News Releases

KU receives $225,000 matching federal grant for entrepreneurial initiative to serve Kansans

Monday, September 15, 2008

A new initiative, "KU Entrepreneurship Works for Kansas" seeks to strengthen economic innovation and competitiveness in underserved areas of Kansas through the University of Kansas School of Business Center for Entrepreneurship and the Institute for Policy and Social Research (IPSR). The project will be funded through a matching $225,000 grant from the Economic Development Administration of the U.S. Department of Commerce.

This federal grant also appoints KU as a "University Center" thereby providing national recognition to the Center for Entrepreneurship. Only 40 universities in the country share the University Center designation.

"As a proud KU alum, it comes as no surprise to me that the Economic Development Administration awarded this federal grant and national recognition to the University of Kansas for its entrepreneurial initiative," said U.S. Rep. Dennis Moore (D-Kan). "This initiative, led by KU's School of Business Center for Entrepreneurship and the Institute for Policy and Social Research, will identify and support local economic opportunities in Kansas while providing a valuable learning experience for KU students. I commend the University's students, faculty and administration for this achievement."

Moore represents Kansas' third district which includes KU's Lawrence campus. On Aug. 18, Moore visited with Wally Meyer, principal investigator for the grant and Director of Entrepreneurship Programs for the KU School of Business.

"This grant and the University Center designation create new experiential learning opportunities for KU students interested in acquiring entrepreneurial skills" said Meyer. "Our students will get the opportunity to practice the models and theories learned in the classroom in a hands-on environment."

The grant will enable hiring KU students for research, industry analysis, new business plan development and testing to validate proposed new business ventures. An advisory committee comprising faculty from business, engineering, anthropology, IPSR, and the KU Center for Research will provide direction and oversight for this initiative. Members of the committee possess significant experience in state economics and have unique university resource knowledge.

Loss of industry diversification, depletion of natural resources and an aging population have contributed to the demise of employment opportunities in western Kansas over the past decade, and as a result, the economic climate in this area is not conducive to business development. This new initiative, which complements the "KU Works for Kansas" efforts, will help improve these economic conditions by:

-Identifying new industries and businesses that can leverage the strengths of economically distressed areas.
-Identifying expansion opportunities for existing businesses.
-Providing technical assistance to accelerate growth of existing businesses.
-Supporting local economic development organizations through sophisticated research and analytical business development tools.

"Wally Meyer and the other KU faculty involved in this grant are to be commended as it is a stellar example of how KU fulfills its mission of research, teaching and service to the citizens of Kansas," said School of Business Dean William L. Fuerst. "This is a tremendous learning and service opportunity for our students, and the businesses in economically distressed areas of Kansas should benefit greatly from their efforts."