FAQ
Who is eligible to apply for JCEL's Student Seed Capital programs?
Full-time Juniata students who are eligible to work in the United States and are in good academic standing can apply for the JCEL Seed Capital. Students from all POEs are encouraged to participate.
What types of Seed Capital are available to student start-up businesses?
KIZ Starter Kit
What students would benefit most from the KIZ Starter Kit?
The KIZ Starter Kit is designed for the Juniata student who has an idea for their own business venture in either Information Technology or the Life Sciences and is looking to flesh out a business plan, develop a product/ service and decide on the appropriate legal structure for the business.
What is included in the KIZ Starter Kit?
The KIZ Starter Kit provides student entrepreneurs with resources in three vital areas for business creation - Support, Space and Capital.
Support
- Five hours of personalized consulting time with the JCEL/HCBI team - assistance with business planning, marketing research and locating additional funding sources
- Personal introduction to an entrepreneurial mentor
- Connection with professional service providers in accounting, law, banking and insurance
Space
- $1,500 credit for space in the Sill Business Incubator and associated general liability insurance
Capital
- Up to $3,000 to support business expenses (incorporation fees, purchases, long distance, copies, mileage reimbursement, service providers, etc.)
What is the application process?
1. Students submit a Business Abstract electronically to JCEL Executive Director, Nick Felice (felicen@juniata.edu) .
Business Abstract (2-3 pages) should addresses the following questions:
- Student Entrepreneur(s) Information – name, class year, academic advisors, e-mail, phone, address
- What is your business idea (must be either in Information Technology or Life Sciences)?
- Who would purchase your product or service?
- What makes your product or service better than your competition?
- List your start-up expenses, you monthly expenses and your monthly sources of income.
- How would you use the funds and how would that help you to develop and grow your business?
- As a student entrepreneur, describe your experience and motivation as it relates to your business idea.
Note: Students requiring assistance in developing their Business Abstract are encouraged to contact JCEL.
2. JCEL Staff will review proposal, meet with student entrepreneur and provide staff comments with recommended action to JCEL Seed Capital Committee.
3. JCEL Seed Capital Committee will review staff comments with recommended action and make final decision.
JCEL Starter Kit
What students would benefit most from the Starter Kit?
The Starter Kit is designed for the Juniata student who has an idea for their own business venture and is looking to flesh out a business plan, develop a product/ service and decide on the appropriate legal structure for the business.
What is included in the Starter Kit?
The Starter Kit provides student entrepreneurs with resources in three vital areas for business creation - Support, Space and Capital.
Support
- Five hours of personalized consulting time with the JCEL/HCBI team - assistance with business planning, marketing research and locating additional funding sources
- Personal introduction to an entrepreneurial mentor
- Connection with professional service providers in accounting, law, banking and insurance
Space
- $1,500 credit for space in the Sill Business Incubator and associated general liability insurance
Capital
- $500 to support business expenses (incorporation fees, purchases, long distance, copies, mileage reimbursement, service providers, etc.)
What is the application process?
1. Students submit a Business Abstract electronically to JCEL Executive Director, Nick Felice (felicen@juniata.edu).
Business Abstract (2-3 pages) should addresses the following questions:
- Student Entrepreneur(s) Information – name, class year, academic advisors, e-mail, phone, address
- What is your business idea?
- Who would purchase your product or service?
- What makes your product or service better than your competition?
- List your start-up expenses, you monthly expenses and your monthly sources of income.
- How would you use the funds and how would that help you to develop and grow your business?
- As a student entrepreneur, describe your experience and motivation as it relates to your business idea.
Note: Students requiring assistance in developing their Business Abstract are encouraged to contact JCEL.
2. JCEL Staff will review proposal, meet with student entrepreneur and provide staff comments with recommended action to JCEL Seed Capital Committee.
3. JCEL Seed Capital Committee will review staff comments with recommended action and make final decision.
JCEL Next Step
What students would benefit most from the Next Step?
The Next Step is designed for the Juniata student who has taken their business idea to a full business plan, is ready to establish the appropriate legal structure for the business and is ready to refine their product/ service and begin to enter the market; the Next Step is a good fit for students completing work in New Venture Creation or Innovations for Industry.
What is included in the Next Step?
The Next Step provides student entrepreneurs with resources in four vital areas for business creation - Student Stipend, Support, Space and Capital.
Student Stipend
- Ability to receive $10/hour for up to 200 hours of (non-class-related) time spent on the business venture – maximum of $2,000 available in student stipends per business
Support
- Five hours of personalized consulting time with the JCEL/HCBI team - assistance with business planning, marketing research and locating additional funding sources
- Personal introduction to an entrepreneurial mentor
- Connection with professional service providers in accounting, law, banking and insurance
Space
- $1,500 credit for space in the Sill Business Incubator and associated general liability insurance
Capital
- $500 to support business expenses (incorporation fees, purchases, long distance, copies, mileage reimbursement, service providers, etc.)
What is the application process?
1. Students submit a Business Plan electronically to JCEL Executive Director, Nick Felice (felicen@juniata.edu).
Business Plan should addresses the following areas:
- Product/Service
- Target Market
- Competition
- Marketing and Sales Strategy
- Operations
- Management
- Financials - include income statement, balance sheet and cash flow
Note: Students requiring assistance in developing their Business Plan are encouraged to contact JCEL.
2. JCEL Staff will review proposal, meet with student entrepreneur and provide staff comments with recommended action to JCEL Seed Capital Committee.
3. JCEL Seed Capital Committee will review staff comments with recommended action and make final decision.
JCEL Loan
What is the start-up loan?
Students may borrow up to $2,000.
What are the benefits of the start-up loan?
The start-up loan presents an attractive alternative to a bank loan because it does not require parents or guardians to co-sign.
How is the loan paid back?
Interest begins to accrue at a fixed rate of 6% when the loan is made. After a six month grace period, payments are made over a period of 18 months.
What is the application process?
- Students may apply any anytime throughout the year.
- Students schedule a meeting with JCEL Executive Director, Nick Felice (felicen@juniata.edu).
- Students work with JCEL in developing a business plan for submission. Business plan should addresses the following: product/service, target market, competition, marketing and sales strategy, operations, management team and financials (including income statement, balance sheet and cash flow).
- 4 - JCEL Seed Capital Committee reviews business plan.
- Student presents overview of plan to JCEL Seed Capital Committee - students may work with JCEL in preparing for presentation.
- JCEL Seed Capital Committee makes funding decision.
- JCEL Loan Contract signed.
JCEL Equity Investment
What is the Equity Investment?
Students may secure up to $5,000 for their venture with no financial risk to the student (no requirement to pay the $5,000 back to JCEL). In exchange for taking all of the financial risk, JCEL reserves the right to hold a minority ownership in the business (2% equity for each $1,000 provided). Any return JCEL has on the investment is placed back into the Seed Capital Fund to be used by other Juniata student entrepreneurs.
What is the application process?
- Students may apply any anytime throughout the year.
- Students schedule a meeting with JCEL Executive Director, Nick Felice (felicen@juniata.edu).
- Students work with JCEL in developing a business plan for submission. Business plan should addresses the following: product/service, target market, competition, marketing and sales strategy, operations, management team and financials (including income statement, balance sheet and cash flow).
- JCEL Seed Capital Committee reviews business plan.
- Student presents overview of plan to JCEL Seed Capital Committee - students may work with JCEL in preparing for presentation.
- JCEL Seed Capital Committee makes funding decision.
- JCEL Equity Investment Contract signed.
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