Unleash the Students!

While perusing various government web sites, searching for sources of funding available to entrepreneurial ventures, a thought came to me: I discovered a nearly bottomless source of free, or almost-free, labour that remains largely untapped by entrepreneurs and small businesses in general. I’m thinking about the legions of students.

Sure, businesses tap high school students as part of the CAPP Program, a program that requires a minimum level of work experience for BC students in grade 11 and 12. And yes, university students get drafted into work experience through various university co-op programs. But what about the rest of the time? You know, when they’re in class? Think of all the person-hours going to waste on projects that have no impact outside the classroom!

For example: in the MBA this year, we had to prepare two business plans. One group managed to find a husband and wife company that needed a business plan prepared for their Latin music and dance club. If you think the quality of a student-prepared business plan isn’t going to satisfy the needs of a small business, think again: the husband insisted on thanking the group in front of the class and even came close to tears while describing the impact the students’ efforts would have on his ability to start his business.

Most students have access to tools, expertise, and information not available to the general public. What’s required to unleash these capabilities for the benefit of business is a system that advertises upcoming class projects to the public and matches companies with projects to students. There would be some administration required to pre-qualify companies’ projects to satisfy educational objectives and manage the companies’ expectations, but imagine the potential benefits! First: students get meaningful projects, exposure to real-world experience, materials required to complete the project. Second: businesses get access to resources and labour at a low cost. Third: schools generate revenue from charging a fee to companies for the work performed by their students. It’s win-win-win.

There has been some movement in this direction, with BCIT‘s program for computer students. Companies get access to a group of computer students to complete a computer-based project, all for the low price of $300 (plus materials). Do you think someone could charge five to ten times that amount to facilitate such a service for university student projects and split the revenue with the universities?