Student entrepreneurs at the University of Exeter have cause to celebrate, as a university scheme to crowdfund financial support for student start-ups has reached its first target of £12,000 within a week of being launched.
The Graduate Entrepreneur Maintenance (GEM) Fund is being raised by Think: Try: Do, the University’s programme to aid students in transforming their business blueprints into successful real-life startups. Past successful projects generated under the programme include ModMyPi, a website selling credit card-sized computers, and ChargedUp, a company that allows users to rent power banks from participating cafes, bars and shopping centres.
the GEM Fund is intended to encourage graduates to continue pursuing their business ideas.
With many students seen to retire their entrepreneurial ventures soon after graduating due to a lack of money, the GEM Fund is intended to encourage said graduates to continue pursuing their business ideas. Additional perks for graduate entrepreneurs who choose to be sponsored by the GEM Fund include training opportunities, mentors and a rent-free area known as the Incubation Space to run their companies from.
Following donations from companies such as Eagle One and Santander Universities, the GEM Fund has already achieved a third of its total goal of £36,000.