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CFE Board Meeting

CFE Board Meeting. Center for Entrepreneurship Presentation to the Board May 1, 2009. CFE Update, Financial Update. Thomas Zurbuchen thomasz@umich.edu May 1, 2009. CFE Vision and Mission Statements.

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CFE Board Meeting

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  1. CFE Board Meeting Center for Entrepreneurship Presentation to the Board May 1, 2009

  2. CFE Update, Financial Update Thomas Zurbuchen thomasz@umich.edu May 1, 2009

  3. 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

  4. 1000 Pitches Competition

  5. CFE Activities

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. CFE Budgets • Founding gift of ~ $1M • CoE support of ~ $100k/year • Additional sources of gifts, grants and other University support

  12. Other University Support

  13. Budget Overview: 5 Year Average

  14. Yearly Budget Plan

  15. Budget Elements: Five-year Average

  16. 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

  17. 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

  18. Board Organization: A Proposal * Executive Committee

  19. 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?

  20. Academic Programs Aileen Huang-Saad aileenhs@umich.edu May 1, 2009

  21. Agenda • In the classroom • Extracurricular • Social entrepreneurship • Going forward • Questions for the board

  22. In the Classroom • In the classroom • Program in Entrepreneurship • Diffusion • Extracurricular • Social entrepreneurship • Going forward • Questions for the board

  23. Program in Entrepreneurship 9 Credits Required seminar Core course Elective Practicum Effective F08 http://cfe.engin.umich.edu/

  24. CFE Across Curricula Number of Students by Year Number of Students by School

  25. 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

  26. CFE Across Design Classes

  27. 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/

  28. Practicum Ventures Bhaskar Enterprises India shining Building the business case for commercial parabolic flights in Europe

  29. 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

  30. 2009 Bay Area Trip Schools Represented Years Represented

  31. Feel the Music

  32. Dare to Dream

  33. Michigan Business Challenge Participants By Degree N=198 Distribution of Non-B-School Participants N=64

  34. 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

  35. Maize Ventures

  36. Social Entrepreneurship • In the classroom • Extracurricular • Social entrepreneurship • University movement • CoE social entrepreneur competition • Fall seminar • Going forward • Questions for the board

  37. University Movement GrahamEnvironmental SustainabilityInstitute ginsberg center School of Social Work

  38. Social Innovator Award March 2009 Students nominated UM alumni who had become successful social entrepreneurs. Paul Saginaw David Green Aaron Hurst

  39. 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

  40. 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

  41. 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?

  42. Venture Acceleration Thomas Zurbuchen and Aileen Huang-Saad thomasz@umich.edu; aileenhs@umich.edu May 1, 2009

  43. Overview

  44. 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

  45. 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

  46. 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

  47. 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

  48. 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

  49. 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

  50. 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.

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