The Dispatch
Shaping the Future of Entrepreneurship
Start-ups are older than we might think. How are business schools helping the next generation of entrepreneurs evolve?
By Chloë Lane
Entrepreneurship is increasingly emerging as a key focus for business school applicants. Entrepreneurship and innovation modules are showing a surge in popularity, according to the recent QS Business School Applicants Trends and Motivations report, with 33 percent of surveyed applicants saying they would choose to take it as an elective.
“Entrepreneurship’s growing appeal is likely fuelled by the digital revolution, startup culture prevalence, and a marketplace that rewards agility and innovative problem-solving,” the report notes.
Business schools and universities are taking note, altering their offerings to appeal to these aspiring entrepreneurs. For example, emlyon business school is currently celebrating the 40th anniversary of its start-up incubator, the first to be established by a business school in Europe, and has continually updated the incubator to fit the needs of its student entrepreneurs.


"Incubators are increasingly prioritising ventures that aim to solve global problems, from sustainability to healthcare, ensuring that businesses provide value beyond just financial gains."
Four decades of start-ups
“In 1984, it was clear that there was a group of innovative researchers or engineers who were technically proficient but lacked the skills needed to launch a company,” explains Dr Alexander Bell, Associate Professor in Entrepreneurship and Innovation Management at emlyon business school and Director of the emlyon business school Incubator.
Originally named ‘Centre des entrepreneurs,’ the initiative only became an official incubator in 2008, shifting to a model that offered personalised support for the project and the individual.
A decade later emlyon launched an accelerator to drive the rapid growth of existing start-ups. Now, 40 years on from its creation, the school has introduced ‘emlyon venture labs’, a pathway that supports all stages of development within a single framework.
Over these four decades, the incubator has contributed to the creation of 1,800 businesses and 15,000 jobs – a tremendous achievement. In the last year alone, it supported 150 student projects. “We're very proud of all the projects. And some of them are having a big impact, even if they are not yet very well known internationally,” Dr Bell notes.
Evolving incubators
Business incubators are continually adapting to meet the changing needs of entrepreneurs and emlyon business school is just one of the many institutions leading this change. Whether established decades ago or more recently, the incubators themselves have evolved alongside the start-ups they support.
Take Frankfurt School of Finance and Management’s incubator. Initially focused on general business advice and serving as a “bridge between ambition and execution,” the incubator has since expanded its services to include sector-specific insights, access to funding networks, and expertise in emerging technologies. Monthly coaching sessions now connect participants with expert mentors who offer tailored guidance to help entrepreneurs overcome challenges and refine their strategies.
“These changes reflect our commitment to providing entrepreneurs with tailored, ongoing support that drives real progress,” explains Kristina Savina, Project Manager at the Entrepreneurship Centre at Frankfurt School.
The incubator’s resulting start-ups are incredibly diverse, ranging from MEDICEO, a business transforming the accessibility of complicated knowledge for special medical procedures, to PeopleEat, a marketplace for booking private chefs for events.
Similarly, the Hallam iLab at Sheffield Hallam University has evolved significantly since its launch in 2019. The focus has shifted from the quantity of participants to the quality and growth potential of the businesses it supports. This change aligns with the school’s goal to support student and graduate entrepreneurship, encourage individual business ventures, and drive regional economic growth.
The incubator has expanded its interdisciplinary approach, linking students from various disciplines to work together in bringing products and services to market. It has also grown its infrastructure, adding an SME Hub in 2021 the introduction of a co-working space. Additionally, the iLab has strengthened its role as a regional hub for events and enterprise collaboration through initiatives like the ERDF-funded Scale-Up 360 project.
The school’s efforts have not gone unnoticed. In 2021, Sheffield Hallam University was awarded the ‘outstanding entrepreneurial university of the year’ award.
“At Sheffield Business School, we are committed to nurturing entrepreneurial talent in our students and graduates and a commitment to driving economic growth across the region,” says Alexandra Anderson, Associate Professor in Enterprise and Head of the Centre for Business Growth and Transformation at Sheffield Business School.
It is these initiatives, which continue to adapt and evolve, that make the biggest difference to start-ups.

Businesses that solve societal issues
Incubators are increasingly prioritising ventures that aim to solve global problems, from sustainability to healthcare, ensuring that businesses provide value beyond just financial gains.
Nyenrode Business University’s Nyenrode Incubator requires all ventures to include societal goals in their mission. One notable example is Farmbrothers, which produces organic, vegan cookies, and runs the ‘Soil Matters’ initiative, focused on improving soil health – the foundation for everything we grow. After an extended period in the Nyenrode Incubator, Farmbrothers expanded globally and now supplies many major food retailers such as Carrefour, Rewe, AH, Coop, Spar, Picnic, Delhaize, and Crisp.
“Located in the vibrant city centre of Amsterdam, the incubator offers a community of like-minded, creative, and eager entrepreneurs. This environment allows them to ‘test the waters’ to see if entrepreneurship suits their profile and if their ventures can gain market traction,” says Dr Job Andreoli, Assistant Professor of Finance at Nyenrode and leader of the Nyenrode Incubator.
While the core mission of the Nyenrode Incubator remains unchanged, its reach has expanded drastically, now including students from all programmes and locations, as well as alumni. Externally, it has collaborated with other incubators and accelerators, and involved alumni more extensively through initiatives like Nyenrode MEETS.
In the UK, Durham University’s Venture Lab has also supported many impactful businesses addressing critical social challenges. One such company, Sphera, was founded by three Durham University PhD candidates. Sphera produces carbon-negative concrete, addressing environmental challenges while revolutionising sustainable practices in the construction industry. The company has earned over £3 million in funding and received multiple awards, including the Innovate UK Women in Innovation Award.

Expanding access to entrepreneurship
Initially focused on recent graduates, Durham University’s Venture Lab has grown to support a broader range of participants, including alumni returning to refine skills and reconnect with entrepreneurial networks.
The Venture Lab has made a positive impact on the community. “Not all businesses coming out of the lab are local but we do aim to increase job creation by nurturing new businesses. This helps to create jobs and stimulate the local economy,” notes Dr Joanna Berry, Associate Professor of Entrepreneurship at Durham University Business School, and Director of Durham University's Durham Energy Institute.
The Venture Lab combines diverse resources, including equity-free incubation, well-being services, industry partnerships and consultancy opportunities.
“The Venture Lab offers entrepreneurs wide range of support of which I am immensely proud. It takes a lot of effort to spin all these plates and the Venture Lab team are exceptional at building up and developing this critical innovation culture,” says Dr Berry.
At IIM Indore in India, the IIM Indore Incubation Foundation (IIMIIF), launched in 2020, supports aspiring entrepreneurs and expands access to the resources needed to create a company, with physical workspaces, expert mentorship, and workshops. Start-ups also have access to the Alumni Angel Fund, which connects start-ups with an extensive alumni network of more than 3,000 people for mentorship and funding.
IIMIIF encourages innovation in areas such as tech, sustainability, and AgriTech. The E-Cell, driven by students, creates a dynamic space for start-up challenges, hackathons, and competitions, providing students with hands-on experience in building and scaling ideas. IIMIIF also houses the Centre of Excellence, ANVESHAN, which tackles waste management and sustainability, incubating start-ups that address critical environmental challenges.
A noteworthy success story is Carragreen, a sustainable packaging company that grew from IIM Indore's incubation programme. With the support of the incubator’s mentorship and resources, Carragreen expanded its eco-friendly business across India and even gained recognition on Shark Tank India.
Diverse sectors and ventures
From sustainability and technology, health and well-being, the businesses that spring from business schools are often incredibly diverse and impactful. Part of the draw of business schools is that they will provide individuals with the tools and resources needed to take unique ideas and transform them into profitable businesses.
The InnovationXHub’s Entrepreneurship Center at Porto Business School (PBS), is one such service. This center is not an incubator, but still provides students with the tools, knowledge, and networks to transform innovative ideas into impactful ventures. The centre has supported the creation of start-ups in diverse sectors, including health and well-being, sustainability, technology, and emerging sectors like real estate and blockchain.
“Although these cases are still in their initial phase, they already reflect the center’s ability to nurture ventures creation that not only pursue the proof of concept but are also looking for commercial validation taking into consideration the social and economic impact combined with the sustainability,” says Rodrigo de Alvarenga, PBS's Entrepreneurship Center Director.
This year, PBS also introduced the Entrepreneurship Track, a capstone programme integrated across all of its MBA programmes, focusing on the entrepreneurial mindset and practical application. Students have access to mentorship from industry experts, networking opportunities, and tailored programmes that help with market traction and fundraising strategies.
Also focused on taking ideas from the initial stages to practical application, the incubator at NEOMA Business School has rapidly evolved to support students working on a wide range of ventures, including setting up a coding school and creating a co-founder matchmaking app.
Since its inception in 2010, over 350 startups have emerged from the incubator, with notable success stories including QuiToque, sold to Carrefour, and other ventures like Ulysse Travel, Bloomco, and CleverConnect.
“[In 2010] the start-up ecosystem in France was becoming trendy and the desire to become entrepreneurs among students was growing,” explains Denis Gallot, the Entrepreneurship Director at NEOMA Business School and NEOMA’s incubator Director. “The incubator was created in start up mode and its programme and services have since evolved based on the needs identified among project leaders.”
Today, the incubator offers coaching, mentoring, workshops, and study trips, with programmes tailored to each stage of business development.
How incubators support the start-ups of the future
Clearly business schools are taking on board what applicants want and starting to invest more in entrepreneurship. By launching these business incubators and expanding the services they offer to budding entrepreneurs, business schools are attracting applicants who aspire to start their own company.
However, as entrepreneurial modules and services grow in popularity, it’s likely that soon business incubators will be a requirement, not just a perk, of business school offerings.
And through this, we will see a growth in businesses that not only thrive financially, but also have a positive impact on society.