Entrepreneurship Concentration Chat January 23, 2013 UNC Kenan Flagler Business School

Transcription

1 Entrepreneurship Concentration Chat January 23, 2013 UNC Kenan Flagler Business School Sagar Rathie_CFO of EVC_Class '13: Hello! My name is Sagar Rathie and I am 2nd year here at UNC Kenan Flagler. I am currently CFO of the Entrepreneurship and Venture Capital Club. I help manage our budget, handle finances, and ensure our fellowships are well funded. In addition, I am a member of the UNC Kenan Flagler Private Equity Fund; a student run PE firm where I lead our venture capital investments in biotech and small startups. I would be happy to address any questions you have! Jeremy Berman_President of EVC Club_Class of 2013: Hi everyone! My name is Jeremy Berman and I am president of the Entrepreneurship and Venture Capital club at UNC Kenan Flagler. Prior to business school I spent 5 years as an IT consultant. Since being in school I have interned at a technology accelerator in the area, worked at a startup in NYC, and plan to work at another tech startup after I graduate. Jeremy Berman_President of EVC Club_Class of 2013: I'm also excited to answer your questions! Tiancong Zhang: pleasure to meet you, Sagar and Jeremy! keethan: Hello Sagar and Jeremy! Moses:Pleasure to meet both of you! Adam Cerniglia :do we not get any audio from the hosts? Kenan Flagler There will not be any audio associated with this particular forum it is solely a text based chat. Vishal Sharda: What are the activities related to Social Entrepreneurship at ECV club? Sagar Rathie_CFO of EVC_Class Most Social Entrepre activities are handled by the Net Impact Club. We certainly have members interested in Social, and we try to bridge the Net Impact Club with our own club activities Trang Phan: Hi Jeremy, does the club work with entrepreneurs and venture capitalists outside of Chapel Hill and the surrounding areas? Jeremy Berman_President of EVC Club_Class of Phan The club is working to build its presence outside of the RTP area. For instance, we host a NYC career trek where we visit a variety of startups in multiple industries. However, UNC s network for startups and VC s outside of the RTP area is not nearly as strong as it is in the immediate area.

2 Darrell Eng: How did the entrepreneurship focus/concentration prepare you to work for a startu? Would any of the other programs at UNC have prepared you better? Sagar Rathie_CFO of EVC_Class The concentration allows you to explore different elements of ENTR here at UNC KF. There are programs for finding new ventures, launching a venture, expanding ventures, and everything in between. The great thing about the program is the flexibility that allows you to get invovled with other programs on campus. For example, I joined a medical startup group called MEdTech based out of the medical school. This was a great way to learn about biotech startups and still receive class/concentration credit Bert Snarr: Hi Jeremy, do students in the entrepreneurship concentration typically intern with startups over the summer? Sagar Rathie_CFO of EVC_Class The ENTR concentration is not a requirement to work at a startup. We certainly have many that do. Hong Joon Chun: Hello, I like to what percent of student start their own venture right after getting an MBA. Adm Dir Sherry Joon, thanks for asking. Just a handful of grads will start a venture directly after b school. I'd say fewer than 10 students in a class. Moses: Jeremy, which technology accelerator did you intern at? Also which startup in NYC do you plan to join post grad? Jeremy Berman_President of EVC Club_Class of I interned at Groundwork Labs, which is a local technology accelerator based in the American Underground in Durham. I have not decided where I will be post business school. Neha Kaul: Hi Jeremy, I am Neha and I have spent more than 6 years in IT consulting. I own a technology based start up. Could you please elaborate more on incubators at UNC for technology startups? Jeremy Berman_President of EVC Club_Class of Kaul There are two accelerators in the area Groundwork Labs and Triangle Startup Factory. Also, this February UNC is Launching its own accelerator called Launch UNC that will be located in Chapel Hill. You can also take the LTV course series which can be used to accelerate your business.

3 Rahul Mann: Can you elaborate on few of the opportunities available to students who already own a business and are interested in raising funds for further expansion of their venture Sagar Rathie_CFO of EVC_Class There are many programs available for students who already have a startup. Launching the Venture is a program that pairs start ups with mentors and you progress through the launch/growth of your company for class credit Sagar Rathie_CFO of EVC_Class in additoin, the EVC Club offers Seed Funding a nostrings attached grant for startups. This is a competitive application process that we review in the spring. Tiancong Zhang: I dont know if you can still see my question... but could you please provide some information on what activities you do at the EVC club and how many members are there? Also, what are the details involving in the club? For example, do member discuss the product plan or funding issues? Many thanks! Adm Dir Sherry the club has about active members Sagar Rathie_CFO of EVC_Class The club offers many activities, including speaker series with startups and VCs, lunch and learns, career treks to RTP and NYC, fellowships for students looking to work in startups, seed fundings, and we develop coursepacks for the faculty to raise revenue. Duygu Pan: Hi Jeremy and Sagar! I would like to know more about the internship opportunities at start ups. How UNC Kenan Flagler help its students to find internships in start ups? Jeremy Berman_President of EVC Club_Class of Pan The EVC club is connected with lots of local startup companies. Often times they will reach out to the club to look for interns. The club also sponsors a CEF program where we will subsidize a student to work at a startup for the summer. Christopher Butler: Does the curiculum center around start ups or an entrepreneurial mindset when looking at all business functions. Sagar Rathie_CFO of EVC_Class the concentration focuses on an entrepreneurial mindset, where you learn about starting and launching your business, but also how VCs will evaluate your firm.

4 Chris Gerding: Hello! I m interested in hearing more about the Carolina Venture Fellows program. At what point along a student s MBA path are they selected? About how many are chosen to participate? Sagar Rathie_CFO of EVC_Class The Carolina Venture Fellows program application occurs in Jan, however we recommend students get invovled early on to get to know many VCs. Generally, we are able to offer anywhere from 2 6 opportunities per year but that varies based on resource demand and student interest. Aalok Shah: Firstly love this interactive medium to address Jeremy, just wanted to know if there are any pre requisites needed to enrol or be part of any competition such as the business plan competition? and whether grad students generally face a lot of competition to choose a particular course realted to entrepreneurship? Jeremy Berman_President of EVC Club_Class of Shah there are no pre requisites needed to enroll in the business plan competitions. As long as you are a current MBA student you are qualified. Entrepreneurship courses are fairly competitive to get into it really just depends on the course. For instance, the class that is taught by two practicing VC s is very competitive. Darrell Eng:@Sagar Are there a lot of opportunities to collaborate or take classes at the other departments at UNC? ie CompSci, Engineering in addition to the med school Sagar Rathie_CFO of EVC_Class You can take classes in other departments and will receive credit if approved by the MBA Office (relatively straight forward). We have students taking classes at the Law School, Medical School, BME Program, Public Health, and School of Government Darrell Wallace Does UNC have any stats on how many grads are at startups 5 years post MBA or have any others started their own companies within that time frame? Adm Dir Sherry I do not think we have such stats, but I can get some anecdotal data for you. Please me at sherry_wallace@unc.edu, and I will track down that information for you Trang How does one get selected as an entrepreneurship fellow? Jeremy Berman_President of EVC Club_Class of Phan one is selected through an application process. If you are an active member of the club and can prove you are interested in working at a startup, you are generally qualified for the fellowship.

5 Sagar, I am interented in clean energy technologies. I would like to know the activites in this Kenan. Sagar Rathie_CFO of EVC_Class We have a very strong sustainability presence here at UNC KF that includes Green Energy. There are a few elective classes offered that cover this topic as well, and we many students who are involved Sang Min Park: Hi, my name is Sangmin. I am wondering how does KF help students interested in Entrepreneurship concentration find internships? I am looking to marketing consulting. FYI, I have over 10 year background. Jeremy Berman_President of EVC Club_Class of Min Park The EVC club is connected with lots of local startup companies. Often times they will reach out to the club to look for interns. The club also sponsors a CEF program where we will subsidize a student to work at a startup for the summer. Sridharan Thangaraju: Hi Sagar and Jeremy, Is there an opportunity for people who have start ups already to get VC funding for expansion? Sagar Rathie_CFO of EVC_Class Thangaraj We do have relationships with VCs but that is more focused around the Carolina Venture Fellows Program (see response above). With Carolina Challenge (a start up competition), students have identified VCs who are eager to participate. Sagar Rathie_CFO of EVC_Class Thangaraj, however, I would recommend if you are interested in VC funding, to reach out to VCs in the area and develop a relationship with them. Corinne moving between school and start up culture, do you find the Entrepreneurship curriculum addresses and prepares you for real challenges you've faced on the ground? Jeremy Berman_President of EVC Club_Class of Baker Yes and no. While the curriculum does teach you about what to expect and how to deal with some of the problems you will face entrepreneurship is best learned from experience. You will learn more from your internship working at a startup compared to any class you may take.' Andrew Bowling: Could you speak to the clubs connection with Innovate@Carolina? Jeremy Berman_President of EVC Club_Class of Bowling The clubs is loosely connected to innovate@carolina through our connection with the overall Entrepreneurship program associated with the school. We don t do anything special but we can be involved if we choose to be.

6 Alex can you elaborate on the interaction and entrepreneurial integration between graduate schools like KF, Gillings SPH, and the Medical School? I'm very interested in mhealth. Sagar Rathie_CFO of EVC_Class We have a student driven interaction with other graduate programs. The MedTech program allows for graduate studnets in Engineering, Medicine, and Business to collaborate on solving cardiothoracic problems in the OR. There are certainly other programs, like launching the venture, where students can form their own teams. Kenan Flagler We are working very hard to answer all of your questions as quickly as you can and we appreciate them all. It may be just a few minutes before we are able to respond, so please be patient with us. Darrell wallace It was mentioned that classes are competitive to get into, do students "bid" for them or what is the process at UNC? Adm Dir Sherry most students are successful getting into their preferred classes. Sometimes, if a class is oversubscribed, a bidding process determines who gets in. For classes that are very popular, the MBA Program will make extra sections available to accommodate the high student demand. Adam Cerniglia: Jeremy & Sagar To what degree do students at KF network amongst themselves and within the UNC community to combine strengths in launching their own start ups? Sagar Rathie_CFO of EVC_Class UNC KF Is really focused on creating a network amongst its students, but also developing skills ot network outside of our classmates. With that said, we have students who are invovled with startups at Duke, Durham, RTP and Raleigh. We certainly have students taking advantage of their fellow peers on campus as well. Bert Snarr: Can particpiants in the VCIC partner with people outside the student body of KF? Jeremy Berman_President of EVC Club_Class of Snarr All VCIC participants must be current business school students in your program (e.g. if you go to UNC they participants must also go to UNC) Peter Goodwin Class of VCIC participants all must come from the KF community

7 Sridharan Thangaraju: Hi Sagar, Are employers skeptical about students with a focus in entrepreneurship? They definitely know the candidate has aspirations to start on his own? How are candidates seen for a long term job role? Sagar Rathie_CFO of EVC_Class Thangaraju I think employers actually appreciate the Entrepre Concentration because it provides a different perspective. However, I am dual concentrating in Finance as well, so I think it can only help! Ngozi Ntamere: what makes the classes competitive? Jeremy Berman_President of EVC Club_Class of Ntamere there is a bidding system that is used to place students in classes. Based on how many points you allocate to each class, changes your chances of being placed in that class. There is also an opportunity to add/drop a class once classes start that is outside the bidding system. This sounds confusing, but to be clear I have taken every class I wanted to take since I have been here. Aalok Shah Ms. Sherry Wallace: Besides Coffee for 8 are there other opportunities students get to network with entreprenuers? Sagar Rathie_CFO of EVC_Class absolutely. We have a lot of networking opportunities, including social events where local entrepe. are able to speak with us about their experiences. Sagar Rathie_CFO of EVC_Class we also have competitions, such as VCIC, where entreprer present to students as part of the event (a great networking opportunity) Trang Phan: Who are some of the more prominent speakers in the club? Peter Goodwin Class of Phan Last year to CEO of bleacher report.com came and spoke that summer their company was sold Verver charger nine dollars Peter Goodwin Class of 2013: bleacher report was sold for 200 million dollars. Jeremy Berman_President of EVC Club_Class of Phan every year it changes but since I ve been here we have had people from Bleacher Report, Savored, DreamIt Accelerator, and many others Peter Goodwin Class of we also have Pacific Lake Partners CEO Jim Southern come teach about search funds, which is an interesting topic worth researching. There is a case in Introduction to Entrepreneurship on Jim.

8 Tiancong Zhang: what is the international coverage within the courses and in terms of ideas? i mean entrepreneurship can be defined and built very differently across the borders and the experiences will be different.. thank you! Jeremy Berman_President of EVC Club_Class of Tiancong Zhang Classes are structured to address international challenges. Entrepreneurship is a global process and classes such as Global Marketing Strategy help to address some of these challenges. Christopher Butler: Sagar how is the dual concentration work load or how does it work? Sagar Rathie_CFO of EVC_Class it's not as bad as it sounds. The nice thing about concentrating in what you want to do is that all the courses are geared towards your interests. I am really interested in finance and Entrpre so the classload hasn't been challenging, but certainly demanding (and worthwhile) Vedanshu Goel: I wish to take up career concentration as management consulting and enrichment concentration in entreprenuership...i wish to start my own consulting firm in future...i wanted to know in entreprenuership concentration, how are courses designed to enable me realize my goals.. Sagar Rathie_CFO of EVC_Class the courses are focused on entrepre. development so you will learn significant material around how to start your own business, as well as operating them, and identifying fundraising partners. guest ID: Does anyone here have an interest in working for a Venture capital fund or a private equity fund Sagar Rathie_CFO of EVC_Class we have lots of resources for working at VCs and PE funds. Sagar Rathie_CFO of EVC_Class many of these include the Carolina Venture Fellows program, joining the PE Fund, serving as an Alternative Investment Conference Fellows (AIC), and joining the PE Club Ngozi Ntamere: What are the varios study abroad/ team projects abroad for one to gain a more global experience? Sagar Rathie_CFO of EVC_Class we have a lot of study abroad programs, including Global Immersion ELectives (GIEs) that take you to various countries to learn about business. This past May I

9 went to South Africa with our classmates and was impressed with the strong Enterpern push in Sub Saharan Africa. It's incredible what is happening in emerging markets Andrew Bowling: What are the opportunities to network with startups working outside the US? Jeremy Berman_President of EVC Club_Class of Bowling most of the networking opportunities for startups will come from your international classmates. Manab: Hi Sagar and Jeremy, how many incubator projects per year gets successful enough to become a VC funded startup? Jeremy Berman_President of EVC Club_Class of it changes every year based on the class. Both of the local accelerators are fairly new so this information is not yet available. Sridharan Thangaraju: Sagar, What are opportunities to interact with technology firms on the west coast? Peter Goodwin Class of The BTC Club often partners up with other clubs to explore West Coast tech companies for a trek. Apart for stating their own businesses, what are the other opportunities that most of students majoring Entrepreneurship opt? Jeremy Berman_President of EVC Club_Class of Outside of starting your own business, students will work for startups or venture capital firms Sagar Rathie_CFO of EVC_Class '13: Everyone! Unfortunately I have to leave, but feel free to me at Sagar_Rathie@unc.edu if you have further questions! Best of luck with everything! KF Admission: Now that its the last stage of admissions cycle what are the chances for international students to get into Kenan when compared to other cycles? Adm Dir Sherry the odds of being admitted in the final round are quite good. So many people believe that it's too late to apply, but that's not necessarily the case. We fully intend to admit from each batch so we allocate the earlier offers to ensure there are seats for the final round applicants, too.

10 Thomas Wood: Do you see many dual concentrators in Real Estate and Entrepreneurship? My long term goal is to form my own real estate venture and feel the Ent. classes would be very beneficial in that regard. Jeremy Berman_President of EVC Club_Class of Wood Real Estate and entrepreneurship would be a great duel concentration. Both concentrations are strong at UNC. Sang Min Park: I'm just curious. How is full time job placement compared to this time last year? Kenan Flagler Min It's still early for us to tell with most data not yet collected, though we have heard from our CMC that things are running ahead, even, of last year, and last year we had high full time employment rates. Darrell do the professors have experience running start ups or are they more from the VC/PE side? Jeremy Berman_President of EVC Club_Class of Eng some of the professors do have experience running startups while others are more focused on theory. It s probably a 50/50 split silus151: VCIC international finals is held only at UNC? and how different is regionals from Internationals? Jeremy Berman_President of EVC Club_Class of VCIC finals is always at UNC since we created the competition. The competition is a lot stronger in the finals compared to the other rounds. Also, the entrepreneurs and VC s that participate in the finals are top notch. Jinal do we have Innovation related classes that provides integrated support to entrepreneurs and early stage companies? Jeremy Berman_President of EVC Club_Class of Parekh there are innovation related classes, although I have not taken them yet. I have heard good things though! silus151: will UNC students involve in someway (perhaps organizing) in the regionals level? Jeremy Berman_President of EVC Club_Class of we usually don t organize the regionals because we always organize the finals

11 Chunyang Yu: Hi Jeremy, is there any chance to meet Tech students on campus or in any club? Jeremy Berman_President of EVC Club_Class of Yu yes you can reach to students in the Business Technology or Entrepreneurship club. BTC is focused on larger tech companies EVC is focused on startup tech companies. leverettn: This may not be quite the right place for this question, but can one of you give a little detail on the difference in the Career Concentrations vs the Enrichmentn concentrations? Do most students choose one of each? Adm Dir Sherry good questions about the distinction between enrichment concentration and career concentration. Think of career concentration as a job function, like marketing, finance, ops, etc. The enrichment concentrations could be applied across functions. guest ID: Does anyone here focusing on a career in private equity Jeremy Berman_President of EVC Club_Class of ID there is a private equity club that focuses in a PE career Vedanshu Goel: I recently obtained a design patent from Indian Government. I am just curious as to how EVC will help me take my invention to different level..considering I am an International applicant, do I need a seperate visa to approach companies in US? Jeremy Berman_President of EVC Club_Class of Goel There is one class in particular that goes deep into the ideation phase of creating a company and figuring out how to make it protectable. Since you already have a patent, that would be a very useful start to the process. Trang Phan: Hi Sherry, Not sure if the school keeps up with this statistics, but what is the rough makeup of the accepted students who are entrepreneurs? Adm Dir Sherry we don't have that stat but we do know that many entering students have been part of ventures or had their own venture prior to school. Kenan Flagler Admissions: Thank you all so much for joining us today and for asking great questions. We look forward to connecting with you again soon!

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