Wouldn't it be great if you could achieve all of the above in a single action? I know...I know...the "free money" thing first got your attention, but we can all agree that these are all important and good things. So, how do you do it? By using the various subsidized internship programs that are available to entrepreneurial technology companies in Northeast Ohio, that's how.
Internships can benefit your company in a number of ways. First, employers have found that student interns can get a great deal of real work done at a very reasonable cost. The key is to define a task or set of tasks that the intern can immediately "dive into" and then provide guidance when they get stuck. When this happens, most employers have found that student interns typically exceed expectations. Interns are great for those jobs where you constantly say "yeah...we need to do that," but you never do.
Hiring a student intern can fill the talent pipeline for your company. When your company grows, you will need talent. An internship basically represents a "3 month interview" where you can judge whether a person fits your organization, while he or she can see how great it is to work in an exciting entrepreneurial company. Studies show that 65% of engineering internships and co-ops turn into job offers for full time employment. It's the ultimate "try before you buy" for both parties.
Students today deal with the recurring dilemma of not being able to get the job because they "don't have experience," but cannot get the experience without getting the job. You can help invest in our youth by breaking this cycle, and having your company benefit as part of the deal.
Investing in our young people, those who are from Northeast Ohio as well as those who attend college in Northeast Ohio, is particularly important to our region. We have all heard about the "quiet crisis" and "brain drain" with regard to Northeast Ohio. Having the prospect of a good job in Northeast Ohio will keep our students here, and will ultimately make our region more vibrant and economically strong.
"So what about that free money?" you ask. There are a number of subsidized internship programs for Northeast Ohio technology entrepreneurial companies that will help pay for the interns you should hire anyway:
- Third Frontier Internship Program - This program subsidizes interns from Ohio universities and colleges and Ohio students at other colleges and universities who are enrolled in scientific, mathematics, technology and engineering programs.
- TechLift Business Internship Program - This program, generously sponsored by the GAR Foundation, subsidizes internships at entrepreneurial technology companies for Ohio students in business applications.
- Special consideration given to students, companies and colleges in the Summit County area
- 50% subsidy of paid wages, up to $3000 per intern
- For more information go to www.noche.org or contact the program manager, Halley Marsh, at hmarsh@noche.org
- Purdue University/TechLift Interns for Entrepreneurship Program - This program, partially supported by the Burton D. Morgan Foundation, subsidizes summer internships at TechLift Advisors-supported companies for Northeast Ohio students of any major attending Purdue University.
So what are you waiting for? Design an internship and sign up for one ASAP. It's a "win, win, win, win, win" proposition!
Chris Mather is President, JumpStart Entrepreneurs-in-Residence. Previously, he managed a number of technology initiatives in Northeast Ohio for NorTech. Before entering the economic development world, Chris ran a number of technology companies in Northeast Ohio and New England, including Ion Optics Inc., where he raised $6.7 million in venture capital, and Apsco Inc. and Gould Instrument Systems. Prior to that, he spent 13 years in sales, marketing and management roles with Hewlett Packard after graduating from Worcester Polytechnic Institute with a BS in Electrical Engineering.