Pennsylvania State University entrepreneurship

Pennsylvania State University (Penn State) has a dynamic startup and Venture Capital (VC) ecosystem that nurtures and supports a variety of successful businesses and initiatives. There are numerous resources and programs available that support entrepreneurship and innovation, such as the Penn State Small Business Development Center (SBDC), Invent Penn State, and the Happy Valley Launchbox. These provide assistance in the form of training, funding, mentorship, workspace, and other resources.

Penn State SBDC provides no-cost confidential consulting and low cost training to small business owners and potential entrepreneurs in Centre and Mifflin counties. It helps businesses grow, thrive, and contribute to the healthy economy of Pennsylvania. Its services include startup assistance, business plan development, market research, growth strategies, and financial analysis, among others.

Invent Penn State was launched in 2015 as a $30 million initiative to drive job creation, economic development and student career success. This initiative has led to the creation of 21 innovation hubs across Pennsylvania, with over 130 startups launched, 2000 jobs created, and more than $22 million in revenue generated. The Happy Valley LaunchBox is another initiative that provides free co-working space, resources, and programming for early-stage startups.

Many successful founders and investors have emerged from Penn State's ecosystem. One notable example is Matt Rhodes, a Penn State graduate and the co-founder of Weebly, a website-building service. Co-founding Weebly in 2006, Rhodes successfully sold the company to Square in 2018 for $365 million. Another example is Terry Pegula, a Penn State alumnus who became a successful investor and owner of the Buffalo Bills and Buffalo Sabres after selling his company East Resources for approximately $4.7 billion.

Additionally, Penn State has programs like the Ben Franklin Technology Partners which is one of the nation’s longest-running technology-based economic development programs. For over 30 years, BFTP has provided both early-stage, technology-based firms and established manufacturers with funding, business and technical expertise, and access to a network of innovative, expert resources.

In terms of important particularities, Penn State stands out for its commitment to fostering a supportive environment for startups. This is highlighted by initiatives such as the Happy Valley LaunchBox, an innovation hub that does not take equity from startups it supports, thereby allowing entrepreneurs to retain full control of their ventures. Furthermore, Penn State's New Venture Engineering assists student entrepreneurs in developing their businesses by connecting them with faculty and providing resources for product/service development and simulation.