In its first year, the Lassonde Studios has proven to be a huge springboard for a group of aspiring entrepreneurs.
The $45 million student innovation building opened last summer at the University of Utah and resulted in year-over-year increases in student participation in Lassonde Entrepreneur Institute programs, scholarship amounts, cash prizes, the number of startup teams and more, according to a report from the institute, part of the university’s David Eccles School of Business.
“We built Lassonde Studios to create a unique space that would engage more students in our already impressive entrepreneur program, and the data in our annual report shows the impact of the building,” said Troy D’Ambrosio, executive director of the Lassonde Institute and an assistant dean at the Eccles School. “We reached many of our goals this year, and we look forward to building on our momentum.”
The report shows that 329 student startup teams were formed during the 2017 fiscal year, up from 97 the prior year. Student startup companies were awarded cash prizes totaling $369,000, up from $362,000 in the 2016 fiscal year. Scholarships totaled $663,000, up from $298,000. And college student participation in programs and activities jumped to 7,800 from 2,000 in 2016.
“Lassonde Studios was designed to be a one-of-a-kind community of student entrepreneurs and creators,” said Taylor Randall, dean of the Eccles School. “I think the results from the first year show that we have exceeded our expectations for the building. Lassonde Studios has helped grow and energize our community in more ways that we expected.”
The 16,000-square-foot Lassonde Studios is designed to be a place for students to “live, create and launch.” The building includes a 20,000-square-foot innovation space for all students on the first floor, with four upper floors of residential space. The initial group of 400 residents included freshmen to Ph.D. students, representing 44 areas of study. Half of the group were freshmen. Sixty-three percent of the 400 were male and 37 percent were female.
“Like many others, I was scared to be an entrepreneur,” said Jared Pieper, who pursued graduate degrees in engineering and business while managing a grant program offered by the Lassonde Institute. He now is working as a project engineer at Tesla.
“I just couldn’t get past the thought of letting my excitement push me into a risky venture where I lose it all,” Pieper said. “Lassonde has helped me overcome these reservations by teaching me how to de-risk new ventures without spending all my savings. Being able to pivot early and cheap by answering the right questions brings a confidence that enables us to succeed.”
Arielle Hassett is another student who was involved with Lassonde Institute programs during the 2016-17 year. She participated in a business plan competition and worked on a medical startup.
“Lassonde has helped me develop as a leader and entrepreneur by creating a welcoming environment filled with opportunities to learn, grow and succeed,” Hassett said.