There is no need to leave business school before launching a start-up. Campus is the perfect place to secure capital, develop the next big idea and test it before going to market.
When Daniel Callaghan started forming a business plan for a recruitment start-up during the financial crisis, he had no idea that his MBA pet project would turn into such a success.“When we founded in 2009 everyone was working with reduced headcounts and limited budgets,” said Daniel, who earned his MBA degree from IESE Business School in Spain.
In 2008, while still completing his studies, Daniel wrote his business plan with two co-founders. They had just £1,000 in capital between them. Today his start-up, MBA & Company, has raised millions and employees 18 people in two countries.
He didn’t see the timing as a challenge. “Not so much. We raised funds relatively quickly and it caused us to be more inventive about how we got the business off the ground,” said Daniel, whose recruiting website now has more than 20,000 registered users. Last month his team netted another £800,000 in VC funding, bringing the total above £2 million.
The firm, which operates in the UK and America, was selected as one of the best start-ups in the European Business Plan of the Year competition in 2009. They have various other awards to their name.
“They are nice to have but none have been game changers,” said Daniel. But proof of his entrepreneurial spirit can be traced back to IESE’s Barcelona campus.
Far from hindering his start-up ambition, forming a business while still at business school was a masterstroke; after two professors invested in the fledgling company, Daniel quickly raised €200,000.
“That whole network of people – and from a credibility point of view – [it] does help,” he said. “It will never replace the persistence and work ethic you need to get it off the ground – but makes it easier and you make fewer mistakes.”
Despite what surveys suggest, business schools continue to breed entrepreneurs, who have the time and resources to test start-up ideas. By striking the right balance between MBA study and brainstorming, entrepreneurs are giving themselves a head-start.
Thanks to more available support, it can also be done on the cheap. B-schools are only too happy to dish out funding and advice.
“We offer them the workspace for free but additionally we have a Doctor of Entrepreneurship that comes in every Tuesday and does a drop-in surgery,” said Parveen Dhanda, who runs Cass Business School's incubator, The Hangout.
Parveen, an MBA alumnus, added: “It’s great to think big and have ambition, but you need to test your idea to see if there is a market for it. Test the idea, get traction, look at investment – but the key thing is to have a prototype and to listen to your customers to see what they want.”
At the Tuck School of Business in the US, MBAs compete for $10,000 in start-up funding through the Tuck Summer Start-up Award.
Joaquin Villarreal, who runs the school's entrepreneurship initiative, said Tuck provides financial support, legal advice and all the mentorship MBAs can get from alumni and professors.
“We identify their needs and craft a timeline for them to execute their plans, and provide space for them to work in,” said Joaquin. “Tuck also subsidies 50% of compensation for a first year student internship if they work in a start-up, based on market pricing. That’s a huge boost for students.”
Developing a plan while on campus allows you to test the idea in a safe environment. When Michael Brice enrolled on an MBA program at Melbourne Business School in 2012, he spent the first year getting his start-up off the ground.
“In the early stages I’ve been able to do a great deal of thinking during the MBA,” said Michael, who set-up advisory firm Howcanwe? at about the same time as starting his MBA. “I’ve kept it low-key for the first year while testing it out.”
The business advises SMEs on digital strategy and innovation. Michael self-funded the company with one other co-founder. He has been approaching large firms in a bid to secure business post-graduation.
Michael added: “I’m constantly trying to work out what the best model is. I’ve slowly been taking the lessons learnt over time and re-incorporating them into the business.”
As well as forming business plans to get start-ups up and running, entrepreneurs often find their co-founders while still at business school.
Eduardo Costa joined forces with Julia Arno, Jimmy de Koning and Mohamed Rachid after meeting the group at ESADE Business School. They launched The Meaningful Institute, a split between a consulting and personal development and coaching business, while still enrolled on MBA programs.
The four co-founders hope to help young people with a three-week coaching program to develop personal and business skills in disadvantaged areas in Brazil.
“Most MBAs that have an idea follow a set-path: create a project, develop it, look at partners and then raise funds,” said Eduardo, who ran two separate start-ups before beginning his MBA. “But what we did was create a team first, and then look for an idea.”
The start-up is focused on social entrepreneurship. The team’s first project was in Jua, a small Brazilian village with 5,000 inhabitants.
“I thought the MBA would be the perfect environment to not just benefit from knowledge, but to find partners for a new business idea,” said Eduardo.
“ESADE has the entrepreneurial mind-set which is something I was looking for and on top of that, it's a school that fosters social business. I wanted to find peers that would allow me to start-up a social business in an international environment.”
Student Reviews
Best Journalism school in Europe
When I first stepped onto the campus of City, University of London, I knew I was in for a ride - and not just on the Tube! With its vibrant energy and an impressive repertoire of programs, City U became my home away from home.
The Journalism program was kind of a big deal. Rumour was that we were the best in Europe!
The lecturers were not just experts in their field; they’re practically journalistic royalty. They were invested, passionate, and had a knack for turning the most flat press release into a riveting news story. With their guidance, I’ve learned to navigate the chaotic world of media like a pro.
The campus was a melting pot of every culture, being that we had such a diverse international crowd.
Being in the heart of London, I had the world at my fingertips - there was always a new corner to explore, a hidden gem of a cafe to discover, or a street performer!
City, University of London wasn't just a university; it was a chapter in my life story that I’ll never forget.
Learning environment
The teacher-learner ration is manageable, giving each learner a chance to gain personal attention. It is also easier following up on the progress of a student, as the numbers per class is not large. the conducive environment for learning includes clean classes, standard desks, world class instructional facilities and the opportunity to engage lecturers even after their sessions. The team spirit at City is above board, with learners getting chance to learn both from instructors and colleagues. This is the university of choice; the place to be.
Classes
I liked that each class had a manageable number of learners, making the professor-learner ratio favor knowledge acquisition. I also liked that study schedules were manageable, and not overwhelming. The focus on talents and gifts even within the learning environment makes it possible for learners to achieve the best of their potential, and this has worked to the advantage of those that have schooled at City, University of London
Classes
The diversity at City University facilitates interactions and is a direction toward the unity of the world. The classes are well built to match the number and needs of all students regardless of the elements of diversity that set people apart. The use of technology in delivery makes learning even more interesting and achievable. At City University there is no distinction pegged on the issues that make people unique.
professors
The team of lecturers at the Uiversity are well experienced. Their level of insight and the methodologies of delivery works for the interes of the leaeners. My learning experience was largely boosted by the level of knowledge of the professors at the institution, and their passion to transfer the same to learners. I appreciate every class I attended because of the level of insight I was able to gather
The best university I’ve been to
The campus and the people I've met have made it a wonderful experience. I was reared in a small town with a graduating class of only 88 individuals, so moving to City University was a huge adjustment for me. My dorm has more residents than my whole high school combined! I enjoy the atmosphere here, and everyone is so friendly. Outstanding academic options and a stunning campus. Really great from beginning to end. The educators genuinely love what they do, and the students are ready to learn. On or around college, there is always something to do with friends, and the social scene is particularly warm.
Bayes Business School
As a student at City university attending Bayes Business School I would totally recommend choosing this university as the experience is exceptional with great social networking opportunities . Professors are significantly helpful, delivering with excellence and professionalism. Everyone is happy to help and make you feel welcomed in such an esteem university as City, offering exceptional development and guidance through out the course.
Economics and Politics
Incredibly amazing university, the way they polish students and help them boost their morale and think intellectually is worthwhile. Many universities have international partnerships to allow exchanges between their students. The most obvious subjects for these opportunities would be those that involve languages, and the study of people and places.
Clinical biology
I really like it it’s perfect for me with not too many people and not too few either. All the modules are amazing. I love the toy bar. I love all the societies that I’ma part of. Especially the colour Bollywood society
Unlocking My Potential at City University London
My time at City University London was truly transformative. The university's vibrant community and diverse extracurricular activities allowed me to forge lifelong friendships and professional connections that extend beyond the classroom. I was impressed by the university's commitment to academic rigor, character development, and personal growth, which created an ideal environment for me to reach my full potential. The research-driven and industry-relevant curriculum provided me with a solid foundation in international business, while the dedicated faculty and staff offered invaluable guidance and support. I feel grateful for the well-rounded education and holistic experience that City University London offered, preparing me for success in my career and beyond.
Rather interesting
The academics are tough, but in a good way. The professors are experts in their fields, so you know you’re learning from the best. They push you to think for yourself and really dive deep into the subjects. But it’s not all about hitting the books; London itself is like an extension of the campus. You’ve got museums, galleries, and just the general buzz of the city to keep you inspired.
Urban campus life
At the University of London, I have experienced dynamic and diverse academic environment where I was challenged by rigorous coursework. You will have the flexibility to choose from the wide range of courses, participate in numerous extra-curricular activities and take advantage of the many opportunities
