Blackstone Charitable Foundation is expanding the Blackstone LaunchPad to the University of Central Florida with a three year, 1.4 million dollar grant.
The Blackstone LaunchPad helps students with entrepreneurial ambitions connect with volunteer business leaders who will mentor the students.
The Launchpad comes to the University of Central Florida after it successfully developed at the University of Miami, where it generated more than 100 business start-up ventures, creating hundreds of new jobs, and drew nearly 2,000 participants.
“Entrepreneurship is the single most effective way to spur economic growth and job creation. We must all play a role in nurturing talent and through Blackstone LaunchPad, we can foster new generations of entrepreneurs who will transform local economies by creating new and innovative companies,” said Blackstone’s CEO Stephen Schwarzman.
The launch ceremony held on Monday morning drew out Florida Senator Marco Rubio who is excited at the possibilities that this program can bring, “Small businesses and entrepreneurs are the engine of our economy, and now more than ever it is critical that we support innovation and investment in startups and new businesses,” Rubio went on, “Our students and young innovators should be empowered and given a chance to succeed so that they can then grow, create jobs, and continue to strengthen our economy.”
The LaunchPad Process can be broken down into four steps. The student entrepreneur starts off by creating an online profile. The student then describes the new business concept, expected market, and competition needs. Once the idea starts to develop, students will have access to meet with the LaunchPad staff, who can provide advice to developing the idea. Finally, the hopeful entrepreneur enters the venture coaching program, where a network of business leaders will help the student and their venture.
UCF President John C. Hitt sees this opportunity as not only helpful to students, but also the Central Florida area, “This effort will greatly benefit our students and enhance the economic prosperity of our community, which is good news for all of Central Florida.”
