Universities Are The New Engines of Innovation

HG Ventures’ Venture Director, Mitch Black shares his optimism for the entrepreneurial culture fostered by many universities.

I recently had the privilege of serving as a judge at Purdue University’s 37th Burton D. Morgan Venture Concept Competition, and I walked away genuinely inspired. As someone who went to college in the 1980s, I can say confidently: this level of entrepreneurial support simply didn’t exist back then.

We didn’t have pitch days, venture competitions, incubators, customer discovery programs, or mentors teaching us about how to build a successful start-up. New business ideas and innovation were things you stumbled into — not something your university actively equipped you to pursue. Seeing what Purdue and other universities are doing today made something very clear: Universities have evolved into true engines of entrepreneurism and innovation.

Customer-focused thinking

What impressed me most about the presenters in the Purdue competition wasn’t just their energy, it was their commercial maturity. It’s uncommon to see early-stage founders — let alone students — frame their ventures through the lens of what the customer is trying to accomplish. Yet team after team showed they understood not just what their solution does, but why it matters, for whom, and under what circumstances.

As someone who evaluates and supports early-stage ventures, this level of structured, customer-centric thinking is what differentiates an idea from an investable opportunity. Watching these students pitch made me reflect on how valuable these environments are. Universities today are offering what many of us never had:

• Safe spaces to experiment
• Access to mentors, investors, and domain experts
• Tools and frameworks for real-world problem solving
• A community that celebrates creativity and calculated risk-taking

This is the kind of foundation we look for at HG Ventures when we partner with founders. The earlier people learn to validate assumptions, understand markets, and build with customer empathy, the faster they can scale meaningful impact. Events like Purdue’s instill confidence in young entrepreneurs to build beyond customer and market discovery, especially in defining the right business structure (entity formation, governance, IP strategy, and early financing mechanics).

I can’t help thinking what would my path have looked like if this kind of ecosystem had existed when I was in college, where I walked to my classes up hill in the snow both ways. We can’t go back in time, but we can be part of shaping the future. And at HG Ventures, that’s exactly what excites us — investing in people who transform challenges into opportunities. These students are approaching innovation with discipline and real commercial thinking. They’re not just dreaming up companies; they’re solving tangible problems with intention.

The future is in good hands

Now, as a venture capitalist (and recovering entrepreneur), that gives me tremendous optimism for what comes next. Here’s to the students who pitched, the teams who coached them, the community that showed up, and the leaders at Purdue who make it all possible. If yesterday was any indication, the future of innovation is in very capable hands.