Description
In this detailed information relating to the polsky center for entrepreneurship at the university.
POLSKY CENTER ANNUAL REPORT
2011–12
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The Polsky Center for Entrepreneurship
at the University of Chicago Booth School
of Business advances the knowledge and
practice of entrepreneurship and innovation.
The center supports entrepreneurial learning
and collaboration through its cutting-edge
curriculum, innovative hands-on learning
experiences, and leading faculty research,
as well as conferences, mentorship, and
community and global outreach programs.
ADMINISTRATION
Ellen A. Rudnick, ’73
Executive Director and Clinical Professor of Entrepreneurship
Steven Neil Kaplan
Faculty Director and Neubauer Family Distinguished Service Professor
of Entrepreneurship and Finance
Starr Marcello
Director of Operations
Jonathan Allan
Associate Director, Innovation Programs and Cross-Campus Initiatives
Tom Ancona
Associate Director, Entrepreneurship and Angel Investor Programs
Tracey Keller
Associate Director, Marketing, Communications, and External Relations
Erika Mercer
Associate Director
Hannah Williams
Program Manager
Mary Kay Loncar
Of?ce Manager
ChicagoBooth.edu/entrepreneurship
Ellen A. Rudnick, ’73
Executive Director and
Clinical Professor of
Entrepreneurship
Steven Neil Kaplan
Faculty Director and Neubauer
Family Distinguished Service
Professor of Entrepreneurship
and Finance
Michael P. Polsky, ’87
Chairman of the Board
WELCOME
Te 2011–12 academic year has truly been amazing. Interest in entrepreneurship continues to grow
at a rapid pace, with students, staf, researchers, and others from across the University of Chicago
campus taking part in our programs in unprecedented numbers.
Just a few highlights include:
• Te Polsky Center held more than 75 events, many of which sold out.
• Our capstone program, the Edward L. Kaplan, ’71, New Venture Challenge (NVC), received
a record 160 applications to all three tracks. Ed Kaplan formally endowed the program,
ensuring that the NVC will continue impacting the local, national, and global economies for
many years to come.
• We launched the new Summer Accelerator Program at the Polsky Center to aid 10 start-ups
with their new ventures during a rigorous 12-week bootcamp.
• Te frst-of-its-kind Sterling Partners Investment Tesis Challenge gave private equity students
hands-on experience developing an investment thesis and working closely with partner frms.
• Te Social Enterprise Initiative launched in March, collaborating with the Polsky Center on
the development and growth of social entrepreneurship programs.
• Several faculty members, including Steve Kaplan and Scott Meadow, won awards for
published research on important topics in entrepreneurship.
• We added ofce space in 1871, Chicago’s new downtown hub for digital technology.
Te Polsky Center is clearly positioned to be the venture creation engine for the University of
Chicago. We are developing new programs and laying the groundwork for exciting initiatives with
our cross-campus partners. Read more about this work in the following pages, and stay tuned for
much more in the future.
While it was a successful year in many ways, we were disappointed to say goodbye to Linda
Darragh, director of entrepreneurship programs, who accepted a leadership role at the Kellogg
School of Management at Northwestern University. Linda’s contributions to Chicago Booth were
many, and she will be missed. Fortunately, we have a strong team in place who will continue to build
on the momentum of the past year.
We know that none of our success would be possible without support from our sponsors and partners.
Trough generous fnancial contributions, as well as collaboration with organizations across campus,
in the city of Chicago, and nationally, our programs continue to inspire our students and alumni.
Many of these resources are highlighted in this report, and we want to recognize how appreciative we
are of sponsors’ and partners’ commitment to and support of entrepreneurship at Chicago Booth.
14
4 ENTREPRENEURIAL
EDUCATION
10 LEARNING IN ACTION
24 ALUMNI AND STUDENT
GROUPS
28 SCHOLARSHIPS AND
AWARDS
32 BUILDING THE
ENTREPRENEURIAL
COMMUNITY
42 ACKNOWLEDGEMENTS
46 GET INVOLVED AND STAY
CONNECTED
TABLE OF
CONTENTS
20
Polsky Center for Entrepreneurship
The University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Suite 207
Chicago, Illinois 60637
Tel: 773.834.4525
Fax: 773.834.4046
Email: [email protected]
ChicagoBooth.edu/entrepreneurship
4 ENTREPRENEURIAL EDUCATION
SECTION 1
ENTREPRENEURIAL
EDUCATION
ENTREPRENEURSHIP
AT BOOTH
TODAY
Entrepreneurship continues to grow at a rapid
pace, with interest coming from students across the
University of Chicago campus. New programs are
developed to meet these needs.
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5 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
SECTION 1
ENTREPRENEURIAL
EDUCATION
ENTREPRENEURSHIP
AT BOOTH
We pride ourselves on learning by doing, and our entrepreneurship curriculum
takes students beyond the classroom, allowing them to test themselves and their
entrepreneurial ideas in real-world settings. Trough courses, competitions, and
labs, students gain the practical tools needed to start, fnance, and manage their
own businesses and embark on careers in private equity.
COURSES
Chicago Booth ofers 27 innovative courses in entrepreneurship and related topics, including:
Entrepreneurial Finance and Private Equity New Venture
Strategy Building the New Venture Commercializing
Innovation Entrepreneurial Selling Digital Marketing
Technology Strategy New Venture Challenge New
Venture Lab Private Equity and Venture Capital Lab
Entrepreneurial Internship Seminar Social Enterprise Lab
Clean Tech Lab Building Internet Ventures Social Venture
Lab New Social Ventures
For a full list of entrepreneurship courses ofered at Chicago Booth,
visit ChicagoBooth.edu/entrepreneurship/curriculum.
EXPERIENTIAL LEARNING
6 ENTREPRENEURIAL EDUCATION
FACULTY
More than 20 Chicago Booth faculty members teach entrepreneurship courses.
Many are dedicated full-time to the subject and are deeply involved with
entrepreneurship programming, including:
For a full list of entrepreneurial faculty, visit
ChicagoBooth.edu/faculty/directory.aspx.
Ellen A. Rudnick, ’73
Executive Director and Clinical
Professor of Entrepreneurship
Steven Neil Kaplan
Polsky Center Faculty Director
and Neubauer Family Distinguished
Service Professor of
Entrepreneurship and Finance
Jason R. Blumberg
Adjunct Assistant Professor of
Entrepreneurship
Gregory D. Bunch
Adjunct Professor of Entrepreneurship
Waverly Deutsch
Clinical Professor of Entrepreneurship
Jonathan Frenzen
Clinical Professor of Marketing
Robert H. Gertner
Joel F. Gemunder Professor of Strategy
and Finance, Deputy Dean, and Social
Enterprise Initiative Faculty Codirector
Bradley A. Keywell
Adjunct Professor of Entrepreneurship
Eric Lefkofsky
Adjunct Professor
of Entrepreneurship
Scott F. Meadow
Clinical Professor of
Entrepreneurship
Adair Morse
Associate Professor
of Finance
Robert Rosenberg
Adjunct Associate
Professor of
Entrepreneurship
James E. Schrager
Clinical Professor of
Entrepreneurship and
Strategic Management
Ira S. Weiss,
MBA ’99, PhD ’01
Clinical Associate
Professor of Accounting
and Entrepreneurship
Craig Wortmann
Clinical Professor of
Entrepreneurship
Luigi Zingales
Robert C. McCormack
Professor of
Entrepreneurship and
Finance and David G.
Booth Faculty Fellow
7 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Steve Kaplan released a working paper, entitled “Private Equity Performance: What Do We Know?,” with Robert Harris
from the University of Virginia Darden School of Business and Tim Jenkinson from the University of Oxford Säid School of
Business. His article, “Which CEO Characteristics and Abilities Matter?,” was also published in the Journal of Finance.
FACULTY RESEARCH AND NEWS HIGHLIGHTS
Craig Wortmann received the 2012 Faculty Excellence Award, honoring his exceptional commitment to teaching
as voted by Evening MBA and Weekend MBA students. His course, Entrepreneurial Selling, was also named by Inc.
magazine as one of the top 10 entrepreneurship courses in the country.
Over the past year, our faculty have conducted groundbreaking research in
entrepreneurship, private equity, and related topics, and have been recognized
through awards and publications, including:
Linda Darragh published a white paper called “Impact Investing In Emerging Countries: Insights from the Due
Diligence Process.” It began as a student project at Chicago Booth and Kellogg School of Management at Northwestern
University and was completed in 2012 in collaboration with the US Department of State’s Of?ce of Global Partnership
Initiatives - Global Impact Economy Initiative.
Scott Meadow was the 2011 recipient of the Richard J. Daley Award from the Illinois Venture Capital Association.
The Daley Medal acknowledges an individual who has given direct and extraordinary support to the state of Illinois by
participating in or being an advocate for the venture capital and private equity industry.
James Schrager continued his research on how critical decisions are made by entrepreneurs.
Margarita Tsoutsoura and coauthor Adair Morse presented ?ndings from their paper, “Soft Credit Tax Evasion Across
Industries: Evidence from Greece,” at 13 conferences and seminars around the world.
Robert Gertner continued work on a forthcoming book on ?nancial social enterprises.
Adair Morse won a prize for Best Paper at the European Finance Association Annual Meeting in 2012 for her work
entitled “Activist Investors and Performance in Private Equity Funds.”
8 ENTREPRENEURIAL EDUCATION
“There is so much energy around entrepreneurship at Chicago
Booth—from conferences and conversations to the NVC—and
you get a sense of that energy walking into the Polsky Center.”
—Ashish Rangnekar, ’11
ABOUT THE POLSKY CENTER
Te Polsky Center is the hub of entrepreneurial and private equity activity for
University of Chicago students and alumni. Our mission is to advance the
knowledge and practice of entrepreneurship and innovation, and to develop
entrepreneurial leaders who add value to the global economy.
9 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
10 LEARNING IN ACTION
SECTION 2
LEARNING
IN ACTION
Chicago Booth ofers an ideal environment to test and apply theories directly
to entrepreneurial projects. We encourage students to get hands-on experience
through lab courses, workshops, student groups, and other programs.
VENTURE CREATION
THE EDWARD L. KAPLAN, ’71, NEW VENTURE CHALLENGE
Te New Venture Challenge (NVC), our capstone program, was designed to help
students turn ideas into reality. Te NVC has grown into one of the premier start-
up launch programs in the world, with three
distinct tracks: Traditional, Social, and Global.
Since 1996, the NVC has awarded more than
$925,000 and helped launch more than 85
companies. Tese new ventures have gone on
to raise more than $275 million and create
over 1,300 jobs.
In 2011–12, 160 teams applied to the NVC, representing over 500 students. We
awarded more than $335,000 in cash and start-up-friendly services, including
space in the ARCH Venture Partners New Business Incubator, where student
entrepreneurs can take advantage of ofce amenities as well as guidance from
faculty and staf.
ChicagoNVC.com
11 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
“A successful business boils down
to people and markets. If you see a
need, and you have the right team to
make it happen, it will work.”
—Edward L. Kaplan, ’71
12 LEARNING IN ACTION
Traditional New Venture Challenge (NVC)
From a record 101 applications, 34 teams advanced to the second round of the NVC, where they re-
fned their business models and received guidance and critique from venture capitalists, private inves-
tors, and established entrepreneurs both inside and outside the classroom. Te top 10 teams presented
at the daylong fnals competition in May, before a world-class panel of investors and entrepreneurs.
NVC Winner
MouseHouse ($30,000)
MouseHouse is developing iPad and web
platforms that allow researchers in labo-
ratories and institutions to collaborate
on animal experiments, breeding, and
health management.
Mousehouse
NVC Finalists
Second place: Arbor Vita Associates ($15,000)
Arbor Vita Associates is a biotechnology company that has developed a simpler,
faster, and cheaper way to modify DNA using a proprietary and patented enzyme.
arborvitaassociates.com
Third place: BloomNation ($10,000)
BloomNation allows forists across the country to upload and sell their
unique designs at their desired prices onto a single marketplace.
bloomnation.com
Fourth-place tie: Aquarius Biotechnologies, GradMags, Site Diagnostics ($4,000 each)
Aquarius Biotechnologies uses a proprietary drug delivery technology called cochleate technology to
allow oral delivery of drugs; GradMags is a cross-media digital publishing platform service for higher
education and nonproft organizations; and Site Diagnostics is a veterinary diagnostic company that
uses technology licensed from Argonne National Labs.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 13
Other Finalists
Drink Different, an alcoholic cider beverage company for the Polish market.
Output Medical, which measures key body fuids using electric sensors.
SH2, innovative solutions in media advertising for point-of-sale marketing.
ZipFit Denim, which uses technology to help men fnd great ftting jeans.
NVC Sponsors
TITLE
Edward L. Kaplan, ’71
PLATINUM
Abbott Laboratories
Robert and W. Keren Vishny
GOLD
Immanuel Thangaraj, AB ’92, MBA ’93
Market Strategy Group, LLC
SILVER
Barnes & Thornburg LLP
Katten Muchin Rosenman LLP
Microsoft
NKO Ventures, LLC
Steven Neil Kaplan
Sure Payroll
INCUBATOR
ARCH Venture Partners
IN-KIND
Alphagraphics
Dun & Bradstreet
Farmhouse, Leo Burnett
Uber
MARKETING
Built In Chicago
Entrepreneurs Unpluggd
Techweek Conference 2012
14 LEARNING IN ACTION
Social New Venture Challenge (SNVC)
Te SNVC helps students launch for-proft and nonproft ventures that have a sustainable social
impact. Tis track launched during the last academic year, and applications increased threefold in
2011–12, with submissions coming from across the university, including the School of Social
Service Administration, the Harris School of Public Policy, the College, and the Social Sciences
Division. Tis spring, 20 teams were selected to participate in the SNVC and its corresponding
New Social Ventures course.
SNVC Winner
LuminAID Lab ($25,000)
LuminAID Lab develops
cost-efective, solar-
rechargeable lighting
products to make light more afordable, portable,
and sustainable. Its frst product, the LuminAID light,
is an infatable, lightweight, waterproof solar lantern
that can be packed and shipped fat, and is ideal for use
in emergency and disaster situations.
luminaidlab.com
LuminAid Lab
SNVC Finalists
Second place: Fortify ($15,000)
Fortify (formerly FeMME) reduces the incidence of iron defciency anemia in the developing world by
adding iron to commonly consumed foods.
Third place: Dot-to-Dot Children’s Books ($10,000)
Dot-to-Dot develops children’s books that it sells through cause-related marketing campaigns to raise
funding and awareness for nonproft causes around the world.
dot-to-dot-books.org
Greatest Progress Award: Voice Your Opinion ($5,000)
Voice Your Opinion is an online platform to help the people of Egypt self-organize into community
building activities and movements.
SNVC Sponsors
PLATINUM
Ron Tarrson, ’72 (XP-31), and
Steve Tarrson
GOLD
Exelon Corp.
PROGRESS AWARD
(on behalf of Linda Darragh, former director
of Entrepreneurship Programs and clinical
associate professor of entrepreneurship,
Chicago Booth)
Robert H. Gertner
Ron Tarrson, ’72 (XP-31)
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 15
Global New Venture Challenge (GNVC)
Now in its ffh year, the GNVC was designed to ft the schedules and geographic diversity of our
Executive MBA students. Fifeen internationally based teams representing the Chicago, London, and
Singapore campuses applied to the competition. Seven teams participated in the fnals event in March.
GNVC Winner
Drink Different ($5,000)
Drink Diferent aims to become an important player
in the fast-growing premium beverage and alcohol
market in Poland. Te company develops and sells
alcoholic apple-based ciders.
Drink Diferent
GNVC Finalists
Africa Cargo Express (London/Singapore), cargo airline service for Africa
Dry Greening (Chicago), environmentally friendly dry cleaning solution
Medzpeed (Chicago), mobile medical platform
Continuity (West Africa/Singapore), IT hosting for Africa
ARX (Chicago), renewable energy company
Checklist Guys (London), digital checklist solution
GNVC Sponsors
Chicago Booth Deans’ Of?ce
16 LEARNING IN ACTION
ALUMNI PROFILE
EDWARD L. KAPLAN, ’71
Cofounder, former chairman, and CEO, Zebra Technologies
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 17
“I WANTED MY OWN BUSINESS because I didn’t think I could work for anyone
else,” said Ed Kaplan, cofounder of Zebra Technologies and namesake of the New
Venture Challenge.
Ed, the son of a two-time entrepreneur and a mechanical engineer by training, came to
business school in the late 1960s with what he thought were a few good ideas. Using strat-
egies he learned at Booth, he began to develop those ideas further.
His initial attempt to start a business seemed pretty easy—perhaps too easy—at frst. He
shared his idea with his soon-to-be business partner, who helped him build a prototype
machine that would attach to a cash register to help track sales. He then found a customer
who placed a large order, which meant he needed to quickly locate manufacturing space
and a supplier.
Ed and his partner set up shop in the Old Town neighborhood of Chicago, obtained a
small loan, and purchased supplies. Te duo began developing the product, and once it
was complete, shipped it of to the customer. Te customer refused the product, and thus
began a long and difcult legal battle, and a very challenging time for Ed and his family.
Starting a business turned out to be much more difcult than he anticipated.
“You have to keep working until you succeed,” Ed says, looking back on the early years of
Zebra Technologies. “Tere were about four times I ‘bet the ranch’ and put everything
on the line.” But in the end he succeeded, building the platform that powers Zebra
Technologies today.
Over the next 35-plus years, Ed built Zebra into an international company and industry
leader for on-demand printing solutions. Knowing he was helping thousands of employ-
ees make a living challenged him to do a better job every day.
It is this success that drives him to give back and help other budding entrepreneurs.
When the New Venture Challenge launched in 1996, Ed was immediately on board. He
saw the opportunity to give back to the school and understood how the program would
beneft Chicago and the economy.
Ed Kaplan has been the title sponsor of the NVC since its start, and in 2012 endowed the
program, which will now continue indefnitely.
“It’s very gratifying to see a new business start,” he said. “A successful business boils
down to people and markets. If you see a need, and you have the right team to make it
happen, it will work.”
Trough his generous support, the NVC has grown into one of the nation’s premier busi-
ness launch programs. Over the past 16 years, more than 85 companies have launched
and remain in business. Tese companies employ more than 1,300 people around the
globe, and the numbers continue to grow.
18 LEARNING IN ACTION
ENTREPRENEURIAL INTERNSHIP PROGRAM (EIP)
Our Entrepreneurial Internship Program gives frst-year Full-Time MBA students the opportunity to
work with a small entrepreneurial company for 10 weeks over the summer and then take a class during
the Autumn Quarter to develop their internship into a case study. Afer a competitive selection process,
35 students are selected to intern at frms such as Bucketfeet in Chicago, Hipmunk in Silicon Valley, and
General Assembly in New York. (For a full list of participating companies, see page 43.)
See ChicagoBooth.edu/entrepreneurship/curriculum/courses-labs/eip for more information.
Sponsors
Daniel Caruso, ’90
Donald W. Hamer, ’58
James P. Hickey, ’82
Rattan L. Khosa, ’79
Immanuel Thangaraj,
AB ’92, MBA ’93
Chicago Booth Deans’ Of?ce
SOCIAL ENTREPRENEURSHIP
Our students have many
opportunities to explore
social entrepreneurship.
Trough lab classes,
conferences, and stu-
dent-run organizations,
they can gain experi-
ence with for-proft and
nonproft organizations
that have missions to
create social impact.
“I see programs [like
these] helping direct and
channel young, bright
minds to pursue free
market, sustainable
solutions, thereby reducing
reliance upon government
and philanthropy.”
—Ron Tarrson, ’72 (XP-31)
Social Enterprise Lab
Te Social Enterprise Lab gives students frst-hand experience
working with local nonproft and for-proft enterprises with
social missions.
Big Problems, Big Ideas
Students and staf from across the University of Chicago came
together to discuss and identify solutions to some of the biggest
problems faced at local and global levels in education, public health
and safety, environment, and technology. Speakers in 2011 included
John Tolva, CTO, City of Chicago, and Rick Stevens, associate
laboratory director, Argonne National Laboratory, among others.
Social Enterprise Initiative (SEI) Launches
Tis spring, Chicago Booth launched a new center that
aims to enhance the efciency and impact of social sector
organizations through research, data collection, communication,
and education. Te Polsky Center has begun collaboration
with the Social Enterprise Initiative on a variety of social
entrepreneurship programs. Robert Gertner, deputy dean
and Joel F. Gemunder Professor of Strategy and Finance, and
Marianne Bertrand, Chris P. Dialynas Professor of Economics,
serve as SEI’s faculty directors. Christina Hachikian, AB ’02,
MBA ’07, was brought on as director and oversees SEI’s day-to-
day activities and programs.
Learn more at research.ChicagoBooth.edu/sei.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 19
ALUMNI PROFILE
RON TARRSON, ’72 (XP-31)
Owner, Santa Fe Aero Services
AS A CHICAGO BOOTH STUDENT in the 1970s, Ron took classes that focused on corporate
responsibility, and the lessons he learned stayed with him. Recognizing that many of the social
services set up in the 1970s no longer assist the current world population, Ron’s interest in social
enterprise continued to grow.
When he talks about social entrepreneurship
programs, Ron references what Tom Brokaw called
the “greatest generation.” Brokaw used this term to
describe individuals who participated in initiatives
at home and on the front lines during World War
II. Ron, however, notes that each generation has
“something great to ofer humanity.” His passion
for aviation and World War II history has con-
nected him with veterans who have accomplished
great things at a young age, yet Ron also sees the
young minds of today as addressing major world
problems by leading entrepreneurial eforts.
A self-diagnosed “genetic entrepreneurship disor-
der” led to his involvement with the New Venture
Challenge, and he has made the trek annually from
Santa Fe, New Mexico, to Chicago to witness and
give feedback to more than 40 student teams at the
NVC fnals over the years. Given his interest in
social impact, however, he had a few other ideas
for the program.
Recognizing the potential for social ventures, Ron
worked with faculty at Booth to promote programs
that spur development of social enterprises. “I see
programs [like these] helping direct and channel
young, bright minds to pursue free market, sus-
tainable solutions, thereby reducing reliance upon
government and philanthropy.”
Ron’s support was critical in the formation of the
Social Enterprise Lab course, and in 2010, the Social
New Venture Challenge, the social track of the
NVC, which allows students to create sustainable
business models that address society’s needs.
“Success seems to bring success,” Ron said, a senti-
ment clearly echoed by the SNVC this year.
20 LEARNING IN ACTION
PRIVATE EQUITY AND VENTURE CAPITAL PROGRAMS
Students interested in private
equity and venture capital have
many opportunities to gain
hands-on experience.
Private Equity and Venture Capital Lab
Trough a competitive application, matching, and
selection process, students are paired with a private
equity or venture capital frm for a 10-week intern-
ship, where they tackle specifc assignments that
range from evaluating a current portfolio company
to identifying new opportunities for investment. Tis
year, 46 students interned at 34 frms. (See page 43 for
a full list of participating companies.)
Learn more at
polskycenter.com/pelab.
Sponsors
Merrick (Rick) Elfman, ’83
Therese (Teri) L. Wareham, ’82
Venture Capital Investment
Competition (VCIC)
In February, we hosted the eighth annual Venture
Capital Investment Competition, a daylong event that
gave student groups the chance to act as investors.
Tree early stage ventures presented their need for
seed capital to student teams, who each selected one
venture for investment and developed a term sheet.
Te students negotiated deals in front of a panel of
10 premier venture capitalists from the Chicagoland
area. Chicago Ventures (comprised of Kristin
Barrett, ’12, Adi Filipovic, ’12, Full-Time MBA
student Ray Lian, Dipa Talati, ’12, and John Tough,
’12) won and worked with faculty coordinator Scott
Meadow, clinical professor of entrepreneurship, over
the next several weeks to prepare for the regional
VCIC in Boulder, Colorado.
Learn more at
student.ChicagoBooth.edu/group/evc/vcic/index.htm.
Sponsors
SILVER
Sandbox Industries
BRONZE
Katten Munchin Rosenman LLP
TRAVEL
Horwood Marcus and Berk
PRINTING
AlphaGraphics
Sterling Partners Investment
Thesis Challenge (SPITC)
In 2011, the Polsky Center kicked
of the Sterling Partners Investment
Tesis Challenge, a program designed
to give private equity students hands-
on experience crafing an original
investment thesis. Te frst program of
its kind, SPITC allowed seven student
teams to work with mentors at private
equity frms, as well as an advisor
from Chicago Booth, to develop an
investment thesis and recommend an
exeution strategy.
“[SPITC provided] an
entrepreneurial way to approach
something that typically does
not appear entrepreneurial.”
—Jamie Shah,
Full-Time MBA student and
SPITC participant
Learn more at
polskycenter.com/spitc.
Sponsors
TITLE
Sterling Partners
Participating ?rms
Lake Capital
Madison Dearborn Partners
Sterling Partners
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 21
Hamer Small Business Initiative
Te Donald Hamer, ’58, Small Business Initiative
allows the Polsky Center to develop educational
programs that target regional small businesses and
add value to the local economy and the Chicago
Booth community. In February, we cohosted a
sold-out Digital Marketing Strategies workshop
with the Entrepreneurship and Venture Capital
student group. Students, faculty, and staf learned
efective strategies for maximizing web conversion
from expert speakers including Joe Dwyer of OCA
Ventures, Troy Henikof of Excelerate Labs, and
Suzanne El-Moursi of Power2Switch.
Learn more at
ChicagoBooth.edu/entrepreneurship/
initiatives/hamer.aspx.
Lab courses:
Consulting to Small Businesses
Trough the New Venture Lab and
Clean Tech Lab courses, students have
the opportunity to consult with small
businesses on projects related to op-
erations, marketing, strategy, or, in the
case of the Clean Tech Lab, developing
a commercialization plan for a newly
developed technology. Lectures and
discussions address issues faced by
entrepreneurial organizations, as well
as cover industry-specifc dynamics.
(See page 43 for a list of
participating companies.)
SMALL BUSINESS PROGRAMS
Students gain hands-on experience with small businesses through lab courses,
workshops, and other events.
22 LEARNING IN ACTION
ALUMNI PROFILE
RICK ELFMAN, ’83
Senior Managing Director, Sterling Partners
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 23
RICK STARTED HIS FIRST BUSINESS at 13, selling comic books, baseball cards, and
other collectibles. By the time he was 18, it was the largest company in its industry.
Afer graduating from Tufs University, Elfman took over his father’s business for a time,
and then attended Booth. He spent the next four years working at Goldman Sachs doing
a job he loved, but couldn’t let go of the nagging feeling that he wanted to create his own
business again.
It was at this point that Rick met Steven Taslitz, who would become the cofounder of
the private equity frm Sterling Partners. Te two eventually became business partners,
raising funds and successfully investing in companies at a time when private equity just
wasn’t a big industry in Chicago.
“Te entrepreneurs you meet are so interesting, and their industries have such diferent
needs,” Rick said, when asked why he pursued a career in private equity. “I love to look at
a business and see how we can help it grow. It’s a competitive market now, and there is a
lot of regulation and reporting, but when it comes down to it, it’s about the people.”
Today, Chicago-based Sterling Partners is a middle market private equity frm with ap-
proximately $5 billion in assets under management. Rick Elfman has been a longtime
supporter of private equity programming at the Polsky Center, and recently became the
title sponsor of the frst-ever Sterling Partners Investment Tesis Challenge.
Te Investment Tesis Challenge was launched in the 2011–12 academic year. “We were
looking for creative ways to start deal fow,” Rick said. “We brainstormed with the Polsky
Center, and developed a program that doesn’t yet exist at any other business school. We
got access to potential deal fow and hires. Booth students were able to gain valuable ex-
perience, and learned a lot. We’re looking forward to next year already!”
“I learned a lot on my own, and a ton more at Chicago Booth,” said Rick of his education.
“Without it, I wouldn’t have been hired by Goldman. Tis is just one reason I love to give
back. Chicago Booth has made a tremendous impact on where I am today.”
24 ALUMNI AND STUDENT GROUPS
SECTION 3
ALUMNI AND
STUDENT GROUPS
ALUMNI
Te Chicago Booth alumni entrepreneurial community includes more than 550
entrepreneurs who are making an impact on the global economy.
25 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
ALUMNI PROFILE
UZI SHMILOVICI, ’11
Founder and CEO, Future Simple
“START WITH THE END IN MIND,” Uzi said when asked what advice he would give
budding entrepreneurs.
Tis advice comes straight from his past
experiences as an entrepreneur. Afer
founding several companies, Uzi decided
to embark on the journey once again
in 2009, when he came to Booth with
an idea for a new venture that would
provide simple and intuitive sofware for
small businesses. Troughout the stan-
dard roller coaster lifestyle inherent to
entrepreneurs, Uzi and his team learned
that once your fnal vision is clear,
“everything seems to be within reach.”
Within reach it was: Uzi and his team
placed second in the 2010 New Venture
Challenge. Uzi spent the next two years
working diligently on his company, using
ofce space within the Polsky Center’s
ARCH Incubator, which he eventually
outgrew. Te company has grown to 24
employees and received nearly $8 million
in external funding from OCA Ventures,
I2A Fund, Index Ventures, Social +
Capital, and others.
Te desire to make an impact drives Uzi and his team every day. Tere are millions of CRM users
around the world, and it is one of the fastest growing areas in business sofware.
Uzi and his cofounders had all experienced the pains of starting a small business, and those pains did
not subside with the CRM sofware that was on the market. Teir slogan, “simple sofware for small
business,” exemplifes their original pain point and how Future Simple has solved it. Because of his
experiences with start-ups, Uzi passionately believes that solving this pain point for small businesses
is what makes him and his team tick.
Learn more at futuresimple.com.
26 ALUMNI AND STUDENT GROUPS
ALUMNI GROUPS
We work closely to support
alumni in their entrepreneurial
endeavors, hosting events
throughout the year to promote
and foster access to the Chicago
Booth alumni network.
Regional Alumni Groups
Regional alumni groups, including the Booth
Entrepreneurship Group in Chicago and
Entrepreneurial Advisory Groups in Boston,
New York, San Francisco/Silicon Valley, and
Washington, DC host monthly and bimonthly
events to bring together entrepreneurial alumni
to network and learn from each other.
Learn more at
ChicagoBooth.edu/alumni/clubs.
Entrepreneurs Mentorship Program
Te Entrepreneurs Mentorship Program connects
Chicago Booth students with entrepreneurial
alumni, ofering a unique educational experience
for students interested in pursuing an entrepreneur-
ial career. Tis year, more than 35 students were
matched with alumni in a range of industries, from
health care to food and beverages to online gaming.
Sponsors
Chicago Booth Alumni Affairs and Development
Chicago Booth Career Services
Alumni involvement is critical to the quality
and success of the center’s programs. To
get involved, contact Tracey Keller at
[email protected].
Chicago Private Equity
Network (CPEN)
Te Chicago Private Equity
Network connects University of Chi-
cago alumni working in private equity
and venture capital. CPEN has more
than 300 members worldwide and
chapters in Chicago and New York.
Learn more at chicagopen.com.
Industry and Academia Dinners
Last year we launched a new dinner
series for private equity alumni. Tis
year, professor Steven Neil Kaplan
presented cutting-edge research to
attendees in Chicago, New York, and
Palo Alto, California.
27 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
PRIVATE
EQU I T Y
GROUP
STUDENT GROUPS
Chicago Booth students interested in entrepreneurship, venture capital,
and private equity can join several groups to gain leadership and hands-on
experience, as well as expand their network.
Te Entrepreneurship and Venture Capital Group and Private Equity Group for Full-Time MBA
students, and the Private Equity, Entrepreneurial Ventures, and Venture Capital Club (PEVC) for
Evening MBA and Weekend MBA students host a variety of conferences, guest lectures, social events,
and more each year.
Other student groups include the Business Solutions Group, Business Entrepreneurship Trough
Acquisition (BETA), Energy Group, Family Enterprise Group, the Booth Technology Group (for-
merly the High-Tech Group), and Net Impact.
Learn more at
ChicagoBooth.edu/entrepreneurship/resources/groups.aspx.
28 SCHOLARSHIPS AND AWARDS
SECTION 4
SCHOLARSHIPS
AND AWARDS
SCHOLARSHIPS
Each year, the Polsky Center
grants fellowships and
awards to students pursuing
entrepreneurship and
private equity careers. Tese
scholarships recognize students
who have demonstrated
excellence in their
entrepreneurial endeavors.
Te Vashee Promising Entrepreneur Award,
generated from the Sita and Vijay
Vashee, ’77, endowment fund, provides
a monetary award to a graduating
student who demonstrated leadership in
entrepreneurship at Chicago Booth. Tis
year’s winner, Daniel Shani, ’12, joins
the ranks of others who have gone on to
pursue entrepreneurial careers.
Daniel Shani, ’12
As a Full-Time MBA student with concentra-
tions in entrepreneurship and strategic man-
agement, Daniel served as Entrepreneurship
and Venture Capital student group co-chair,
and took a leading role in expanding
Booth’s entrepreneurship programs and
community outreach throughout Chicago. He
championed Booth’s entrepreneurship offerings to prospective
and admitted students, and educated many of his fellow stu-
dents through workshops organized for the Startup Factory. He
also participated in the Entrepreneurial Internship Program, the
Venture Capital Investment Competition, the Entrepreneurial
Sales Competition, and he competed twice in the
New Venture Challenge.
Daniel is now pursuing his second NVC start-up, Energy
Intelligence, which aims to revolutionize the reuse of energy
lost on roadways by embedding electro-mechanical devices in
road surfaces to recapture energy otherwise lost by vehicular
traf?c. Energy Intelligence was a Northeast region semi?nalist
in the Cleantech Open, a national competition and summer
accelerator in Boston.
29 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Te Lonnie Moulder, ’97, Student Entrepreneur Award is given to a graduating student
who has launched or signifcantly grown a new venture while pursuing an MBA at
Chicago Booth. Tis year, the award went to Bob Gillespie, ’11.
Bob Gillespie, ’11
Bob is a 2011 graduate of the Evening MBA Program and the cofounder of InContext Solutions, a ?nalist in
the 2009 New Venture Challenge. He has more than 20 years of experience in consulting, technology, leader-
ship, and operations. A serial entrepreneur, he believes the ability to build great teams is the most important
factor of success. By hiring smart, passionate people and providing solid leadership in a culture of innova-
tion and creativity, Bob believes a new venture can create industry-changing products and platforms.
Upon launching, InContext Solutions quickly gained attention from investors, clients, and the media; it was named one of
America’s Most Promising Companies by Forbes, and was selected from over 300 companies as the winner of the Up-and-Com-
er Award at the Chicago Innovation Awards. InContext was also named one of the Cool Vendors in Consumer Goods by Gartner
in 2011. InContext’s customers include many of the most recognized brands in the world.
Te Can?eld Private Equity
Fellowship was established
in 2008 by Philip A.
Canfeld, ’96. Each year, one
or two incoming students are
selected to receive a fellowship
that includes fnancial
assistance toward graduate
study and an internship at a
private equity frm in Chicago.
Full-Time MBA student Lucas
de Vos was chosen as the
2011–12 Canfeld Fellow.
Lucas de Vos
Lucas was the president
of the Investment Banking
Club and the Finance &
Investment Society at Uni-
versity of Wisconsin, which
led him to a career at Mer-
rill Lynch, as an analyst in the mergers and
acquisitions group. From Merrill Lynch, Lucas
moved on to an associate position in private
equity at the Quadrangle Group. Because of
Lucas’s impressive experience in investment
banking and private equity, as well as his
drive to earn an MBA that would propel him to
a career in investments, he was the recipient
of the Can?eld Fellowship in his ?rst year at
Chicago Booth.
Te Herman Family Fellowship for Women
in Entrepreneurship is given annually by
Karen and Michael Herman, ’64, to a
female student dedicated to studying
entrepreneurship. Full-Time MBA student
Sarah Press was chosen as the 2011–12
Herman Fellow. In 2011, more than 25
alumnae attended the annual Herman Fellow
Reunion to hear from guest speakers Heather
Becker, CEO of the Chicago Conservation
Center, and Rohini Dey, founder and CEO of
Vermilion restaurant.
Sarah Press
In fall 2011, Sarah immediately jumped head-?rst
into entrepreneurship with her start-up
CommuniTeach, which was selected to partici-
pate in the New Venture Challenge. As a co-chair
of the Entrepreneurship and Venture Capital
student group, Sarah experienced the collabora-
tive entrepreneurial network within Booth, which prompted her to
pursue her passion for a new start-up, entitled Project Fixup. Sarah
plans to continue development on Project Fixup during her second
year at Chicago Booth.
30 SCHOLARSHIPS AND AWARDS
COMPETITIONS AND AWARDS
ITA CityLIGHTS
Te Illinois Technology Association celebrated
companies whose innovation and success are
driving growth in the regional technology
community at its 13th annual CityLIGHTS
awards. Nominees included
two University of Chicago
companies: GrubHub was
a fnalist and Braintree
won the Rising Star award
for its growth into a seri-
ous competitor in the marketplace. Ian Foster,
director of the University of Chicago Computa-
tion Institute, was named Technologist of the
Year for his leadership in developing innovative
computational approaches.
Chicago Innovation Awards
Te Chicago Innovation Awards an-
nually celebrates innovation in the
Chicago region. Power2Switch,
cofounded by Seyi Fabode, ’10, and
Phil Nevels, ’10, and InContext
Solutions, cofounded by Bob
Gillespie ’11, were named two of the
Up-and-Comer Award-winning
companies for 2011.
Business Competitions and Awards
We ofer fnancial support and faculty advisors to students interested in participating in business
competitions beyond Booth. A few examples from this year include:
Rice Business Plan Competition: ARBORVITA ASSOCIATES and SLIDESTACKS earned $1,300 in prizes during
the Shark Tank Round.
Startup Weekend: EDITHUDDLE competed in the Chicago edition of this national program.
Impact Investing Challenge: RESIDENTIAL MANAGED ENERGY SERVICES AGREEMENT (R-MESA)
FUND from the university’s Harris School of Public Policy was named a ?nalist in this pitch competition focused on
designing investment vehicles that create sustainable impact.
Wharton MBA Buyout Case Competition: The Chicago Booth team placed ?rst for the ?rst time ever; the team included
KAUSHIK RAVI, ’12, SEAN STERNBACH, ’12, and Full-Time MBA students MICHAEL GOY, KATIE OSSMAN,
and WILLIAM YOON.
William James Foundation Socially Responsible Business Plan Competition: LUMINAID LAB won the idea phase of this
competition in Washington, DC.
White House Champions of Change Campus Challenge: MONEYTHINK was named a Top 5 college start-up.
UN Social Innovation Summit: MONEYTHINK claimed $25,000 at this competition, which supports nonpro?ts working for
social change and impact.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 31
ALUMNI PROFILE
SEYI FABODE, ’10, and
PHIL NEVELS, ’10
Cofounders, Power2Switch
IN RECENT YEARS, COMPANIES AND INDIVIDUALS around the world have become more cog-
nizant of the cost and efciency of their environmental footprint. Seyi and Phil recognized this trend
and the business opportunities associated with it.
Te duo met in their frst week at Chicago Booth and
competed against each other that spring in the 2009
New Venture Challenge. During their second year,
they decided to team up and move forward with Seyi’s
NVC idea, which later became Power2Switch. Us-
ing Seyi’s experience in the energy industry and the
knowledge of how cost and environmental awareness
can impact purchasing patterns, the team developed
an online platform that allows residents and busi-
nesses in Illinois, Texas, and other states to select their
electricity provider.
Seyi and Phil say that the camaraderie of the Booth start-up
community was integral to their success, especially in the
early stages of their entrepreneurial journey. Tey worked for
over a year in the Polsky Center’s ARCH New Business
Incubator, and credit the access to top faculty and experts as one of the most
valuable experiences for Power2Switch.
Te team was accepted into the 2011 class at Excelerate Labs, a Chicago-based business accelerator
program, where hard work, critical feedback, and mentoring helped them refne their business model.
Later that year, Power2Switch was selected as one of fve start-ups to participate in the Clinton Global
Initiative and was chosen as one of the winners of the Up-and-Comer Award at the Chicago
Innovation Awards.
Even though they are in their own space now, as alumni, Seyi and Phil interact regularly with the
Polsky Center and are grateful for the center’s continued support. Power2Switch recently began ofering
service in New Jersey and plans to expand to additional deregulated markets across the United States.
Phil Nevels, ’10
Seyi Fabode, ’10
32 BUILDING THE ENTREPRENEURIAL COMMUNITY
SECTION 5
BUILDING THE
ENTREPRENEURIAL
COMMUNITY
ACROSS THE UNIVERSITY CAMPUS
Building on the growing interest in innovation and entrepreneurship at the University
of Chicago, we hosted a number of events to facilitate multidisciplinary collaborations
across the campus. We expanded programming and our work with the Biological
Sciences Division, the College, the Harris School for Public Policy, the Law School,
Medical School, and the university’s Tech Transfer Ofce, among others, to grow the
entrepreneurial ecosystem at the university.
UChicago Mobile App Challenge
Te University of Chicago IT Services
department hosted the frst-ever UChicago
Mobile App Challenge, which allowed
members of the university community
to submit ideas for a mobile application.
We partnered with IT Services on this
competition. Second-year College student
Matthew Krisilof won for his idea,
SwipeExchange, which allows students to
sell excess guest swipes from their university
ID card (for meals and other items) to other
students and faculty at a reduced cost.
Learn more at
techincubator.uchicago.edu.
Partners
Computer Science Professional Program
Department of Computer Science
IT Services
Vice President for Communications Of?ce
UChicago Social Innovation Competition
Tis yearlong competition prompts University
of Chicago undergraduates to create a viable plan for
a nonproft or for-proft enterprise with
a technological component that will create
positive social impact on the community. Organized
by the University of Chicago Career Advancement
Ofce, the Social Innovation Competition has been
supported by the Polsky Center since its founding
in 2010. Te winning team, CrowdCoin, received
the grand prize of $10,000 to start their venture.
Learn more at
careeradvancement.uchicago.edu/
entrepreneurship/innovation-competitions.
Partners
Chicago Careers in Business (UCIB)
Chicago Careers in Public and Social Service (CCIPSS)
Chicago Careers in Science and Technology (CCIST)
33 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Innovation Workshop Series (IWS)
Te Innovation
Workshop Series
brings together
researchers, innovators, entrepreneurs, investors,
and others from across the university to gain
a better understanding of best practices for
commercializing university technology. We
cohosted three events this year on topics such as
technological innovation, intellectual property
protection, and commercializing research.
Speakers included: Neil Kane, ’91, cofounder and
former CEO, Advanced Diamond Technologies;
Lisa Kurek, managing partner, Biotechnology
Business Consultants; and David Kalow, AB ’74,
JD ’76, partner, Kalow & Springut LLP.
Learn more at ChicagoBooth.edu/iws.
Sponsor
ARCH Venture Partners
Partner
Of?ce of Technology and Intellectual Property
(UChicago Tech)
Ideation Sessions
Ideation Sessions act as interactive brainstorming
workshops for MBA students, in which they learn
about new university research and explore poten-
tial commercialization opportunities and business
applications. Tis year, we expanded the program
to include technologies at Argonne National
Laboratories. Site Diagnostics, which focuses on
veterinary diagnostic applications using a gel-drop
technology, was formed through this collaboration
and became a fnalist in the New Venture Challenge.
Sponsors
Argonne National Labs
Of?ce of Technology and Intellectual Property
(UChicago Tech)
Partners
Global Health Initiative
Harris School of Public Policy
School of Social Service Administration
Urban Education Institute
UChicago Innovation Showcase
In May 2012, we hosted the frst-ever
Innovation Showcase, an interactive
celebration of entrepreneurship,
innovation, and collaboration across the
University of Chicago community. Nearly
40 start-ups and projects were featured at
the event, including ventures competing
in the NVC, SNVC, the UChicago Mobile
App Challenge, and the UChicago Social
Innovation Competition.
Learn more at
innovationshowcase.uchicago.edu.
Sponsors
IT Services
UChicago Graduate Council
34 BUILDING THE ENTREPRENEURIAL COMMUNITY
ALUMNI PROFILE
ASHISH RANGNEKAR, ’11
Founder and CEO, BenchPrep
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 35
ONLY A FEW YEARS IN, Ashish’s business idea has grown into a serious competitor
in the test prep space. His company, BenchPrep, has more than 300,000 customers and
works with over 20 publishers, from McGraw Hill to the Princeton Review, to prepare stu-
dents for standardized tests like the SAT and MCAT, on web, Android, iPhone, and iPad
platforms. Te company won the 2010 New Venture Challenge, and almost immediately
received funding from Lightbank. In July 2012, BenchPrep took an additional $6 million
round of funding from New Enterprise Associates and others to further grow the company.
Te company is clearly on track for success, but Ashish explained it took a lot of “hard work
and hustle” to get to this point. BenchPrep launched its MVP [minimum viable product], a
GMAT app, in January 2009. Afer a month in Apple’s app store, the company had earned
$10,000. “Tis is when we thought, ‘Aha! We might have something!’” said Ashish. “Just over
a year later, at the Education Innovation Summit, we received the Best in Class award. Tis
conference is the mecca of tech education, so it was a major validation of our idea.”
In the spring of 2010, BenchPrep won the NVC and through that program accessed mentors
and investors—including Eric Lefofsky and Brad Keywell of Lightbank. “Tis was a wake-
up call,” said Ashish. “BenchPrep was no longer an idea, but a business. And it was surprising
how little I knew about the business until I actually did it. Getting that hands-on experience
was critical, and supplemented what I’d learned in the classroom.”
Trough Lightbank’s initial round of funding, Ashish gained access to some of the resources
that would be critical to scaling the business. Over the following year—year two—
BenchPrep continued to refne the business model, scrapping unnecessary features, and in-
corporating customer feedback to develop the current platform, which launched in July 2011.
Tis was one of the hardest parts, Ashish explained. “It’s very easy to keep saying yes, to add
more, to try to do everything. I had to learn to say no and focus on what’s best and most
important to the business. It took time for me to learn to focus on what’s going to help get the
business ahead.”
Moving forward, Ashish is applying some of those lessons to help his company grow. “I
know now that I need to focus. I may have to say no to 10 things before saying yes to one,
and that’s OK. I also learned that I shouldn’t overthink. Sometimes, the most critical part
is just starting.”
36 BUILDING THE ENTREPRENEURIAL COMMUNITY
Hyde Park Angels (HPA) and Hyde
Park Venture Partners (HPVP)
Hyde Park Angels is a Polsky Center-
afliated angel network of more than
100 investors, who invest in seed and
early-stage businesses primarily located
in the Midwest. Since its founding in
2007, HPA has invested in 15 companies,
including Gradebeam and FeeFighters,
both of which were successfully
sold in the past year.
Learn more at hydeparkangels.com.
HPA managing director Ira Weiss,
MBA ’99, PhD ’01, clinical professor
of accounting and entrepreneurship,
announced this fall the formation of Hyde
Park Venture Partners, an early stage
venture capital fund that invests in early
stage technology companies. To date,
HPVP has invested in two companies:
InContext Solutions and TapMe.
Learn more at hydeparkvp.com.
CHICAGO AND THE MIDWEST
HPA ofers the opportunity for Chicago Booth
students to participate in the deal evaluation
process and gain valuable venture capital ex-
perience through the HPA Associate Program.
Trough a rigorous interview process, 16 stu-
dents were selected to work as associates for the
year, acquiring frsthand experience screening
potential deals, coaching entrepreneurs, and
working with HPA members. Te 2011–12
associates are listed below:
LEAD ASSOCIATES
Michael Fineman, ’12
Hari Kalyanaraman, ’12
ASSOCIATES
(ALL FULL-TIME MBA STUDENTS)
Santiago Delgado
John Doyle
Sanjiv Kalevar
Kai Kung
Raphael Mannino
Shantanu Nundy
Jamie Shah
Rob Silver
Shivam Srivastava
Ricardo Taveira
Ulises Walker
Harrison Wheaton
JUNIOR ASSOCIATES
John Faughan
Vicki Peng
37 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Chicagoland Entrepreneurial
Center (CEC)/1871
Te Polsky Center has long been a partner
of the Chicagoland Entrepreneurial Center,
which works with high-growth digital
start-ups in Chicago. In spring 2012, the
CEC opened 1871, a 50,000 square foot,
highly collaborative space downtown in
the Merchandise Mart, named for the
date of the great Chicago fre. Te goal
is for 1871 to become the “hub of digital
tech” for the city, according to Kevin
Willer, ’10 (XP-79), president of the
CEC and 1871. Te Polsky Center has an
ofce there, allowing us to work more
closely with the Chicago entrepreneurial
community. More than 150 other start-
ups, entrepreneurial organizations such
as Excelerate Labs and the Illinois Science
and Technology Coalition, venture frms,
and universities have space in the center.
Learn more at 1871.com.
Built In Chicago
Over the past year, we forged a deep
relationship with Built In Chicago, the
largest online community of entrepreneurs
and digital innovators who are working
hard to create the next big web or mobile
business. Te site allows its 8,000-plus
members to connect and collaborate. Built
In Chicago has a strong presence ofine as
well, and has supported a number of Polsky
Center events, including the New Venture
Challenge People’s Choice Award and
Innovation Showcase.
Learn more at builtinchicago.org.
Excelerate Labs
Chicago-based Excelerate Labs ofers an intensive
summer start-up accelerator, driven by proven
entrepreneurs and investors. Ten teams, including
New Venture Challenge company Cureeo, spent
the summer developing and growing their
businesses. Several faculty and staf serve as
mentors to participating companies. Troy Henikof,
Excelerate’s managing director, is an NVC coach,
and cofounder Sam Yagan serves on the Polsky
Center’s Entrepreneurship Advisory Board.
Learn more at exceleratelabs.com.
Techweek
Tis spring, we supported Techweek, a weeklong
series of exhibitions, events, workshops, and
more with the goal to connect attendees to new
technology that will impact the next generation of
business and consumer life.
Learn more at techweek.com.
Chicago Ideas Week (CIW)
October 2011 witnessed the frst-
ever Chicago Ideas Week, a week
dedicated to the sharing of ideas,
inspiring action, and igniting
change to positively impact
our world. Attendees included
artists, engineers, technologists,
inventors, scientists, musicians,
economists, explorers, and more. Tese attendees
participated in more than 80 sessions across the
city of Chicago, including several on the university
campus in Hyde Park. Chicago Booth was an
education sponsor of the event.
Learn more at chicagoideas.com.
38 BUILDING THE ENTREPRENEURIAL COMMUNITY
ALUMNI PROFILE
MICHAEL PAPE, ’06 (XP-75)
Cofounder, Orchard Venture Partners, and CEO, Nymirum
MICHAEL PAPE IS A SERIAL ENTREPRENEUR on a quest to develop a new generation of
disease-fghting drugs. In 1998, Pape cofounded Esperion Terapeutics, which eventually sold to
Pfzer, Inc. for $1.3 billion. Tis was only the beginning of his entrepreneurial journey.
Michael went on to cofound Orchard Venture Partners, a venture capital frm, with several portfolio
companies in the feld of drug development. One of them—Ann Arbor, Michigan–based Nymirum,
which Michael heads as CEO—aims to develop drugs to treat diseases caused by dysfunctional
human RNA.
Acting on an early fascination with biochemistry, Michael earned a bachelor’s degree from the University
of Michigan and a PhD from Purdue University. He began his career as a research biochemist at Te
Upjohn Company, then moved to Warner-Lambert/Parke-Davis in 1991, where he worked on the block-
buster cholesterol-fghting drug Lipitor.
It wasn’t until the sale of Esperion in 2004 that he enrolled at Chicago Booth for a what-next check. At
Booth, he learned the language of business and the fundamentals of fnancing start-ups while also meet-
ing his future Orchard partner, J.P. Fairbank.
But Michael isn’t all business. He also teaches at the University of Michigan and helps lead the Collegiate
Church Network, which ministers to college students.
Michael is the 2012 recipient of the Chicago Booth Distinguished Entrepreneurial Alumni Award.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 39
CONFERENCES AND EVENTS
SeedCon: 13th Annual
Entrepreneurship and
Venture Capital Conference
Cohosted by the Entrepreneurship and
Venture Capital student group and the Polsky
Center, SeedCon brought together more than
300 students, entrepreneurs, and investors
from the Chicago area in November. SeedCon
is now a one-and-a-half-day event, featuring
a fast-pitch competition on Tursday evening
and a full day of panels, keynote speakers, and
networking on Friday.
Speakers such as Matt Moog, founder, Built In
Chicago; Brad Burnham, managing partner,
Union Square Ventures; and Jason Fried,
cofounder and president, 37Signals, covered
the current state and future of innovation
and entrepreneurship at SeedCon 2011.
Learn more at seedcon.com.
Sponsors
PLATINUM
Katten Muchin Rosenman LLP
GOLD
Chicagoland Entrepreneurial Center
SmartBox
BRONZE
Groupon
Hyde Park Angels
Illinois Ventures
InContext Solutions
OCA Ventures
RedBox
IN-KIND
AlphaGraphics
Argentum Strategy Group
BucketFeet
Built In Chicago
Chicagoland Chamber of Commerce
Doejo
Entrepreneur magazine
EventBrite
Excelerate Labs
FeeFighters
Harpoon Brewery
ITA
Lightspan Digital
Richards Patent Law
Technori
Jim Dugan,
OCA Ventures
Lon Chow,
Apex Ventures
Partners
Karin O’Conner,
Hyde Park Angels
40 BUILDING THE ENTREPRENEURIAL COMMUNITY
CONFERENCES AND EVENTS CONTINUED
11th Annual Beecken Petty O’Keefe &
Company Private Equity Conference
Industry professionals and students gained
valuable insights from leaders in the private
equity industry at this year’s conference, themed
“Expanding Beyond Traditional Models.”
Speakers, including Steven Taslitz, cofounder
and senior managing partner, Sterling Partners,
and Glen Hutchins, cofounder and co-CEO,
Silver Lake, focused on new strategies for
achieving industry-leading performance in
today’s challenging PE environment.
Learn more at
student.ChicagoBooth.edu/group/
pe/conference.
Sponsors
TITLE
Beecken Petty O’Keefe & Company
PLATINUM
BCG
Ernst & Young
Kirkland & Ellis LLP
McDermott Will & Emery LLP
Winston & Strawn LLP
SILVER
Grant Thornton
MEDIA
Crain’s Chicago Business
MARKETING
Alphagraphics
Alt Assets/Limited Partner Magazine
Capital Roundtable
Chicago Private Equity Network
Global Fund Media/Private Equity Wire
Illinois Venture Capital Association
Journal of Private Equity
Thomson Reuters/Buyouts
Steven Taslitz,
Sterling Partners
Glen Hutchins,
Silver Lake
41 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Energy Forward 2012
In the spring, with the Chicago Booth Energy
Group, we cohosted Energy Forward, a daylong
event that explored some of the most pressing
issues in the global energy market. More
than 150 students and Chicago-area business
leaders gathered at Gleacher Center to hear
from experts including Raul Sendic, president
and chairman, ANCAP; Juan Jose Suarez
Coppel, CEO, PEMEX; and Sonny Garg,
AB ’89, MBA ’00, president, Exelon Power.
Sponsors
GOLD
Chevron
Invenergy
BASF
SILVER
Ungaretti and Harris LLP
Exelon
BRONZE
Areva
DTE Energy Resources, LLC
PRINTING SPONSOR
AlphaGraphics
Energy Junction
Cohosted by the Energy Club, which is made
up of Evening MBA and Weekend MBA
students, the Energy Junction conference
complemented the content at Energy
Forward. More than 100 attendees from the
oil and gas, electricity generation, renewables,
management consulting, investment banking,
and energy trading industries attended.
Sponsors
PLATINUM
Booz & Company
CH2M Hill
GOLD
Exxon
FMC Technologies
SILVER
Booth Energy Network
Chevron
42 ACKNOWLEDGEMENTS
Lifetime Donors $100,000 and over
Individuals
Reva M. Bates* and Rex J. Bates,
SB ’47, MBA ’49
David K. Beecken, ’70
Ann Bobisud*
Willie D. Davis, ’68
Merrick (Rick) Elfman, ’83
Mr. and Mrs. Lawrence I. Field
Gerald R. Gallagher, ’69
Tracy Gueno Gardner, ’90
Melvin R. Goodes, ’60
Kathryn C. Gould, ’78
Marie L. Bednar and Donald W. Hamer, ’58
Susan Hapak, ’89
Karen M. Herman and Michael E. Herman, ’64
Cynthia M. Hultquist and Timothy A. Hultquist, ’75
Raymond K. Hung, ’73, and the Hung Family Foundation
Carol Kaplan and Edward L. Kaplan, ’71, and the Kaplan Foundation
Rattan L. Khosa, ’79
Sherman R. Lewis Jr., ’64*
Mr. and Mrs. Robert C. McCormack, ’68
Alicia M. Miller and William A. Miller, ’67, and the Alicia M. and
William A. Miller Foundation
Jeanette Lerman-Neubauer and Joseph Neubauer, ’65, and the
Neubauer Family Foundation
Michael P. Polsky, ’87
Julianne H. Rose, ’81 and Clayton S. Rose, AB ’80, MBA ’81
Jean Head Sisco, ’46*
Immanuel Thangaraj, AB ’92, MBA ’93
Robert and W. Keren Vishny
Therese (Teri) L. Wareham, ’82
*Deceased
Companies and Foundations
ARAMARK Corporation
ARCH Venture Partners
Clinton W. Bybee, ’90
Keith L. Crandell, ’88
Steven Lazarus
Robert T. Nelsen, ’87
Ewing Marion Kauffman Foundation/Kauffman Center for
Entrepreneurship Leadership
Mitsubishi Corporation
Molex Incorporated
Textron, Inc.
Willis Stein & Partners
SECTION 6
ACKNOWLEDGEMENTS
DONORS, HOSTS, AND SPEAKERS
We thank our donors, host companies, and speakers for their support of our many
programs and activities throughout the year. Te list below recognizes those who
have not been mentioned previously in the report.
43 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Program Host Companies
Entrepreneurial Internship
Program
Atlantic Ventures
Beautybox
Big Bend Brewing Company
Bites
BucketFeet
CaptainU
Contently
Dot-to-Dot Children’s Books
Edmodo
EGraphs
Eirene
Flurry
Future Simple
General Assembly
Groupinion
GrubHub
HipMunk
Insurease
Inveready Asset Management SGECR, SA
Java Sleeve
Kammock
MM Capital Advisors
Pinpoint MD
Project FixUp
ROI Ventures
Silver Lake Kraftwerk
Spanish Vines
SpotHero
Stork Stack
TBL Mirror Fund
WEVE, Inc (StyleSeek.com)
Winestyr (Corkteam, LLC)
XSell Technologies
YCharts
Private Equity and
Venture Capital Lab
Akoya Capital
Amiti Ventures
ARCH Venture Partners
Baird Capital
Beecken Petty O’Keefe & Company
CapX Partners
Chaifetz Group
Chicago Growth Partners
Duchossois Technology Partners
Equity International
Generation Growth Capital
HCP & Company
High Street Capital
Hyde Park Angels
I2A Fund
Kinsale Capital
Lake Capital
LaSalle Capital
M3 Capital Partners
Madison Dearborn Partners
McNally Capital
MedProperties Group
Merrick Ventures
MVC Capital
New World Ventures
OCA Ventures
Patriot Capital
P?ngsten Partners
Prairie Capital
Pritzker Group
Pro?le Capital
PSP Capital
Second Century Ventures
Sterling Partners
Victory Park Capital
Winona Capital
New Venture Lab
37signals
Big Time Software
BodyShopBids, Inc.
CrowdSPRING
Masala Wala
MIghtyNest
Tap.Me
ViewPoints
ViMedicus
Clean Tech Lab
AMP Americas
Coskata
Gas Technology Institute
Invenergy LLC
Nalco
NexGen Solar
A complete list of donors and host ?rms can also be found at
ChicagoBooth.edu/entrepreneurship/about/donors.aspx.
44 ACKNOWLEDGEMENTS
Guest Speakers (Selection)
Sanjay Bhatia, ’96, FMC Technologies
Jason Blumberg, ’05, Energy Results
Frank Bozich, SB ’82, MBA ’87, BASF
Tony Broglio, ’04, Lake Capital
Marco Bruzzano, DTE
Brad Burnham, Union Square Ventures
Brendan Carroll, Victory Park Capital
Jeffrey Chamberlain, Argonne National Lab
Lon Chow, Apex Venture Partners
Chris Coetzee, Robert W. Baird & Co.
Richard Copans, Madison
Dearborn Partners
Sean Cunningham, GTCR
Vince Cushin, Clean Urban Energy
Michael Danziger, IBM
Tony Davis, ’98, Linden LLC
Patrick Doyle, Winston & Strawn
Jim Dugan, OCA Ventures
Joe Dwyer, OCA Ventures
Michael Egan, Monroe Capital
Merrick (Rick) Elfman, ’83, Sterling Partners
Suzanna El-Moursi, Power2Switch
Bruce Ettelson, JD ’89, Kirkland & Ellis
Brad Flora, NowSpots
Jason Fried, 37signals
Piotr Galitzine, TMK-IPSCO
Damian Gardley, LG Chem Power Inc.
Sonny Garg, AB ’89, MBA ’00, Exelon Power
Bob Gillespie, ’11, InContext Solutions
Benji Greenberg, BCV Evolve
James Greenberger, NAATBatt
Bruce P. Hamilton, Adica, LLC
Christopher Hanson, US Department
of Energy
Don Harker, Navigant Consulting
Mark Harris, McDermott Will & Emery
Ryan Harris, McDermott, Will & Emery
Terry Harvill, ITC Holdings
KC Healy, Deloitte
Brad Henderson, AM ’01, The Boston
Consulting Group
Troy Henikoff, Excelerate Labs
Bryan Johnson, ’07 (XP-76), Braintree
Tim Juliani, Center for Climate and Energy
Pete Kadens, SoCore Energy
David Kalow, AB ’74, JD ’76, Kalow
& Springut LLP
Neil Kane, ’91, Advanced Diamond
Technologies
Steven Neil Kaplan, Chicago Booth
Garry Karch, Butcher Joseph Hayes
Tim Kelly, ’00, Adams Street Partners
John Krzywicki, True North
Lisa Kurek, Biotechnology
Business Consultants
Terrill Laughton, ’01, Johnson Controls
Michael Lindenmayer, Caregiver Relief Fund
Eric Malchow, ’94, Lincoln International
Scott Marden, MPP ’81, Compass Partners
Chris McGowan, CJM Ventures
Coco Meers, Pretty Quick
Lee Mitchell, JD ’68, Thoma Bravo
Matt Moog, Built In Chicago
Bill Morris, Akin Gump
Todd Novack, Ernst & Young
Karin O’Connor, Hyde Park Angels
Rob Ospalik, Baird Private Equity
Alvaro Ortega, IQEngineer
Paul Orzeske, Honeywell Building Solutions
Gordon Pan, Baird Private Equity
Michael Poisel, University of
Pennsylvania’s UPSTART
Michael Polsky, ’87, Invenergy LLC
Scott Provinse, SunEdison
Robert Quast, Lincoln Property Company
Pat Quinn, Governor of the State of Illinois
Elisabeth Roth, University of Chicago
Carl Rutstein, ’94, The Boston
Consulting Group
David Saltiel, Areva
Mike Sands, BrightTag
Partho Sanyal, ’01, Bank of America Merril
Lynch
Raul Sendic, ANCAP
Matt Shanahan, Marathon Capital, LLC
Sha?q Shariff, Groupon
Timothy Sheehan, Beecken Petty O’Keefe &
Company
Jim Shield, Invenergy
Craig Sieben, Sieben Energy Associates
Michael Sinkula, Envia Systems, Inc.
Brittany Smith, Madison Dearborn Partners
Joel Spenadel, JP Morgan Capital
Corporation
Heather Steinman, University of
Pennsylvania’s UPSTART
Rick Stevens, University of Chicago
Avi Stopper, ’06, CaptainU
Juan Jose Suarez Coppel, PEMEX
Chuck Templeton, OpenTable
Sima Thakkar, Good Indian Girl
Lawrence Thuet, ’98, Park Hill Group
John Tolva, City of Chicago
William (Bill) Wallace, General Motors
Todd Warnock, ’88, Roundtable
Healthcare Partners
Ray Weber, GE Energy Financial Services
Ira Weiss, MBA ’99, PhD ’01, Chicago Booth
Kevin Willer, ’10 (XP-79), Chicagoland
Entrepreneurial Center
Rob Winner, Ungaretti & Harris
Ray Wood, Credit Suisse
Connie Yowell, MacArthur Foundation
Ann Zeigler, CDW LLC
DONORS, HOSTS, AND SPEAKERS CONTINUED
45 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Entrepreneurship Advisory Board
Te Polsky Center Advisory Board comprises many of the country’s leading entrepreneurs, venture
capitalists, and private equity investors, who provide ongoing guidance and support to the center.
Michael Alter, CEO, Sure Payroll
David K. Beecken, ’70, Managing Director, Beecken Petty O’Keefe & Company
Stephen Beitler, Senior Managing Director, Dunrath Capital
Eric Belcher, ’95, CEO, InnerWorkings
Roger Blume, ’67, CEO, Quickway Carriers
Ellen Carnahan, ’84, Managing Director, Machrie Enterprises LLC
Keith Crandell, ’88, Managing Director, ARCH Venture Partners
Steven Dresner, ’82, President, Dresner Capital Resources, Inc.
Merrick (Rick) Elfman, ’83, Managing Partner, Sterling Capital Partners
Robert Fealy, President, COO and Director of the Duchossois Group, The Duchossois Group
Robert H. Gertner, Joel F. Gemunder Professor of Strategy and Finance, Deputy Dean, University of Chicago Booth School of Business
David Habiger, ’98 (XP-67), CEO, Sonic Solutions
Donald W. Hamer, ’58, Chairman, State of the Art, Inc.
Susan Hapak, ’89, President, Current Technologies
Jim Hickey, Principal, Vista Equity Partners
Edward L. Kaplan, ’71, President, Nalpak Inc.
Steven Neil Kaplan, Faculty Director of the Polsky Center and Neubauer Family Distinguished Service Professor of Entrepreneurship and
Finance, the University of Chicago Booth School of Business
Brad Keywell, Founder and Managing Director, Lightbank
Rattan L. Khosa, ’79, President and Founder, AMSYSCO, Inc.
Venetia Kontogouris, ’77, Managing Director, Venkon Group LLC
Michael Krauss, AB ’75, MBA ’76, Managing Principal, Market Strategy Group
William Miller, ’67, President, Miller Strategic Consulting, LLC
Guy Nohra, ’89, General Partner, Alta Partners
John Oxaal, ’81, Partner, Sevin Rosen Funds
Michael P. Polsky, ’87, President and CEO, Invenergy LLC; Chairman, Polsky Center Entrepreneurial Advisory Board
John F. Richards, MBA, ’72, AM ’95, President, Crabtree Ventures, LLC
Ellen A. Rudnick, ’73, Executive Director of the Polsky Center and Clinical Professor, University of Chicago Booth School of Business
John W. Rutledge, ’94 (XP-63), Founder, President & CEO, Oxford Capital Group, LLC, Oxford Hotels & Resorts
Ronald Tarrson, ’72, Managing Partner and Director, Santa Fe Aero Services
Immanuel Thangaraj, AB ’92, MBA ’93, Managing Director, Essex Woodlands Health Ventures
Vijay R. Vashee, ’77, Founding Chairman, TiE Seattle
Kevin Willer, ’10 (XP-79), President and CEO, Chicagoland Entrepreneurial Center
John R. Willis, ’74, Cofounder and Managing Partner, Willis Stein & Partners
Sam Yagan, Founder, OK Cupid
Paul G. Yovovich, AB ’74, MBA ’75, President and Principal, Lake Capital
Donna F. Zarcone, ’87, President, Economic Club of Chicago
ChicagoBooth.edu/entrepreneurship
46 GET INVOLVED AND STAY CONNECTED
SECTION 7
GET INVOLVED AND
STAY CONNECTED
Sign up for Polsky Center news and event information at
ChicagoBooth.edu/entrepreneurship/news/nvn-subscribe.aspx.
POLSKY CENTER FOR ENTREPRENEURSHIP
Te University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Suite 207
Chicago, Illinois 60637
Tel: 773.834.4525
Fax: 773.834.4046
Email: [email protected]
47 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Get the latest news, connect with students and
alumni, and more online:
builtinchicago.org/pro?le/polskycenter
facebook.com/polskycenter
twitter.com/polskycenter
Linkd.In/PolskyCenter
youtube.com/polskycenter
48 GET INVOLVED AND STAY CONNECTED
SHARE YOUR NEWS
Keep us up to date on new
ventures, life milestones,
awards earned, and more.
Contact Tracey Keller at
[email protected]
or 773.834.1134.
SUPPORT THE
POLSKY CENTER
To make a general gif, please use the
enclosed remittance envelope
or visit us online at
ChicagoBooth.edu/entrepreneurship/
about/support.aspx.
For additional ways to support the center,
please contact Starr Marcello at
[email protected]
or 773.834.2838.
ChicagoBooth.edu/entrepreneurship
All company names that appear in this report
were accurate at the time of publication.
ChicagoBooth.edu/entrepreneurship
doc_357091550.pdf
In this detailed information relating to the polsky center for entrepreneurship at the university.
POLSKY CENTER ANNUAL REPORT
2011–12
R
E
S
E
A
R
C
H
C
E
N
T
E
R
The Polsky Center for Entrepreneurship
at the University of Chicago Booth School
of Business advances the knowledge and
practice of entrepreneurship and innovation.
The center supports entrepreneurial learning
and collaboration through its cutting-edge
curriculum, innovative hands-on learning
experiences, and leading faculty research,
as well as conferences, mentorship, and
community and global outreach programs.
ADMINISTRATION
Ellen A. Rudnick, ’73
Executive Director and Clinical Professor of Entrepreneurship
Steven Neil Kaplan
Faculty Director and Neubauer Family Distinguished Service Professor
of Entrepreneurship and Finance
Starr Marcello
Director of Operations
Jonathan Allan
Associate Director, Innovation Programs and Cross-Campus Initiatives
Tom Ancona
Associate Director, Entrepreneurship and Angel Investor Programs
Tracey Keller
Associate Director, Marketing, Communications, and External Relations
Erika Mercer
Associate Director
Hannah Williams
Program Manager
Mary Kay Loncar
Of?ce Manager
ChicagoBooth.edu/entrepreneurship
Ellen A. Rudnick, ’73
Executive Director and
Clinical Professor of
Entrepreneurship
Steven Neil Kaplan
Faculty Director and Neubauer
Family Distinguished Service
Professor of Entrepreneurship
and Finance
Michael P. Polsky, ’87
Chairman of the Board
WELCOME
Te 2011–12 academic year has truly been amazing. Interest in entrepreneurship continues to grow
at a rapid pace, with students, staf, researchers, and others from across the University of Chicago
campus taking part in our programs in unprecedented numbers.
Just a few highlights include:
• Te Polsky Center held more than 75 events, many of which sold out.
• Our capstone program, the Edward L. Kaplan, ’71, New Venture Challenge (NVC), received
a record 160 applications to all three tracks. Ed Kaplan formally endowed the program,
ensuring that the NVC will continue impacting the local, national, and global economies for
many years to come.
• We launched the new Summer Accelerator Program at the Polsky Center to aid 10 start-ups
with their new ventures during a rigorous 12-week bootcamp.
• Te frst-of-its-kind Sterling Partners Investment Tesis Challenge gave private equity students
hands-on experience developing an investment thesis and working closely with partner frms.
• Te Social Enterprise Initiative launched in March, collaborating with the Polsky Center on
the development and growth of social entrepreneurship programs.
• Several faculty members, including Steve Kaplan and Scott Meadow, won awards for
published research on important topics in entrepreneurship.
• We added ofce space in 1871, Chicago’s new downtown hub for digital technology.
Te Polsky Center is clearly positioned to be the venture creation engine for the University of
Chicago. We are developing new programs and laying the groundwork for exciting initiatives with
our cross-campus partners. Read more about this work in the following pages, and stay tuned for
much more in the future.
While it was a successful year in many ways, we were disappointed to say goodbye to Linda
Darragh, director of entrepreneurship programs, who accepted a leadership role at the Kellogg
School of Management at Northwestern University. Linda’s contributions to Chicago Booth were
many, and she will be missed. Fortunately, we have a strong team in place who will continue to build
on the momentum of the past year.
We know that none of our success would be possible without support from our sponsors and partners.
Trough generous fnancial contributions, as well as collaboration with organizations across campus,
in the city of Chicago, and nationally, our programs continue to inspire our students and alumni.
Many of these resources are highlighted in this report, and we want to recognize how appreciative we
are of sponsors’ and partners’ commitment to and support of entrepreneurship at Chicago Booth.
14
4 ENTREPRENEURIAL
EDUCATION
10 LEARNING IN ACTION
24 ALUMNI AND STUDENT
GROUPS
28 SCHOLARSHIPS AND
AWARDS
32 BUILDING THE
ENTREPRENEURIAL
COMMUNITY
42 ACKNOWLEDGEMENTS
46 GET INVOLVED AND STAY
CONNECTED
TABLE OF
CONTENTS
20
Polsky Center for Entrepreneurship
The University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Suite 207
Chicago, Illinois 60637
Tel: 773.834.4525
Fax: 773.834.4046
Email: [email protected]
ChicagoBooth.edu/entrepreneurship
4 ENTREPRENEURIAL EDUCATION
SECTION 1
ENTREPRENEURIAL
EDUCATION
ENTREPRENEURSHIP
AT BOOTH
TODAY
Entrepreneurship continues to grow at a rapid
pace, with interest coming from students across the
University of Chicago campus. New programs are
developed to meet these needs.
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lly.
5 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
SECTION 1
ENTREPRENEURIAL
EDUCATION
ENTREPRENEURSHIP
AT BOOTH
We pride ourselves on learning by doing, and our entrepreneurship curriculum
takes students beyond the classroom, allowing them to test themselves and their
entrepreneurial ideas in real-world settings. Trough courses, competitions, and
labs, students gain the practical tools needed to start, fnance, and manage their
own businesses and embark on careers in private equity.
COURSES
Chicago Booth ofers 27 innovative courses in entrepreneurship and related topics, including:
Entrepreneurial Finance and Private Equity New Venture
Strategy Building the New Venture Commercializing
Innovation Entrepreneurial Selling Digital Marketing
Technology Strategy New Venture Challenge New
Venture Lab Private Equity and Venture Capital Lab
Entrepreneurial Internship Seminar Social Enterprise Lab
Clean Tech Lab Building Internet Ventures Social Venture
Lab New Social Ventures
For a full list of entrepreneurship courses ofered at Chicago Booth,
visit ChicagoBooth.edu/entrepreneurship/curriculum.
EXPERIENTIAL LEARNING
6 ENTREPRENEURIAL EDUCATION
FACULTY
More than 20 Chicago Booth faculty members teach entrepreneurship courses.
Many are dedicated full-time to the subject and are deeply involved with
entrepreneurship programming, including:
For a full list of entrepreneurial faculty, visit
ChicagoBooth.edu/faculty/directory.aspx.
Ellen A. Rudnick, ’73
Executive Director and Clinical
Professor of Entrepreneurship
Steven Neil Kaplan
Polsky Center Faculty Director
and Neubauer Family Distinguished
Service Professor of
Entrepreneurship and Finance
Jason R. Blumberg
Adjunct Assistant Professor of
Entrepreneurship
Gregory D. Bunch
Adjunct Professor of Entrepreneurship
Waverly Deutsch
Clinical Professor of Entrepreneurship
Jonathan Frenzen
Clinical Professor of Marketing
Robert H. Gertner
Joel F. Gemunder Professor of Strategy
and Finance, Deputy Dean, and Social
Enterprise Initiative Faculty Codirector
Bradley A. Keywell
Adjunct Professor of Entrepreneurship
Eric Lefkofsky
Adjunct Professor
of Entrepreneurship
Scott F. Meadow
Clinical Professor of
Entrepreneurship
Adair Morse
Associate Professor
of Finance
Robert Rosenberg
Adjunct Associate
Professor of
Entrepreneurship
James E. Schrager
Clinical Professor of
Entrepreneurship and
Strategic Management
Ira S. Weiss,
MBA ’99, PhD ’01
Clinical Associate
Professor of Accounting
and Entrepreneurship
Craig Wortmann
Clinical Professor of
Entrepreneurship
Luigi Zingales
Robert C. McCormack
Professor of
Entrepreneurship and
Finance and David G.
Booth Faculty Fellow
7 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Steve Kaplan released a working paper, entitled “Private Equity Performance: What Do We Know?,” with Robert Harris
from the University of Virginia Darden School of Business and Tim Jenkinson from the University of Oxford Säid School of
Business. His article, “Which CEO Characteristics and Abilities Matter?,” was also published in the Journal of Finance.
FACULTY RESEARCH AND NEWS HIGHLIGHTS
Craig Wortmann received the 2012 Faculty Excellence Award, honoring his exceptional commitment to teaching
as voted by Evening MBA and Weekend MBA students. His course, Entrepreneurial Selling, was also named by Inc.
magazine as one of the top 10 entrepreneurship courses in the country.
Over the past year, our faculty have conducted groundbreaking research in
entrepreneurship, private equity, and related topics, and have been recognized
through awards and publications, including:
Linda Darragh published a white paper called “Impact Investing In Emerging Countries: Insights from the Due
Diligence Process.” It began as a student project at Chicago Booth and Kellogg School of Management at Northwestern
University and was completed in 2012 in collaboration with the US Department of State’s Of?ce of Global Partnership
Initiatives - Global Impact Economy Initiative.
Scott Meadow was the 2011 recipient of the Richard J. Daley Award from the Illinois Venture Capital Association.
The Daley Medal acknowledges an individual who has given direct and extraordinary support to the state of Illinois by
participating in or being an advocate for the venture capital and private equity industry.
James Schrager continued his research on how critical decisions are made by entrepreneurs.
Margarita Tsoutsoura and coauthor Adair Morse presented ?ndings from their paper, “Soft Credit Tax Evasion Across
Industries: Evidence from Greece,” at 13 conferences and seminars around the world.
Robert Gertner continued work on a forthcoming book on ?nancial social enterprises.
Adair Morse won a prize for Best Paper at the European Finance Association Annual Meeting in 2012 for her work
entitled “Activist Investors and Performance in Private Equity Funds.”
8 ENTREPRENEURIAL EDUCATION
“There is so much energy around entrepreneurship at Chicago
Booth—from conferences and conversations to the NVC—and
you get a sense of that energy walking into the Polsky Center.”
—Ashish Rangnekar, ’11
ABOUT THE POLSKY CENTER
Te Polsky Center is the hub of entrepreneurial and private equity activity for
University of Chicago students and alumni. Our mission is to advance the
knowledge and practice of entrepreneurship and innovation, and to develop
entrepreneurial leaders who add value to the global economy.
9 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
10 LEARNING IN ACTION
SECTION 2
LEARNING
IN ACTION
Chicago Booth ofers an ideal environment to test and apply theories directly
to entrepreneurial projects. We encourage students to get hands-on experience
through lab courses, workshops, student groups, and other programs.
VENTURE CREATION
THE EDWARD L. KAPLAN, ’71, NEW VENTURE CHALLENGE
Te New Venture Challenge (NVC), our capstone program, was designed to help
students turn ideas into reality. Te NVC has grown into one of the premier start-
up launch programs in the world, with three
distinct tracks: Traditional, Social, and Global.
Since 1996, the NVC has awarded more than
$925,000 and helped launch more than 85
companies. Tese new ventures have gone on
to raise more than $275 million and create
over 1,300 jobs.
In 2011–12, 160 teams applied to the NVC, representing over 500 students. We
awarded more than $335,000 in cash and start-up-friendly services, including
space in the ARCH Venture Partners New Business Incubator, where student
entrepreneurs can take advantage of ofce amenities as well as guidance from
faculty and staf.
ChicagoNVC.com
11 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
“A successful business boils down
to people and markets. If you see a
need, and you have the right team to
make it happen, it will work.”
—Edward L. Kaplan, ’71
12 LEARNING IN ACTION
Traditional New Venture Challenge (NVC)
From a record 101 applications, 34 teams advanced to the second round of the NVC, where they re-
fned their business models and received guidance and critique from venture capitalists, private inves-
tors, and established entrepreneurs both inside and outside the classroom. Te top 10 teams presented
at the daylong fnals competition in May, before a world-class panel of investors and entrepreneurs.
NVC Winner
MouseHouse ($30,000)
MouseHouse is developing iPad and web
platforms that allow researchers in labo-
ratories and institutions to collaborate
on animal experiments, breeding, and
health management.
Mousehouse
NVC Finalists
Second place: Arbor Vita Associates ($15,000)
Arbor Vita Associates is a biotechnology company that has developed a simpler,
faster, and cheaper way to modify DNA using a proprietary and patented enzyme.
arborvitaassociates.com
Third place: BloomNation ($10,000)
BloomNation allows forists across the country to upload and sell their
unique designs at their desired prices onto a single marketplace.
bloomnation.com
Fourth-place tie: Aquarius Biotechnologies, GradMags, Site Diagnostics ($4,000 each)
Aquarius Biotechnologies uses a proprietary drug delivery technology called cochleate technology to
allow oral delivery of drugs; GradMags is a cross-media digital publishing platform service for higher
education and nonproft organizations; and Site Diagnostics is a veterinary diagnostic company that
uses technology licensed from Argonne National Labs.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 13
Other Finalists
Drink Different, an alcoholic cider beverage company for the Polish market.
Output Medical, which measures key body fuids using electric sensors.
SH2, innovative solutions in media advertising for point-of-sale marketing.
ZipFit Denim, which uses technology to help men fnd great ftting jeans.
NVC Sponsors
TITLE
Edward L. Kaplan, ’71
PLATINUM
Abbott Laboratories
Robert and W. Keren Vishny
GOLD
Immanuel Thangaraj, AB ’92, MBA ’93
Market Strategy Group, LLC
SILVER
Barnes & Thornburg LLP
Katten Muchin Rosenman LLP
Microsoft
NKO Ventures, LLC
Steven Neil Kaplan
Sure Payroll
INCUBATOR
ARCH Venture Partners
IN-KIND
Alphagraphics
Dun & Bradstreet
Farmhouse, Leo Burnett
Uber
MARKETING
Built In Chicago
Entrepreneurs Unpluggd
Techweek Conference 2012
14 LEARNING IN ACTION
Social New Venture Challenge (SNVC)
Te SNVC helps students launch for-proft and nonproft ventures that have a sustainable social
impact. Tis track launched during the last academic year, and applications increased threefold in
2011–12, with submissions coming from across the university, including the School of Social
Service Administration, the Harris School of Public Policy, the College, and the Social Sciences
Division. Tis spring, 20 teams were selected to participate in the SNVC and its corresponding
New Social Ventures course.
SNVC Winner
LuminAID Lab ($25,000)
LuminAID Lab develops
cost-efective, solar-
rechargeable lighting
products to make light more afordable, portable,
and sustainable. Its frst product, the LuminAID light,
is an infatable, lightweight, waterproof solar lantern
that can be packed and shipped fat, and is ideal for use
in emergency and disaster situations.
luminaidlab.com
LuminAid Lab
SNVC Finalists
Second place: Fortify ($15,000)
Fortify (formerly FeMME) reduces the incidence of iron defciency anemia in the developing world by
adding iron to commonly consumed foods.
Third place: Dot-to-Dot Children’s Books ($10,000)
Dot-to-Dot develops children’s books that it sells through cause-related marketing campaigns to raise
funding and awareness for nonproft causes around the world.
dot-to-dot-books.org
Greatest Progress Award: Voice Your Opinion ($5,000)
Voice Your Opinion is an online platform to help the people of Egypt self-organize into community
building activities and movements.
SNVC Sponsors
PLATINUM
Ron Tarrson, ’72 (XP-31), and
Steve Tarrson
GOLD
Exelon Corp.
PROGRESS AWARD
(on behalf of Linda Darragh, former director
of Entrepreneurship Programs and clinical
associate professor of entrepreneurship,
Chicago Booth)
Robert H. Gertner
Ron Tarrson, ’72 (XP-31)
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 15
Global New Venture Challenge (GNVC)
Now in its ffh year, the GNVC was designed to ft the schedules and geographic diversity of our
Executive MBA students. Fifeen internationally based teams representing the Chicago, London, and
Singapore campuses applied to the competition. Seven teams participated in the fnals event in March.
GNVC Winner
Drink Different ($5,000)
Drink Diferent aims to become an important player
in the fast-growing premium beverage and alcohol
market in Poland. Te company develops and sells
alcoholic apple-based ciders.
Drink Diferent
GNVC Finalists
Africa Cargo Express (London/Singapore), cargo airline service for Africa
Dry Greening (Chicago), environmentally friendly dry cleaning solution
Medzpeed (Chicago), mobile medical platform
Continuity (West Africa/Singapore), IT hosting for Africa
ARX (Chicago), renewable energy company
Checklist Guys (London), digital checklist solution
GNVC Sponsors
Chicago Booth Deans’ Of?ce
16 LEARNING IN ACTION
ALUMNI PROFILE
EDWARD L. KAPLAN, ’71
Cofounder, former chairman, and CEO, Zebra Technologies
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 17
“I WANTED MY OWN BUSINESS because I didn’t think I could work for anyone
else,” said Ed Kaplan, cofounder of Zebra Technologies and namesake of the New
Venture Challenge.
Ed, the son of a two-time entrepreneur and a mechanical engineer by training, came to
business school in the late 1960s with what he thought were a few good ideas. Using strat-
egies he learned at Booth, he began to develop those ideas further.
His initial attempt to start a business seemed pretty easy—perhaps too easy—at frst. He
shared his idea with his soon-to-be business partner, who helped him build a prototype
machine that would attach to a cash register to help track sales. He then found a customer
who placed a large order, which meant he needed to quickly locate manufacturing space
and a supplier.
Ed and his partner set up shop in the Old Town neighborhood of Chicago, obtained a
small loan, and purchased supplies. Te duo began developing the product, and once it
was complete, shipped it of to the customer. Te customer refused the product, and thus
began a long and difcult legal battle, and a very challenging time for Ed and his family.
Starting a business turned out to be much more difcult than he anticipated.
“You have to keep working until you succeed,” Ed says, looking back on the early years of
Zebra Technologies. “Tere were about four times I ‘bet the ranch’ and put everything
on the line.” But in the end he succeeded, building the platform that powers Zebra
Technologies today.
Over the next 35-plus years, Ed built Zebra into an international company and industry
leader for on-demand printing solutions. Knowing he was helping thousands of employ-
ees make a living challenged him to do a better job every day.
It is this success that drives him to give back and help other budding entrepreneurs.
When the New Venture Challenge launched in 1996, Ed was immediately on board. He
saw the opportunity to give back to the school and understood how the program would
beneft Chicago and the economy.
Ed Kaplan has been the title sponsor of the NVC since its start, and in 2012 endowed the
program, which will now continue indefnitely.
“It’s very gratifying to see a new business start,” he said. “A successful business boils
down to people and markets. If you see a need, and you have the right team to make it
happen, it will work.”
Trough his generous support, the NVC has grown into one of the nation’s premier busi-
ness launch programs. Over the past 16 years, more than 85 companies have launched
and remain in business. Tese companies employ more than 1,300 people around the
globe, and the numbers continue to grow.
18 LEARNING IN ACTION
ENTREPRENEURIAL INTERNSHIP PROGRAM (EIP)
Our Entrepreneurial Internship Program gives frst-year Full-Time MBA students the opportunity to
work with a small entrepreneurial company for 10 weeks over the summer and then take a class during
the Autumn Quarter to develop their internship into a case study. Afer a competitive selection process,
35 students are selected to intern at frms such as Bucketfeet in Chicago, Hipmunk in Silicon Valley, and
General Assembly in New York. (For a full list of participating companies, see page 43.)
See ChicagoBooth.edu/entrepreneurship/curriculum/courses-labs/eip for more information.
Sponsors
Daniel Caruso, ’90
Donald W. Hamer, ’58
James P. Hickey, ’82
Rattan L. Khosa, ’79
Immanuel Thangaraj,
AB ’92, MBA ’93
Chicago Booth Deans’ Of?ce
SOCIAL ENTREPRENEURSHIP
Our students have many
opportunities to explore
social entrepreneurship.
Trough lab classes,
conferences, and stu-
dent-run organizations,
they can gain experi-
ence with for-proft and
nonproft organizations
that have missions to
create social impact.
“I see programs [like
these] helping direct and
channel young, bright
minds to pursue free
market, sustainable
solutions, thereby reducing
reliance upon government
and philanthropy.”
—Ron Tarrson, ’72 (XP-31)
Social Enterprise Lab
Te Social Enterprise Lab gives students frst-hand experience
working with local nonproft and for-proft enterprises with
social missions.
Big Problems, Big Ideas
Students and staf from across the University of Chicago came
together to discuss and identify solutions to some of the biggest
problems faced at local and global levels in education, public health
and safety, environment, and technology. Speakers in 2011 included
John Tolva, CTO, City of Chicago, and Rick Stevens, associate
laboratory director, Argonne National Laboratory, among others.
Social Enterprise Initiative (SEI) Launches
Tis spring, Chicago Booth launched a new center that
aims to enhance the efciency and impact of social sector
organizations through research, data collection, communication,
and education. Te Polsky Center has begun collaboration
with the Social Enterprise Initiative on a variety of social
entrepreneurship programs. Robert Gertner, deputy dean
and Joel F. Gemunder Professor of Strategy and Finance, and
Marianne Bertrand, Chris P. Dialynas Professor of Economics,
serve as SEI’s faculty directors. Christina Hachikian, AB ’02,
MBA ’07, was brought on as director and oversees SEI’s day-to-
day activities and programs.
Learn more at research.ChicagoBooth.edu/sei.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 19
ALUMNI PROFILE
RON TARRSON, ’72 (XP-31)
Owner, Santa Fe Aero Services
AS A CHICAGO BOOTH STUDENT in the 1970s, Ron took classes that focused on corporate
responsibility, and the lessons he learned stayed with him. Recognizing that many of the social
services set up in the 1970s no longer assist the current world population, Ron’s interest in social
enterprise continued to grow.
When he talks about social entrepreneurship
programs, Ron references what Tom Brokaw called
the “greatest generation.” Brokaw used this term to
describe individuals who participated in initiatives
at home and on the front lines during World War
II. Ron, however, notes that each generation has
“something great to ofer humanity.” His passion
for aviation and World War II history has con-
nected him with veterans who have accomplished
great things at a young age, yet Ron also sees the
young minds of today as addressing major world
problems by leading entrepreneurial eforts.
A self-diagnosed “genetic entrepreneurship disor-
der” led to his involvement with the New Venture
Challenge, and he has made the trek annually from
Santa Fe, New Mexico, to Chicago to witness and
give feedback to more than 40 student teams at the
NVC fnals over the years. Given his interest in
social impact, however, he had a few other ideas
for the program.
Recognizing the potential for social ventures, Ron
worked with faculty at Booth to promote programs
that spur development of social enterprises. “I see
programs [like these] helping direct and channel
young, bright minds to pursue free market, sus-
tainable solutions, thereby reducing reliance upon
government and philanthropy.”
Ron’s support was critical in the formation of the
Social Enterprise Lab course, and in 2010, the Social
New Venture Challenge, the social track of the
NVC, which allows students to create sustainable
business models that address society’s needs.
“Success seems to bring success,” Ron said, a senti-
ment clearly echoed by the SNVC this year.
20 LEARNING IN ACTION
PRIVATE EQUITY AND VENTURE CAPITAL PROGRAMS
Students interested in private
equity and venture capital have
many opportunities to gain
hands-on experience.
Private Equity and Venture Capital Lab
Trough a competitive application, matching, and
selection process, students are paired with a private
equity or venture capital frm for a 10-week intern-
ship, where they tackle specifc assignments that
range from evaluating a current portfolio company
to identifying new opportunities for investment. Tis
year, 46 students interned at 34 frms. (See page 43 for
a full list of participating companies.)
Learn more at
polskycenter.com/pelab.
Sponsors
Merrick (Rick) Elfman, ’83
Therese (Teri) L. Wareham, ’82
Venture Capital Investment
Competition (VCIC)
In February, we hosted the eighth annual Venture
Capital Investment Competition, a daylong event that
gave student groups the chance to act as investors.
Tree early stage ventures presented their need for
seed capital to student teams, who each selected one
venture for investment and developed a term sheet.
Te students negotiated deals in front of a panel of
10 premier venture capitalists from the Chicagoland
area. Chicago Ventures (comprised of Kristin
Barrett, ’12, Adi Filipovic, ’12, Full-Time MBA
student Ray Lian, Dipa Talati, ’12, and John Tough,
’12) won and worked with faculty coordinator Scott
Meadow, clinical professor of entrepreneurship, over
the next several weeks to prepare for the regional
VCIC in Boulder, Colorado.
Learn more at
student.ChicagoBooth.edu/group/evc/vcic/index.htm.
Sponsors
SILVER
Sandbox Industries
BRONZE
Katten Munchin Rosenman LLP
TRAVEL
Horwood Marcus and Berk
PRINTING
AlphaGraphics
Sterling Partners Investment
Thesis Challenge (SPITC)
In 2011, the Polsky Center kicked
of the Sterling Partners Investment
Tesis Challenge, a program designed
to give private equity students hands-
on experience crafing an original
investment thesis. Te frst program of
its kind, SPITC allowed seven student
teams to work with mentors at private
equity frms, as well as an advisor
from Chicago Booth, to develop an
investment thesis and recommend an
exeution strategy.
“[SPITC provided] an
entrepreneurial way to approach
something that typically does
not appear entrepreneurial.”
—Jamie Shah,
Full-Time MBA student and
SPITC participant
Learn more at
polskycenter.com/spitc.
Sponsors
TITLE
Sterling Partners
Participating ?rms
Lake Capital
Madison Dearborn Partners
Sterling Partners
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 21
Hamer Small Business Initiative
Te Donald Hamer, ’58, Small Business Initiative
allows the Polsky Center to develop educational
programs that target regional small businesses and
add value to the local economy and the Chicago
Booth community. In February, we cohosted a
sold-out Digital Marketing Strategies workshop
with the Entrepreneurship and Venture Capital
student group. Students, faculty, and staf learned
efective strategies for maximizing web conversion
from expert speakers including Joe Dwyer of OCA
Ventures, Troy Henikof of Excelerate Labs, and
Suzanne El-Moursi of Power2Switch.
Learn more at
ChicagoBooth.edu/entrepreneurship/
initiatives/hamer.aspx.
Lab courses:
Consulting to Small Businesses
Trough the New Venture Lab and
Clean Tech Lab courses, students have
the opportunity to consult with small
businesses on projects related to op-
erations, marketing, strategy, or, in the
case of the Clean Tech Lab, developing
a commercialization plan for a newly
developed technology. Lectures and
discussions address issues faced by
entrepreneurial organizations, as well
as cover industry-specifc dynamics.
(See page 43 for a list of
participating companies.)
SMALL BUSINESS PROGRAMS
Students gain hands-on experience with small businesses through lab courses,
workshops, and other events.
22 LEARNING IN ACTION
ALUMNI PROFILE
RICK ELFMAN, ’83
Senior Managing Director, Sterling Partners
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 23
RICK STARTED HIS FIRST BUSINESS at 13, selling comic books, baseball cards, and
other collectibles. By the time he was 18, it was the largest company in its industry.
Afer graduating from Tufs University, Elfman took over his father’s business for a time,
and then attended Booth. He spent the next four years working at Goldman Sachs doing
a job he loved, but couldn’t let go of the nagging feeling that he wanted to create his own
business again.
It was at this point that Rick met Steven Taslitz, who would become the cofounder of
the private equity frm Sterling Partners. Te two eventually became business partners,
raising funds and successfully investing in companies at a time when private equity just
wasn’t a big industry in Chicago.
“Te entrepreneurs you meet are so interesting, and their industries have such diferent
needs,” Rick said, when asked why he pursued a career in private equity. “I love to look at
a business and see how we can help it grow. It’s a competitive market now, and there is a
lot of regulation and reporting, but when it comes down to it, it’s about the people.”
Today, Chicago-based Sterling Partners is a middle market private equity frm with ap-
proximately $5 billion in assets under management. Rick Elfman has been a longtime
supporter of private equity programming at the Polsky Center, and recently became the
title sponsor of the frst-ever Sterling Partners Investment Tesis Challenge.
Te Investment Tesis Challenge was launched in the 2011–12 academic year. “We were
looking for creative ways to start deal fow,” Rick said. “We brainstormed with the Polsky
Center, and developed a program that doesn’t yet exist at any other business school. We
got access to potential deal fow and hires. Booth students were able to gain valuable ex-
perience, and learned a lot. We’re looking forward to next year already!”
“I learned a lot on my own, and a ton more at Chicago Booth,” said Rick of his education.
“Without it, I wouldn’t have been hired by Goldman. Tis is just one reason I love to give
back. Chicago Booth has made a tremendous impact on where I am today.”
24 ALUMNI AND STUDENT GROUPS
SECTION 3
ALUMNI AND
STUDENT GROUPS
ALUMNI
Te Chicago Booth alumni entrepreneurial community includes more than 550
entrepreneurs who are making an impact on the global economy.
25 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
ALUMNI PROFILE
UZI SHMILOVICI, ’11
Founder and CEO, Future Simple
“START WITH THE END IN MIND,” Uzi said when asked what advice he would give
budding entrepreneurs.
Tis advice comes straight from his past
experiences as an entrepreneur. Afer
founding several companies, Uzi decided
to embark on the journey once again
in 2009, when he came to Booth with
an idea for a new venture that would
provide simple and intuitive sofware for
small businesses. Troughout the stan-
dard roller coaster lifestyle inherent to
entrepreneurs, Uzi and his team learned
that once your fnal vision is clear,
“everything seems to be within reach.”
Within reach it was: Uzi and his team
placed second in the 2010 New Venture
Challenge. Uzi spent the next two years
working diligently on his company, using
ofce space within the Polsky Center’s
ARCH Incubator, which he eventually
outgrew. Te company has grown to 24
employees and received nearly $8 million
in external funding from OCA Ventures,
I2A Fund, Index Ventures, Social +
Capital, and others.
Te desire to make an impact drives Uzi and his team every day. Tere are millions of CRM users
around the world, and it is one of the fastest growing areas in business sofware.
Uzi and his cofounders had all experienced the pains of starting a small business, and those pains did
not subside with the CRM sofware that was on the market. Teir slogan, “simple sofware for small
business,” exemplifes their original pain point and how Future Simple has solved it. Because of his
experiences with start-ups, Uzi passionately believes that solving this pain point for small businesses
is what makes him and his team tick.
Learn more at futuresimple.com.
26 ALUMNI AND STUDENT GROUPS
ALUMNI GROUPS
We work closely to support
alumni in their entrepreneurial
endeavors, hosting events
throughout the year to promote
and foster access to the Chicago
Booth alumni network.
Regional Alumni Groups
Regional alumni groups, including the Booth
Entrepreneurship Group in Chicago and
Entrepreneurial Advisory Groups in Boston,
New York, San Francisco/Silicon Valley, and
Washington, DC host monthly and bimonthly
events to bring together entrepreneurial alumni
to network and learn from each other.
Learn more at
ChicagoBooth.edu/alumni/clubs.
Entrepreneurs Mentorship Program
Te Entrepreneurs Mentorship Program connects
Chicago Booth students with entrepreneurial
alumni, ofering a unique educational experience
for students interested in pursuing an entrepreneur-
ial career. Tis year, more than 35 students were
matched with alumni in a range of industries, from
health care to food and beverages to online gaming.
Sponsors
Chicago Booth Alumni Affairs and Development
Chicago Booth Career Services
Alumni involvement is critical to the quality
and success of the center’s programs. To
get involved, contact Tracey Keller at
[email protected].
Chicago Private Equity
Network (CPEN)
Te Chicago Private Equity
Network connects University of Chi-
cago alumni working in private equity
and venture capital. CPEN has more
than 300 members worldwide and
chapters in Chicago and New York.
Learn more at chicagopen.com.
Industry and Academia Dinners
Last year we launched a new dinner
series for private equity alumni. Tis
year, professor Steven Neil Kaplan
presented cutting-edge research to
attendees in Chicago, New York, and
Palo Alto, California.
27 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
PRIVATE
EQU I T Y
GROUP
STUDENT GROUPS
Chicago Booth students interested in entrepreneurship, venture capital,
and private equity can join several groups to gain leadership and hands-on
experience, as well as expand their network.
Te Entrepreneurship and Venture Capital Group and Private Equity Group for Full-Time MBA
students, and the Private Equity, Entrepreneurial Ventures, and Venture Capital Club (PEVC) for
Evening MBA and Weekend MBA students host a variety of conferences, guest lectures, social events,
and more each year.
Other student groups include the Business Solutions Group, Business Entrepreneurship Trough
Acquisition (BETA), Energy Group, Family Enterprise Group, the Booth Technology Group (for-
merly the High-Tech Group), and Net Impact.
Learn more at
ChicagoBooth.edu/entrepreneurship/resources/groups.aspx.
28 SCHOLARSHIPS AND AWARDS
SECTION 4
SCHOLARSHIPS
AND AWARDS
SCHOLARSHIPS
Each year, the Polsky Center
grants fellowships and
awards to students pursuing
entrepreneurship and
private equity careers. Tese
scholarships recognize students
who have demonstrated
excellence in their
entrepreneurial endeavors.
Te Vashee Promising Entrepreneur Award,
generated from the Sita and Vijay
Vashee, ’77, endowment fund, provides
a monetary award to a graduating
student who demonstrated leadership in
entrepreneurship at Chicago Booth. Tis
year’s winner, Daniel Shani, ’12, joins
the ranks of others who have gone on to
pursue entrepreneurial careers.
Daniel Shani, ’12
As a Full-Time MBA student with concentra-
tions in entrepreneurship and strategic man-
agement, Daniel served as Entrepreneurship
and Venture Capital student group co-chair,
and took a leading role in expanding
Booth’s entrepreneurship programs and
community outreach throughout Chicago. He
championed Booth’s entrepreneurship offerings to prospective
and admitted students, and educated many of his fellow stu-
dents through workshops organized for the Startup Factory. He
also participated in the Entrepreneurial Internship Program, the
Venture Capital Investment Competition, the Entrepreneurial
Sales Competition, and he competed twice in the
New Venture Challenge.
Daniel is now pursuing his second NVC start-up, Energy
Intelligence, which aims to revolutionize the reuse of energy
lost on roadways by embedding electro-mechanical devices in
road surfaces to recapture energy otherwise lost by vehicular
traf?c. Energy Intelligence was a Northeast region semi?nalist
in the Cleantech Open, a national competition and summer
accelerator in Boston.
29 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Te Lonnie Moulder, ’97, Student Entrepreneur Award is given to a graduating student
who has launched or signifcantly grown a new venture while pursuing an MBA at
Chicago Booth. Tis year, the award went to Bob Gillespie, ’11.
Bob Gillespie, ’11
Bob is a 2011 graduate of the Evening MBA Program and the cofounder of InContext Solutions, a ?nalist in
the 2009 New Venture Challenge. He has more than 20 years of experience in consulting, technology, leader-
ship, and operations. A serial entrepreneur, he believes the ability to build great teams is the most important
factor of success. By hiring smart, passionate people and providing solid leadership in a culture of innova-
tion and creativity, Bob believes a new venture can create industry-changing products and platforms.
Upon launching, InContext Solutions quickly gained attention from investors, clients, and the media; it was named one of
America’s Most Promising Companies by Forbes, and was selected from over 300 companies as the winner of the Up-and-Com-
er Award at the Chicago Innovation Awards. InContext was also named one of the Cool Vendors in Consumer Goods by Gartner
in 2011. InContext’s customers include many of the most recognized brands in the world.
Te Can?eld Private Equity
Fellowship was established
in 2008 by Philip A.
Canfeld, ’96. Each year, one
or two incoming students are
selected to receive a fellowship
that includes fnancial
assistance toward graduate
study and an internship at a
private equity frm in Chicago.
Full-Time MBA student Lucas
de Vos was chosen as the
2011–12 Canfeld Fellow.
Lucas de Vos
Lucas was the president
of the Investment Banking
Club and the Finance &
Investment Society at Uni-
versity of Wisconsin, which
led him to a career at Mer-
rill Lynch, as an analyst in the mergers and
acquisitions group. From Merrill Lynch, Lucas
moved on to an associate position in private
equity at the Quadrangle Group. Because of
Lucas’s impressive experience in investment
banking and private equity, as well as his
drive to earn an MBA that would propel him to
a career in investments, he was the recipient
of the Can?eld Fellowship in his ?rst year at
Chicago Booth.
Te Herman Family Fellowship for Women
in Entrepreneurship is given annually by
Karen and Michael Herman, ’64, to a
female student dedicated to studying
entrepreneurship. Full-Time MBA student
Sarah Press was chosen as the 2011–12
Herman Fellow. In 2011, more than 25
alumnae attended the annual Herman Fellow
Reunion to hear from guest speakers Heather
Becker, CEO of the Chicago Conservation
Center, and Rohini Dey, founder and CEO of
Vermilion restaurant.
Sarah Press
In fall 2011, Sarah immediately jumped head-?rst
into entrepreneurship with her start-up
CommuniTeach, which was selected to partici-
pate in the New Venture Challenge. As a co-chair
of the Entrepreneurship and Venture Capital
student group, Sarah experienced the collabora-
tive entrepreneurial network within Booth, which prompted her to
pursue her passion for a new start-up, entitled Project Fixup. Sarah
plans to continue development on Project Fixup during her second
year at Chicago Booth.
30 SCHOLARSHIPS AND AWARDS
COMPETITIONS AND AWARDS
ITA CityLIGHTS
Te Illinois Technology Association celebrated
companies whose innovation and success are
driving growth in the regional technology
community at its 13th annual CityLIGHTS
awards. Nominees included
two University of Chicago
companies: GrubHub was
a fnalist and Braintree
won the Rising Star award
for its growth into a seri-
ous competitor in the marketplace. Ian Foster,
director of the University of Chicago Computa-
tion Institute, was named Technologist of the
Year for his leadership in developing innovative
computational approaches.
Chicago Innovation Awards
Te Chicago Innovation Awards an-
nually celebrates innovation in the
Chicago region. Power2Switch,
cofounded by Seyi Fabode, ’10, and
Phil Nevels, ’10, and InContext
Solutions, cofounded by Bob
Gillespie ’11, were named two of the
Up-and-Comer Award-winning
companies for 2011.
Business Competitions and Awards
We ofer fnancial support and faculty advisors to students interested in participating in business
competitions beyond Booth. A few examples from this year include:
Rice Business Plan Competition: ARBORVITA ASSOCIATES and SLIDESTACKS earned $1,300 in prizes during
the Shark Tank Round.
Startup Weekend: EDITHUDDLE competed in the Chicago edition of this national program.
Impact Investing Challenge: RESIDENTIAL MANAGED ENERGY SERVICES AGREEMENT (R-MESA)
FUND from the university’s Harris School of Public Policy was named a ?nalist in this pitch competition focused on
designing investment vehicles that create sustainable impact.
Wharton MBA Buyout Case Competition: The Chicago Booth team placed ?rst for the ?rst time ever; the team included
KAUSHIK RAVI, ’12, SEAN STERNBACH, ’12, and Full-Time MBA students MICHAEL GOY, KATIE OSSMAN,
and WILLIAM YOON.
William James Foundation Socially Responsible Business Plan Competition: LUMINAID LAB won the idea phase of this
competition in Washington, DC.
White House Champions of Change Campus Challenge: MONEYTHINK was named a Top 5 college start-up.
UN Social Innovation Summit: MONEYTHINK claimed $25,000 at this competition, which supports nonpro?ts working for
social change and impact.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 31
ALUMNI PROFILE
SEYI FABODE, ’10, and
PHIL NEVELS, ’10
Cofounders, Power2Switch
IN RECENT YEARS, COMPANIES AND INDIVIDUALS around the world have become more cog-
nizant of the cost and efciency of their environmental footprint. Seyi and Phil recognized this trend
and the business opportunities associated with it.
Te duo met in their frst week at Chicago Booth and
competed against each other that spring in the 2009
New Venture Challenge. During their second year,
they decided to team up and move forward with Seyi’s
NVC idea, which later became Power2Switch. Us-
ing Seyi’s experience in the energy industry and the
knowledge of how cost and environmental awareness
can impact purchasing patterns, the team developed
an online platform that allows residents and busi-
nesses in Illinois, Texas, and other states to select their
electricity provider.
Seyi and Phil say that the camaraderie of the Booth start-up
community was integral to their success, especially in the
early stages of their entrepreneurial journey. Tey worked for
over a year in the Polsky Center’s ARCH New Business
Incubator, and credit the access to top faculty and experts as one of the most
valuable experiences for Power2Switch.
Te team was accepted into the 2011 class at Excelerate Labs, a Chicago-based business accelerator
program, where hard work, critical feedback, and mentoring helped them refne their business model.
Later that year, Power2Switch was selected as one of fve start-ups to participate in the Clinton Global
Initiative and was chosen as one of the winners of the Up-and-Comer Award at the Chicago
Innovation Awards.
Even though they are in their own space now, as alumni, Seyi and Phil interact regularly with the
Polsky Center and are grateful for the center’s continued support. Power2Switch recently began ofering
service in New Jersey and plans to expand to additional deregulated markets across the United States.
Phil Nevels, ’10
Seyi Fabode, ’10
32 BUILDING THE ENTREPRENEURIAL COMMUNITY
SECTION 5
BUILDING THE
ENTREPRENEURIAL
COMMUNITY
ACROSS THE UNIVERSITY CAMPUS
Building on the growing interest in innovation and entrepreneurship at the University
of Chicago, we hosted a number of events to facilitate multidisciplinary collaborations
across the campus. We expanded programming and our work with the Biological
Sciences Division, the College, the Harris School for Public Policy, the Law School,
Medical School, and the university’s Tech Transfer Ofce, among others, to grow the
entrepreneurial ecosystem at the university.
UChicago Mobile App Challenge
Te University of Chicago IT Services
department hosted the frst-ever UChicago
Mobile App Challenge, which allowed
members of the university community
to submit ideas for a mobile application.
We partnered with IT Services on this
competition. Second-year College student
Matthew Krisilof won for his idea,
SwipeExchange, which allows students to
sell excess guest swipes from their university
ID card (for meals and other items) to other
students and faculty at a reduced cost.
Learn more at
techincubator.uchicago.edu.
Partners
Computer Science Professional Program
Department of Computer Science
IT Services
Vice President for Communications Of?ce
UChicago Social Innovation Competition
Tis yearlong competition prompts University
of Chicago undergraduates to create a viable plan for
a nonproft or for-proft enterprise with
a technological component that will create
positive social impact on the community. Organized
by the University of Chicago Career Advancement
Ofce, the Social Innovation Competition has been
supported by the Polsky Center since its founding
in 2010. Te winning team, CrowdCoin, received
the grand prize of $10,000 to start their venture.
Learn more at
careeradvancement.uchicago.edu/
entrepreneurship/innovation-competitions.
Partners
Chicago Careers in Business (UCIB)
Chicago Careers in Public and Social Service (CCIPSS)
Chicago Careers in Science and Technology (CCIST)
33 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Innovation Workshop Series (IWS)
Te Innovation
Workshop Series
brings together
researchers, innovators, entrepreneurs, investors,
and others from across the university to gain
a better understanding of best practices for
commercializing university technology. We
cohosted three events this year on topics such as
technological innovation, intellectual property
protection, and commercializing research.
Speakers included: Neil Kane, ’91, cofounder and
former CEO, Advanced Diamond Technologies;
Lisa Kurek, managing partner, Biotechnology
Business Consultants; and David Kalow, AB ’74,
JD ’76, partner, Kalow & Springut LLP.
Learn more at ChicagoBooth.edu/iws.
Sponsor
ARCH Venture Partners
Partner
Of?ce of Technology and Intellectual Property
(UChicago Tech)
Ideation Sessions
Ideation Sessions act as interactive brainstorming
workshops for MBA students, in which they learn
about new university research and explore poten-
tial commercialization opportunities and business
applications. Tis year, we expanded the program
to include technologies at Argonne National
Laboratories. Site Diagnostics, which focuses on
veterinary diagnostic applications using a gel-drop
technology, was formed through this collaboration
and became a fnalist in the New Venture Challenge.
Sponsors
Argonne National Labs
Of?ce of Technology and Intellectual Property
(UChicago Tech)
Partners
Global Health Initiative
Harris School of Public Policy
School of Social Service Administration
Urban Education Institute
UChicago Innovation Showcase
In May 2012, we hosted the frst-ever
Innovation Showcase, an interactive
celebration of entrepreneurship,
innovation, and collaboration across the
University of Chicago community. Nearly
40 start-ups and projects were featured at
the event, including ventures competing
in the NVC, SNVC, the UChicago Mobile
App Challenge, and the UChicago Social
Innovation Competition.
Learn more at
innovationshowcase.uchicago.edu.
Sponsors
IT Services
UChicago Graduate Council
34 BUILDING THE ENTREPRENEURIAL COMMUNITY
ALUMNI PROFILE
ASHISH RANGNEKAR, ’11
Founder and CEO, BenchPrep
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 35
ONLY A FEW YEARS IN, Ashish’s business idea has grown into a serious competitor
in the test prep space. His company, BenchPrep, has more than 300,000 customers and
works with over 20 publishers, from McGraw Hill to the Princeton Review, to prepare stu-
dents for standardized tests like the SAT and MCAT, on web, Android, iPhone, and iPad
platforms. Te company won the 2010 New Venture Challenge, and almost immediately
received funding from Lightbank. In July 2012, BenchPrep took an additional $6 million
round of funding from New Enterprise Associates and others to further grow the company.
Te company is clearly on track for success, but Ashish explained it took a lot of “hard work
and hustle” to get to this point. BenchPrep launched its MVP [minimum viable product], a
GMAT app, in January 2009. Afer a month in Apple’s app store, the company had earned
$10,000. “Tis is when we thought, ‘Aha! We might have something!’” said Ashish. “Just over
a year later, at the Education Innovation Summit, we received the Best in Class award. Tis
conference is the mecca of tech education, so it was a major validation of our idea.”
In the spring of 2010, BenchPrep won the NVC and through that program accessed mentors
and investors—including Eric Lefofsky and Brad Keywell of Lightbank. “Tis was a wake-
up call,” said Ashish. “BenchPrep was no longer an idea, but a business. And it was surprising
how little I knew about the business until I actually did it. Getting that hands-on experience
was critical, and supplemented what I’d learned in the classroom.”
Trough Lightbank’s initial round of funding, Ashish gained access to some of the resources
that would be critical to scaling the business. Over the following year—year two—
BenchPrep continued to refne the business model, scrapping unnecessary features, and in-
corporating customer feedback to develop the current platform, which launched in July 2011.
Tis was one of the hardest parts, Ashish explained. “It’s very easy to keep saying yes, to add
more, to try to do everything. I had to learn to say no and focus on what’s best and most
important to the business. It took time for me to learn to focus on what’s going to help get the
business ahead.”
Moving forward, Ashish is applying some of those lessons to help his company grow. “I
know now that I need to focus. I may have to say no to 10 things before saying yes to one,
and that’s OK. I also learned that I shouldn’t overthink. Sometimes, the most critical part
is just starting.”
36 BUILDING THE ENTREPRENEURIAL COMMUNITY
Hyde Park Angels (HPA) and Hyde
Park Venture Partners (HPVP)
Hyde Park Angels is a Polsky Center-
afliated angel network of more than
100 investors, who invest in seed and
early-stage businesses primarily located
in the Midwest. Since its founding in
2007, HPA has invested in 15 companies,
including Gradebeam and FeeFighters,
both of which were successfully
sold in the past year.
Learn more at hydeparkangels.com.
HPA managing director Ira Weiss,
MBA ’99, PhD ’01, clinical professor
of accounting and entrepreneurship,
announced this fall the formation of Hyde
Park Venture Partners, an early stage
venture capital fund that invests in early
stage technology companies. To date,
HPVP has invested in two companies:
InContext Solutions and TapMe.
Learn more at hydeparkvp.com.
CHICAGO AND THE MIDWEST
HPA ofers the opportunity for Chicago Booth
students to participate in the deal evaluation
process and gain valuable venture capital ex-
perience through the HPA Associate Program.
Trough a rigorous interview process, 16 stu-
dents were selected to work as associates for the
year, acquiring frsthand experience screening
potential deals, coaching entrepreneurs, and
working with HPA members. Te 2011–12
associates are listed below:
LEAD ASSOCIATES
Michael Fineman, ’12
Hari Kalyanaraman, ’12
ASSOCIATES
(ALL FULL-TIME MBA STUDENTS)
Santiago Delgado
John Doyle
Sanjiv Kalevar
Kai Kung
Raphael Mannino
Shantanu Nundy
Jamie Shah
Rob Silver
Shivam Srivastava
Ricardo Taveira
Ulises Walker
Harrison Wheaton
JUNIOR ASSOCIATES
John Faughan
Vicki Peng
37 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Chicagoland Entrepreneurial
Center (CEC)/1871
Te Polsky Center has long been a partner
of the Chicagoland Entrepreneurial Center,
which works with high-growth digital
start-ups in Chicago. In spring 2012, the
CEC opened 1871, a 50,000 square foot,
highly collaborative space downtown in
the Merchandise Mart, named for the
date of the great Chicago fre. Te goal
is for 1871 to become the “hub of digital
tech” for the city, according to Kevin
Willer, ’10 (XP-79), president of the
CEC and 1871. Te Polsky Center has an
ofce there, allowing us to work more
closely with the Chicago entrepreneurial
community. More than 150 other start-
ups, entrepreneurial organizations such
as Excelerate Labs and the Illinois Science
and Technology Coalition, venture frms,
and universities have space in the center.
Learn more at 1871.com.
Built In Chicago
Over the past year, we forged a deep
relationship with Built In Chicago, the
largest online community of entrepreneurs
and digital innovators who are working
hard to create the next big web or mobile
business. Te site allows its 8,000-plus
members to connect and collaborate. Built
In Chicago has a strong presence ofine as
well, and has supported a number of Polsky
Center events, including the New Venture
Challenge People’s Choice Award and
Innovation Showcase.
Learn more at builtinchicago.org.
Excelerate Labs
Chicago-based Excelerate Labs ofers an intensive
summer start-up accelerator, driven by proven
entrepreneurs and investors. Ten teams, including
New Venture Challenge company Cureeo, spent
the summer developing and growing their
businesses. Several faculty and staf serve as
mentors to participating companies. Troy Henikof,
Excelerate’s managing director, is an NVC coach,
and cofounder Sam Yagan serves on the Polsky
Center’s Entrepreneurship Advisory Board.
Learn more at exceleratelabs.com.
Techweek
Tis spring, we supported Techweek, a weeklong
series of exhibitions, events, workshops, and
more with the goal to connect attendees to new
technology that will impact the next generation of
business and consumer life.
Learn more at techweek.com.
Chicago Ideas Week (CIW)
October 2011 witnessed the frst-
ever Chicago Ideas Week, a week
dedicated to the sharing of ideas,
inspiring action, and igniting
change to positively impact
our world. Attendees included
artists, engineers, technologists,
inventors, scientists, musicians,
economists, explorers, and more. Tese attendees
participated in more than 80 sessions across the
city of Chicago, including several on the university
campus in Hyde Park. Chicago Booth was an
education sponsor of the event.
Learn more at chicagoideas.com.
38 BUILDING THE ENTREPRENEURIAL COMMUNITY
ALUMNI PROFILE
MICHAEL PAPE, ’06 (XP-75)
Cofounder, Orchard Venture Partners, and CEO, Nymirum
MICHAEL PAPE IS A SERIAL ENTREPRENEUR on a quest to develop a new generation of
disease-fghting drugs. In 1998, Pape cofounded Esperion Terapeutics, which eventually sold to
Pfzer, Inc. for $1.3 billion. Tis was only the beginning of his entrepreneurial journey.
Michael went on to cofound Orchard Venture Partners, a venture capital frm, with several portfolio
companies in the feld of drug development. One of them—Ann Arbor, Michigan–based Nymirum,
which Michael heads as CEO—aims to develop drugs to treat diseases caused by dysfunctional
human RNA.
Acting on an early fascination with biochemistry, Michael earned a bachelor’s degree from the University
of Michigan and a PhD from Purdue University. He began his career as a research biochemist at Te
Upjohn Company, then moved to Warner-Lambert/Parke-Davis in 1991, where he worked on the block-
buster cholesterol-fghting drug Lipitor.
It wasn’t until the sale of Esperion in 2004 that he enrolled at Chicago Booth for a what-next check. At
Booth, he learned the language of business and the fundamentals of fnancing start-ups while also meet-
ing his future Orchard partner, J.P. Fairbank.
But Michael isn’t all business. He also teaches at the University of Michigan and helps lead the Collegiate
Church Network, which ministers to college students.
Michael is the 2012 recipient of the Chicago Booth Distinguished Entrepreneurial Alumni Award.
POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT 39
CONFERENCES AND EVENTS
SeedCon: 13th Annual
Entrepreneurship and
Venture Capital Conference
Cohosted by the Entrepreneurship and
Venture Capital student group and the Polsky
Center, SeedCon brought together more than
300 students, entrepreneurs, and investors
from the Chicago area in November. SeedCon
is now a one-and-a-half-day event, featuring
a fast-pitch competition on Tursday evening
and a full day of panels, keynote speakers, and
networking on Friday.
Speakers such as Matt Moog, founder, Built In
Chicago; Brad Burnham, managing partner,
Union Square Ventures; and Jason Fried,
cofounder and president, 37Signals, covered
the current state and future of innovation
and entrepreneurship at SeedCon 2011.
Learn more at seedcon.com.
Sponsors
PLATINUM
Katten Muchin Rosenman LLP
GOLD
Chicagoland Entrepreneurial Center
SmartBox
BRONZE
Groupon
Hyde Park Angels
Illinois Ventures
InContext Solutions
OCA Ventures
RedBox
IN-KIND
AlphaGraphics
Argentum Strategy Group
BucketFeet
Built In Chicago
Chicagoland Chamber of Commerce
Doejo
Entrepreneur magazine
EventBrite
Excelerate Labs
FeeFighters
Harpoon Brewery
ITA
Lightspan Digital
Richards Patent Law
Technori
Jim Dugan,
OCA Ventures
Lon Chow,
Apex Ventures
Partners
Karin O’Conner,
Hyde Park Angels
40 BUILDING THE ENTREPRENEURIAL COMMUNITY
CONFERENCES AND EVENTS CONTINUED
11th Annual Beecken Petty O’Keefe &
Company Private Equity Conference
Industry professionals and students gained
valuable insights from leaders in the private
equity industry at this year’s conference, themed
“Expanding Beyond Traditional Models.”
Speakers, including Steven Taslitz, cofounder
and senior managing partner, Sterling Partners,
and Glen Hutchins, cofounder and co-CEO,
Silver Lake, focused on new strategies for
achieving industry-leading performance in
today’s challenging PE environment.
Learn more at
student.ChicagoBooth.edu/group/
pe/conference.
Sponsors
TITLE
Beecken Petty O’Keefe & Company
PLATINUM
BCG
Ernst & Young
Kirkland & Ellis LLP
McDermott Will & Emery LLP
Winston & Strawn LLP
SILVER
Grant Thornton
MEDIA
Crain’s Chicago Business
MARKETING
Alphagraphics
Alt Assets/Limited Partner Magazine
Capital Roundtable
Chicago Private Equity Network
Global Fund Media/Private Equity Wire
Illinois Venture Capital Association
Journal of Private Equity
Thomson Reuters/Buyouts
Steven Taslitz,
Sterling Partners
Glen Hutchins,
Silver Lake
41 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Energy Forward 2012
In the spring, with the Chicago Booth Energy
Group, we cohosted Energy Forward, a daylong
event that explored some of the most pressing
issues in the global energy market. More
than 150 students and Chicago-area business
leaders gathered at Gleacher Center to hear
from experts including Raul Sendic, president
and chairman, ANCAP; Juan Jose Suarez
Coppel, CEO, PEMEX; and Sonny Garg,
AB ’89, MBA ’00, president, Exelon Power.
Sponsors
GOLD
Chevron
Invenergy
BASF
SILVER
Ungaretti and Harris LLP
Exelon
BRONZE
Areva
DTE Energy Resources, LLC
PRINTING SPONSOR
AlphaGraphics
Energy Junction
Cohosted by the Energy Club, which is made
up of Evening MBA and Weekend MBA
students, the Energy Junction conference
complemented the content at Energy
Forward. More than 100 attendees from the
oil and gas, electricity generation, renewables,
management consulting, investment banking,
and energy trading industries attended.
Sponsors
PLATINUM
Booz & Company
CH2M Hill
GOLD
Exxon
FMC Technologies
SILVER
Booth Energy Network
Chevron
42 ACKNOWLEDGEMENTS
Lifetime Donors $100,000 and over
Individuals
Reva M. Bates* and Rex J. Bates,
SB ’47, MBA ’49
David K. Beecken, ’70
Ann Bobisud*
Willie D. Davis, ’68
Merrick (Rick) Elfman, ’83
Mr. and Mrs. Lawrence I. Field
Gerald R. Gallagher, ’69
Tracy Gueno Gardner, ’90
Melvin R. Goodes, ’60
Kathryn C. Gould, ’78
Marie L. Bednar and Donald W. Hamer, ’58
Susan Hapak, ’89
Karen M. Herman and Michael E. Herman, ’64
Cynthia M. Hultquist and Timothy A. Hultquist, ’75
Raymond K. Hung, ’73, and the Hung Family Foundation
Carol Kaplan and Edward L. Kaplan, ’71, and the Kaplan Foundation
Rattan L. Khosa, ’79
Sherman R. Lewis Jr., ’64*
Mr. and Mrs. Robert C. McCormack, ’68
Alicia M. Miller and William A. Miller, ’67, and the Alicia M. and
William A. Miller Foundation
Jeanette Lerman-Neubauer and Joseph Neubauer, ’65, and the
Neubauer Family Foundation
Michael P. Polsky, ’87
Julianne H. Rose, ’81 and Clayton S. Rose, AB ’80, MBA ’81
Jean Head Sisco, ’46*
Immanuel Thangaraj, AB ’92, MBA ’93
Robert and W. Keren Vishny
Therese (Teri) L. Wareham, ’82
*Deceased
Companies and Foundations
ARAMARK Corporation
ARCH Venture Partners
Clinton W. Bybee, ’90
Keith L. Crandell, ’88
Steven Lazarus
Robert T. Nelsen, ’87
Ewing Marion Kauffman Foundation/Kauffman Center for
Entrepreneurship Leadership
Mitsubishi Corporation
Molex Incorporated
Textron, Inc.
Willis Stein & Partners
SECTION 6
ACKNOWLEDGEMENTS
DONORS, HOSTS, AND SPEAKERS
We thank our donors, host companies, and speakers for their support of our many
programs and activities throughout the year. Te list below recognizes those who
have not been mentioned previously in the report.
43 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Program Host Companies
Entrepreneurial Internship
Program
Atlantic Ventures
Beautybox
Big Bend Brewing Company
Bites
BucketFeet
CaptainU
Contently
Dot-to-Dot Children’s Books
Edmodo
EGraphs
Eirene
Flurry
Future Simple
General Assembly
Groupinion
GrubHub
HipMunk
Insurease
Inveready Asset Management SGECR, SA
Java Sleeve
Kammock
MM Capital Advisors
Pinpoint MD
Project FixUp
ROI Ventures
Silver Lake Kraftwerk
Spanish Vines
SpotHero
Stork Stack
TBL Mirror Fund
WEVE, Inc (StyleSeek.com)
Winestyr (Corkteam, LLC)
XSell Technologies
YCharts
Private Equity and
Venture Capital Lab
Akoya Capital
Amiti Ventures
ARCH Venture Partners
Baird Capital
Beecken Petty O’Keefe & Company
CapX Partners
Chaifetz Group
Chicago Growth Partners
Duchossois Technology Partners
Equity International
Generation Growth Capital
HCP & Company
High Street Capital
Hyde Park Angels
I2A Fund
Kinsale Capital
Lake Capital
LaSalle Capital
M3 Capital Partners
Madison Dearborn Partners
McNally Capital
MedProperties Group
Merrick Ventures
MVC Capital
New World Ventures
OCA Ventures
Patriot Capital
P?ngsten Partners
Prairie Capital
Pritzker Group
Pro?le Capital
PSP Capital
Second Century Ventures
Sterling Partners
Victory Park Capital
Winona Capital
New Venture Lab
37signals
Big Time Software
BodyShopBids, Inc.
CrowdSPRING
Masala Wala
MIghtyNest
Tap.Me
ViewPoints
ViMedicus
Clean Tech Lab
AMP Americas
Coskata
Gas Technology Institute
Invenergy LLC
Nalco
NexGen Solar
A complete list of donors and host ?rms can also be found at
ChicagoBooth.edu/entrepreneurship/about/donors.aspx.
44 ACKNOWLEDGEMENTS
Guest Speakers (Selection)
Sanjay Bhatia, ’96, FMC Technologies
Jason Blumberg, ’05, Energy Results
Frank Bozich, SB ’82, MBA ’87, BASF
Tony Broglio, ’04, Lake Capital
Marco Bruzzano, DTE
Brad Burnham, Union Square Ventures
Brendan Carroll, Victory Park Capital
Jeffrey Chamberlain, Argonne National Lab
Lon Chow, Apex Venture Partners
Chris Coetzee, Robert W. Baird & Co.
Richard Copans, Madison
Dearborn Partners
Sean Cunningham, GTCR
Vince Cushin, Clean Urban Energy
Michael Danziger, IBM
Tony Davis, ’98, Linden LLC
Patrick Doyle, Winston & Strawn
Jim Dugan, OCA Ventures
Joe Dwyer, OCA Ventures
Michael Egan, Monroe Capital
Merrick (Rick) Elfman, ’83, Sterling Partners
Suzanna El-Moursi, Power2Switch
Bruce Ettelson, JD ’89, Kirkland & Ellis
Brad Flora, NowSpots
Jason Fried, 37signals
Piotr Galitzine, TMK-IPSCO
Damian Gardley, LG Chem Power Inc.
Sonny Garg, AB ’89, MBA ’00, Exelon Power
Bob Gillespie, ’11, InContext Solutions
Benji Greenberg, BCV Evolve
James Greenberger, NAATBatt
Bruce P. Hamilton, Adica, LLC
Christopher Hanson, US Department
of Energy
Don Harker, Navigant Consulting
Mark Harris, McDermott Will & Emery
Ryan Harris, McDermott, Will & Emery
Terry Harvill, ITC Holdings
KC Healy, Deloitte
Brad Henderson, AM ’01, The Boston
Consulting Group
Troy Henikoff, Excelerate Labs
Bryan Johnson, ’07 (XP-76), Braintree
Tim Juliani, Center for Climate and Energy
Pete Kadens, SoCore Energy
David Kalow, AB ’74, JD ’76, Kalow
& Springut LLP
Neil Kane, ’91, Advanced Diamond
Technologies
Steven Neil Kaplan, Chicago Booth
Garry Karch, Butcher Joseph Hayes
Tim Kelly, ’00, Adams Street Partners
John Krzywicki, True North
Lisa Kurek, Biotechnology
Business Consultants
Terrill Laughton, ’01, Johnson Controls
Michael Lindenmayer, Caregiver Relief Fund
Eric Malchow, ’94, Lincoln International
Scott Marden, MPP ’81, Compass Partners
Chris McGowan, CJM Ventures
Coco Meers, Pretty Quick
Lee Mitchell, JD ’68, Thoma Bravo
Matt Moog, Built In Chicago
Bill Morris, Akin Gump
Todd Novack, Ernst & Young
Karin O’Connor, Hyde Park Angels
Rob Ospalik, Baird Private Equity
Alvaro Ortega, IQEngineer
Paul Orzeske, Honeywell Building Solutions
Gordon Pan, Baird Private Equity
Michael Poisel, University of
Pennsylvania’s UPSTART
Michael Polsky, ’87, Invenergy LLC
Scott Provinse, SunEdison
Robert Quast, Lincoln Property Company
Pat Quinn, Governor of the State of Illinois
Elisabeth Roth, University of Chicago
Carl Rutstein, ’94, The Boston
Consulting Group
David Saltiel, Areva
Mike Sands, BrightTag
Partho Sanyal, ’01, Bank of America Merril
Lynch
Raul Sendic, ANCAP
Matt Shanahan, Marathon Capital, LLC
Sha?q Shariff, Groupon
Timothy Sheehan, Beecken Petty O’Keefe &
Company
Jim Shield, Invenergy
Craig Sieben, Sieben Energy Associates
Michael Sinkula, Envia Systems, Inc.
Brittany Smith, Madison Dearborn Partners
Joel Spenadel, JP Morgan Capital
Corporation
Heather Steinman, University of
Pennsylvania’s UPSTART
Rick Stevens, University of Chicago
Avi Stopper, ’06, CaptainU
Juan Jose Suarez Coppel, PEMEX
Chuck Templeton, OpenTable
Sima Thakkar, Good Indian Girl
Lawrence Thuet, ’98, Park Hill Group
John Tolva, City of Chicago
William (Bill) Wallace, General Motors
Todd Warnock, ’88, Roundtable
Healthcare Partners
Ray Weber, GE Energy Financial Services
Ira Weiss, MBA ’99, PhD ’01, Chicago Booth
Kevin Willer, ’10 (XP-79), Chicagoland
Entrepreneurial Center
Rob Winner, Ungaretti & Harris
Ray Wood, Credit Suisse
Connie Yowell, MacArthur Foundation
Ann Zeigler, CDW LLC
DONORS, HOSTS, AND SPEAKERS CONTINUED
45 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
Entrepreneurship Advisory Board
Te Polsky Center Advisory Board comprises many of the country’s leading entrepreneurs, venture
capitalists, and private equity investors, who provide ongoing guidance and support to the center.
Michael Alter, CEO, Sure Payroll
David K. Beecken, ’70, Managing Director, Beecken Petty O’Keefe & Company
Stephen Beitler, Senior Managing Director, Dunrath Capital
Eric Belcher, ’95, CEO, InnerWorkings
Roger Blume, ’67, CEO, Quickway Carriers
Ellen Carnahan, ’84, Managing Director, Machrie Enterprises LLC
Keith Crandell, ’88, Managing Director, ARCH Venture Partners
Steven Dresner, ’82, President, Dresner Capital Resources, Inc.
Merrick (Rick) Elfman, ’83, Managing Partner, Sterling Capital Partners
Robert Fealy, President, COO and Director of the Duchossois Group, The Duchossois Group
Robert H. Gertner, Joel F. Gemunder Professor of Strategy and Finance, Deputy Dean, University of Chicago Booth School of Business
David Habiger, ’98 (XP-67), CEO, Sonic Solutions
Donald W. Hamer, ’58, Chairman, State of the Art, Inc.
Susan Hapak, ’89, President, Current Technologies
Jim Hickey, Principal, Vista Equity Partners
Edward L. Kaplan, ’71, President, Nalpak Inc.
Steven Neil Kaplan, Faculty Director of the Polsky Center and Neubauer Family Distinguished Service Professor of Entrepreneurship and
Finance, the University of Chicago Booth School of Business
Brad Keywell, Founder and Managing Director, Lightbank
Rattan L. Khosa, ’79, President and Founder, AMSYSCO, Inc.
Venetia Kontogouris, ’77, Managing Director, Venkon Group LLC
Michael Krauss, AB ’75, MBA ’76, Managing Principal, Market Strategy Group
William Miller, ’67, President, Miller Strategic Consulting, LLC
Guy Nohra, ’89, General Partner, Alta Partners
John Oxaal, ’81, Partner, Sevin Rosen Funds
Michael P. Polsky, ’87, President and CEO, Invenergy LLC; Chairman, Polsky Center Entrepreneurial Advisory Board
John F. Richards, MBA, ’72, AM ’95, President, Crabtree Ventures, LLC
Ellen A. Rudnick, ’73, Executive Director of the Polsky Center and Clinical Professor, University of Chicago Booth School of Business
John W. Rutledge, ’94 (XP-63), Founder, President & CEO, Oxford Capital Group, LLC, Oxford Hotels & Resorts
Ronald Tarrson, ’72, Managing Partner and Director, Santa Fe Aero Services
Immanuel Thangaraj, AB ’92, MBA ’93, Managing Director, Essex Woodlands Health Ventures
Vijay R. Vashee, ’77, Founding Chairman, TiE Seattle
Kevin Willer, ’10 (XP-79), President and CEO, Chicagoland Entrepreneurial Center
John R. Willis, ’74, Cofounder and Managing Partner, Willis Stein & Partners
Sam Yagan, Founder, OK Cupid
Paul G. Yovovich, AB ’74, MBA ’75, President and Principal, Lake Capital
Donna F. Zarcone, ’87, President, Economic Club of Chicago
ChicagoBooth.edu/entrepreneurship
46 GET INVOLVED AND STAY CONNECTED
SECTION 7
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POLSKY CENTER FOR ENTREPRENEURSHIP
Te University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Suite 207
Chicago, Illinois 60637
Tel: 773.834.4525
Fax: 773.834.4046
Email: [email protected]
47 POLSKY CENTER FOR ENTREPRENEURSHIP 2011–12 ANNUAL REPORT
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48 GET INVOLVED AND STAY CONNECTED
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Keep us up to date on new
ventures, life milestones,
awards earned, and more.
Contact Tracey Keller at
[email protected]
or 773.834.1134.
SUPPORT THE
POLSKY CENTER
To make a general gif, please use the
enclosed remittance envelope
or visit us online at
ChicagoBooth.edu/entrepreneurship/
about/support.aspx.
For additional ways to support the center,
please contact Starr Marcello at
[email protected]
or 773.834.2838.
ChicagoBooth.edu/entrepreneurship
All company names that appear in this report
were accurate at the time of publication.
ChicagoBooth.edu/entrepreneurship
doc_357091550.pdf