How to combine studying and entrepreneurship

While studying Industrial Engineering & Management at the Inholland University of Applied Sciences, Mees Jansen, Richard Pureveen, and Levi Vreeker came up with a reusable kidney dish, Also known as an emesis basin, these dishes are used in hospitals and healthcare centres to collect body fluids and medical waste.

Through school, they participated in the Student Company programme of Young Entrepreneurs. They won a pitch battle with their idea. That gave them a flying start and now they are launching their first product on the market. Vreeker is responsible for customer relations. Use his tips to make your business a success.

1. Check your degree programme's regulations

If you start a business during your studies, you can often turn it into your graduation project or intern in your own company. There are also colleges, and universities that offer special schemes for budding entrepreneurs. These schemes mean you will have an adapted curriculum, coaching, and spread of subjects and exams.

Universities and colleges often have a special hub for startups, such as YES!Delft, Starthub Wageningen, and Centre for Entrepreneurship You meet other entrepreneurial students and can attend training courses and get help from mentors

Vreeker and his partners had to set up a business for their minor in Innovation and Entrepreneurship: “We had 6 months to do that. We got help from our study supervisor, which was nice. And we were at Fabriek C, an Inholland network for startups.

That provided great opportunities "From the municipality of Alkmaar and Fabriek C, we got a sustainability voucher. This is a cash prize for startups focusing on the circular economy. You can use this money to make your product, for example.

2. Enter competitions

All kinds of competitions for startups can boost your business. Think of the innovation competition Pitch your project or the Young Inventors Prize for startups in sustainability. The prize is often a sum of money to invest in your business. You do not need to be registered with KVK to take part. A good idea for a new product or service is enough. 

As well as a cash prize, there are other good reasons to take part:

• You improve your presentation skills
• Winning or coming near the top is good advertising, Vreeker: “Customers and suppliers see that you are doing good things. They are then more likely to do business with you, even if you are just starting out."
• You can connect with many people, jury members, other competitors, and the public

Vreeker found that the contacts they made during such a competition helped the company move ahead. “We got a mentor and, for example, he thought along when we had to choose a supplier. On the mentor's advice, we compared dozens of suppliers. We even visited some of them and that's how we were able to make a good choice.”

3. Explore funding opportunities 

To go from idea to production, you usually need money. You can look for an investor, but the students of Saga Medi used their own savings to have their product made. Vreeker: “For an investor, profit usually comes first. But we want to stick to our plan: sustainable and local production, from completely recycled materials. For this, we also used the municipality's voucher. Soon, the factory will deliver our first order. A great moment!’

Subsidies

You may also be able to get a subsidy. On the website of the Netherlands Enterprise Agency (RVO), you can find an overview of subsidies for new, innovative businesses. Filling in an application can be tricky. If necessary, ask a teacher or mentor for help.

4. Protect your product from fakes

If you do not arrange anything to protect your product, others may counterfeit it. You can protect it with design rights or a patent, for instance. Vreeker: “We opted for design rights. Arranging design rights is cheaper than applying for a patent, and because our product is mainly about design this protects us better.’

Design rights protect appearance, for example, colours, shape, texture or the materials. One condition is that your product must be new: it must not yet be well-known. It must also have its own character, not closely resemble a design that is already known. How your product works technically is not covered by design rights, that is what patent law is for.

Patent

With a patent, you protect a technical product or production process. You are the owner and for a certain period of time no one else may use your invention to make a profit. Applying for a patent is complicated. For example, the description of the product must be technically and legally correct. So, get help from a patent expert.

Hiring a patent expert can easily cost a few thousand euros. Perhaps your school will offer to do the application for you and pay the costs. In doing this, you give away part of your intellectual property rights.

Research project

Are you participating in a university research project? If so, you will often have to sign a contract stating that you give the university the ownership rights. If you make an invention during the research project, then the university owns it and not you.

5. Use your network 

Your network can be very valuable for finding investors, for example, or new customers. Do not only use social media to expand your network, also go to your study programme’s networking events. And join platforms for young  entrepreneurs such as Young Creators, Jong Ondernemend (both in Dutch), or CHARM-DEN .Y

Prepare a good pitch so you are always ready to convince people of your product. Vreeker: “As a young entrepreneur, you have the favour factor. Your enthusiasm and guts are contagious. Experienced entrepreneurs are happy to help you on your way with their knowledge and network. And they make you think. Other entrepreneurs asked if we already had delivery and payment terms. And how we prevent our idea from being stolen. We took care of that right away.”

Take your prototype to customers as soon as possible

Vreeker recommends not working on your prototype (the first version of your product) for too long. "Put it together as soon as possible and go to customers with it for feedback. We learned a lot from talking to the target group. For example, our first tray had corners. We heard from a customer that a round tray is easier to keep clean. It took us 20 protoypes to arrive at the perfect tray."

All ready to start your business? Check out the step-by-step plan for starting a business as a student.