What I Did at VC Camp

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Cutting-Edge Tech

Team members get a dose of practical advice during weekly seminars. Top executives such as Staples (SPLS) founder Tom Stemberg talk about, say, negotiating a term sheet or taking a company public. The relationships established during these meetings are invaluable, say participants. "As a first-time entrepreneur, all of these folks gave us access to a very smart network of talented people," says Matt Lauzon, the 23-year-old CEO of Paragon Lake, an online jewelry merchant that took the program last year and also received funding from Highland. "Being able to tap into that really accelerated our ability to refine the business model."

The Highland program and other similar efforts reflect the growing status of the entrepreneur in American life. Inspired by the stories of the founders from Microsoft (MSFT), Google (GOOG), Netscape, and Facebook, young folks increasingly want to start up their own businesses, say educators, financiers, and students. "It's become fashionable. You can control your own destiny," says Leon Sandler, executive director of Massachusetts Institute of Technology's Deshpande Center for Technological Innovation.

Some of this year's class are on the cutting edge, trying to commercialize technologies from the nation's leading laboratories. Ann Dewitt, a PhD in chemical engineering who just finished her first year at Harvard Business School, teamed up with two researchers at the Harvard Medical School to form Leuko Bioscience, a biotechnology startup aimed at treating diseases of the immune system. Dewitt's goal is to tap Highland's expertise and network to finalize her business plan and create a scientific advisory board. She is particularly keen on working with Bob Higgins, a general partner at Highland who has invested in numerous biotech companies, such as PerSeptive Biosystems and Pervasis Therapeutics.

Other teams that already have business plans believe the Highland program can provide the fuel to boost their company to the next level. While finishing up an an MBA at MIT's Sloan School of Management, Will O'Brien cooked up an idea to start a Web site that sells men's clothing. O'Brien was inspired by social-media sites such as Yelp.com that are driven by consumer-generated reviews. He, too, wants to tap into the wisdom of the clothes-buying crowd. "The existing Internet experience is not so good," says O'Brien, 28.

Instant Credibility

So last fall, O'Brien wrote a business plan, which ended up reaching the semifinals of the MIT 100K Entrepreneurship Competition. When the spring came around, O'Brien applied to the Highland program. Since getting accepted, O'Brien has moved to California so he can work out of Highland's office in Menlo Park and tap into the Silicon Valley talent pool. By summer's end, O'Brien is hoping the Highland team will help him launch the beta version of the site, expand his engineering and marketing teams, and strike up relationships with brand-name merchants such as Banana Republic (GPS) and J Crew (JCG). "Highland has been through this process so many times," says O'Brien. "They will help us develop these relationships."

Other team members say one huge plus is that the Highland name adds instant credibility to their ventures. Alex Bain, a recent graduate of Harvard Business School who is launching FanZanimal, a sports-themed stuffed animal business, says his affiliation with the firm has already opened doors with toy designers. "Early on it's really difficult to get phone calls returned," says Bain. "It helps to be able to say we are working with Highland. People know we've been prescreened by professional investors."

Bain is also excited about tapping into the manufacturing and distribution expertise of Highland's team. He'll need it: Bain has ambitious goals, hoping to be on store shelves by the fall. That means he needs to finalize plans for manufacturing, fulfillment, and acquiring trademark licenses of various sports teams. "I know management but I don't know manufacturing," he says. "I can ask people who have that experience."

Not all of the Highland teams succeed, of course. That's the nature of the venture game. Last year, a few of the teams petered out. But at the very least, Bain says the Highland program gives them a fighting chance to build the Next Big Thing. "The money alone that they give is very helpful," says Bain. "And it's nice to have an office to go to. When I worked from home it was a little embarrassing when I held a conference call and the cat meowed in the background."

Ante is an associate editor for BusinessWeek.