Spectrum can fill key infastructure gap
Campus incubators and accelerators have been on the rise for some time now. The form they take varies from institution to institution, but generally speaking they offer regular events, access to mentors, space for startups, and sometimes even in a startup dedicated residence. The most notable regional examples are Velocity and Ryerson DMZ. These programs offer students a ‘third path’ from the traditional co-op / workforce or further graduate / professional school.
Velocity has been a tremendous success, with an alumni that includes Kik, Thalmic Labs, BufferBox, Vidyard and MappedIn.
This Fall McMaster will be launching a series of events as part of a new program called Spectrum, aimed at supporting and developing students interested in entrepreneurism. The events will culminate in the Spectrum Student Startup Competition next March, where $50,000 in prizes will be awarded. While the program may not have the resources of Velocity just yet, it can be a very important piece of infrastructure for Hamilton. Probably the most important since Innovation Factory was launched.
Jim Rudnick was advocating for this years ago, amongst others.
I’ve argued in the past that the Hamilton startup ecosystem depends on a pipe all the way from primary and secondary schools out to industry. Right now we have co-op programs that are capable of connecting grads to local industry, at the tail end of that pipe. But in terms of fostering and developing entrepreneurial students to found startups at the tail end of the pipe, there’s been a gap that Spectrum can potentially fill. Ideally so that one-day Spectrum participants are developed enough to become future Innovation Factory clients, and McMaster Innovation Park, Platform 302, business park, and downtown office tenants.
We’ve had top McMaster students move to student incubators at other schools, or Hamilton-area students take up post-secondary education at schools with incubators, and do very well for themselves in the process. The presence of a program like Spectrum can prevent some of the brain drain, and hopefully even act as gravity well in its own right. And this is the time – after years of building, and a growing number of student startups, the community at McMaster is ready now.
Over the last 5 years there has been a rise in initiatives at McMaster to support entreprenerism – at the course level with the software entrepreneurism course, at the program level with the MEEI program, and at the student club level with McMaster Entrepreneur Association. A program like this year’s iteration of Spectrum can compliment and expand on this existing activity, and can lay the groundwork for more.
