The Entrepreneurship Co-Op
Your Company, Your Co-Op, Our Support
The co-op experience is the hallmark of a Drexel education. Drexel students will intersperse one or three six-month periods of work within their academic plans of study. By weaving together scholarly and practical experiences, Drexel students graduate with a unique set of skills that opens up a diverse array of professional opportunities upon graduation.
The Close School recognizes that many undergraduates have already started their own companies. To encourage this entrepreneurial spirit within our student body, the Close School, in collaboration with the Steinbright Career Development Center, offers to all Drexel undergraduate students the chance to use their own company as their co-op experience. Students who qualify for this opportunity will receive $15,000* in support of their ventures.
Please review the FAQ’s below for more information about The Close School’s Entrepreneurship Co-ops.
How does the Entrepreneurship Co-op work?
Entrepreneurship Co-ops will be granted to students who have established an ongoing business. While on co-op, students will work with a seasoned entrepreneur or executive who will serve as advisor and mentor for the six-month period. Mentors and students will set performance goals at the beginning of the co-op period, and students will be required to submit monthly progress reports.
Are there any program restrictions to applying for an Entrepreneurship Co-op?
Undergraduate students from all colleges and programs are encouraged to apply for an Entrepreneurship Co-op. Graduate students are not eligible.
How do I apply for an Entrepreneurship Co-op?
Before you can apply for the Entrepreneurship Co-op, you must create at least one résumé online through Drexel.SCDConline. Your co-op coordinator will critique your résumé during your Pre-Registration meeting. You must also submit a detailed description of your business.
Students must complete an Entrepreneurship Co-op Application and interview with representatives from the Close School and Steinbright Career Development Center. If interested in Entrepreneurship Co-op, it is important to discuss the possibility with your co-op coordinator at least five to six months prior to the start of co-op. Finalized applications should be submitted to your co-op coordinator based on the deadlines below.
Deadlines vary depending on the co-op cycle:
Spring/Summer Co-op Cycle – Friday, January 3, 2014
Fall/Winter Co-op Cycle – Monday, June 23, 2014
What are the specific application criteria for Entrepreneurship Co-op?
To be eligible for Co-op, you must be a full-time Drexel University student in good academic standing, having maintained full-time enrollment in each of the two terms prior to your scheduled Co-op cycle. Freshmen assigned to the Fall/Winter Co-op cycle of their sophomore year are an exception since they are on vacation the summer term prior to their Co-op cycle.
- The co-op must be a student’s second or final co-op.
- The business cannot be a franchisee or a networking marketing business (multi-level marketing).
- Minimum GPA of 2.5.
- Completed or currently enrolled in ENTP 499: Launch It!
- Letter of recommendation from a former employer.
- Updated resume.
- Interview and provide supporting documentation to determine that the business has:
- Tested and validated business model
- Money and resources already invested or have customer base
- Product or service
- Statement of goals for the business during the co-op period
How are advisors selected?
Advisors will be selected from a pool of faculty and/or seasoned entrepreneurs from the greater Philadelphia area.
How many Entrepreneurship Co-ops does the Close School fund?
The Close School will fund 5 Entrepreneurship Co-Ops in 2013-2014.
*For some students these funds may be taxed. Since individual tax liability depends on each individual’s circumstances, you should consult a tax advisor. Please refer to this document for more specifics:
IRS Publication 970 – Tax Benefits for Education (www.irs.gov/publications/p970).
This award will be added to your financial aid award and will be applied first to any university charges currently not covered. If you currently do not have a balance due, or there is funding from this award left over after it is applied to your account balance, you may be eligible to receive a refund for that amount. We strongly encourage you to sign up for eRefund so that you can easily and quickly access these funds. Instructions to sign up for eRefund can be found at http://drexel.edu/drexelcentral/billing/refunds/financial-aid-refund/.