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Frequently Asked Questions: Entrepreneurial Summer Program (ESP)

What kind of companies may apply for ESP funding?

• Operational and funded companies.
• Consulting, research, or "brokerage" companies are NOT appropriate.
• Investor backed: VC, strategic investors, or angel investors.
• 10+ employees to ensure some infrastructure to support an intern.
• No more than 200 employees.
• $50M revenue cap.
• Still "entrepreneurial" in nature.

How strict are these guidelines?
As best we can, we try to stick to the guidelines. There may be exceptions in rare cases, but at a bare minimum we do require that a company be an operational product company with an internal tenured mentor. This year our funding is very limited so it is unlikely that we will deviate far from the guidelines.

What are the responsibilities of the company?

• Clearly define the duties of the student for the internship.
• Expose the student to the operational roles of running an early stage company.
• The student must work on site, not from their home, etc.
• Assign a seasoned (15+ years) mentor to the student. The mentor does not need to be the student's supervisor. The mentor does need to be an employee of the company. We expect at least weekly interaction between the student and the mentor.
• Provide us with feedback at the end of the summer.

What is the process for getting funding and hiring a student?
Click here for steps in the process.

Is the program limited to certain students?
It is limited first-year MBA students or returning dual degreestudents (one degree must be an MBA) from the Stanford Business School. Additionally, we give strong preference to students who have qualified for financial aid.

How is the student paid?
Once the student is working for you, you pay the student directly for your portion of the compensation and we pay the student directly for our portion of the compensation.

What do we need to pay the intern?
We ask that you pay as much as you reasonably can. Our contribution is based on a combination of what you are willing to pay and how many applications we receive, as our funds are limited.

How long is the internship?
The stipend for the internship is based on 10 weeks. The student may work longer (some work for 12 weeks) but we do not supplement the income for anything longer than 10 weeks.

What are typical "assignments" that are most successful for interns?
It varies widely, but we do ask for some operational exposure. We have had students in marketing positions, operations improvement andmanagement, and financial analysis. You may not have all the details refined when you post the position, as the experience may be specific to the student that you hire, but before we approve the arrangement we look for some specifics about the job assignment.

Are international companies eligible?
Yes, the same guidelines apply.

May I hire more than one intern with ESP funding?
We generally will award only one stipend per company.