Transcript Academic Programs - Center for Entrepreneurship

CFE Board Meeting
Center for Entrepreneurship
Presentation to the Board
May 1, 2009
CFE Update, Financial Update
Thomas Zurbuchen
[email protected]
May 1, 2009
CFE Vision and Mission Statements
• The Center for Entrepreneurship exists to empower
students, faculty and staff at the University of
Michigan to pursue entrepreneurial achievements
that improve people’s lives and drive the economies
of Michigan, the nation and the world.
• Cultivate the University of Michigan entrepreneurial
community through:
– 1. Experiential Learning
– 2. Entrepreneurial Community Engagement
– 3. Venture Acceleration
1000 Pitches Competition
CFE Activities
Venture
Acceleration
Entrepre.
Engagement
Experiential
Learning
2009
2010
2011
2012
2013
Support of design classes, e-ship topical classes and joint lists
Plan
Implement Social Entrepreneurship Initiative
Plan, w/ ZLI
Broader Business Classes, RSB joint list
E-ship Minor
Awareness Programs
Plan w/ ZLI
Outreach efforts across campus
Plan w/ ZLI, BEC
E-ship Dorm
Broader community outreach and interfaces
Plan w/ OVPR
Topical initiatives
Advising Services
Plan, $s
Off-campus Accelerator
10-week
Plan, $s
10-week
10-week
On-Campus
10-week
Start-up angel fund, w/ ZLI
Progress Report
• All three types of activities are on track
• Overall emphasis:
– Develop a plan that puts CFE on solid footing with
longevity
– Generate and analyze performance data that can
lead into improvements of effectiveness
– Support student startups more effectively
Ongoing Tasks
• Progress report on University-wide outreach
– School of Information has co-listed seminar; broad participation in
activities and competition
– Multiple discussions with Ross School of Business about academics,
accelerator; joint listing of classes, but only if originated in the RSB
– Collaborations with Medical School; joint listing of one class
– Discussions with all parts of LS&A; trying to find best way to make an
impact
– Joint projects with School of Music, Theatre and Dance; School of Art
and Design
– Rackham School of Graduate Studies co-sponsored two CFE programs
• Cross-University interactions are time-intensive
Ongoing Tasks
• Hiring of managing director
– Approval process for position is ongoing (to date,
1.5 months)
– Position is necessary as outlined in strategic plan
• Schedule in the strategy needs to be adjusted
based on personnel restrictions and funding
availability
– Update of strategy by next board meeting
Process for Budget Development
• Operations
– “Keeps the door open”
– Allows operationally sound management
– Support of overall Center activities
– Contains seed-funds for new programs
• Teaching
– All academic activities; must be tracked independently to allow
transparency and scaling to growth
• Programs
– Projects that focus on individual elements of the CFE programs
– Each program owned by program director and managed independently
– Funds often raised for each program
Process for Budget Development, II
• Budget developed by director of activity as defined
by strategy, where possible
–
–
–
–
Operations: Zurbuchen, for managing director
Academic: Huang-Saad
Engagement/Connections: Klinke
Venture Acceleration: Huang-Saad & Zurbuchen
• Budgets will be used to
– Track performance
– Manage activities
– Coordinate fundraising activities
CFE Budgets
• Founding gift of ~ $1M
• CoE support of ~ $100k/year
• Additional sources of gifts, grants and other University support
160000
140000
120000
100000
80000
60000
40000
20000
0
1000 Pitches
CFE
Seminars
Google
Internship
Conference Scholarship
PHEV
Project
RPM10
Competition
Toy Story
Other University Support
U-M Unit
Amount
Office of Vice-President of Research
$65,000
Rackham Graduate School
$ 6,000
Office of Technology Transfer
$ 3,000
School of Information
$
Zell Lurie Institute
$ 3,000
Medical Innovation Center
$
Program Specific CoE Support
$50,000
500
500
Budget Overview: 5 Year Average
Company Engagement
3%
Career Fair
5%
Topical Competititions
4%
Student Groups
3%
Bay Area Program
2%
Academic Program
22%
Programs
50%
Operations
27%
Mentorship Program
4%
Accelerator
13%
D2D, NCIIA, SPARK
5%
Social Entrepreneurship
5%
Summer Internships
7%
Yearly Budget Plan
$1,200,000
Summer Internships
Accelerator
$1,000,000
Topical Competititions
Company Engagement
$800,000
Career Fair
Student Groups
$600,000
Bay Area Program
Mentorship Program
$400,000
D2D, NCIIA, SPARK
Social Entrepreneurship
$200,000
Academic Program
Operations
$-
2010
2011
2012
2013
2014
Budget Elements: Five-year Average
Administrative Staff
23%
5%
Student Staff
10%
6%
4%
14%
11%
Fringe Benefits
Speakers/Instructors
Awards
Travel
Rental
General Expenses
28%
Expenditures of Initial Gift Fund
• Current gift status
– Expended 50% of the founding gift
• Current budget
– ~$45K/month
– Full utilization by end of January 2010, without
substantial changes
Board Functions
• Key functions
– Sounding board
– Advise CFE
– Provide help with fundraising
– Provide connections
• Appointment for typically three-year duration
• Proposal: structure with executive committee
Board Organization: A Proposal
Venture
Acceleration
Weiser *
Academics
Engagement
Fundraising
Holloway *
Carnevale *
Herrick*
Herrick
Goldstein
Finney
Levin
Levin
Jahanian
Orr
Weiser
Dubin
Weiser
Kornfield
Kidder*
Kinnear
Kinnear
Herrick
Dubin
Kidder
Forrest
Forrest
Carnevale
Forrest
Orr
Dubin
Finney
Carnevale
* Executive Committee
Discussion Points
• What is the best suited structure and what are
the best functions of the board?
• How do we make CFE activities sustainable?
• Are there any elements of the CFE strategy
that should be reconsidered?
Academic Programs
Aileen Huang-Saad
[email protected]
May 1, 2009
Agenda
•
•
•
•
•
In the classroom
Extracurricular
Social entrepreneurship
Going forward
Questions for the board
In the Classroom
• In the classroom
– Program in Entrepreneurship
– Diffusion
•
•
•
•
Extracurricular
Social entrepreneurship
Going forward
Questions for the board
Program in Entrepreneurship
9 Credits
Required seminar
Core course
Elective
Practicum
Effective F08
LSA
CoE
RSB
Total
http://cfe.engin.umich.edu/
Declared
2
12
1
15
UG
2
10
0
12
Grad
0
2
0
2
CFE Across Curricula
Entrepreneurship Seminar
400
300
200
100
0
Winter 08
Fall 08
Winter 09
Number of Students by Year
Number of Students by School
250
250
200
200
LSA
Freshman
Engineering
Sophomore
150
Junior
150
Kinesiology
Business
Senior
Grad Master
100
100
Music
Rackham
G Pre-Cand
Grad-Cand
50
Architecture
50
0
0
Winter 08
Fall 08
Winter 09
Winter 08
Fall 08
Winter 09
CFE Across Curriculum
Intellectual Property and Patent Law
Business Ventures
25
Number of Students by Year
N=30
# of frosh
20
N=32
15
N=36
25
N=35
# of frosh
soph
junior
10
senior
5
20
15
soph
N=21
10
grad mastr
Weiser
F08
g pre-cand
5
grad-cand
0
Weiser
W09
senior
grad mastr
0
Weiser
W08
junior
Schox W08 Schox F08
Number of Students by School
35
35
30
30
25
25
20
Engineering
20
15
LSA
15
10
Business
10
5
5
0
0
Weiser
W08
Weiser
F08
Weiser
W09
Engineering
LSA
Business
Schox W08 Schox F08
CFE Across Design Classes
Class
Total
CFE Active
CFE Involvement
ENG100
17
3
• MBA mentors
• Assist with IP issues arising
• Follow on mentorship
• Segway Project
ENG270
(ENG190)
1
1
• Guest speakers from ZLI
Senior /Grad
Design
~20-30
7
• BME Henry Ford Hospital Project
• EECS Recellular Project
• ME450 Infrared Technologies
• EECS iPhone Apps
•IOE Segway Projects (2)
•BMEGrad
Entrepreneurship Practicum
To gain first-hand experience in entrepreneurship by
advancing an invention towards an entrepreneurial goal
or by getting involved in an entrepreneurial environment.
• Mentorship
• Cantillon eCourse
• Start your own venture
or work for a local
start-up company
http://cfe.engin.umich.edu/
Practicum Ventures
Bhaskar
Enterprises
Building the business case for
commercial parabolic flights
in Europe
India shining
Extracurricular
• In the classroom
• Extracurricular
– Bay area trip
– Dare to Dream, Feel the Music, Michigan Business
Challenge
– Student group support
• Social entrepreneurship
• Going forward
• Questions for the board
2009 Bay Area Trip
Schools Represented
LSA
Engineering
Business
Rackham
Medical
Dental
Years Represented
undergrad
grad
Feel the Music
Dare to Dream
Fall 08
Winter 09
Number of
Applications
# Selected
44
26
15
8
Michigan Business Challenge
Participants By Degree
MBA
BBA
ERB
Non-B-School
N=198
Distribution of Non-B-School Participants
BA
BS
BSE
DDS
MD
MS
MSE
N=64
PhD
Student Groups
~ 20 Active women
BLUElab
Better Living Using Engineering Laboratory
~ 12 Active student ventures
•6 Exec members
•20 Core/talent members
•1300 Following mailing list
Maize Ventures
Social Entrepreneurship
• In the classroom
• Extracurricular
• Social entrepreneurship
– University movement
– CoE social entrepreneur competition
– Fall seminar
• Going forward
• Questions for the board
University Movement
Graham Environmental
Sustainability Institute
ginsberg
center
School of
Social Work
Social Innovator Award
March 2009
Students nominated UM alumni who had become successful social entrepreneurs.
Paul Saginaw
David Green
Aaron Hurst
Introduction to Social Entrepreneurship
• Cognizant faculty:
– Aileen Huang-Saad, CFE/BME
– Brian Love, MSE/BME
– Nick Tobier, School of Art and Design
• Introductory on-ramp class
• Fall 2009
Going Forward
• Expand course offerings
–
–
–
–
Develop practicum mentor program
Seek Rackham approval for Program in Entrepreneurship
Launch social entrepreneurship class
Work with B-School to increase course offerings
• Broaden availability of entrepreneurship
• Videotape short courses
• K-12 Outreach
• Research
– Develop research area on program
Questions for the Board
• Practicum
– How do we define “entrepreneurial experience”?
– Do we vet the projects first?
– What should the metrics be?
• Mentor Engagement
– What is a fair expectations of our mentors?
– Do we need agreements to be put in place? (i.e.
confidentiality, contact hours, etc.)
– How do we vet our mentors?
Venture Acceleration
Thomas Zurbuchen and Aileen Huang-Saad
[email protected]; [email protected]
May 1, 2009
Overview
Activities in CFE Strategy
• Advising services
– Work with entrepreneurial faculty
– Work with supporting units (SPARK, OTT, ZLI, etc.)
• Summer internship and accelerator
– “Entrepreneurship is the new internship”
– 10-12 week effort to launch with support
• Accelerator
– Develop to build entrepreneurial destination for
company owners to operate businesses
– Create an entrepreneurial ecosystem
Mentorship and Support
• Have 10 specific mentors signed up, covering a broad range of
experience
– CEOs of startups
– Attorneys for IP or other legal matters
– Professors
– Professional consultants – sometimes for pay
• Bay Area trip to establish student-mentor relationships
– 20-40% student companies ended up with mentorship
relationship from previous trips
• Additional referrals to 2-5 connections/week
RSB Competitions
• Marcel Gani internships: only for MBAs
• Michigan Business Challenge: for all students
• Dare to Dream has three stages:
– Business design grant: Run by CFE, no conditions,
$500/team
– Assessment grant: Run by ZLI, must include RSB
student, $1,500/team
– Integration grant: Run by ZLI, must include RSB
student, up to $10,000/team
CFE Summer Internships
• Summer 2008
– Worked with Detroit Chamber MORE program for
self-hosted internships – 12 students
• Summer 2009
– Funded 12 internships
• Additionally: Sponsored projects/internships
based on needs
RPM 10 Competition
• 2nd ten week summer
program hosted by RPM
Ventures
• Enabled through
donations of RPM
Ventures partners and
R. Weiser
• Three companies have
paid internships
Key Milestones: Competitions
• Finished Alternative Energy
Competition
– Announced with ZLI, other
University partners
– 23 entering teams from
many disciplines
• Finished Feel The Music
Competition
– Announced with School of
Music, Theater and Dance
– Winning team: Thumpin’
Threads
Accelerator - status
• Vision agreed upon from the Ross School of
Business (RSB) and the College of Engineering
(CoE)
• Vision: The business accelerator will be the
center for student start-up business activity and
experiential learning at U-M. The accelerator will
be a shared endeavor between CoE and the RSB.
The Accelerator will integrate with and support
the expansion of the local entrepreneurial
community.
Elements of the Accelerator
• Educational opportunities – formal and experiential –
in entrepreneurship
• Tools and basic infrastructure to support the launch
and operation of student businesses
• A means for cross-campus integration of students
from multiple disciplines
• Encouragement for the culture of innovation on/near
campus
• A physical space for new business activity, student
collaboration and networking, direct engagement of
outside stakeholders
Ongoing Discussions
• There are operational/organizational issues
−Can we do a two-year test phase?
• Open issues
– Funding is approximately ~$300k/year – sources?
– How do we organize governance between CFE and
ZLI?
– How do we select companies to enter the
Accelerator?
A Bay Area Accelerator?
• Purpose of accelerator
– Plug startups into BA community for support and
entrepreneurial follow-up
– Create bridge-head for U-M in BA for broader
connections
• Questions to address
– Funding of a BA accelerator: space rental and one
FTE
– Connection to A2 community/Accelerator
Discussion Topics
• What are the right features for the accelerators and
their inter-relationships?
• What are lessons learned from other activities?
• How can we further improve the venture
acceleration process by including alums and the
broad U-M community?
Community Engagement
Amy Klinke
[email protected]
May 1, 2009
Entrepreneurship Community Engagement
• Build relationships with internal and external
partners
Internal Partners
External Partners
Business Engagement Center
Small Businesses
Office of VP Research
Ann Arbor SPARK
Office of Advancement-CoE
Chambers of Commerce
Zell-Lurie Institute
Mich. Econ Development Corp.
LSNA, SI, other units…
Women’s Exchange of
Washtenaw
Student Groups
MI Small Business & Technology
Development Center
Entrepreneurial Ecosystem
Global
Local
Community
University
Students
Local and University Community
Strategic Plan Elements
• Focus Areas
– Awareness programs
– Cross-campus outreach
– Community outreach and engagement
– Topical and business plan competitions
Successes
Engaged 67 Companies in 2009 MPowered Career Fair
Successes
• Funded 2 small companies in inaugural Small Company
Innovation Program (joint research projects with the
University)
• Approved 12 companies to hire U-M students in a joint
internship pilot program; the University funds part of their
employment
• Engaged 12 mentors and 25 student ventures via first
Entrepreneurial Speed Dating event
• Launched 2 entrepreneurship outside funded competitions
Companies We Engage
• Partners
– Deeper nature to the relationship
– Multi-year partnerships based on
common goals
– Financial commitment
• Active
– Multiple touch points with
company
• Engaged
– At least one interaction
• All companies
Engagement Tools – All Companies
•
•
•
•
•
•
•
MPowered Career Fair
Community meetings
SPARK
Business card exchange
Websites
Conferences
Community based focus
groups
Engagement Tools – Engaged/Active
•
•
•
•
Speaking opportunities
Mentorship
Class projects
Small Company
Innovation Program
• Small Company Internship
Program
• Sponsorships
• Joint research projects
Engagement Tools - Partners
• Multi-year engagement
• Provide feedback to CFE
• Funding/partnership in
research, hiring,
education, and
mentoring
Questions for the Board
• Are these the right tools or processes to
engage small companies with the CFE?
• What is missing in the proposed engagement
process?