How do I start an eCORPS?
If you are a student, you can start an eCORPS by signing up for a Marketplace account. Once you have an account, you can use the Marketplace to find like-minded students who may want to collaborate on a social enterprise. By posting ideas and resources onto the Big Board, you can publicly discuss collaboration with other students. When you are ready to move forward with an idea, you can S-Connect with another student(s) and create a Board Room in order to work out the mechanics of the business. In this Board Room, the you can invite other students, engage with posts on the Big Board, and E-Connect with Entrepreneurial Educators (which gives the eCORPS access to donates goods and consultants). Once you have completed your business model, you submit it to RWS for eCORPS registration. Once processed, your official eCORPS and eCORPS profile are operational RWS platform to handle the banking and market your business.
How much does it cost to set up an eCORPS?
Nothing! The Marketplace is a free platform that for all students! At no point will using it or engaging in the eCORPS process cost anyone involved any money.
Why should I set up an eCORPS?
For students who would like to go into business, have a business, or want to support a cause there are several benefits to doing so within the context of an eCORPS. A few are as follows:
- Banking – With RWS and eCORPS, students have access to a banking platform, allowing them to process both cash and credit card transactions – which is a difficulty for many on-campus, student-run businesses.
- Tax Deduction – With the RWS banking platform, all transactions are technically donations to Real World Scholars. Therefore, all customers can patronize the business, knowing that they both receive the purchase good/service and a tax deduction.
- Permanent Record – Registering for an eCORPS creates a permanent profile that will exist indefinitely and can serve as an excellent point of reference for a student’s future endeavors.
- Donors and Consultants – When students build an eCORPS in conjunction with an Entrepreneurial Educator, the eCORPS (through the educator) will have access to goods given by donors (to be used to help build the eCORPS) and consultants (who can help advise and grow the business).
What are the benefits of building an eCORPS?
Building an eCORPS gives students a unique, hands-on learning experience which allows them to explore E-Commerce, business mechanics, philanthropy, and website building as well as all of the associated skills that come from running a business, such as accounting, marketing, etc.
Is an eCORPS a real company?
No. eCORPS is not a legal designation, but one given to student-run businesses by Real World Scholars.
Can I access my account and eCORPS profile after I graduate?
Yes. However, you may always request that RWS delete you portfolio and/or remove you name from an eCORPS profile. Otherwise, RWS will save your hard work and achievement online for all future employers, investors, and college admissions personnel to view.
Does RWS take a percentage or fee of the profits?
Never. For those students who choose to use the RWS banking platform, 100 percent of their profits will be given to the cause that the students choose.
Can anyone use the RWS banking platform?
Students working within a school program or under an organizational umbrella like NFTE or JA can use the RWS banking resources.
Does eCORPS offer any instruction or curriculum?
No. There are plenty of amazing and effective organizations that do offer these types of resources. We simply offer a platform to help students better utilize opportunities and the funding that they may need to grow their business, or go BIG.
What does it mean to Go BIG?
We understand that some businesses need capital to move forward. The RWS Business Inventory Grants (BIG) can be used to purchase goods and allow students to grow their business in a safe, structured way.
Can students work with anyone they find on the Marketplace?
Students can only view and collaborate with other students and educators at their school.
What happens at the end of the school year?
E Corps can operate for the course of one full academic year. At the end of the year, students can cash out (if banking with RWS) and allocate the funds to the charitable causes that they choose. If an eCORPS is not banking with RWS, students merely tell us which profit distribution model they are using and their legal recipient 501c3. If students wish to continue the following year, they are free to create a new eCORPS.
What’s the difference between an eCORPS and a fundraiser?
Various schools and states define fundraisers differently. The primary difference is that eCORPS are designed to teach business mechanics and social responsibility, meaning that students’ must develop and execute a full business plan in order to support their cause.
Can parents get involved in eCORPS?
Yes. Throughout the year, parents can support their students with guidance and mentorship as well as donated resources that students can use within their business.
What are the legalities involved in an eCORPS?
Real World Scholars is a legal 501c3. For students using the RWS banking platform, any money collected by the eCORPS is considered a tax-deductible donation to RWS. At the end of the year, RWS will disperse 100 percent of the money to the charity/cause that the students choose.
Is eCORPS a business program?
Though business building is a focus of eCORPS, it is not strictly a business program. Students can build any type of business they want, which means art students can create a business to sell their art goods, videographers can create a business that makes short films, and a science class can start a community garden that sells fresh product to the local community. The eCORPS program can work with all skill sets and for any extracurricular interests and subjects.
My campus already has several extra curricular programs? Why would my student(s) want to build an eCORPS?
According to a recent study, 72 percent of millennials want to start their own business. Additionally, today’s young people are increasingly invested in socially responsible businesses. eCORPS provide a unique opportunity for young people to equip themselves with the skills they need to pursue the careers for which they are passionate.