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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

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

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


  • 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



Effective F08

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






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

Practicum ventures
Practicum Ventures

Bhaskar Enterprises India shining

Building the business case for commercial parabolic flights in Europe


  • 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

Michigan business challenge
Michigan Business Challenge

Participants By Degree


Distribution of Non-B-School Participants


Student groups
Student Groups

  • 6 Exec members

  • 20 Core/talent members

  • 1300 Following mailing list

~ 20 Active women


Better Living Using Engineering Laboratory

~ 12 Active student 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





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

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?

Entrepreneurship community engagement
Entrepreneurship Community Engagement

  • Build relationships with internal and external partners

Strategic plan elements
Strategic Plan Elements

  • Focus Areas

    • Awareness programs

    • Cross-campus outreach

    • Community outreach and engagement

    • Topical and business plan competitions


Engaged 67 Companies in 2009 MPowered Career Fair


  • 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


  • 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?