From 'Idea' to 'Incorporation'

SOMBA veers away from the usual classroom type of teaching by taking into consideration diverse needs of students in their business ventures. It is a twelve-month program for aspiring student entrepreneurs, taking an enterprise from "idea" to "incorporation." Enterprises that are accepted for incubation into the SOMBA include for-profits as well as non-profits, product-oriented as well as service-offering types of businesses, commercial ventures as well as R&D-type projects. Designed as a business incubator facility, the academic component is made up of a total of 18 credits spread out over an entire year. Students enrolled in the program receive guidance and business coaching from the SOMBA staff as they work to take their fledgling business ideas from the realm of the classroom out into the market place.

The program is divided into three stages. During the first stage referred to as Jumpstart, aspiring entrepreneurs apply by submitting a business brief. The SOMBA Board reviews and selects 12 to 15 teams, which are given a coursework that includes strategic visioning workshops, detailed action planning, entrepreneurial skills deepening (self-management, team-building, project mgmt, etc.). After six weeks, final presentations will be made to the SOMBA Board, and the proposals with the strongest business prospects will be allowed to move on to the next stage. Meanwhile, in the second stage called Prototype, student teams are expected to deliver a working prototype of their respective products or services. During this stage, action plans finalized in the Jumpstart phase are carried out and monitored through incorporation, hiring employees, etc. In the final presentations of the prototype and revised business plan, the best teams are selected to move on to the next phase. Lastly, student teams establish a going concern in the third stage called Takeoff. During this stage, business development and marketing plans finalized in the first two stages are carried out and monitored through contract negotiations, raising additional funds, relocating to a new site, launching in a new market, etc.

Unique Incubation Program

What makes the SOMBA different from other incubation programs is its wide network of coaches and business advisors from the faculty and alumni. The program also provides resource speakers for student teams almost every week (around five to ten per semester) for generic topics such as finance and law. Mr. Paul Ambas, former Director - SOMBA, emphasizes that the program offers a full value-added team-based incubation model, which is not just a virtual incubator. "[Aside from that,] the nice thing about this is that when students need professional help, they don't get charged," Mr. Ambas adds.

Aside from the network of coaches and advisors, the program also boasts of a network of funding sources, which consists of "angel" investors, corporate sponsors, and development institutions like the Small Business Guarantee and Finance Corporation.

In addition to intellectual and financial support, student teams are provided free office spaces and equipment. Currently, the JGSOM provides all the teams with the following: work cubicles and personal storage areas; conference rooms; PABX with direct lines per company; internet connections; metered photocopier; networked laser printer; shared fax machine; Centralized Accounting PC with licensed accounting software; secure mail drop facility; and miscellaneous equipment such as water dispenser, coffee machine, refrigerator, microwave oven.

Come graduation time, student teams can avail of a six-month privilege to continue having the School of Management as their working base. SOMBA continues to provide for the student teams until they are stable.