If your university cares about fostering research and innovation and you haven’t heard of the PitchBook Startup Index, you might want to pay closer attention to this data. While it doesn't look like the PitchBook folks are aiming to be a big player in the world of academic rankings, their detailed tracking activity of startup investments, which includes deal size, school affiliation, and employees, gives us a window into how each institution is performing on startup activity.
Why This Is a University Ranking We Can Trust
It's Objective: These rankings are based on detailed startup data that PitchBook dutifully tracks as part of many paid services it provides for clients that include VC's, Private Equity Funds and government agencies. The investors who pay for access to the underlying data expect accuracy and there is a considerable amount of meta information available for tracking as startups raise money and hire employees.
It's Simple: The PitchBook rankings are free of the typical complexity found in other rankings such as the US News & World Report. They simply use a few key metrics including the number of startup founders affiliated with new ventures created at each institution and how much investment capital they have raised.
It's Revealing: Ranking this data as a Top 100 Index gives us a good comparative view of which Universities are doing a good job of creating an entrepreneurial environment that stimulates learning and research while attracting investment capital and creating high-value jobs.
Universities Need to Tell the Story Behind this Data to Build Support for Their Research & Startups
This data is followed closely by University Research and Tech Transfer Offices. However, it should also be actively used by other departments, such as University Marketing and Communications, Government Affairs, Enrolment and Fundraising/Development which need to build support with legislators, policymakers, funding agencies, donors, and corporate partners - and yes, new student prospects. The relevance and accuracy of these rankings make this an important opportunity for you to tell your story and engage these audiences.
"Promoting stories about your startups provides the perfect opportunity to demonstrate the relevance of your programs and narrow the gap between "town and gown." It's an opportunity to show how your faculty experts and researchers are nurturing innovation through startups to improve the lives of people in your local community and beyond."
Did Your University Make the List?
If the answer is yes, congrats! We would be remiss if I didn't recognize our clients who made the Top 100. Take a bow University of Florida, Vanderbilt University, University of Massachusetts, Michigan State University, University of California, Irvine and Rensselaer Polytechnic. Now it's time to get to work. As someone who has worked closely with startups and Universities over the past two decades, I see the immense value they create. That's why I'm surprised whenever I see university marketing teams missing valuable opportunities for promoting their faculty and research through the lens of startup activities.
The Benefits of Celebrating Startups
Research on startups (Shenkoya, 2023) shows that key factors such as access to research funds, dedicated faculty, size of dedicated staff (academic and non-academic), access to practical entrepreneurship courses, and non-regular curriculum startup activities are key factors responsible for success of University startups. However, proper funding for these programs in a challenging environment requires that Universities more effectively communicate the value they are delivering. Here's where you can shine:
Media: This is an obvious opportunity, especially with local outlets. It provides the perfect opportunity to demonstrate the relevance of your programs and narrow the gap between "town and gown." Show how these startups are looking to improve the lives of people in the community.
Corporate Partners: Startups are a natural focal point for conversations with industry partners, especially when you can speak to key market sectors and breakthrough research that faculty are focused on. Speak to how you are giving them more direct access to a pool of talented graduates. Also, don't forget to speak to programs you may be running in the areas of internships, mentorship programs, sponsored research, and curriculum development. Don't forget that engaging in educational partnerships helps companies improve their CSR profile, which can enhance their public image and brand. Also, explore how partners can financially support needed infrastructure improvements on the campus with funding for new facilities or new equipment.
Students: Giving startups an opportunity to tell their stories and celebrate their achievements is one of the best ways to demonstrate how you are aligning your educational and entrepreneurship programs with industry needs. And don't forget to include your corporate partners. As employers, they are in the best position to show how you are preparing students for next-generation jobs. Show students how they will get direct exposure to the industry through programs you may be running, such as co-op terms, internships, and mentorships, and startup events such as boot camps and pitch competitions.
Government: The data clearly shows that startups create high-value jobs and contribute to GDP growth. But governments today need constant reassurance that the funds they put into education and research are generating impact. You have to show the relevance of your startups by outlining how they are solving big societal problems that matter to voters. How are your startups leading socio-economic transformation for local communities and competing effectively on a global stage?
Tips for Telling Your Startup Stories
Focus on People
- Humanize your story by speaking directly to how founders and their teams are approaching key market and societal challenges. Focus on important "origin story" elements such as their personal challenges or insights that led them to their first discovery.
- Focus on notable collaborations they formed. How were faculty members or alumni involved in helping with research and market development or industry relationships?
- Create a story arc. Give your audience an appreciation for how hard startups are and the amount of uncertainty and risk they face in developing new innovations. Startups are not an overnight success. People are even more inspired by non-linear journeys that show the grit and determination that founders need to bring to their startups.
Focus on Programs
- Always be thinking about how founders and their stories can help boost student enrolment by connecting their origin stories to specific experiences they had on the campus.
- Ask them how specific courses and programs prepared them for their entrepreneurial journey.
- Also ask them what other experiences such as campus mentorship programs, hackathons or pitch competitions helped them achieve specific breakthroughs and milestones.
Focus on Photos & Videos
- Startups provide a great opportunity to engage your audience visually. Go beyond boring headshots, monolithic campus buildings, and staged stock images.
- Instead, use imagery that shows people creating new and exciting things together. This is not a time to be shy about asking founders, faculty, and funders to get in the shot and be recognized for their contributions. While you may think photo ops are overly promotional, they often help your partners communicate back to their constituency the importance of supporting your work.
- Walk the campus to get behind the scenes and show lab facilities, technology prototypes, and in-field work.
Partners
- Profile notable investors, faculty, foundations, government agencies, alumni and corporate partners who may have invested time, money and other resources that help validate the quality of the startups you are helping build.
- Remember, startups are like a barn-raising, that involves a larger community. Give these partners an opportunity to be visible part of the story and they will celebrate with you and amplify your message to reach a bigger, more engaged audience.
Proof
Show evidence that the startups you are supporting are making a difference. Use your startups as an opportunity to speak to the bigger picture of why your institution matters. Speak to how they are tackling bigger challenges in areas such as environment, healthcare, social justice, the economy, physical infrastructure, security, election integrity and social innovation. Also make sure to demonstrate measurable impact in key areas such as:
- Total Addressable Market
- Job creation
- Investment activities
- Industry Awards
- Partnerships
- Patents
- Customer /Revenue Milestones
It's Your Time to Shine
In an era where impact is increasingly measured by the ability to translate research into real-world applications, universities have a unique opportunity to show the value of their startup ecosystems. But you need to get the stories out beyond the campus. Use your momentum to build a compelling narrative that makes your startups the heroes of your institution's story.
