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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.

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Cfe board meeting

CFE Board Meeting

Center for Entrepreneurship

Presentation to the Board

May 1, 2009


Cfe update financial update

CFE Update, Financial Update

Thomas Zurbuchen

[email protected]

May 1, 2009


Cfe vision and mission statements

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

1000 Pitches Competition


Cfe activities

CFE Activities


Progress report

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

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 tasks1

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

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

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

CFE Budgets

  • Founding gift of ~ $1M

  • CoE support of ~ $100k/year

  • Additional sources of gifts, grants and other University support


Other university support

Other University Support


Budget overview 5 year average

Budget Overview: 5 Year Average


Yearly budget plan

Yearly Budget Plan


Budget elements five year average

Budget Elements: Five-year Average


Expenditures of initial gift fund

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

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

Board Organization: A Proposal

* Executive Committee


Discussion points

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

Academic Programs

Aileen Huang-Saad

[email protected]

May 1, 2009


Agenda

Agenda

  • In the classroom

  • Extracurricular

  • Social entrepreneurship

  • Going forward

  • Questions for the board


In the classroom

In the Classroom

  • In the classroom

    • Program in Entrepreneurship

    • Diffusion

  • Extracurricular

  • Social entrepreneurship

  • Going forward

  • Questions for the board


Program in entrepreneurship

Program in Entrepreneurship

9 Credits

Required seminar

Core course

Elective

Practicum

Effective F08

http://cfe.engin.umich.edu/


Cfe across curricula

CFE Across Curricula

Number of Students by Year

Number of Students by School


Cfe across curriculum

CFE Across Curriculum

Intellectual Property and Patent Law

Business Ventures

Number of Students by Year

N=36

N=30

N=32

N=35

N=21

Number of Students by School


Cfe across design classes

CFE Across Design Classes


Entrepreneurship practicum

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

Practicum Ventures

Bhaskar EnterprisesIndia shining

Building the business case for commercial parabolic flights in Europe


Extracurricular

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

2009 Bay Area Trip

Schools Represented

Years Represented


Feel the music

Feel the Music


Dare to dream

Dare to Dream


Michigan business challenge

Michigan Business Challenge

Participants By Degree

N=198

Distribution of Non-B-School Participants

N=64


Student groups

Student Groups

  • 6 Exec members

  • 20 Core/talent members

  • 1300 Following mailing list

~ 20 Active women

BLUElab

Better Living Using Engineering Laboratory

~ 12 Active student ventures


Maize ventures

Maize Ventures


Social entrepreneurship

Social Entrepreneurship

  • In the classroom

  • Extracurricular

  • Social entrepreneurship

    • University movement

    • CoE social entrepreneur competition

    • Fall seminar

  • Going forward

  • Questions for the board


University movement

University Movement

GrahamEnvironmental

SustainabilityInstitute

ginsberg

center

School of Social Work


Social innovator award

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

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

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

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

Venture Acceleration

Thomas Zurbuchen and Aileen Huang-Saad

[email protected]; [email protected]

May 1, 2009


Overview

Overview


Activities in cfe strategy

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

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

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

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

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

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

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

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

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

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

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

Community Engagement

Amy Klinke

[email protected]

May 1, 2009


Entrepreneurship community engagement

Entrepreneurship Community Engagement

  • Build relationships with internal and external partners


Entrepreneurial ecosystem

Entrepreneurial Ecosystem


Local and university community

Local and University Community


Strategic plan elements

Strategic Plan Elements

  • Focus Areas

    • Awareness programs

    • Cross-campus outreach

    • Community outreach and engagement

    • Topical and business plan competitions


Successes

Successes

Engaged 67 Companies in 2009 MPowered Career Fair


Successes1

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

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

Engagement Tools – All Companies

  • MPowered Career Fair

  • Community meetings

  • SPARK

  • Business card exchange

  • Websites

  • Conferences

  • Community based focus groups


Engagement tools engaged active

Engagement Tools – Engaged/Active

  • Speaking opportunities

  • Mentorship

  • Class projects

  • Small Company Innovation Program

  • Small Company Internship Program

  • Sponsorships

  • Joint research projects


Engagement tools partners

Engagement Tools - Partners

  • Multi-year engagement

  • Provide feedback to CFE

  • Funding/partnership in research, hiring, education, and mentoring


Questions for the board1

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?


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