UCLA students can now register to participate in an online community that aims to help support new startups by connecting them with fellow students, alumni and faculty.
CrowdSmart , a crowdsourcing company created by UCLA alumni about two years ago, allows users to form teams, exchange feedback and brainstorm how to improve their products. Participating startups that profit will pay an annual fee of $1,000 to fund the company.
CrowdSmart executives will announce the company’s launch Wednesday at 5 p.m. at the UCLA Faculty Center, an event that will also showcase nine startups chosen from the website, said Fred Campbell, CEO of the company and UCLA film school alum.
Startups will present their products and compete to receive funding from UCLA community members. Students, faculty and alumni will evaluate and answer questions about each startup during the presentations.
Campbell said he hopes CrowdSmart will increase efficiency by allowing students to develop their ideas and find funding sources through the same program.
He said students can register to use CrowdSmart on the company’s website , as individual members or as part of a startup. Members will receive help with developing their idea, and network with existing startups.
“Nine out of 10 startups fail,” he said. “Usually it’s not because they have a bad idea, but because they don’t know the needs of the marketplace.”
Chancellor Emeritus Charles E. Young, senior adviser of CrowdSmart, said he has collaborated with Campbell on the program for about a year because he thought it would be a significant contribution to society.
“The program creates information flow between those of similar backgrounds,” Young said. “It’s helping associate UCLA alumni with those creating startups.”
Young added he thinks CrowdSmart’s resources will help dramatically increase the likelihood of the startup’s success.
Steve Yu, president of the UCLA Alumni Association and emcee at Wednesday’s event, said he thinks CrowdSmart will help increase the number of successful UCLA startups in the economy.
Yu said he has seen many student groups and faculty build startups on campus, and hopes they will be able to combine different skill sets to create a more unified product.
“When people think of startups now, they think the Silicon Valley, Berkeley and Stanford,” Yu said. “I want UCLA and the LA area to be up there too.”