MANKATO — When it came time to form a business as part of a Minnesota State University program, sophomore Kennedi Carstensen knew she wanted to tie the project into the theme of cancer.
“I lost my mom to cervical cancer so I felt strong about supporting a mission I felt passionate about in a way to honor our loved ones who have had experience with cancer,” she said.
Carstensen was grouped with 15 peers in the United Prairie Bank Integrated Business Experience program at MSU to form a business and handle everything from finances to marketing.
Each cohort of students created and manages a business as a group. Throughout the semester, they organize a company, create a business plan, apply for a business loan and manage the business. At the end of the semester all profits are donated to an organization of their choice.
Her group formed The Hope Collective, which sells blankets, candles, beanies and slippers.
Their initial $4,300 loan from program sponsor United Prairie Bank stretched far, with The Hope Collective having to place three separate product orders to fill big requests.
In fact, their total revenues top $14,000 and so far they have about $8,000 to donate to their selected nonprofit, the Jonathan Zierdt Cancer Fund at the Mankato Area Foundation. The cancer fund focuses on raising awareness and support for cancer patients and their caregivers.
Hence the cancer tie-in.
“They’ve been doing a phenomenal job,” said Maureen Gustafson, who is in donor relations at the Mankato Area Foundation. “It’s an impressive program that MSU does.”
The United Prairie Bank Integrated Business Experience program is now in its 12th year, said Shane Bowyer, MSU associate professor of management and entrepreneurship. He’s one of three faculty members overseeing the program and said it’s been so successful they have 95 applicants for 72 positions for next semester’s 12-credit United Prairie Bank IBE program.
“It’s fun to see where some of these students go,” Bowyer said.
“Sometimes they do switch their majors so it’s good timing for them to figure out what they want to do with their careers.”
In the 12 years the IBE program has been running, these stats and facts have been gathered by Bowyer’s team: $181,067 in donations to charity; $431,274 in revenue; $233,686 in loans; 1,256 students; 67 companies; and 13,308 service hours.
Carstensen said learning how to work together as a team has been a major success.
“The biggest thing I’ve learned is just connections and how important it is to build relationships within a group of people,” she said. “Our company has worked so well together and that’s why we’ve been so successful this semester. We’re all super good friends and do things together.”
Another part of the IBE program is volunteering and giving back to the community.
The Hope Collective students have volunteered with Connections Shelter, My Place and the Mankato Marathon, among others. They’ve accrued more than 180 volunteer hours of community service.
Bowyer said the United Prairie Bank IBE program attracts many MSU students every semester.
“It’s really becoming more popular this last year and is really taking off,” he said.
“We’ve got more applications this semester than we’ve ever had. We’re trying to figure out how to expand next semester. We’re running out of room. All the students want to take it. It’s a good problem to have.”
To order from The Hope Collective, go to thehopecollectivemn.com.