{Objectives Summary}
The main goal of the house is to provide support to UMD alumni that are currently working on start-ups. By colocating resources and removing the large financial barrier to entry, it will free up start-ups to work on the important issues specific to the problems they are solving. Besides colocating physical resources, members will be colocated in the house enabling a high amount of peer interaction and mentorship. Members will also gain access to the strong network of past and present members. Making this network as strong as possible will be a main focus of the house.
This program will act as a graduate program for makers and doers after they finish at UMD. We want to provide all the support and guidance needed to turn cool projects into companies. With instant access to a network of advice and common physical resources being covered by the progrma, we can give alumni the best chance of success with their venture.
With a physical location, we will be able to host events and have a place for investors to walk through and see the best that UMD has to offer. From these events and succesful investments we will begin to grow a network of investors that companies can immediately tap into. Long term we will turn successful UMD founders into succesful UMD investors that give back to the system that spawned their success.
There are currently many UMD Alumni within the Bay Area that have seen success building startups, are currently working on their startups, or have jobs within industry. Many of these alumni have been disconnected with the university. Other alumni maintain there relationship with UMD through the Facebook group, "SF Bay Area Terps". Our goal is to give these people a "home away from home" and allow them to maintain a close connection with the university and easily tap into the Terp network.
With a foothold in the SF Bay Area, we will be extremely close to a large number of tech companies. We will use this proximity to engage companies and alumni working for companies to strengthen UMD's tech network. \
Through many programs or on their own, UMD students visit the SF area to talk with companies and alumni and a hub in SF would be able to help these students. During March 14th of 2016 students from the Quest program visted SF to talk with UMD alumni at a bar. We believe that having a house in the SF would have been beneficial in this case because we could have hosted them for a weekend and allowed them to experience start-ups and tech in SF. Students also visit the Bay Area to attend conferences and interviews. Knowing that they have a place to stay with people that know the area will allow them to make the most of their trip and strengthen their relationship to UMD.
UMD alumni that don't join the program will still see a benefit from this initiative. With our company networks and connections within the Bay Area we will be able to help current alumni and students transitioning into alumni find jobs within the tech industry working on awesome projects.