Creating Opportunities for Future Business Leaders

or young entrepreneurs, acquiring funding for a first venture is challenging at best, and impossible at worst. But Warren Citrin, co-founder of Solipsys Corp. (now Raytheon Solipsys), has provided help for budding Maryland businesspeople. His $250,000 gift to the Maryland Technology Enterprise Institute, a unit of the A. James Clark School of Engineering, established the Impact Pre-Seed Fund, offering grants to students in the Hillman Entrepreneurs and Hinman CEOs programs.

“The purpose of the fund is to encourage student entrepreneurs to think creatively about starting companies that have some positive influence on the world, while providing them with resources to execute those ideas,” says Citrin.

Computer engineering major Peter Orlicki, president and CEO of Impact Education, received the first grant and says it will help push his company’s product to market. The MacroMEMS Educational Kit allows for study of microelectromechanical systems without requiring the sterile environment of a cost- prohibitive “clean room.”

The fund encourages plans that address the environment, education, health care and other underserved markets. Seed Fund Grants of $2,000 to $5,000 are awarded to thoroughly researched and developed plans; Opportunity Assessment Grants of $500 to $1,000 are awarded to promising ideas that require more research. A mentor is assigned to each company to oversee the use of the funds.

“It’s inspiring for students to know their ideas can come to fruition,” says Citrin. “The weakest link for student entrepreneurs has always been funding. This makes things more possible.”