UPDATED: Wednesday, April 10, 2013 - 11:27am
Waco, TX (KWKT) — Four start-up companies owned by students in Baylor University’s Accelerated Ventures Program have been funded by members of Baylor Angel Network through BAN AV Investment Fund One, LLC.
BAN is an investor network providing early stage capital to entrepreneurs with developed business plans.
BAN has 40 members and has invested in more than 20 start-ups. It funds an average of five companies each year.
BAN works closely with Baylor University's Hankamer School of Business and is advised by a board of advisors. Angels contribute a portion of their profits to the Hankamer School of Business and Baylor University.
The four companies - Adanote, Thread Collection, TourMuseo and GarciniaFit, each received $5,000 in seed money as part of BAN’s commitment to fund the program for three years. BAN previously funded four student-run Accelerated Ventures Program businesses through the same fund.
“As Baylor Angel Network investors, it is with great pride and enthusiasm in which we invest, mentor and support entrepreneurs and start-ups in the Accelerated Ventures Program,” said Pat Horner, BAN board member from McLean, Va., and Waco, Texas. “These are the best of the best in Baylor's top-rated department of entrepreneurship program, and we look forward to their success today and in the future.”
Visit Accelerated Ventures Program at Baylor’s Hankamer School of Business for more information.
“BAN’s support and funding through the BAN AV Fund will help these new businesses through their critical first year,” said Kevin Castello, BAN executive director. “This type of early-stage support greatly increases the chances that they will flourish and grow.”
Students enrolled in the two-semester Accelerated Ventures Program at the Hankamer School of Business experience the business start-up process firsthand by taking a company from its conceptualization to selling its products or services. The program includes eight student teams per year with three students per team. Students must launch their companies in 45 days. By the end of the first semester, companies are expected to be generating revenue. By the end of the second semester, they should be profitable.
“As an investor in the Accelerated Ventures Program at Baylor’s Hankamer School of Business, I am very pleased we are making another investment in student owned and managed businesses,” said investor Jim Foulks, BAN member from Waco, Texas. “This is another example of Baylor's commitment to introduce and involve business students in real-world business operations locally, nationally and internationally on a regular basis. This investment in the future will be of benefit to our community and the nation, and I am proud to be a part of it.”