center for entrepreneurship 2014 annual report
TRANSCRIPT
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OHIO UNIVERSITYCENTER FOR ENTREPRENEURSHIP
2014 Annual Report
COLLEGE OF BUSINESS & VOINOVICH SCHOOL OF LEADERSHIP AND PUBLIC AFFAIRS
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O hio University’s Center for Entrepreneurship is unique amongst collegiate programs of entrepreneurship. As a collaboration between the College of Business
and Voinovich School of Leadership and Public Affairs, the Center for Entrepreneurship leverages the strengths of these institutions to drive growth in Southeast Ohio's entrepreneurial ecosystem.
The primary objectives of the Center for Entrepreneurship are providing educational programs for undergraduates and postgraduates and enhancing the entrepreneurial culture across Campus and the region. As partners in this effort, the College of Business and Voinovich School of Leadership and Public Affairs are pleased to share oustanding results. As we have invested in faculty, programming, and student outreach, we see a positive return on the investment.
Through faculty expansion and increased student outreach, the Center for Entrepreneurship provides opportunities for students across campus to learn about entrepreneurship in the classroom. Then gain experience applying what was learned through student-run clubs, internship and mentoring opportunities, and programs that support and encourage entrepreneurs at any life stage. Since the Center was launched in 2011, we’ve introduced a major in entrepreneurship and a certificate in entrepreneurship that are offered to different audiences on campus to extend the reach of entrepreneurial education for Ohio University students. The rate of acceptance has been outstanding and today we have more than 100 students enrolled in the major and certificate.
We see opportunities to expand our influence to developing emerging business leaders in the community through a partnership with the Robert D. Walter Center for Strategic Leadership by offering a certification program for new leaders working in small to mid-size companies in Ohio. The initial development will be funded by the state to help facilitate and accelerate the growth of these companies, thereby extending the entrepreneurial reach of Ohio University. This Emerging Leaders Program will launch in the spring of 2015, and we anticipate strong participation.
As we execute on our strategic priorities, supporting the objectives of the Center, and capitalizing on the unique partnership between the Voinovich School of Leadership and Public Affairs and the College of Business, we see our mission coming to life. The Ohio University Center for Entrepreneurship is contributing to the entrepreneurial ecosystem through education, activity, and regionally-focused business development. As we strive to support this mission, we see great potential for positive impact on the University and throughout the region.
Thank you for your support of this work.
Dr. Hugh Sherman Dr. Mark Weinberg Dean, College of Business Founding Dean, Voinovich School
A LETTER FROM THE EXECUTIVES
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Lynn GellermannEXECUTIVE DIRECTOR
Lynn Gellermann is the executive director of the Center for Entrepreneurship at Ohio University, a partnership between the College of Business and the Voinovich School of Leadership and Public Affairs.
Mr. Gellermann also serves as the executive director for TechGROWTH Ohio which provides operational assistance, grant support, seed-stage capital, and angel investment resources to start-up technology companies and entrepreneurs in southeast Ohio. He brings over 25 years of venture capital, banking, and economic development experience to this public/private partnership which is sponsored and managed by Ohio University.
Mr. Gellermann continues as a member of the general partners for Adena Ventures, a seed- and early-stage venture capital firm, and serves on the boards of several of the fund’s portfolio companies. Gellermann earned his bachelor degree from Hastings College and his MBA from the University of Colorado.
Luke Pittaway, Ph.D.DIRECTOR AND PROFESSOR IN MANAGEMENT DEPARTMENT
Dr. Luke Pittaway is a professor and director of the Center for Entrepreneurship at Ohio University. As director, Luke leads the academic programs for entrepreneurship and is leading enhancements to University-wide programs.
Prior to coming to Ohio University, Luke was the William A. Freeman Distinguished Chair in Free Enterprise and the director of the Center for Entrepreneurial Learning and Leadership at Georgia Southern University, where he managed programs in entrepreneurship. Luke has also previously worked at the University of Sheffield (UK), Lancaster University (UK), and the University of Surrey (UK). He has been a Research and Education Fellow with the National Council of Graduate Entrepreneurship and an Advanced Institute of Management Research Scholar. He is on a number of editorial boards including: International Small Business Journal; International Journal of Entrepreneurial Behaviour and Research; and, the Service Industries Journal.
MEET THE LEADERSHIP TEAM
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Hugh Sherman, Ph.D.DEAN, COLLEGE OF BUSINESS
Since 2008, Hugh Sherman has been dean of the College of Business at Ohio University after more than 20 years of corporate experience including founding and operating a business, serving as vice president of marketing for SMH Corporation (now known as Swatch Watch). As dean, he provides oversight of College programs, strategy, and faculty and staff. Under his leadership, College enrollments have grown nearly 40 percent and first year retention rates have increased to 89 percent.
Hugh earned his Ph.D. from Temple University in strategic management and international business. Prior to that, he earned an MBA from Northeastern University in Boston and bachelors from Guelph University in Ontario, Canada. Hugh provides strategic oversight of economic development programs at Ohio University, including a range of business technical assistance programs and equity funding for high-growth businesses in the Appalachian Region of Ohio.
Mark Weinberg, Ph.D.FOUNDING DEAN, VOINOVICH SCHOOL OF LEADERSHIP AND PUBLIC AFFAIRS
Mark Weinberg is a professor of Leadership and Public Affairs at Ohio University specializing in the areas of organizational strategy and public sector value creation. He is the founding and current dean of Ohio University’s George V. Voinovich School of Leadership and Public Affairs. In 2002, he was named the Appalachian Regional Commission’s Whisman Scholar and served in that capacity for three years.
Mark received his undergraduate and master’s degrees from the University of Maryland and his doctorate from the University of North Carolina, Chapel Hill. He has taught a range of management courses including the capstone seminar in Public Administration, Public Budgeting, Financial Management, and Public Policy Analysis and published in these areas.
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FACULTY EXPANSION
In order to support the growing needs of the program, the College of Business has invested in five new faculty members including:
Ikenna Uzuegbunam, Ph.D.
Dr. Ikenna (Ike) Uzuegbunam is a visiting assistant professor of strategy. Ike’s prior industry and consulting experience includes stints in medical devices, oil and gas, electronics, software, and the social sector. He holds a Ph.D. degree from
Rensselaer Polytechnic Institute; an MSc in technology and innovation management from the University of Sussex; and a B.Eng. (Honors) in electronic engineering from the University of Nigeria, Nsukka.
Paul Benedict
Paul joins the College with nearly 20 years of experience in business development, marketing, and business investing. During his tenure at Adena Ventures, an early-stage venture capital fund, Paul managed nearly $10M of the operational
assistance program providing professional services to startups before and after investing.
David Boss, Ph.D.
David received his Ph.D. in strategy and entrepreneurship from Texas A&M University’s Mays Business School and his MBA from Babson College. He was named a prestigious Price-Babson Fellow through their
Blank Center for Entrepreneurship and his research is focused on corporate governance and entrepreneurship.
Christopher Crawford, Ph.D.
Christopher Crawford an Assistant Professor of Strategic Management at Ohio University in Athens, Ohio. He received his Ph.D. in Entrepreneurship from the University of Louisville in 2013. In a past life, he founded The Red Apple Consulting
Company, served as Director of Marketing for Rexarc International, and was a clinical assistant professor of marketing and management at Miami University in Oxford, Ohio for eight years.
Luke Pittaway, Ph.D.
Dr. Luke Pittaway is a professor and director of the Center for Entrepreneurship at Ohio University. As director, Luke leads the academic programs for entrepreneurship and is leading enhancements to University-wide programs.
2013-2014 STRATEGIC INITIATIVES 2013-2014 STRATEGIC INITIATIVESThe Center for Entrepreneurship’s priority is contributing to Ohio University’s entrepreneurial ecosystem. We do that through a three-pronged approach of education, university-based entrepreneurial activity, and regional business development.
EducationThe Center for Entrepreneurship combines classroom learning with hands-on practice so that students who graduate have the knowledge, skills, and experiences to be successful in their own startup or contributing to the entrepreneurial environment in another setting. To accomplish this, the Center collaborates with resources like TechGROWTH Ohio and the Innovation Center to provide extracurricular opportunities, student organizations, and resources including a Venture Café series, Startup Weekend, pitch competitions, and others.
ENTREPRENEURSHIP MAJOR
The Center for Entrepreneurship follows the University ethos of student-centered learning and problem-based learning approach for students in the College of Business that are pursuing a Bachelor of Business Administration and wish to major in entrepreneurship. The goal of the major is to provide a rigorous and in-depth study of the field of entrepreneurship, honing students’ ability to start a new venture or meaningfully contribute in a corporate entrepreneurial setting.
ENTREPRENEURSHIP CERTIFICATE
For Ohio University students outside of the College of Business, the Center offers a Certificate in Entrepreneurship that provides education tailored to specific colleges and disciplinary needs. As a student pursuing a Certificate in Entrepreneurship, students from any major, college, or discipline are able to earn the certificate by taking 15 credit hours in a combination of courses offered by the Center, through the College of Business, the Voinovich School, and within their own college (if offered).
2012 2014
34
84
17
74
Students Majoring in Entrepreneurship
Students in Certificate of Entrepreneurship Classes
BREAKDOWN OF PROGRAM GROWTH
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I chose the entrepreneurship major because I have an interest in one day starting my own company, but also
because I understand that entrepreneurship is applicable to every career. It has opened my eyes to the creative side of business, which I really enjoy! I want to start my career in the consulting industry and have been able to talk about the major during job interviews since consulting deals a lot with critical thinking and creating new solutions.”
—Kathryn McDermott, ‘15
• Majors: Entrepreneurship andManagement Information Systems
• President and Managing Partner, OhioUniversity Consulting Fellows
• Active Member, Delta Sigma Pi
With a targeted audience of both college students and high school seniors, youth entrepreneurship programs involve classroom presentations, workshops, and organized competitions. The goal is early, frequent exposure to entrepreneurship, and is a current focal point of multiple emerging federal, state, and regional programs, including the Ohio Board of Regents-funded ‘Believe in Ohio’ program, which filmed high-school-geared entrepreneurial encouragement videos for classroom use in Southeast Ohio
WHAT’S NEXT?
YOUTH ENTREPRENEURSHIP
The College of Business’s Professional MBA and Online MBA programs include seminars and conferences with a focus on entrepreneurship. Looking forward, the Center will develop dedicated tracks in entrepreneurship in the Full-time Residential MBA, Professional MBA, and Online MBA programs. In addition, the Center is exploring the possibility of using postgraduate courses to launch a Professional Masters in Business Venturing and/or an MSc in Technology and Entrepreneurship.
GRADUATE EDUCATION
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CONSULTING FELLOWS PROGRAM
Equips future leaders with the necessary skills for a successful career in consulting or as entrepreneurs by providing real-world experience in consulting, networking, and start-up support through workshops, company visits, mentoring, and applied projects.
THINKDESIGN
Founded at Ohio University as a marketing communications agency that connects organizations with students that have media talents, ThinkDesign looks beyond traditional marketing channels to create efficient and improved outreach and publicity. Through participation, students can develop their professional skills and portfolio to graduate with solid work experience.
EPSILON NU TAU
The nation’s first entrepreneurship fraternity that helps students launch and maintain sustainable businesses. Students run their own non-profit business, from recruitment, marketing, legal documentation, event coordination, and financial reporting.
OHIO UNIVERSITY ENTREPRENEURS
A student organization that gives entrepreneurs the tools to bring their business ideas to life. OUE members learn the skills to become better leaders and entrepreneurs while networking with like-minded people, meeting and learning from guest speakers, and leading different parts of the organization.
ENACTUS
An international non-profit organization that works with leaders in business and higher education to mobilize university students to make a difference in their communities while developing the skills to become socially responsible business leaders.
Student Organizations and Clubs
I was drawn to Enactus because the organization thrives on creativity, drive, and cooperation. Our meetings are energetic and positive; the sort of
place where you can openly share your concerns about a project or your ideas for a new one. I truly value that unconditional honestly and acceptance [that creates] fertile ground for the cultivation of great ideas and great leaders.”
—Andrew Meyer, ‘14, Industrial and Organizational Psychology Major; Vice President, Enactus
UNIVERSITY-WIDE ENTREPRENEURIAL ACTIVITYThe Center for Entrepreneurship encourages University-wide entrepreneurial activity through student clubs, organizations, extracurricular activities, and events. These activities provide students, faculty, graduates, and community members access to mentoring relationships, the opportunity to learn best practices, and build skills that transform their view of the possibilities. This fundamental shift in attitude encourages activity and creativity across Campus that translates to greater economic activity and growth in the region.
Extracurricular Events & Activities
Through the Center and partnerships with other Colleges and institutions at Ohio University, students and community members can participate in events and activities to connect to entrepreneurs and experts, practice business skills, and provide ways to secure investment funding through competitions. These events promote and support the ecosystem of entrepreneurship at Ohio University and in the region. Events supported by the Center include:
• Venture Café series of best practice seminars
• Guest Lecture Series
• Global Entrepreneurship Week events
• National Entrepreneurship Week events
• Idea Pitch Competition
• Start-Up Weekend
• Scripps Innovation Challenge
The Center for Entrepreneurship hosted the third annual Pitch Competition and awarded student Samantha Aylor third place for her business idea “Adventure Falls,” an indoor waterpark resort in South Point, Ohio.
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46events association with the Center forEntrepreneurship held from April 1, 2012 through May 31, 2014
4,000+ people participated
WHAT’S NEXT?
INTERNATIONAL BUSINESS PITCH COMPETITION
The Center is creating an international business pitch competition with partners from across the globe. Students will benefit from exposure to the impact globalization has on business while building cultural awareness.
My experience at Ohio University shows that you can have a real world impact instead of just
sitting in class taking notes… Everyone tells you to drop out and start your business, but you can do all the work as you’re going to college and learn all the things that a business needs to come together to succeed long term.”
—Mitchell Peterman, ‘15
• Majors: Entrepreneurship andInternational Business
• Copeland Fellow
• Top Greek Life GPA, Ohio University 2012
• President, Enactus
• Vice President of External Affairs, OhioUniversity Entrepreneurs
• Co-Founder, Pizza Robots
{ RESULTS }
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BUSINESS DEVELOPMENTThe Center for Entrepreneurship originally grew out of activity led by TechGROWTH Ohio, a venture development organization offering technical assistance and pre-seed funding to early stage technology companies in Southeastern Ohio. The Center is fortunate to have grown from, and continue to share leadership and resources with, the State of Ohio-sponsored TechGROWTH Ohio program. TechGROWTH aids student, faculty, and regional technology start-ups through advisory services, small grants, and pre-seed funding.
Today, the Center for Entrepreneurship offers programs to assist undergraduate and graduate student-entrepreneurs and entrepreneurs in the region. The Center works within Ohio University’s entrepreneurship ecosystem to connect entrepreneurs to resources. In addition to TechGROWTH Ohio and the Innovation Center, the Center works with the Small Business Development Center and Purchasing Assistance for Small Firms to provide support systems for entrepreneurs. Programs are structured to take a would-be entrepreneur from ideation to commercialization.
IDEATION
• Ohio UniversityBobcat Launch Pad
• Bobcat Hatchery
• Start-Up Weekend
INCUBATION
• Technology-Mixers
EVALUATION
• EntrepreneurialFellows
LAUNCH
• TechGROWTHOhio
• Innovation Center
THIS WILL BE REVISED PER LUKE'S REQUEST AS LISTED BELOW. IT WILL CHANGE THE SECOND AND THIRD GRAPHICS AS WELL...Ideation – Idea Factory; Pitch Competition; International Pitch CompetitionTeam formation – Start-up Weekends; Technology Mixers; Scripps Innovation ChallengePre-Incubation – Entrepreneurial Fellows; Bobcat Hatchery; Launch – Bobcat Launchpad; Digital Media Incubator (Innovation Center); TechGROWTH Ohio
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OHIO UNIVERSITY BOBCAT LAUNCH PAD
The Bobcat Launch Pad provides space, mentoring, and pre-incubation advice to students considering starting a business.
BOBCAT HATCHERY
The Bobcat Hatchery is a student-centered idea lab that promotes, stimulates, and supports student ideation and development. The idea development at the Bobcat Hatchery ultimately leads to high-growth companies like Crowdentials, Solar Glass, and others.
START-UP WEEKEND
Start-Up Weekend provides a venue for building entrepreneurial teams and an intense idea generation process. It is an effort that is supported by the Center for Entrepreneurship working with the Innovation Center.
TECHNOLOGY MIXERS
Technology Mixers provide a basis for networking and innovation and is an effort that is supported by the Center for Entrepreneurship working with the Innovation Center.
ENTREPRENEURIAL FELLOWS
The Entrepreneurial Fellows mentoring program matches alumni entrepreneurs with student entrepreneurs to provide assistance to students as they plan and start their ventures.
TECHGROWTH OHIO
For appropriate venture opportunities, TechGROWTH Ohio provides start-up services, seed-stage investment capital, and access to angel and venture capital finance. TechGROWTH also assists prospective student entrepreneurs in preparing for competitions, awards, and investment acquisition.
OHIO UNIVERSITY INNOVATION CENTER
Student-led businesses can graduate into the Innovation Center, a Digital Technologies Incubator for student entrepreneurs in Ohio University’s technology incubator.
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Companies that have graduated from the Bobcat Hatchery:
As of 2014, Ohio University is a founding sponsor with Ohio State University of the Ohio Innovation Fund, an early-stage venture fund enabling the continuum of growth capital needs facing Ohio entrepreneurs and startups.
SafeTime
• Genre Major
• Sports Matrix PLUS
• Solar Glass
• Eraser
• Mason Estep
• 530 Funds
• Initio Interactive
• 33 Corridor
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One of the reasons I transferred here is that they’re so student focused. They’ll bend over
backwards to help. The faculty genuinely care about students and now, having found my passion in entrepreneurship, I want to help others do the same.”
—Heather Gruda, ‘14
• Majors: Entrepreneurship &Management and Strategic Leadership
• Co-director of operations andlead consultant, Ohio UniversityConsulting Fellows
• Vice President, Future LeadersProgram, Voinovich School
• President, Enactus
• Research assistant, TechGROWTH Ohio
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Since implementation seven years ago, the TechGROWTH and Center for Entrepreneurship team has:
500+CLIENT
$200 millionin non-State investment, loans, and sales for clients achieved from program expenditure of $30M in State, University, and Private partner funds
$20+ million $200 millionwas achieved by startups founded by faculty and student innovators at the University
WHAT’S NEXT?
EMERGING LEADERS DEVELOPMENT PROGRAM
The Center for Entrepreneurship and the Walter Center for Strategic Leadership recognize a regional need for leadership development in growing organizations. In partnership, the Centers will launch the Emerging Leaders Development Program. Designed for professionals in growing organizations, the program will cultivate the skills to navigate pitfalls that arise during business growth. Graduates will master skills including financial analysis, innovation, strategic thinking, project management, executing change, communication, team building, and coaching. The Centers have secured funding for development, marketing, and execution of the first cohort this year that will consist of 30 participants from startups in the region. The vision is to expand beyond several cohorts annually, generating revenue, and providing practical education to emerging leaders in the region.
Crowdentials provides portals, entrepreneurs and investors compliance solutions to easily navigate and comply with the JOBS Act. We create streamlined software-as-a-service applications that are as intuitive as they are scalable. Our highly agile in-house team allows us to stay flexible and service our customers to the highest standards by providing everything from implementation to ongoing maintenance and troubleshooting.
Richard Rodman, ‘14
• Major: Specialized Studies,Entrepreneurship andBusiness
• Co-founder and CEO,Crowdentials
• Rated #1 Start-Up inCleveland by TechCzar
• Former President, OhioUniversity Entrepreneurs
• Finalist, 2013 Entrepreneurof the Year
• 1st Place, Ohio UniversityIdea Pitch
ZYNGA
BOBCATS TAKE SILICON VALLEY
roster
CENTER FOR ENTREPRENEURSHIP
Luke Pittaway, Director 401 Copeland Hall Athens, Ohio 45701
T: 740.593.2022E: [email protected]
bobcat-entrepreneur.com@OU_CEfacebook.com/OhioUniversityCenterforEntrepreneurship