Transcript of the January 20, 2010 UNC s Kenan-Flagler Business School Entrepreneurship Chat

Transcription

1 Transcript of the January 20, 2010 UNC s Kenan-Flagler Business School Entrepreneurship Chat KFBSJenny: My name is Jenny Parker, I am a first year student and a member of the Admissions Advisory Board. I am joined today by Patrick Vernon, Associate Director, Assistant Director Peggy Tate, and several students interested in e-ship. Please ask us if you have any questions! Center for Eship - Patrick: Patrick Vernon here, associate director from the Eship Center. I'm the faculty advisor for pretty much anything entrepreneurial: Venture Capital Investment Competition ( Carolina Venture Fellows, Carolina Challenge. I also teach a handful of eship classes. dunkingram: Hi everyone. I am a first year with a background in biology. I came to Kenan-Flagler to acquire a foundation in business with the hopes of joining a biotechnology start-up after graduation KFBS_Andrew: KFBS_Trent: Hi, my name is Andrew Fu, and I'm a first year student. Previous to joining KFBS, I worked as a software engineer and currently, I am focusing on startup ventures. Center for Eship - Patrick: Let me start with some useful links. Most everything my center covers is here: Center for Eship - Patrick: Other cross campus eship activities here: Coleman Greene: My name is Coleman Greene and I am a current first year. My work experience includes working at Wachovia Bank in a management training program, Private Wealth Management for a boutique firm in Charlotte and I've launched a small online retail business. I am currently participating in the Carolina Venture Fellows program which is a year long internship opportunity with local private equity/venture capital firms. I am also involved in the Eship club with the Carolina Entrepreneurial Fellows KFBS_Trent: Hi everyone, I am a first year student in the E-Ship Club. I worked for 5 years with 3M in Philadelphia in sales. My undergrad background was in Political Science and International Affairs, so I have learned a lot and still have a lot to learn here at KFBS. I am hoping to do a summer internship with a local start-up here in the triangle. Scott Ranby: Patrick-can you elaborate on the Carolina Venture Fellows? Center for Eship - Patrick: CVF is a year-long apprenticeship at a VC firm. LJ: Are there any current students who own/have owned their businesses prior to or while in the MBA program at Kenan? Specifically do any own a registered investment advisor and how has that experience been? Coleman - I've started and still own a small online apparel business.

2 Center for Eship - Patrick: LJ - tough to keep a business going on the side, but possible. Not generally advised, just as having a side job is not advised. Center for Eship - Patrick: Coleman is of course an exception to the rule! KFBS_Andrew: LJ: I started an online poker apparel website, and am currently still running it. Coleman Greene: To Patrick's point, it is very tough and I've found the business has suffered from the lack of time I have available KFBS_Andrew: You will need to manage your time wisely -- if the business takes up a good portion of your time (>10 hours/week), it might be advisable to sell or hand off the business. Guilherme_S: Hi everyone. Does the UNC Entrepreneurship program focus on the starting of new businesses, or on the promotion of new products/services in existing companies? (or both) KFBS_MikeD: Guilherme_S: Hi Guilherme! Good question - my experience from the school is that the classes and experiences give us skills that touch on both new business creation as well as ability to tackle leading products within the corporate framework. yuskay: Hi I have a question. I am interested in turn-around business and corporate e-ship projects. Could I learn the proper skill set in the program at UNC? dunkingram: yuskay: Entrepreneurship requires a diverse set of skills sets. Coming with NO business background, I would say that UNC offers many courses that will prepare you to succeed in any entrepreneurial ventures Alex Russo: Is Carolina Entrepreneurial Fellows a year-long program as well, or is it just for the summer between Y1 and Y2? Center for Eship - Russo - CEF is summer only. Alex Russo: Thanks, Patrick... at what stage are companies that participate in CEF? Funded vs. Non-Funded? # of employees? Any revenue? user : Hi everybody, can you tell me little more about the exchange between KFBS and the triangle? Coleman - KFBS has great relationships with the work/start ups in the triangle. Through the entrepreneurial studies department and eship club, there are a lot of opportunities. There is also the CED in the area which provides for great networking events. user : Thanks Coleman, is the Kauffman Foundation active within the KFBS community?

3 Coleman Greene: Ted Zoller, who runs the Entrepreneurial Studies dept, is involved and has connections with the Kauffman Foundation Greene - tks Jay Davies: Coleman, how have you found balancing your side business along with your first year's curriculum. What course work has been most meaningful to you so far? Coleman Davies - What's going on? As I mentioned, it has been tough to balance. I think two courses that have hit home for me as someone just having launched a business are strategy and marketing as building our brand has been a big challenge. Also, the finance/accounting classes have been great Jay Davies: Thanks Coleman. Can students do dual track concentrations, such as Eship and Real Estate? Do many students go this route? Coleman Davies - I am currently toying with that focus. I am taking eship classes and real estate process. Patrick will argue you should focus purely on eship routine Jay Davies: Hi Patrick, I am a full time entrepreneurial capital markets advisor whose daily routine is in real estate. Why would you emphasize a pure eship concentration over, say, a joint RE/Eship? Coleman Davies - I was more or less kidding around... Center for Eship - Patrick: Jay Davies: my opinion is always to take the classes you want and don't worry if it fits a concentration. Jay Davies: hoping that you would give me a more colorful sell. Thank you, though!! Center for Eship - Patrick: Jay Davies: upon further consideration and consultation with my colleague, Coleman, we're thinking I-banking for you Lauren: Hi all. Could you tell me some of the jobs graduates of the e-ship concentration typically take? how many start their own businesses and how many typically go to work for an established company? thanks! KFBSJenny: Lauren: Hi Lauren! E-ship concentrators tend to take jobs in every area. Most students feel that that they will start a venture a few years after graduating, but not immediately. Lauren: thanks Jenny KFBS_MikeD: Hi everyone! My name is Mike DiPierro, a first year entrepreneurship concentrator. My background before coming to KFBS was in finance and technology within a division of Fidelity Investments in Boston. Here at Kenan-Flagler I have been involved with the Venture Capital Investment Competition (VCIC), Idea Incubator meetings and Planapalooza.

4 Guilherme_S: Thank you MikeD. I have another question: Is it common for students who currently do not own nor have owned in the past a business to pursue the Entrepreneurship path at UNC? KFBS_MikeD: Guilherme_S: The profile of students in the entrepreneurship program are quite varied, some with past small company experience, some with prior experience starting companies, and some with only corporate experience. The different opinions in classes are really valuable! Guilherme_S: MikeD - thanks. Miguel Sossa-Mardomingo: Good afternoon Patrick and Andrew, despite soft adoption of green technology at the recent Consumer Electronics Show, I believe green business will increase over the next 10 years. Does KFBS offer joint entrepreneurial coursework and eships with their Sustainable Business program? Center for Eship - Patrick: Miguel Sossa-Mardomingo: absolutely! KFBS is strong in both eship and sustainable enterprises. Miguel for Eship - Patrick Excellent to hear. Do you have any recommendations for specific classes or professors engaged in such work? KFBS_Andrew: To add onto Patrick's point, there are great resources for both eship and sustainable enterprises offered here. Many programs offer students a broader experience. Center for Eship - Patrick: Jim Johnson social entrepreneurship. Zoller, launching the venture. Several others. Center for Eship - Patrick: Then we have BASE. And SVCIC. Miguel for Eship - Patrick This is perfect. Thanks for the help. Scott Ranby: Does the eship club organize career treks? dunkingram: Scott Ranby: The E-Ship club is not currently offering career treks, but that could be a possibility in the future. The E-Ship club does organize a variety of activities where the students has the opportunity to work with real entrepreneurs in the research triangle area can I elaborate on your point? Should I take a consulting program or e-ship program for corporate e-ship projects? Otherwise, can I take both concentrations at once? dunkingram: yuskay: You have opportunities to explore that interest at UNC. I am not knowledgeable in that area, but there are definitely resources--professors and case competitions--for you to develop those skills - thank you.

5 Scott Ranby: How are career opportunities in VC holding up in this market? KFBS_MikeD: Scott Ranby: Hi Scott, VC is a very exclusive club. As always, KFBS is very competitive in placing interns and grads with firms and this year is no exception. So far we have 6 intern placements through the CVF program. Scott internships through CVF often lead to offers? Coleman Ranby - I am currently a CVF and they are very upfront that the internships rarely turn into jobs. It is more about the experience as it is a year long vs the typical 10 week. Plus, you develop great relationships in the area and across the PE/VC landscape. That said, in cases, the internships do turn into full time offers. Tania Hew: Hello everyone. Patrick/Jenny, continuing with Lauren's line of questioning, do you find that the students who go to work for an established company actually end up starting their own businesses within a few years? Center for Eship - Patrick: Tania Hew: very few students start a business straight out of school. Too much debt, and too little probability that the opportunity lines up with graduation. Tania Hew: Thanks Patrick Guilherme_S: Are there classes that specialize in the inherent aspects of starting a business in emerging markets? KFBSJenny: Guilherme_S: I am currently taking Global context of Business Guilherme_S: Jenny - could you elaborate a bit on that class that you're taking? KFBSJenny: Guilherme_S: Global Context of Business is a case based class studying large and small firms that have expanded into various countries. It basically studies what worked/what didn't and how this is applicable for all firms. Guilherme_S: Thanks Jenny. That's very interesting. (especially learning what didn't work for other firms!) Piyapun Prohsoontorn: dunkingram: - I also come from non business background. Is it difficult to find opportunities in start up companies? dunkingram: Piyapun Prohsoontorn: I did not find it difficult. I would recommend making a few connections BEFORE coming to school. The entrepreneurship path is very different from the tradition route supported by the career center, so you will have to do some foot work on your own. Piyapun Prohsoontorn: dunkingram: Piyapun Prohsoontorn: That said, the Research Triangle Park is a lush place for start-up opportunities Piyapun Prohsoontorn:

6 Piyapun - I am also interested in new start-up biotech firms as I have background in healthcare. Please share your experience in RTP for biotech firms. Alex Russo: What is the career path for someone interesting in starting a business, but not right out of school? How do you fit internships in other fields with entrepreneurial interests? KFBS_Andrew: Alex Russo: There's an entrepreneurship concentration offered. You can also design your own coursework, which is what I am currently doing, so that you can tailor what will best fit your needs. Internships are abundant, but for startup experience, most of it is self-guided because of the nature of the beast. KFBS_MikeD: Alex Russo: Hi Alex. That is a very typical path for many MBA grads. In fact, it is likely my own. I am looking to gain a little bit more experience in my chosen field (Healthcare IS) before starting a business. Alex Russo: Thanks Mike and Andrew... good info to have. It seems difficult (but not impossible) to start a business w/ $100K worth of debt! user : Do foreign VC's recruit in KFBS? Center for Eship - Patrick: user : as a rule, no VCs recruit anywhere. So it is up to us to go find them. We have yet to place anyone overseas in VC, though I met with a Chinese student this morning who may work at a VC firm in China this summer. user : Patrick tks Alex Russo: I have a question about the Carolina Entrepreneurial Fellows... at what stage are companies that participate in CEF? Funded vs. Non-Funded? # of employees? Any revenue? Center for Eship - Patrick: Alex Russo: all over the map! We have 6-10 fellows a year, working for clients. Alex Russo: Thanks, Patrick... it might be interesting to work 2 days a week in an office park, while spending the other 2 days in someone's basement yuskay: In terms of e-ship, some MBA schools are as famous as UNC. How do you see the difference in UNC students from others? Center for Eship - Patrick: yuskay: absolutely. you should visit all schools you are interested in. you can tell the difference. Center for Eship - Patrick: the biggest difference: UNC students are team players who are very well-rounded for Eship - Patrick - thank you. I will do further my homework.

7 Coleman - A few being the program is very established vs some of the others, the area which the school is located offers incredible real world experiences with the entire entrepreneurial community... KFBS_Trent: yuskay: Just to follow up on Coleman, you need to look at the RTP area as a great asset to KFBS students. Greene - thank you for guidance. Guilherme_S: Does the e-ship program at UNC cover the legal aspects of starting a new business? dunkingram: Guilherme_S: Yes! There is a class series called Launch the Venture and in this class, you literally go through the process of taking an idea to market--including the legal aspects - that seems to be very cool. thanks! user : KFBSAdmissionsJulieW.: Hi, does the Center for E-Ship promote any treck to the Silicon Valey? - my understanding from a prior response in this chat is that there are not currently any treks planned, although it may be a possibility in the future. Perhaps one of the students can better address this question? KFBS_Andrew: The "treks" vary each year, depending on interest. However, the Technology Club makes those treks to Silicon Valley. Alex Russo: Are there any for-credit ways to work on a consulting project with a local start-up during the year? Center for Eship - Patrick: Alex Russo: absolutely. independent study, practicum, STAR. We have lots of companies looking for help. Alex Russo: Thanks, Patrick... I didn't know STARS applied to start-ups as well. Good to know! LJ: Does the Center for Eship provide more resources to current students, alumni, or local entrepreneurs? Do alums typically come back and start ventures with assistance from the Center? Center for Eship - Patrick: LJ: our programs pull from all the constituencies you mentioned. We have alumni as coaches, mentors, judges. We provide students for projects for local entrepreneurs. It's an ecosystem. Josh Bryan: Do the Social Entrepreneurship electives fall under the Entrepreneurship Center or Sustainable Enterprise? KFBSJenny: Josh Bryan: Social Entrepreneurship falls under entrepreneurship.

8 KFBSAdmissionsJulieW.: All, I will be leaving the chat in a few minutes. Peggy Tate from Admissions should be joining us shortly to answer any admissions questions you may have. The transcript from this chat will be posted within a week at the following link: Jason McAlpin: Good afternoon all - Can someone further expand on the Launching the Venture program and how it coincides with the eship concentration? KFBS_Trent: Jason McAlpin: Jason..it is like a capstone for the E-Ship concentration. I have several second-year friends who are involved in Launching the Venture and they are putting forth a lot of time and effort to succeed. - Do your several 2nd-year friends launch the Venture in the US? or overseas? KFBS_Andrew: Jason McAlpin: LTV is a year-long program that is the epitome of the entrepreneurial class offerings. You take a startup and build a complete business plan for the venture. KFBS_Trent: The ones that I know are working alongside medical/bio students in the RTP area. They are looking to launch locally. - thank you. One more question. Do international students have difficulties to proceed e-ship business in RTP area? KFBS_Trent: yuskay: I don't know much about Visa requirements and employment in start-ups. I am sure that you could get that information from a counselor here. - thank you Guilherme_S: Are there any courses specialized in the starting of new IT firms? KFBS_MikeD: Guilherme_S: Hi again Guilherme. LTV and the other new venture creation courses all have IT aspects to them. Additionally, there are a host of tech-specific electives to help in the process. Guilherme_S: Thanks MikeD. user : What is the percentage of the class that chooses E-ship as concentration? Center for Eship - Patrick: user : eship is the #2 concentration stated by incoming students. But then I advise them to take the classes they want rather than fulfilling a concentration (unlike in other disciplines where you need the concentration for the career). Center for Eship - Patrick: Did anybody mention that it is 60 degrees in Chapel Hill today? for Eship - Patrick - I'm in Raleigh and I know it's been a beautiful week! Gotta love that Carolina weather!

9 thew: What percentage of students do an e-ship other concentration? Coleman - clarify... thew: Sorry my keyboard is acting up, what percentage of students do an eship plus other -dual- concentration? KFBS_MikeD: thew: Hi thew - not sure about figures, but I am concentrating in entrepreneurship but taking additional electives across disciplines. The "concentration" is really just about focusing some of your effort. KFBS allows for many electives to round out your learning. Coleman - Cool. Think Mike D has an answer coming for you thew: Thanks Guilherme_S: Is it common for students who choose to concentrate on the Entrepreneurship career path to end up NOT starting a new business? Center for Eship - Patrick: Guilherme_S: correct, most don't start their own business. our concentrators get jobs in all industries. Center for Eship - Patrick: We focus on teaching an entrepreneurial toolkit that you can use anywhere in your career -- not so much on starting a business NOW. Guilherme_S: Patrick - thanks. rpopp: Coleman Greene: Coleman, can you talk about the Venture Follows process? Coleman - sure Skins. You submit applications in October and the current CVFs screen applicants. After the finalists are selected, there is a Match Day where local PE/VC firms come and the finalists give a 5 minute pitch to the firms on why they would be a good fit. After the presentations, the firms break into interviews rooms and have quick 15 minute interviews getting a better feel for the candidates they are interested in. If they think it could be a fit, they will bring you out to the rest of the firm Rpopp: Coleman Greene: thanks heed Coleman Greene: offers usually go out by December/January, so if it doesn t work out, you still have the option of the corporate recruiting user : Does the KFBS support other entrepreneurial activities within the course than just developing new ventures (i.e. structuring treks, clubs, etc...) Center for Eship - Patrick: user : lots of programs: user : tks Patrick Guilherme_S: Did the recent turmoil in the economy affect the rate of E-ship concentrators?

10 KFBS_MikeD: Club involvement is up, the admissions folks say the same about incoming students...but really, the skills learned apply across the board anyway! Guilherme_S: thanks MikeD! Jason McAlpin: Multi-part question here: Of those in the room, who came in with a generally specific vision of what type of business they'd like to start, and how has your KFBS/eship concentration experience shaped that vision? Center for Eship - Patrick: Jason McAlpin: commonly folks come in with ideas, and through the course of the MBA program, they challenge its viability. Some original ideas make it to Launching the Venture in the 2nd year. Most come up with new ideas. rpopp: Center for Eship - Patrick: is diversity within the eship concentration proportional to that of the whole MBA program? more so? less? Center for Eship - Patrick: rpopp: i'm not sure what you mean. i think the same. rpopp: Center for Eship - Patrick: I guess I'm curious if there is as much nationality diversity amonst eship concentrators Center for Eship - - i think international students sometimes struggle with visa issues when trying to start something new, as you may need a host company. Center for Eship - Patrick: but that doesn't mean they don't take the classes. rpopp: Center for Eship - Patrick: thanks, that what I figured. But good to see that they are equally represented in classes Lauren: Hi Peggy. May I ask an admissions question? I submitted my application on January 8th to meet the deadline. My account says my application is still being processed. I have USPS confirmation that my transcripts made it there, but is there any way I can check whether they have been included in my application? I understand it takes several weeks for the entire application to be reviewed, but I am concerned with the hard copies of documents and making sure they are in Chapel Hill. Lauren: I couldn't find a way to check that item specifically in the application, so this is why I ask. Peggy--Admissions: Lauren: I would suggest you Sharon Moore in Admissions. She can provide you the most updated information. Lauren: thank you Peggy for Eship - Patrick - Do you find companies shy away from hiring Eship concentrators b/c companies view them as a possible threat to leave? Are companies reluctant to put a lot of resources behind Eship concentrators?

11 Center for Eship - - the eship club president pointed out one year that most companies include the word "entrepreneurial" in their job descriptions. I think our corporate recruiters know that UNC has entrepreneurial thinkers. thew: Anyone feel free to answer -I was disconnected for a bit earlier-: was the question about available support for alumni wishing to start businesses answered? thew: If not, is there any support for alumni wishing to start a company maybe 2-3 years after graduating? Center for Eship - Patrick: thew: we're here forever. yes, we work with alumni, but you'll find that the network you develop while you're here is the most valuable part. As I mentioned before, it's an ecosystem. thew: Thanks Patrick - Yes, one of the reasons that I'm sure we are all interested in UNC - certainly why I applied- is the strong sense of community present at the school. - Agreed yuskay: New question. I have a dream of bringing a Japan-domestic family business to China market. It is a more or less corporate entrepreneurial project. Does my dream fall under e-ship category or others such as general management and consulting? Center for Eship - Patrick: yuskay: all of the above, plus the family business category. dunkingram: yuskay: We all need a dream. I think UNC will help you achieve that dream and avoid the nightmare for Eship - Patrick - Thank you. KFBSJenny: Hi everyone! We have about 10 minutes left, so please send any last minute questions! Center for Eship - Patrick: Folks, good talking with you. I'm at pvernon@unc.edu if you have any more questions. I look forward to meeting some of you during Experience Weekend. -patrick vernon Jason McAlpin: Thanks all for your help. rpopp: Coleman Greene: thanks for the help heed, go 'dores. Coleman - Absolutely. Anchor Down thew: Thank you LJ: Thanks to all. KFBS_Trent: Good Luck with your applications! Piyapun Prohsoontorn: Thanks to all

12 dunkingram: Good luck, everyone user : Thanks to all Guilherme_S: Thanks everyone for answering our questions, this session was really helpful! Jay Davies: Thank you all for your feedback. Thank you Patrick, Coleman. dunkingram: if you have any questions, feel free to me at KFBS_Andrew: Adios. Good luck on apps, and come to campus for an awesome time. Coleman Greene: Thanks, guys. This has been fun. Good luck with applications. My info is if you have any questions. Miguel for Eship - Patrick Take care and I look forward to hopefully meeting you in a few weeks on campus. KFBS_MikeD: Thanks for participating everyone. Hope to see you on campus! If you have any follow up questions, feel free to contact me at mike_dipierro@unc.edu