Description
In this detailed elucidation regarding entrepreneurial education spans the six critical skills of entrepreneurship.
Fall Report 2011
Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
Stephen M. Ross School of Business at the University of Michigan
Entrepreneurial Education
Spans the Six Critical Skills
of Entrepreneurship
Experience the Online Fall Report Expanded Edition
zli.bus.umich.edu/2011Report
Cover Photo: 2010 Entrepreneurial Scholarship Recipients
Photography by: Martin Vloet
Message from
Samuel Zell, Chairman
Equity Group Investments
Entrepreneurship has always been the formula for success in any kind
of economy. That’s what prompted me to endow and grow the Zell
Lurie Institute at University of Michigan. The basic tenets of entrepreneurship — thinking outside the box, risk taking, testing limits, and
understanding what it takes to put a new enterprise together and make
it work effectively — are all elements that ultimately lead to growth.
And if there’s anything this country needs today, it’s growth.
Our world is driven by entrepreneurial activities. The United States
emerged as the most-powerful global economy, because it unleashed
the entrepreneurial ability that came from an immigrant base. The
immigrants who came here were risk takers with aspiration, and they
were empowered to drive our country forward. Today, America
faces growing competition from abroad. We’ve witnessed an explosion
of entrepreneurs in emerging markets, such as India, China and
Brazil, who are launching new companies and creating growth for
their countries. To remain competitive, we need to promote and
foster the kind of entrepreneurial skills that the Institute offers to
students at the Ross School of Business and throughout the University.
At Michigan, the entrepreneurial-studies curriculum is
engaging other disciplines on campus, including law,
medicine and engineering, to expose students to valueadded practices of entrepreneurship, thereby creating a
1+1=3 scenario. Osmosis is a wonderful concept.
The new Zell Entrepreneurship and Law Program will establish a
curriculum specifically designed to prepare law students either to
advise business entrepreneurs or to launch their own enterprises.
The program will include a new legal clinic in entrepreneurial
business as well as curricular and co-curricular initiatives designed
to expand entrepreneurship business law offerings. It also will
establish a new live-client clinic to provide legal services for student
entrepreneurs in other University programs.
I’m very pleased with the progress we’ve made in facilitating the
spread of entrepreneurship at Michigan. During the last 12 years,
we’ve educated and motivated a whole generation of entrepreneurs.
We’ve also influenced “intrapreneurs” who can take the lessons
learned about idea generation and problem solving and apply them
to careers in the corporate world.
My objective with the entrepreneurial endeavors at the University has
always been to create a robust curriculum that gives young people a reason
to choose Michigan over other schools. I believe we’re doing just that.
Message from
Alison Davis-Blake
Edward J. Frey Dean, Stephen M. Ross School of Business
The Ross School and the Zell Lurie Institute are well-positioned to
deliver entrepreneurship education using an action-based approach to
Michigan students across campus who are interested in honing their
entrepreneurial perspective and skills. The Institute also provides
ready access to a deep talent pool of Ross alumni, including global
leaders in business, finance and investment who have been involved
in successful entrepreneurial ventures. These outstanding individuals
enhance the School’s classroom and project learning with one-on-one
coaching, mentoring and networking. In coming years, Ross and the
Institute will continue to play an important role in expanding the
entrepreneurial ecosystem on and off campus to ensure that Michigan
graduates continue to innovate and build great companies.
Message from
Thomas c. Kinnear
Executive Director
This was a banner year for the Samuel Zell and Robert H. Lurie
Institute for Entrepreneurial Studies. We expanded and enriched the
entrepreneurial ecosystem at the Stephen M. Ross School of
Business and throughout the University of Michigan. We increased
our efforts to draw together the diverse expertise and multidisciplinary skills on campus that are central to business formation. We
were ranked third in the nation for the excellence of our innovative
courses and programs in entrepreneurship education by the Princeton
Review and Entrepreneur Magazine. In addition, we laid the groundwork for several exciting initiatives that will extend opportunities
for entrepreneurial engagement to more students at Michigan’s 19
schools and colleges during every stage of their University careers.
Our collaborative interface with the College of Engineering continued
to gain traction over the past year. Since our initial involvement in the
founding of the college’s Center for Entrepreneurship in 2007, we
have partnered on the development of several programs and courses.
The TechArb business accelerator for student start-up companies
opened in May 2009 with sponsorship from the Institute, the College
of Engineering and the Vice President for Research. TechArb is a new
incarnation of a business accelerator the Institute created in 2002.
In fall 2012, the Ross School of Business and College
of Engineering will unveil the first master’s degree in
entrepreneurship that will be taught by engineering
and business faculty, pending approval by the Presidents Council, State Universities of Michigan. This
first-of-its-kind joint degree will open a cross-disciplinary entrepreneurial conduit to new venture creation
driven by technological innovation.
We worked closely with faculty and administrators in 2011 to help in
the creation of a new entrepreneurial center in the Law School. The
recently announced Zell Entrepreneurship and Law Program envisions
entrepreneurial law clinics where law students will furnish legal
Photograph by: Scott Soderberg
advice to student start-up companies. The program is funded by a $5
million gift from Sam Zell, the Institute’s co-benefactor and a 1966
Law School graduate. It will serve as a valuable resource for new
business ventures while affording law students an opportunity to
gain hands-on experience in the practice of entrepreneurship law.
In 2011, the Institute’s faculty and professional staff ramped up their
activities at the School of Medicine’s Medical Innovation Center. They
provided coaching and business advice to teams of Ph.D.s, M.D.s
and MBAs that are commercializing research discoveries and advancing
new ideas for cutting-edge medical diagnostics, tools and devices.
The Zell Lurie Institute also aided in the fueling of innovation and
economic revitalization in the state during 2011. This year, we observed
the 30th anniversary of the Michigan Growth Capital Symposium,
founded by Finance Professor David Brophy. The symposium is one of
the largest, most effective forums for connecting venture capitalists
from Michigan and other states with emerging high-potential companies
seeking venture-capital investments. Individually and collectively, we
also continued to play a formative role in several statewide economicdevelopment initiatives. These include the Michigan Pre-Seed Fund,
which invests in early stage companies, the Invest Michigan Fund, which
invests directly in start-up companies, and the Venture Michigan
Fund, which invests in venture-capital funds.
The main beneficiaries of this year’s success, of course, are the
University students and graduates who will deploy their entrepreneurship skills, knowledge and experience to launch new companies,
drive venture-capital investment, and forge innovative career pathways
at major corporations.
Message from
David J. Brophy
Director, Center for Venture Capital and
Private Equity Finance
Michigan is experiencing a significant growth in available venture capital
underlying theory and drivers of venture capital and buyout fundraising
and a dramatic change in culture tied to the realization that innovative
is breakthrough research in financial economics.
new and growing companies spawned in our own backyard hold the
key to our economic future. The state is using its financial strength to
In May 2011, the CVP-originated Michigan Growth Capital Symposium
support venture-capital funds and direct grant investments to emerging
celebrated its 30th year, further burnishing its image as the center-
companies. The University of Michigan is conducting sponsored research
piece for early stage venture-capital investment and entrepreneurial
at an annual rate of approximately $1.5 billion and is accelerating the
activity in Michigan. Over the past three decades, the annual
pace of research commercialization. As a result of the combined efforts
gathering has grown in quality and success by attracting increasing
of the state, the U-M, other universities and the private sector, Michigan
numbers of venture capitalists, institutional investors, practicing
is making a sustained economic comeback, perhaps slow but certainly
entrepreneurs and corporate sponsors. The Global Private Equity
steady. And entrepreneurship and venture capital are close to the
Conference, which focuses on later-stage investment capital and
heart of that renaissance.
harvests, entered its sixth year in 2011. We continue to realize
tremendous enthusiasm for the Alan Gelband Public-to-Private
At the Center for Venture Capital and Private Equity
Finance (CVP), we prepare students for local, national
and global leadership roles through our finance/
entrepreneurial-studies courses in venture capital,
private equity, global private equity, financing research
commercialization and entrepreneurial finance. To
Buyout Competition, a head-to-head challenge between two top
augment classroom materials and lectures, we engage students in
Blau, BBA ’90, president of The Related Companies and benefactor of
actual projects with University researchers, entrepreneurial company
the School’s Blau Auditorium, David Evans, AB ’85, founder of Glencoe
teams from our Private Equity MBA class selected by a panel of
private-equity judges.
One of the greatest advantages of the CVP, the Zell Lurie Institute and
the Ross School of Business is that former students — such as Jeff
founders and U-M alumni who bring live, current deals to class. This
Capital and benefactor of the University of Michigan, Alan Gelband,
first-hand experience immerses students in real situations with real
BBA’65, MBA ’67, founder of Gelband Investment Company, and
people where they can apply their skills to real challenges in real time.
Naimish Patel, BBA ’97, an investment partner in Long Point Capital
At the CVP, we also conduct scholarly research on global issues. Our
— cycle back to the University throughout their careers, along with
recent study of cross-border mergers and acquisitions and private-
a host of other graduates who participate in CVP-supported and other
equity investment in the BRIC countries will be featured in the India
courses in our programs. Their ongoing interest and engagement
Business Conference this October. Our study of private investment in
greatly enrich our overall educational environment.
public entities, published in The Review of Financial Studies, is
currently the most widely cited work on that topic. Our study of the
Photograph by: Lin Jones
Zell Lurie Institute Entrepreneurial Education Approach:
Six Critical Skills Entrepreneurs Need to Succeed
Since 1999, the Samuel Zell and Robert H. Lurie Institute for
Entrepreneurial Studies has led the nation, the state and the
University of Michigan in pioneering award-winning entrepreneurial
courses and programs. During that time, it has served as a catalyst
in creating a vibrant entrepreneurial ecosystem on and off the
U-M campus. Through the Institute’s cross-disciplinary outreach,
entrepreneurship has planted a firm foothold at the Stephen M.
Ross School of Business, the College of Engineering, the School
of Medicine and, most recently, the Law School. This synergy has
created a Michigan model of entrepreneurship education that sets
the University apart from its peers.
view more stories @
www.zli.bus.umich.edu/2011Report
The Institute’s success arises from its identification of and focus on six core entrepreneurial skills—
opportunity identification, business design, business assessment, business planning, resourcing
the business and managing growth — which it teaches through a matrix of multidisciplinary coursework, action-based learning, staff and faculty seminars, and alumni networking. This approach entails:
•
Engaging students early and consistently over a period of time
•
Providing multiple experiences at each skill level
•
Catalyzing diverse teams across academic disciplines
•
Offering continually accessible one-on-one coaching
Matthew Neagle, MBA ’11
Lauren Miller, MBA ’11
Mary Lemmer , BBA ’10
Todd Sullivan, MBA ’05
Ben Lewis , BSE ’01, MBA ’05
“The actual experiences of entrepreneurs engaged in technology, life sciences, online sales or social
causes may be different, but the skills they need to succeed are still the same,” says Tim Faley, the
Institute’s managing director. “We deliver courses and programs along a continuum to help students
acquire those foundational skills.”
Platform for Entrepreneurial Success
“Altogether these six interrelated foundational skills create an impactful, holistic approach to entrepreneurship education at Michigan and provide our students with a solid platform for entrepreneurial
success,” Faley says. “The Institute and other entrepreneurial centers on campus are teaching students
how to launch multiple businesses rather than simply guiding them through the formation of a single
business. This ‘learn-do, learn-do’ repetition is ultimately what differentiates our programmatic
approach from others in the higher-education field.”
Photograph by: Scott Soderberg
Opportunity Identification
Every day, changes that occur in the world generate new
opportunities. Students need to understand their own capabilities,
skills, assets, network and passions, and those of their team
members in order to identify an opportunity that can become the
foundation of a new business that they can build.
Developing the Skill
Joint Business-Engineering Courses
Dare to Dream $500 Venture Shaping Grants
Michigan Business Challenge (round one)
view more stories @
www.zli.bus.umich.edu/2011Report
Firing Up Undergrad Entrepreneurs
Peter Adriaens, Professor of Entrepreneurship
A mobile-phone application for paying parking fees and a service plan for water-damaged electronic
Ankur Shah, BBA ’13
devices were among the innovative business ideas posed by undergraduate students last fall in
Business Basics for Entrepreneurs, the University’s first campus-wide entrepreneurship course designed
for undergraduates. “At the undergraduate level, students come in with great ideas, but they are
miles removed from starting a business,” says Professor of Entrepreneurship Peter Adriaens, who
teaches the one-semester course. “We help them think about the framework around the idea to
shape it into a business and the complexity of the different pieces of the puzzle that must be in
place.” The Zell Lurie Institute collaborated with the College of Engineering’s Center for Entrepreneurship, to offer the course with support from the Williamson Collaborative Entrepreneurial Education
Fund. Using contemporary examples from Facebook, current movies and popular celebrities to illustrate
fundamental business concepts such as value creation and customer segmentation, Adriaens guides
undergraduates through the process of developing a viable business model. He also helps them
acquire entrepreneurial skill sets, including business planning and resourcing, that are essential for
launching a successful start-up. At the conclusion of the course, individual students and teams
present three-minute pitches for their businesses. “They leave with an understanding that there is
more to a business than just an idea,” Adriaens says.
Top Photograph by: Douglas Schaible
Business Design
Once an opportunity has been identified and validated, students
need to determine: who their customers are and why those
customers will buy what they are selling; who their business will
collaborate with and why these other organizations will cooperate
with them; and how they will make money.
Developing the Skill
Multidisciplinary Graduate-Level Courses
Entrepalooza
Distinguished Speakers Innovators Seminar
Dare to Dream $500 Venture Shaping Grants
view more stories @
www.zli.bus.umich.edu/2011Report
Breaking into Online Retail
Allen Kim, BSE ’12, Co-founder, Bebarang.com
Vimal Bhalodia, MBA ’11
As an industrial-operations engineering student at the U-M College of Engineering, Allen Kim, BSE
’12, knew nothing about babies or baby clothes. However, with assistance from the Zell Lurie
Institute and other on-campus entrepreneurial resources, he parlayed his interest in fashion and
clothing into Bebarang.com (formerly Bebaroo), a start-up company offering online rentals of
special-occasion children’s clothes. “I couldn’t resist my entrepreneurial calling,” says Kim, who
conducted customer surveys by buttonholing Ann Arbor-area mothers at Starbucks and Briarwood
Mall. Over the 2010 spring break, he took entrepreneurship trips sponsored by the College of
Engineering’s Center for Entrepreneurship to the San Francisco Bay area and New York City, where he
met world-famous entrepreneurs, venture capitalists and industry leaders. “The feedback I received,
especially from Michigan alumni, was very helpful,” Kim says. He also benefited from intensive
coaching at the two-day Ann Arbor SPARK Entrepreneur Boot Camp and exposure to entrepreneurial
luminaries at the College of Engineering’s Distinguished Speakers and Innovators Seminar. Kim
financed his start-up by winning business competitions, including Dare to Dream, the Michigan
Business Challenge and the 2010 College Entrepreneur of the Year Award from Entrepreneur
Magazine. Barbarang gained traction at the TechArb business accelerator and launched its Webbased rental service in August 2010. “Recently, we have pivoted the business to a different angle,”
Kim says. “Currently, we are working out of a business incubator in New York City and plan to
re-launch our service in the near future.”
Top Photograph by: Martin Vloet
Business Assessment
Before building a business, students need to know if it makes sense
to build. Conducting a feasibility study provides that reality check.
Developing the Skill
Multidisciplinary Venture Creation Courses
Dare to Dream $1,500 Assessment Grants
Michigan Business Challenge (round two)
Wolverine Venture Fund
Frankel Commercialization Fund
Social Venture Fund
view more stories @
www.zli.bus.umich.edu/2011Report
Evaluating Entrepreneurial Potential
Justin Jackson, Ph.D. AeroE ’12, Student Fund Manager, Frankel Commercialization Fund
With his sights set on launching a successful business someday, Justin Jackson, Ph.D. AeroE ’12,
Zubair Ahsan, BBA/BSE ’11
wanted to augment his aerospace-engineering background with entrepreneurial business skills. Last
fall, he joined the technology team on the student-directed, pre-seed Frankel Commercialization Fund,
which engages students in the very beginning stages of research commercialization where deals are
sourced, technologies and inventors are evaluated, and companies are formed. “The skills an engineer
uses to solve an engineering problem or develop an engineering product are quite different,” Jackson
explains. “The Frankel Fund offered me an opportunity to understand what makes business start-ups
successful and what investors look for.” Jackson tested the entrepreneurial waters in two multidisciplinary courses —Finance Professor David Brophy’s Financing Research Commercialization and
Professor of Entrepreneurship Tim Faley’s Innovative New Business Design — and won a $500 Dare
to Dream assessment-phase grant for an aerial-photography services start-up.
Top Photograph by: Austin Thomason
Business Planning
Skill in business planning is essential for a successful company
launch. Students are taught how to “operationalize” a business,
not just create a document.
Developing the Skill
Multidisciplinary Entrepreneurial Management & New Venture Creation Courses
Dare to Dream Integration Grants up to $10,000
Michigan Business Challenge (final rounds)
TechArb Accelerator
Michigan Growth Capital Symposium
view more stories @
www.zli.bus.umich.edu/2011Report
Charting the Course for Green Innovation
Paul Davis, MBA/MS ’11 and Robert Levine, PhD ’13, Co-founders, ReGenerate Solutions
One day soon, supermarkets and cafeterias may convert food scraps and leftovers into biogas for
Angelique Johnson, MSE ’07, PhD EE ’11
powering on-site hot-water heaters using an innovative “eco-dumpster” developed by ReGenerate
Tyler Paxton, MBA ’11
Solutions. The start-up company, launched in 2009 by four Michigan graduate students, is perfecting
its Compact Organic Waste Station (COWS), which utilizes anaerobic digestion to turn food waste into
a methane-rich gas and organic-compost product. “We are currently raising financing in order to hire
additional engineers, cultivate customer relationships and move from a one-fifth-scale prototype to
a full COWS system by 2012,” explains Paul Davis, MBA/MS ’11. The four students met through the
School of Natural Resources and Environment and the College of Engineering’s Better Living Using
Engineering laboratory, or BLUE LAB. With dovetailing interests in waste management and renewableenergy generation, Robert (“Bobby”) Levine, PhD ’13, Nolan Orfield, PhD ’13, Hunt Briggs, MBA/MS
’11 and Davis quickly formed a team to develop and commercialize eco-dumpsters. They tapped the
entrepreneurial resources of the Zell Lurie Institute, the Ross School and the College of Engineering,
as they proceeded through the design, assessment and planning phases of business creation.
ReGenerate amassed a considerable war chest by winning the $100,000 “Think Green” investment
prize at the 2011 Rice University Business Plan Competition, as well as a $10,000 Dare to Dream
integration-phase grant, a $7,500 U-M Dow Sustainability Award and a $10,000 runner-up prize at
the Michigan Business Challenge. “The Clean Tech Entrepreneurship course taught by Institute faculty
members Tim Faley and Peter Adriaens hooked me on entrepreneurship,” Levine says. “Paul Kirsch,
the Institute’s associate director, was an excellent coach who helped us develop our business model,
refine our pitch and shape our commercialization plan.”
Top Photograph by: Frank Fanzone
Resourcing
In addition to financial capital, start-ups also must procure human
capital, including management teams, board advisors and
providers of legal and other services. Students learn and test their
skill in resourcing from the investors’ side of the equation by
taking active roles in the Frankel Commercialization Fund, the
Wolverine Venture Fund, and the new Social Venture Fund.
Developing the Skill
Venture Capital Finance Course
Marcel Gani Summer Internship Program
Wolverine Venture Fund
Frankel Commercialization Fund
Social Venture Fund
view more stories @
www.zli.bus.umich.edu/2011Report
Money on the Firing Line
Shahnoor Amin, MSE ’10
Erik Gordon, Managing Director, Wolverine Venture Fund
Sherman Powell, MBA ’08
Michigan MBAs on the student-led $5.5 million Wolverine Venture Fund (WVF) put real money on
the firing line by making venture-capital investments in early stage companies and managing a
broad-based portfolio. “Their educational experience couldn’t be more hands-on,” says Erik Gordon,
the Fund’s director. “Students learn and practice the skills they need to assess business opportunities, markets, technologies, industries and management teams. They also are taught how to structure
financing deals that make sense for the company and the venture fund.” The WVF currently holds
investment positions in 15 portfolio companies, and has overseen four successful exits through
acquisitions or initial public offerings since its inception in 1998. At every step, students are guided
by seasoned investors who provide critiques and feedback. “Our goal is not just to educate venture
capitalists, but to give students an in-depth understanding of all aspects of growing a great company,” Gordon adds. “These are skills any entrepreneur, or anyone who deals with entrepreneurs,
should know.”
Top Photograph by: Douglas Schaible
Managing Growth
Once launched, in order for the start-up to achieve its goals and
meet its investors’ expectations, skill in managing growth within
a resource-constrained environment is vital.
Developing the Skill
Managing the Growth of New Ventures Course
Entrepreneurial MAP
Marcel Gani Internships
Global Private Equity Conference
Harnessing Growth Potential
view more stories @
www.zli.bus.umich.edu/2011Report
Diane Bouis, MBA ’12, Marcel Gani Intern, Inovo
Diane Bouis, MBA ’12, honed her skill in managing growth as a Marcel Gani intern working on client
projects with established manufacturing companies seeking to develop new technological applications
Steve Kawasumi, MBA ’12
or product improvements. During her 12-week summer internship at Inovo, an Ann Arbor-based
innovation consulting company, she combined creative thinking and community mining to help a
Fortune 50 chemical company identify alternative uses for its proprietary technology in the energy
sector and a leading pet-products manufacturer find ways to improve its cat litter. “Bringing fresh new
thinking in more than one dimension can help companies pursue the innovation and development
they need to stay ahead of the competition,” Bouis says. “As an innovation consultant, I need to think
outside the box and not be limited by specific technological knowledge that can hamper the creative
process.” At the Ross School, she also participated in case competitions sponsored by Medtronic,
Deloitte and Boston Consulting Group that strengthened her problem-solving and business-management capabilities. Bouis plans to leverage her MBA education and background as a research scientist
at the University of Michigan Cardiovascular Center to work in health-care innovation consulting or in
the strategy division of a major pharmaceutical company after graduation.
Top Photograph by: Frank Fanzone
2011 Milestones
The Samuel Zell, Mitchell Mondry and Zell Lurie Institute and Erb Institute Scholarship Awards totaled
$55,000 providing 11 MBAs with $5000 each toward their tuition.
The Institute’s three student-led funds, Wolverine Venture Fund, Frankel Commercialization Fund and Social
Venture Fund, have $6.5 million in total under management. Seventy-eight graduate level students from
across campus participated on the funds and three new investments were made under their direction.
The campus-wide Dare to Dream grant program for student start-ups awarded $93,500 to 40 student teams
across campus to develop their business ideas and create a business plan, while earning their degrees.
The Michigan Business Challenge engaged 48 teams from the University’s 19 Schools and Colleges awarding
$54,300 in prize money. The Institute sponsored 38 students among 14 teams at intercollegiate and U.S.
based competitions to represent Michigan -- bringing home $247,500 in prize money and services.
The Marcel Gani Internship program placed 13 students at start-up and venture capital firms across the U.S.
The TechArb incubator managed by the Zell Lurie Institute and Center for Entrepreneurship, awarded 39
student teams with office space and provided mentoring to develop their business concepts.
MAP placed 45 first-year MBA students at six start-up companies nationally and across the globe.
Entrepalooza, the Michigan Private Equity Conference and Michigan Growth Capital Symposium
engaged over 850 attendees from the entrepreneurial and investment community, as well as from the
University of Michigan.
ADVISORY BOARD
Eugene Applebaum, Arbor Investments Group
John W. Barfield, The Bartech Group, Inc.
Jonn Behrman, Serial Entrepreneur
D. Theodore Berghorst, Vector Securities International, LLC
Paul Brentlinger, Morgenthaler Ventures
Kenneth Buckfire, Miller Buckfire & Co., LLC
Mary L. Campbell, EDF Ventures, LP
Dwight Carlson, Coherix, Inc.
Hal Davis, Entrepreneur & Investor
Richard Eidswick, Arbor Partners LLC
Stanley Frankel, Frankel Associates
Marcel Gani, Consultant
Jan Garfinkle, Arboretum Ventures
William K. Hall, Procyon Advisors
Michael Hallman, The Hallman Group
John C. Kennedy, Autocam Corporation
Bradley Keywell, Groupon, Inc.
Hans Koch, Webcor Development Advisors
Ann Lurie, Lurie Investments
Steven McKean, Acceller, Inc.
Clyde E. McKenzie, Tellurex Corporation
Ravi Mohan, Shasta Ventures
Mitch Mondry, M Group, Inc.
Marvin Parnes, University of Michigan
Ora H. Pescovitz, University of Michigan
Richard Rogel, Tomay, Inc.
Jeffrey C. Sinclair, McKinsey & Company
Mark Slezak, Lurie Investments
Michael Staebler, Pepper Hamilton, LLP
Maria A. Thompson, T/J Technologies
Samuel Valenti III, Valenti Capital
Jeff Weedman, The Procter & Gamble Company
Ronald N. Weiser, Ambassador, McKinley Associates, Inc.
Jeffrey S. Williams, Life Magnetics
Warren P. Williamson, Skye Management
Samuel Zell, Equity Group Investments
Thomas Zurbuchen, University of Michigan
zli.bus.umich.edu/2011Report
Staff
Thomas Kinnear Executive Director
Timothy Faley
Managing Director
David J. Brophy Center for Venture Capital &
Private Equity Finance
Erik Gordon
Clinical Assistant Professor
Thomas S. Porter Executive in Residence
Peter Adriaens
Professor of Entrepreneurship
Paul Kirsch Associate Director
Mary Nickson
Marketing Program Manager
Anne Perigo
Program Coordinator
Marybeth Davis Program Assistant
Carolyn Maguire Administrator
701 Tappan Street
Ann Arbor, Michigan 48109-1234
(734) 615-4419
www.zli.bus.umich.edu
doc_602370180.pdf
In this detailed elucidation regarding entrepreneurial education spans the six critical skills of entrepreneurship.
Fall Report 2011
Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
Stephen M. Ross School of Business at the University of Michigan
Entrepreneurial Education
Spans the Six Critical Skills
of Entrepreneurship
Experience the Online Fall Report Expanded Edition
zli.bus.umich.edu/2011Report
Cover Photo: 2010 Entrepreneurial Scholarship Recipients
Photography by: Martin Vloet
Message from
Samuel Zell, Chairman
Equity Group Investments
Entrepreneurship has always been the formula for success in any kind
of economy. That’s what prompted me to endow and grow the Zell
Lurie Institute at University of Michigan. The basic tenets of entrepreneurship — thinking outside the box, risk taking, testing limits, and
understanding what it takes to put a new enterprise together and make
it work effectively — are all elements that ultimately lead to growth.
And if there’s anything this country needs today, it’s growth.
Our world is driven by entrepreneurial activities. The United States
emerged as the most-powerful global economy, because it unleashed
the entrepreneurial ability that came from an immigrant base. The
immigrants who came here were risk takers with aspiration, and they
were empowered to drive our country forward. Today, America
faces growing competition from abroad. We’ve witnessed an explosion
of entrepreneurs in emerging markets, such as India, China and
Brazil, who are launching new companies and creating growth for
their countries. To remain competitive, we need to promote and
foster the kind of entrepreneurial skills that the Institute offers to
students at the Ross School of Business and throughout the University.
At Michigan, the entrepreneurial-studies curriculum is
engaging other disciplines on campus, including law,
medicine and engineering, to expose students to valueadded practices of entrepreneurship, thereby creating a
1+1=3 scenario. Osmosis is a wonderful concept.
The new Zell Entrepreneurship and Law Program will establish a
curriculum specifically designed to prepare law students either to
advise business entrepreneurs or to launch their own enterprises.
The program will include a new legal clinic in entrepreneurial
business as well as curricular and co-curricular initiatives designed
to expand entrepreneurship business law offerings. It also will
establish a new live-client clinic to provide legal services for student
entrepreneurs in other University programs.
I’m very pleased with the progress we’ve made in facilitating the
spread of entrepreneurship at Michigan. During the last 12 years,
we’ve educated and motivated a whole generation of entrepreneurs.
We’ve also influenced “intrapreneurs” who can take the lessons
learned about idea generation and problem solving and apply them
to careers in the corporate world.
My objective with the entrepreneurial endeavors at the University has
always been to create a robust curriculum that gives young people a reason
to choose Michigan over other schools. I believe we’re doing just that.
Message from
Alison Davis-Blake
Edward J. Frey Dean, Stephen M. Ross School of Business
The Ross School and the Zell Lurie Institute are well-positioned to
deliver entrepreneurship education using an action-based approach to
Michigan students across campus who are interested in honing their
entrepreneurial perspective and skills. The Institute also provides
ready access to a deep talent pool of Ross alumni, including global
leaders in business, finance and investment who have been involved
in successful entrepreneurial ventures. These outstanding individuals
enhance the School’s classroom and project learning with one-on-one
coaching, mentoring and networking. In coming years, Ross and the
Institute will continue to play an important role in expanding the
entrepreneurial ecosystem on and off campus to ensure that Michigan
graduates continue to innovate and build great companies.
Message from
Thomas c. Kinnear
Executive Director
This was a banner year for the Samuel Zell and Robert H. Lurie
Institute for Entrepreneurial Studies. We expanded and enriched the
entrepreneurial ecosystem at the Stephen M. Ross School of
Business and throughout the University of Michigan. We increased
our efforts to draw together the diverse expertise and multidisciplinary skills on campus that are central to business formation. We
were ranked third in the nation for the excellence of our innovative
courses and programs in entrepreneurship education by the Princeton
Review and Entrepreneur Magazine. In addition, we laid the groundwork for several exciting initiatives that will extend opportunities
for entrepreneurial engagement to more students at Michigan’s 19
schools and colleges during every stage of their University careers.
Our collaborative interface with the College of Engineering continued
to gain traction over the past year. Since our initial involvement in the
founding of the college’s Center for Entrepreneurship in 2007, we
have partnered on the development of several programs and courses.
The TechArb business accelerator for student start-up companies
opened in May 2009 with sponsorship from the Institute, the College
of Engineering and the Vice President for Research. TechArb is a new
incarnation of a business accelerator the Institute created in 2002.
In fall 2012, the Ross School of Business and College
of Engineering will unveil the first master’s degree in
entrepreneurship that will be taught by engineering
and business faculty, pending approval by the Presidents Council, State Universities of Michigan. This
first-of-its-kind joint degree will open a cross-disciplinary entrepreneurial conduit to new venture creation
driven by technological innovation.
We worked closely with faculty and administrators in 2011 to help in
the creation of a new entrepreneurial center in the Law School. The
recently announced Zell Entrepreneurship and Law Program envisions
entrepreneurial law clinics where law students will furnish legal
Photograph by: Scott Soderberg
advice to student start-up companies. The program is funded by a $5
million gift from Sam Zell, the Institute’s co-benefactor and a 1966
Law School graduate. It will serve as a valuable resource for new
business ventures while affording law students an opportunity to
gain hands-on experience in the practice of entrepreneurship law.
In 2011, the Institute’s faculty and professional staff ramped up their
activities at the School of Medicine’s Medical Innovation Center. They
provided coaching and business advice to teams of Ph.D.s, M.D.s
and MBAs that are commercializing research discoveries and advancing
new ideas for cutting-edge medical diagnostics, tools and devices.
The Zell Lurie Institute also aided in the fueling of innovation and
economic revitalization in the state during 2011. This year, we observed
the 30th anniversary of the Michigan Growth Capital Symposium,
founded by Finance Professor David Brophy. The symposium is one of
the largest, most effective forums for connecting venture capitalists
from Michigan and other states with emerging high-potential companies
seeking venture-capital investments. Individually and collectively, we
also continued to play a formative role in several statewide economicdevelopment initiatives. These include the Michigan Pre-Seed Fund,
which invests in early stage companies, the Invest Michigan Fund, which
invests directly in start-up companies, and the Venture Michigan
Fund, which invests in venture-capital funds.
The main beneficiaries of this year’s success, of course, are the
University students and graduates who will deploy their entrepreneurship skills, knowledge and experience to launch new companies,
drive venture-capital investment, and forge innovative career pathways
at major corporations.
Message from
David J. Brophy
Director, Center for Venture Capital and
Private Equity Finance
Michigan is experiencing a significant growth in available venture capital
underlying theory and drivers of venture capital and buyout fundraising
and a dramatic change in culture tied to the realization that innovative
is breakthrough research in financial economics.
new and growing companies spawned in our own backyard hold the
key to our economic future. The state is using its financial strength to
In May 2011, the CVP-originated Michigan Growth Capital Symposium
support venture-capital funds and direct grant investments to emerging
celebrated its 30th year, further burnishing its image as the center-
companies. The University of Michigan is conducting sponsored research
piece for early stage venture-capital investment and entrepreneurial
at an annual rate of approximately $1.5 billion and is accelerating the
activity in Michigan. Over the past three decades, the annual
pace of research commercialization. As a result of the combined efforts
gathering has grown in quality and success by attracting increasing
of the state, the U-M, other universities and the private sector, Michigan
numbers of venture capitalists, institutional investors, practicing
is making a sustained economic comeback, perhaps slow but certainly
entrepreneurs and corporate sponsors. The Global Private Equity
steady. And entrepreneurship and venture capital are close to the
Conference, which focuses on later-stage investment capital and
heart of that renaissance.
harvests, entered its sixth year in 2011. We continue to realize
tremendous enthusiasm for the Alan Gelband Public-to-Private
At the Center for Venture Capital and Private Equity
Finance (CVP), we prepare students for local, national
and global leadership roles through our finance/
entrepreneurial-studies courses in venture capital,
private equity, global private equity, financing research
commercialization and entrepreneurial finance. To
Buyout Competition, a head-to-head challenge between two top
augment classroom materials and lectures, we engage students in
Blau, BBA ’90, president of The Related Companies and benefactor of
actual projects with University researchers, entrepreneurial company
the School’s Blau Auditorium, David Evans, AB ’85, founder of Glencoe
teams from our Private Equity MBA class selected by a panel of
private-equity judges.
One of the greatest advantages of the CVP, the Zell Lurie Institute and
the Ross School of Business is that former students — such as Jeff
founders and U-M alumni who bring live, current deals to class. This
Capital and benefactor of the University of Michigan, Alan Gelband,
first-hand experience immerses students in real situations with real
BBA’65, MBA ’67, founder of Gelband Investment Company, and
people where they can apply their skills to real challenges in real time.
Naimish Patel, BBA ’97, an investment partner in Long Point Capital
At the CVP, we also conduct scholarly research on global issues. Our
— cycle back to the University throughout their careers, along with
recent study of cross-border mergers and acquisitions and private-
a host of other graduates who participate in CVP-supported and other
equity investment in the BRIC countries will be featured in the India
courses in our programs. Their ongoing interest and engagement
Business Conference this October. Our study of private investment in
greatly enrich our overall educational environment.
public entities, published in The Review of Financial Studies, is
currently the most widely cited work on that topic. Our study of the
Photograph by: Lin Jones
Zell Lurie Institute Entrepreneurial Education Approach:
Six Critical Skills Entrepreneurs Need to Succeed
Since 1999, the Samuel Zell and Robert H. Lurie Institute for
Entrepreneurial Studies has led the nation, the state and the
University of Michigan in pioneering award-winning entrepreneurial
courses and programs. During that time, it has served as a catalyst
in creating a vibrant entrepreneurial ecosystem on and off the
U-M campus. Through the Institute’s cross-disciplinary outreach,
entrepreneurship has planted a firm foothold at the Stephen M.
Ross School of Business, the College of Engineering, the School
of Medicine and, most recently, the Law School. This synergy has
created a Michigan model of entrepreneurship education that sets
the University apart from its peers.
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The Institute’s success arises from its identification of and focus on six core entrepreneurial skills—
opportunity identification, business design, business assessment, business planning, resourcing
the business and managing growth — which it teaches through a matrix of multidisciplinary coursework, action-based learning, staff and faculty seminars, and alumni networking. This approach entails:
•
Engaging students early and consistently over a period of time
•
Providing multiple experiences at each skill level
•
Catalyzing diverse teams across academic disciplines
•
Offering continually accessible one-on-one coaching
Matthew Neagle, MBA ’11
Lauren Miller, MBA ’11
Mary Lemmer , BBA ’10
Todd Sullivan, MBA ’05
Ben Lewis , BSE ’01, MBA ’05
“The actual experiences of entrepreneurs engaged in technology, life sciences, online sales or social
causes may be different, but the skills they need to succeed are still the same,” says Tim Faley, the
Institute’s managing director. “We deliver courses and programs along a continuum to help students
acquire those foundational skills.”
Platform for Entrepreneurial Success
“Altogether these six interrelated foundational skills create an impactful, holistic approach to entrepreneurship education at Michigan and provide our students with a solid platform for entrepreneurial
success,” Faley says. “The Institute and other entrepreneurial centers on campus are teaching students
how to launch multiple businesses rather than simply guiding them through the formation of a single
business. This ‘learn-do, learn-do’ repetition is ultimately what differentiates our programmatic
approach from others in the higher-education field.”
Photograph by: Scott Soderberg
Opportunity Identification
Every day, changes that occur in the world generate new
opportunities. Students need to understand their own capabilities,
skills, assets, network and passions, and those of their team
members in order to identify an opportunity that can become the
foundation of a new business that they can build.
Developing the Skill
Joint Business-Engineering Courses
Dare to Dream $500 Venture Shaping Grants
Michigan Business Challenge (round one)
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Firing Up Undergrad Entrepreneurs
Peter Adriaens, Professor of Entrepreneurship
A mobile-phone application for paying parking fees and a service plan for water-damaged electronic
Ankur Shah, BBA ’13
devices were among the innovative business ideas posed by undergraduate students last fall in
Business Basics for Entrepreneurs, the University’s first campus-wide entrepreneurship course designed
for undergraduates. “At the undergraduate level, students come in with great ideas, but they are
miles removed from starting a business,” says Professor of Entrepreneurship Peter Adriaens, who
teaches the one-semester course. “We help them think about the framework around the idea to
shape it into a business and the complexity of the different pieces of the puzzle that must be in
place.” The Zell Lurie Institute collaborated with the College of Engineering’s Center for Entrepreneurship, to offer the course with support from the Williamson Collaborative Entrepreneurial Education
Fund. Using contemporary examples from Facebook, current movies and popular celebrities to illustrate
fundamental business concepts such as value creation and customer segmentation, Adriaens guides
undergraduates through the process of developing a viable business model. He also helps them
acquire entrepreneurial skill sets, including business planning and resourcing, that are essential for
launching a successful start-up. At the conclusion of the course, individual students and teams
present three-minute pitches for their businesses. “They leave with an understanding that there is
more to a business than just an idea,” Adriaens says.
Top Photograph by: Douglas Schaible
Business Design
Once an opportunity has been identified and validated, students
need to determine: who their customers are and why those
customers will buy what they are selling; who their business will
collaborate with and why these other organizations will cooperate
with them; and how they will make money.
Developing the Skill
Multidisciplinary Graduate-Level Courses
Entrepalooza
Distinguished Speakers Innovators Seminar
Dare to Dream $500 Venture Shaping Grants
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Breaking into Online Retail
Allen Kim, BSE ’12, Co-founder, Bebarang.com
Vimal Bhalodia, MBA ’11
As an industrial-operations engineering student at the U-M College of Engineering, Allen Kim, BSE
’12, knew nothing about babies or baby clothes. However, with assistance from the Zell Lurie
Institute and other on-campus entrepreneurial resources, he parlayed his interest in fashion and
clothing into Bebarang.com (formerly Bebaroo), a start-up company offering online rentals of
special-occasion children’s clothes. “I couldn’t resist my entrepreneurial calling,” says Kim, who
conducted customer surveys by buttonholing Ann Arbor-area mothers at Starbucks and Briarwood
Mall. Over the 2010 spring break, he took entrepreneurship trips sponsored by the College of
Engineering’s Center for Entrepreneurship to the San Francisco Bay area and New York City, where he
met world-famous entrepreneurs, venture capitalists and industry leaders. “The feedback I received,
especially from Michigan alumni, was very helpful,” Kim says. He also benefited from intensive
coaching at the two-day Ann Arbor SPARK Entrepreneur Boot Camp and exposure to entrepreneurial
luminaries at the College of Engineering’s Distinguished Speakers and Innovators Seminar. Kim
financed his start-up by winning business competitions, including Dare to Dream, the Michigan
Business Challenge and the 2010 College Entrepreneur of the Year Award from Entrepreneur
Magazine. Barbarang gained traction at the TechArb business accelerator and launched its Webbased rental service in August 2010. “Recently, we have pivoted the business to a different angle,”
Kim says. “Currently, we are working out of a business incubator in New York City and plan to
re-launch our service in the near future.”
Top Photograph by: Martin Vloet
Business Assessment
Before building a business, students need to know if it makes sense
to build. Conducting a feasibility study provides that reality check.
Developing the Skill
Multidisciplinary Venture Creation Courses
Dare to Dream $1,500 Assessment Grants
Michigan Business Challenge (round two)
Wolverine Venture Fund
Frankel Commercialization Fund
Social Venture Fund
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Evaluating Entrepreneurial Potential
Justin Jackson, Ph.D. AeroE ’12, Student Fund Manager, Frankel Commercialization Fund
With his sights set on launching a successful business someday, Justin Jackson, Ph.D. AeroE ’12,
Zubair Ahsan, BBA/BSE ’11
wanted to augment his aerospace-engineering background with entrepreneurial business skills. Last
fall, he joined the technology team on the student-directed, pre-seed Frankel Commercialization Fund,
which engages students in the very beginning stages of research commercialization where deals are
sourced, technologies and inventors are evaluated, and companies are formed. “The skills an engineer
uses to solve an engineering problem or develop an engineering product are quite different,” Jackson
explains. “The Frankel Fund offered me an opportunity to understand what makes business start-ups
successful and what investors look for.” Jackson tested the entrepreneurial waters in two multidisciplinary courses —Finance Professor David Brophy’s Financing Research Commercialization and
Professor of Entrepreneurship Tim Faley’s Innovative New Business Design — and won a $500 Dare
to Dream assessment-phase grant for an aerial-photography services start-up.
Top Photograph by: Austin Thomason
Business Planning
Skill in business planning is essential for a successful company
launch. Students are taught how to “operationalize” a business,
not just create a document.
Developing the Skill
Multidisciplinary Entrepreneurial Management & New Venture Creation Courses
Dare to Dream Integration Grants up to $10,000
Michigan Business Challenge (final rounds)
TechArb Accelerator
Michigan Growth Capital Symposium
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Charting the Course for Green Innovation
Paul Davis, MBA/MS ’11 and Robert Levine, PhD ’13, Co-founders, ReGenerate Solutions
One day soon, supermarkets and cafeterias may convert food scraps and leftovers into biogas for
Angelique Johnson, MSE ’07, PhD EE ’11
powering on-site hot-water heaters using an innovative “eco-dumpster” developed by ReGenerate
Tyler Paxton, MBA ’11
Solutions. The start-up company, launched in 2009 by four Michigan graduate students, is perfecting
its Compact Organic Waste Station (COWS), which utilizes anaerobic digestion to turn food waste into
a methane-rich gas and organic-compost product. “We are currently raising financing in order to hire
additional engineers, cultivate customer relationships and move from a one-fifth-scale prototype to
a full COWS system by 2012,” explains Paul Davis, MBA/MS ’11. The four students met through the
School of Natural Resources and Environment and the College of Engineering’s Better Living Using
Engineering laboratory, or BLUE LAB. With dovetailing interests in waste management and renewableenergy generation, Robert (“Bobby”) Levine, PhD ’13, Nolan Orfield, PhD ’13, Hunt Briggs, MBA/MS
’11 and Davis quickly formed a team to develop and commercialize eco-dumpsters. They tapped the
entrepreneurial resources of the Zell Lurie Institute, the Ross School and the College of Engineering,
as they proceeded through the design, assessment and planning phases of business creation.
ReGenerate amassed a considerable war chest by winning the $100,000 “Think Green” investment
prize at the 2011 Rice University Business Plan Competition, as well as a $10,000 Dare to Dream
integration-phase grant, a $7,500 U-M Dow Sustainability Award and a $10,000 runner-up prize at
the Michigan Business Challenge. “The Clean Tech Entrepreneurship course taught by Institute faculty
members Tim Faley and Peter Adriaens hooked me on entrepreneurship,” Levine says. “Paul Kirsch,
the Institute’s associate director, was an excellent coach who helped us develop our business model,
refine our pitch and shape our commercialization plan.”
Top Photograph by: Frank Fanzone
Resourcing
In addition to financial capital, start-ups also must procure human
capital, including management teams, board advisors and
providers of legal and other services. Students learn and test their
skill in resourcing from the investors’ side of the equation by
taking active roles in the Frankel Commercialization Fund, the
Wolverine Venture Fund, and the new Social Venture Fund.
Developing the Skill
Venture Capital Finance Course
Marcel Gani Summer Internship Program
Wolverine Venture Fund
Frankel Commercialization Fund
Social Venture Fund
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Money on the Firing Line
Shahnoor Amin, MSE ’10
Erik Gordon, Managing Director, Wolverine Venture Fund
Sherman Powell, MBA ’08
Michigan MBAs on the student-led $5.5 million Wolverine Venture Fund (WVF) put real money on
the firing line by making venture-capital investments in early stage companies and managing a
broad-based portfolio. “Their educational experience couldn’t be more hands-on,” says Erik Gordon,
the Fund’s director. “Students learn and practice the skills they need to assess business opportunities, markets, technologies, industries and management teams. They also are taught how to structure
financing deals that make sense for the company and the venture fund.” The WVF currently holds
investment positions in 15 portfolio companies, and has overseen four successful exits through
acquisitions or initial public offerings since its inception in 1998. At every step, students are guided
by seasoned investors who provide critiques and feedback. “Our goal is not just to educate venture
capitalists, but to give students an in-depth understanding of all aspects of growing a great company,” Gordon adds. “These are skills any entrepreneur, or anyone who deals with entrepreneurs,
should know.”
Top Photograph by: Douglas Schaible
Managing Growth
Once launched, in order for the start-up to achieve its goals and
meet its investors’ expectations, skill in managing growth within
a resource-constrained environment is vital.
Developing the Skill
Managing the Growth of New Ventures Course
Entrepreneurial MAP
Marcel Gani Internships
Global Private Equity Conference
Harnessing Growth Potential
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Diane Bouis, MBA ’12, Marcel Gani Intern, Inovo
Diane Bouis, MBA ’12, honed her skill in managing growth as a Marcel Gani intern working on client
projects with established manufacturing companies seeking to develop new technological applications
Steve Kawasumi, MBA ’12
or product improvements. During her 12-week summer internship at Inovo, an Ann Arbor-based
innovation consulting company, she combined creative thinking and community mining to help a
Fortune 50 chemical company identify alternative uses for its proprietary technology in the energy
sector and a leading pet-products manufacturer find ways to improve its cat litter. “Bringing fresh new
thinking in more than one dimension can help companies pursue the innovation and development
they need to stay ahead of the competition,” Bouis says. “As an innovation consultant, I need to think
outside the box and not be limited by specific technological knowledge that can hamper the creative
process.” At the Ross School, she also participated in case competitions sponsored by Medtronic,
Deloitte and Boston Consulting Group that strengthened her problem-solving and business-management capabilities. Bouis plans to leverage her MBA education and background as a research scientist
at the University of Michigan Cardiovascular Center to work in health-care innovation consulting or in
the strategy division of a major pharmaceutical company after graduation.
Top Photograph by: Frank Fanzone
2011 Milestones
The Samuel Zell, Mitchell Mondry and Zell Lurie Institute and Erb Institute Scholarship Awards totaled
$55,000 providing 11 MBAs with $5000 each toward their tuition.
The Institute’s three student-led funds, Wolverine Venture Fund, Frankel Commercialization Fund and Social
Venture Fund, have $6.5 million in total under management. Seventy-eight graduate level students from
across campus participated on the funds and three new investments were made under their direction.
The campus-wide Dare to Dream grant program for student start-ups awarded $93,500 to 40 student teams
across campus to develop their business ideas and create a business plan, while earning their degrees.
The Michigan Business Challenge engaged 48 teams from the University’s 19 Schools and Colleges awarding
$54,300 in prize money. The Institute sponsored 38 students among 14 teams at intercollegiate and U.S.
based competitions to represent Michigan -- bringing home $247,500 in prize money and services.
The Marcel Gani Internship program placed 13 students at start-up and venture capital firms across the U.S.
The TechArb incubator managed by the Zell Lurie Institute and Center for Entrepreneurship, awarded 39
student teams with office space and provided mentoring to develop their business concepts.
MAP placed 45 first-year MBA students at six start-up companies nationally and across the globe.
Entrepalooza, the Michigan Private Equity Conference and Michigan Growth Capital Symposium
engaged over 850 attendees from the entrepreneurial and investment community, as well as from the
University of Michigan.
ADVISORY BOARD
Eugene Applebaum, Arbor Investments Group
John W. Barfield, The Bartech Group, Inc.
Jonn Behrman, Serial Entrepreneur
D. Theodore Berghorst, Vector Securities International, LLC
Paul Brentlinger, Morgenthaler Ventures
Kenneth Buckfire, Miller Buckfire & Co., LLC
Mary L. Campbell, EDF Ventures, LP
Dwight Carlson, Coherix, Inc.
Hal Davis, Entrepreneur & Investor
Richard Eidswick, Arbor Partners LLC
Stanley Frankel, Frankel Associates
Marcel Gani, Consultant
Jan Garfinkle, Arboretum Ventures
William K. Hall, Procyon Advisors
Michael Hallman, The Hallman Group
John C. Kennedy, Autocam Corporation
Bradley Keywell, Groupon, Inc.
Hans Koch, Webcor Development Advisors
Ann Lurie, Lurie Investments
Steven McKean, Acceller, Inc.
Clyde E. McKenzie, Tellurex Corporation
Ravi Mohan, Shasta Ventures
Mitch Mondry, M Group, Inc.
Marvin Parnes, University of Michigan
Ora H. Pescovitz, University of Michigan
Richard Rogel, Tomay, Inc.
Jeffrey C. Sinclair, McKinsey & Company
Mark Slezak, Lurie Investments
Michael Staebler, Pepper Hamilton, LLP
Maria A. Thompson, T/J Technologies
Samuel Valenti III, Valenti Capital
Jeff Weedman, The Procter & Gamble Company
Ronald N. Weiser, Ambassador, McKinley Associates, Inc.
Jeffrey S. Williams, Life Magnetics
Warren P. Williamson, Skye Management
Samuel Zell, Equity Group Investments
Thomas Zurbuchen, University of Michigan
zli.bus.umich.edu/2011Report
Staff
Thomas Kinnear Executive Director
Timothy Faley
Managing Director
David J. Brophy Center for Venture Capital &
Private Equity Finance
Erik Gordon
Clinical Assistant Professor
Thomas S. Porter Executive in Residence
Peter Adriaens
Professor of Entrepreneurship
Paul Kirsch Associate Director
Mary Nickson
Marketing Program Manager
Anne Perigo
Program Coordinator
Marybeth Davis Program Assistant
Carolyn Maguire Administrator
701 Tappan Street
Ann Arbor, Michigan 48109-1234
(734) 615-4419
www.zli.bus.umich.edu
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