Social Entrepreneurship at Chicago Booth Robert Gertner, Joel F. Gemunder Professor of Strategy and Finance Linda Darragh, Director of Entrepreneurship Programs, Clinical Associate Professor of Entrepreneurship
Agenda • Social Entrepreneurship Lab • New format • Projects for winter 2011 • Application process • Social New Venture Challenge • Why a ‘Social’ New Venture Challenge • How it works: Schedule / Entry Rules and Guidelines • What goes into a Feasibility Summary?
Social Entrepreneurship Lab • New Format • More focus on project management • Tactical help on survey design, market research • Specific classes on the ‘business’ of • Microfinance • Fair trade • Education • Workforce development • Technology
Social Entrepreneurship Lab • Projects this quarter: • ACCION-Chicago Measuring outcomes of ex-offender program Center for Economic Progress New membership model and pricing Chicagoland Entrepr. Center Positioning and marketing Five Accessories Licensing with sports teams and colleges Fresh Taste Working capital facility for food businesses I-Go Leasing company for car sharing One Hope United Early education expansion strategy PowerHouse High Marketing strategy for a charter school Urban Education Institute Developing national consulting product World Child Project Crowdsourcing of volunteer medical services
Social Entrepreneurship Lab • Application Process: Booth Students • Apply to course through regular bidding process • Once accepted into the class you will receive an e-mail • Choose 3 projects • Send your resume • Professor forms teams • Announce teams by mid-December or before
Social Entrepreneurship Lab • Application Process: Non-Booth Students (10 spots) • Application form due by Nov. 22 to firstname.lastname@example.org • Describe relevant background and how it will affect your contribution in class • Explain how taking this course will advance your career and academic objectives. • Choose 3 projects • Send your resume • Once accepted into the class you will receive an e-mail • Professor forms teams • Announce teams by mid-December or before
Social New Venture Challenge • Similar to the New Venture Challenge (NVC) • Conducted over several months • Coaching and mentors • Team members selected to participate in spring course • Finals with investor input • Prizes for top teams Different than NVC • Social ventures • Course includes teaching modules • Prizes not investment
Social New Venture Challenge • What is a Social Venture? • Sacrifice some profit for social impact - less than 10x returns • Community development, education, orphan drugs, global health & poverty alleviation, environmental • Qualifying organizations may be structured as for-profit or non-profits • Must plan to be financially sustainable – through profits, earned income, philanthropy, government aid, or some combination thereof
Femi Akinde, ’08 • Presentation at the Chicago Social Venture Forum in October 2010
Entry Rules and Guidelines Team Composition • At least one currently registered student at University of Chicago • Preference to teams that include at least one Chicago Booth student • At least one student needs to be a founder / integral member of the team • Student cannot just be a consultant • Student cannot be a minor player • Venture teams can include non-students, and students who do not register for the course, but registered students must give all presentations. Non-students can help answer questions during presentations. • Size of team: no minimum or maximum
Entry Rules and Guidelines Originality of Venture Ideas • Generally idea should be original • Business plans for early stage ventures may be acceptable if: • a Chicago Booth student is a founder; or • a Chicago Booth student is in senior management team of the venture; and • Proposed venture must not have been in operation for more than three years. • Ventures that have already been launched that have received some funding must disclose the amounts and sources in the application. • Business plans that have participated in the past as part of other university business plan competitions are not eligible unless approved by one of the SNVC faculty or coaches.
Entry Rules and Guidelines Protection of Intellectual Property • The University, sponsors, and organizers of the SNVC have taken all reasonable measures to assure that all contestants retain their rights to the Business Plan and Intellectual Property. • The protection of these rights is the ultimate responsibility of each contestant. • Contestants are urged to mark as CONFIDENTIAL any portion of their Entries, which they consider to be proprietary, or of a sensitive nature.
Important Dates Fall Quarter 11/10/10 SNVC Kickoff, followed by networking event Winter Quarter Early Jan. SNVC Workshop 02/07/11 Phase I feasibility summaries due at 10 am to Harper Center, Room 207 02/24/11 Announce teams that will advance to Phase II Late Feb. Orientation Session for Phase II teams Spring Quarter 03/29/11 BUS 341115 New Social Venturecourse begins 05/31/11 Finals at Harper Center
New Social Ventures - 34115 Traditional Academic Component • Case studies, lectures, and readings about social organizations and related institutions • Topics will include; evaluating a new social enterprise, financing a social startup, managing a social organization, managing and financing growth, measuring performance and social impact, and governance Social New Venture Challenge • Develop an idea for an innovative, startup social organization • Create a detailed plan for its creation and growth • Pitch the plan to faculty, social entrepreneurs, domain experts, foundation officers, and philanthropists
What Goes Into a Feasibility Summary? • What does your organization do? • What problem does it solve? What is your theory of social impact? • How is your idea innovative? • How does it differ from other competing organizations? • What is the target market? • What is your go-to-market strategy? • How will you become financially sustainable? • What is your operating model? • Who is your team? • Why will this succeed? • Be concise. Use simple language.
NVC Website www.chicagonvc.com • Link to online team building site where people can post ideas and team openings • Link to key dates, deadlines, and events for the 2010-11 New Venture Challenge and Social New Venture Challenge • Link to official SNVC rules and regulations, sample feasibility summaries • Check here for the latest news on current & former NVC Companies
Team Formation and Networking http://linkd.in/SocialNVC Get feedback on a new business idea! Find team members for your SNVC Entry! Share your resume & expertise to let other students find you! Articles and resources
Thank you Robert Gertner, Joel F. Gemunder Professor of Strategy and Finance Linda Darragh, Director of Entrepreneurship Programs Clinical Associate Professor of Entrepreneurship