Raising capital for your startup can be hard, but what if you could do it by playing a video game?
That’s what the Los Angeles-based Singleton Foundation for Financial Literacy and Entrepreneurship team is helping players do. Their game, Venture Valley, enables players to learn the ins and outs of the venture economy while promoting innovation, startup businesses and entrepreneurship.
The foundation has been taking its video game across the country and setting up tournaments at different colleges and universities, and Boston is next. The Singleton Foundation will be hosting a two-day Venture Valley tournament at MIT‘s Cambridge Foundry and at Boston University’s IDG Capital Student Innovation Center on Wednesday and Thursday this week.
The event is free to attend and participate. The prize for winners each day is $10,000.
“What we love about the game is that the decisions that students are required to make give them real-life skills without any of the risks of real-life scenarios,” said Beth Harris, the marketing director for Venture Valley.
- Sign up for The Beat, BostInno’s free daily innovation newsletter. See past examples here.
Players can pick their initial businesses from a designated set from Venture Valley. Starting at the beginning stages of running a business, players must perform various tasks necessary for evolving their businesses: research and development, securing business loans, setting product prices and promotions, and developing investments.
The Venture Valley team chooses the event winners based on rotating parameters. The parameters are presented to players on the day of the event to even the playing field among contestants. For instance, in one round, Venture Valley may require each player to demonstrate that their businesses have the highest revenue, most products sold and highest valuation at the end of the 10-minute round.
Players can use their chosen tactics, but the games are not left up to chance. Players get dealt cards that can enhance their business or hurt their competitors.
“While they’re playing, they happen to be learning. We think that impacts the world and encourages all students of all backgrounds to develop an interest in the confidence, capabilities and entrepreneurship of running a business,” Harris said.
0 Comments