OwlSpark Accelerator Program raises $313k

By Dixita Viswanath     9/11/13 7:00pm

This past summer, the OwlSpark Accelerator Program raised $313,000 and provided mentors, office space, guidance and a structured program for nine companies with an average age of 14 months, co-founder Vivas Kumar, a Will Rice College senior, said.

Kumar said the goal of the program is to increase entrepreneurship at Rice by engaging students in an accelerator program and providing them with space, funding, and access to a network of mentors and investors from the Houston area to achieve their goals.

OwlSpark benefited from the voluntary efforts of over 120 professionals as consistent mentors to 37 students, Kumar said. Nearly 350 people attended the inaugural Pitch Day, showing the program's success, Kumar said.

---

---

"One of our companies just signed a huge deal with the IKEA Foundation and the [Office of the United Nations High Commissioner for Refugees]," Kumar said. "Almost all of the companies acquired at least their first customer this summer."

Co-founder Veronica Saron said the students who formed these companies will continue to work for their companies and will be mentored through ENGI 428: Entrepreneurship Independent Study, taught by temporary entrepreneur in residence for the Rice Center for Engineering Leadership Bryan Hassin (Lovett College '01).

According to Saron, OwlSpark's goal is to teach students how to maintain and run a company in the real world.

"We hope that, because of OwlSpark, more Rice students will be comfortable with starting their own business," Saron, a Will Rice senior, said. "Our goal is to combine entrepreneurship conferences on campus and [increase] Rice's involvement in business."

Saron said she believes the future of OwlSpark is bright. This coming summer, OwlSpark plans to have another accelerator program with a few modifications.

"OwlSpark plans to change the location of the [program] next summer to a nontraditional, open space on campus and to include a stipend for every student," Saron said.

Kumar said he believes the program went smoothly due to the support of the university.

"The OwlSpark team and companies sincerely thank the wonderful people at [the] Rice Center for Engineering Leadership and Rice Alliance, the Office of the Provost and the university as a whole for continuing to support the strong vision for entrepreneurship in the future of Rice University," Kumar said.

Wiess College junior Jennifer Ding, who participated in the accelerator program, said it was an excellent way to learn how to run a company. 

"There are so many ways we can change the world and create positive change," Ding said. "As Rice students we are equipped and empowered to implement this change, especially in our own community. That's really the essence of entrepreneurship - using what you have to make a change, leave an imprint on our world."

---