Your Company. Your Co-op. Our Support.
The Co-op experience is the hallmark of a Drexel education. The Close School recognizes that many undergraduates have already started their own companies. To encourage this entrepreneurial spirit within our student body, the Close School, in collaboration with the Steinbright Career Development Center, offers to all Drexel undergraduate students the chance to use your own company as your Co-op experience. Students who qualify for this opportunity will receive a $19,000* scholarship.
How it Works
Entrepreneurship Co-ops are granted to students who have established an ongoing business. While on Co-op, you will work with a seasoned entrepreneur or executive who will serve as an advisor and mentor for the six-month period. Mentors and students will set performance goals at the beginning of the Co-op period, and students will be required to submit monthly progress reports.
Entrepreneurship Co-op students receive:
- $19,000* award in the form of a scholarship, applied by Financial Aid to the Student Billing Account; 50% at the start of the Co-op’s first quarter, 50% at the start of the second quarter.
- Mentoring from Close School faculty members and experienced entrepreneurs
- A dedicated workspace in the Baiada Institute for Entrepreneurship
Note that this is a very competitive process with a very limited number of openings for each Co-op cycle. Not all applications are accepted for interview and not all those interviewed are accepted for the entrepreneurship Co-op.
The Application Process
Pre-application: Before you can apply for the Entrepreneurship Co-op, you must create at résumé online through Drexel.SCDConline. Your Co-op coordinator will critique your résumé during your Introduction/Reflection Meeting. You must also submit a detailed description of your business.
Application: Submit your completed Entrepreneurship Co-op Application by the dates indicated below based on your Co-op cycle.
Application review: The Close School and SCDC teams will review all applications and decide which applicants will proceed to the finalist interview stage. The criteria used to determine this is includes suitable academic progress (including haven taken the ENTP440 - Launch It Early Stage course), prior Co-op experiences, feasibility of the idea, progress to-date and an understanding of the market the student is entering.
Finalist interviews: Finalists will have the opportunity to present live to a selection committee comprised of individuals from the Close School, SCDC and qualified external representatives selected by the Close School. Presentation requirements and evaluation criteria will be provided to the finalists.
Committee decision: The selection committee will make its recommendation to the Close School administration team who will have final approval on the committee recommendations.
The Entrepreneurship Co-op is very competitive based on the number of available awards in an application cycle. The following table describes the award cycle, maximum number of awards and the awards priority. Note that the maximum number of awards is not a commitment to the actual number of available awards and that the actual number can be less in a cycle.
|Maximum Number of Awards
|Qualified Close School students on their final Co-op considered first, followed other qualified students
|Any qualified student considered from any academic unit
Interviews held and decisions made before the end of A-round so that students can accept other A-round offers if their Entrepreneurship Co-op application is denied.
Spring/Summer 2024 Co-op: November 30, 2023
To be eligible for Co-op, you must be a full-time Drexel University student in good academic standing, having maintained full-time enrollment in each of the two terms prior to your scheduled Co-op cycle. Other important criteria include:
The Co-op must be a student’s second or final Co-op.
Complete all application questions below and be available for an in-person Interview by the selection committee.
Demonstrate the startup’s potential by providing evidence of: a tested and validated business model; money and resources already invested or have customer base; a product or service that can be made available to potential customers by the end of the Co-op; provide a statement of goals for the co-op.
Be the business’ founder or co-founder and are currently leading the startup. Founder status is made at the discretion of the Close School.
Multiple founding team members may apply if they are on the same Co-op cycle but funding is limited to the base award. If on different cycles, the students should discuss with the Close School prior to applying.
A student can only be awarded a single entrepreneurship Co-op.
The business cannot be a franchisee or a networking marketing business (multi-level marketing).
Have and maintain a minimum GPA of 2.8.
Successfully completed ENTP440 (Launch It Early Stage) or ENTP 450 (Launch It) or will have completed the course during the Co-op. Applicants with additional entrepreneurship and/or business classes may perform better during the application process including those who are majoring or minoring in entrepreneurship.
Have achieved or exceeded academic excellence (i.e., do not award students currently on academic probation and/or current or past incidents of academic integrity)
A letter of reference from a current or former employer or internship supervisor.
Agree to sign the Co-op award agreement which contains additional requirements for awardees.
The student is expected to operate their business out of the Baiada Institute for Entrepreneurship during the Co-op (only certain limited exceptions will be made).
The Co-op cannot be during the final Drexel quarters for the student; students must be attending classes for at least one quarter after the Co-op.
The student must be a full-time student and not on leave for the quarter when applying to the co-op, and they must maintain that status for the quarter before the co-op.
Additional criteria is available in the application and in the Co-op award agreement.
Advisors will be selected from a pool of faculty and/or seasoned entrepreneurs from the greater Philadelphia area.
*For some students, Entrepreneurship Co-op funding may be taxed. Since individual tax liability depends on each individual's circumstances, you should consult a tax advisor. Please refer to IRS Publication 970 – Tax Benefits for Education for more specifics.
This award will be added to your financial aid award and will be applied first to any university charges currently not covered. If you currently do not have a balance due, or there is funding from this award left over after it is applied to your account balance, you may be eligible to receive a refund for that amount. We strongly encourage you to sign up for Financial Aid Refund so that you can easily and quickly access these funds.
Instructions to sign up for Financial Aid Refund