andrews are currently “working to create the most durable and sustainable footwear on the market with a patent-pending manufacturing process,” said Cal Poly communications specialist Jay Thompson.

Since college students are young, fearless, and have big ideas, this program is an opportunity that intrigues many young entrepreneurs. The Summer Accelerator sends out the message that students don’t have to wait to graduate to start a business, which aligns with Cal Poly’s motto of Learn by Doing. Students are experiencing first-hand what it is like to be an entrepreneur, taking steps they would take in the real world.

All of the teams have invested their time and energy into the program, and are working around the clock Mondays through Fridays. The participants are putting in as much effort as a full-time job would require, but the payout looks different. Participants are working hard now to develop their businesses with a potential payout in the future—but only if their business ideas align with what investors are looking for. Even if the payout doesn’t happen, however, the experience is still ideal for young college students who have the time, and “can make mistakes and recover,” Zombek notes.

Since college students are young, fearless, and have big ideas, this program is an opportunity that intrigues many young entrepreneurs. The Summer Accelerator sends out the message that students don’t have to wait to graduate to start a business, which aligns with Cal Poly’s motto of Learn by Doing.

Students are experiencing first-hand what it is like to be an entrepreneur, taking steps they would take in the real world. For example, part of the daily schedule includes going out into the world to do research and talk with potential clients.

At the end of each week, teams present their pitches in front of mentors, an activity called a “boost session,” and receive valuable feedback they use to continue improving their pitches.

The only difference between this program and the real world is that students have no pressure to succeed. In fact, donors of this program emphasize to participants that it’s okay to fail, proving the Accelerator Program simply wants students to learn and grow as individuals.

Donors and investors are impactful in the CIE—not only do their monetary contributions go a long way, but they are also investing in entrepreneurship, in ideas, and sending the message that they believe in students. In addition, donations to the CIE are unique in the way that donors can see exactly where their money is going during Demo Day, which is at the end of the 13-week program.

Demo Day is a chance for students to show off what they’ve been working on all summer in the form of a 10-minute pitch. This year, each team will have a table with their product or service to initiate networking and expand their company’s name.

Demo Day will be held in-person and virtually at Slo Brew Rock on September 14. In-person tickets are $10 and virtual tickets are free. Register for tickets here.

Learn More About the CIE