Drexel’s Laurence A. Baiada Center for Entrepreneurship is slated to enter the next phase in its history of cultivating Drexel’s entrepreneurs.
After more than 10 years as a center within the LeBow College of Business, the Baiada Center will transition to a university-level institute.
Mark Loschiavo, senior executive in residence and executive director of the Baiada Institute, said the new Baiada Institute will be dedicated to elevating the center’s current mission: educating and training students, faculty and alumni in the areas of innovation and entrepreneurship, assisting in the cultivation of ideas and companies, and becoming a
valuable contributor in the creation of a more vibrant, regional entrepreneurial ecosystem.
“With this change, we are hoping to build even more meaningful interdisciplinary programs and initiatives that will drive innovation and foster entrepreneurship at Drexel and in the region,” Loschiavo said.
The Institute will pursue initiatives including the development of proof-of-concept labs for visualizing, prototyping and testing ideas. A new behavioral laboratory environment for increased experiential learning opportunities in sales, negotiations and additional business practices will be integrated once the Institute is housed in the 12-story LeBow College of Business building, for which construction is currently underway.
The Institute will also pursue more micro-grant opportunities, enabling students’ venture pursuits while connecting companies with private investors, economic development groups and Small Business Innovative Research (SBIR) grant consultants to assist them in their funding endeavors. An Angel Club will also be developed to facilitate the pairing of investment opportunities in seed and early stage companies with accredited angel investors.
“The Institute includes a full-function business incubator that is available to Drexel alumni, faculty and students on a selective basis,” Loschiavo said.
Loschiavo said entrepreneurial curricula will be developed and encouraged across the academic spectrum, with cutting-edge coursework in addition to guest speaking engagements from experienced and innovative entrepreneurs and business executives.
“From the very beginning, we have worked hard to make everything we do multidisciplinary, serving the needs of every college in the University,” Loschiavo said.
The formation of the Baiada Institute was made possible by a donation of $500,000 from the Close Foundation, which was formed by the late 1936 alumnus Charles Close—one of the center’s original benefactors.
The gift from the foundation also inspired generosity among fellow Institute supporters, including a $250,000 pledge from trustee Mel and Mark Baiada, whose father Laurence is the Institute’s namesake, along with the recent $200,000 gift from trustee Dick Hayne.