In The Empire: “Pace University’s Entrepreneurship Lab Will Train People To Think Differently”

A startup blog covers the opening of Pace’s new startup Entrepreuneurship Lab. How appropriate.

This is the seed blog for InTheEmpire, a Streetwise Media site specifically for NYC, set to officially launch this March.
 
February 17, 2012
 
 

Pace University officially opened the doors to its Entrepreneurship Lab (aka, E-Lab) last night, and there to cut the ribbon was Professor Bruce Bachenheimer, who was named the lab’s first director.

“It takes innovation and entrepreneurship to develop things that are meaningful,” Bachenheimer tells us over the phone.

The big picture strategy of the E-Lab is not necessarily to incubate companies or create startups, but it’s to spur entrepreneurial and innovative thoughts and actions.

“We don’t measure our metrics by how many students launch businesses,” Bachenheimer says. “It’s the ability to come up with new and creative solutions to problems, and the ability to add value in a unique and innovative way.”

To spur innovation, Bachenheimer and his E-Lab will provide students with workspace for creative thinking, in addition to access to workshops, guest speakers, roundtable discussions, and networking events involving members of the entrepreneurial community.

“If you’re looking at very good innovators, they have to be young enough so that their minds are not so rigid in the way things are and the way things should be,” says Bachenheimer. “But they also need to have enough knowledge, skills, and abilities to find and solve problems.”

To mold a mind into innovative shape, college students need an “experiential education.” People at that young of an age need to be able to expand their horizons and question the norm, or, to borrow a line from Steve Jobs, you need to “stay hungry, stay foolish” to truly innovate.

“You need to train people to think differently, and if there are specific skills they don’t have, let them know how to get those resources,” Bachenheimer says. “Hopefully, the Entrepreneurship Lab is one of them.”

(Image, from left: Neil Braun, Bruce Bachenheimer, Harold Levy)

NEWS RELEASE: “Pace University Opens Entrepreneurship Lab to Foster Student Innovation, Initiative and Commitment; Bruce Bachenheimer Named Lab’s First Director

Pace University has deep “roots” in innovation and entrepreneurship. Pace was founded more than 100 years ago by two exemplars of entrepreneurship, the brothers Homer and Charles Pace. With a $600 loan, they rented a classroom in Lower Manhattan to teach the principles of business to men and women aspiring to a better life.

Pace University Opens Entrepreneurship Lab to Foster Student Innovation, Initiative and Commitment

Professor Bruce Bachenheimer – Serial Entrepreneur, Board Member of the MIT Enterprise Forum, and Authority on Collegiate Entrepreneurship – Named Lab’s First Director

NEW YORK, NY, February 13, 2012 – A ribbon-cutting ceremony on Thursday, February 16, to be attended by members of New York City’s “entrepreneurship ecosystem” will mark the official launch of the new Pace University Entrepreneurship Lab (E-Lab), which is expected to both nurture the entrepreneurial spirit on campus and serve as a beacon for innovation in the Lower Manhattan community. 

Those scheduled to be on hand at the inauguration of the new space on the third floor at 163 William Street in New York City and give brief entrepreneurial-encouraging remarks at the invitation-only reception include (in alphabetical order):

  • Bruce Bachenheimer, Director of the Entrepreneurship Lab and Clinical Professor of Management, Lubin School of Business
  • Neil S. Braun, Dean of the Lubin School of Business and former President of the NBC Television Network and CEO & Chairman of Viacom Entertainment
  • Gurbaksh Chahal, Founder, Chairman & CEO of RadiumOne.  A die-hard internet entrepreneur, “G” also launched ClickAgents and BlueLithium.
  • Somak Chattopadhyay, Partner at Tribeca Venture Partners – Early Stage Venture Capitalist
  • Harold O. Levy, Pace Trustee and Managing Director of Palm Ventures, Former NYC Schools Chancellor
  • Robert W. Walsh, Commissioner – New York City Department of Small Business Services

They’ll be joined by Robert Caucci (Pace BBA ‘11, Entrepreneurship; Pace BS ‘11, Business Economics) and Jeremy Pease (Pace BS ’12, Computer Science), co-founders of Reslutions, who had the 2011 Winning New Business Concept Pitch at Pace’s Seventh Annual Pitch Contest. Reslutions is a platform that digitizes and streamlines all of the processes associated with a collegiate housing department and stemmed from the co-founders experience as college resident advisors.

Entrepreneurship: The Heart of Business Education 

In addition to 163 William Street in Manhattan, Pace will be simultaneously opening an Entrepreneurship Lab at the Goldstein Academic Building on its Pleasantville, NY, campus. Both E-Labs will provide the tools and mentoring for the development of business plans and the seed capital for new ventures. The E-Labs will also host events featuring guest speakers, workshops and competitions, many of which will be open to the public.

“Entrepreneurship, in its broadest sense, is a personal approach for developing ideas into plans and plans into reality. It is interdisciplinary ‘doing.’  Entrepreneurial leadership is as important in large companies as it is in startups; it’s a mindset toward relentless problem solving that leads to successful execution” said Braun, who in his career has assumed many different type of roles, including internet entrepreneur, television network president, corporate attorney, CEO and film producer. “It is therefore at the heart of business education; it is the ultimate capstone for applying the knowledge and skills of the discrete disciplines to a product or service for a specific market opportunity. 

Professor Bruce Bachenheimer is ideally suited to lead the E-Labs and grow the program,” continued Braun.  “Bruce’s relationships throughout the New York City venture community and beyond will be an important building block as we seek to further enhance our standing in, and access to, professionals in the field.” 

Bachenheimer is the visionary behind the annual Pace Pitch Contest and Business Plan Competition, which he introduced in 2004, shortly after joining the Lubin faculty. Additionally, he is a member of the Board of Directors and past Chairman of the MIT Enterprise Forum of New York City and has served on the organization’s Global Board. Bachenheimer also serves on the Board of Directors & Advisors of LeadAmerica and has served as a consultant to the NYC Department of Small Business Services and the New York City Economic Development Corp. He founded Annapolis Maritime Corp. and co-founded StockCentral Australia. 

“The Entrepreneurship Lab aims to foster an entrepreneurial mindset – a way of thinking and acting that focuses on developing new ways to solve problems and create value,” said Bachenheimer, who drafted the initial proposal of the E- Lab. “These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of professional careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.”

Bachenheimer began his career as a Wall Street trader then had the courage to take a step back from the rat race and go sailing … for several years. After sailing through the Caribbean to South America, he headed to Annapolis, Maryland, where he launched a business importing teak lumber and taught himself yacht joinery. Bachenheimer then transitioned to a career in high-tech forensic science, where he served as the International Product Manager for an entrepreneurial venture, conducting business in over 20 countries. Several years later, Bachenheimer received the prestigious McKinsey & Company Leadership Scholarship to pursue and MBA degree, which he earned from the Australian Graduate School of Management. While completing his degree, he co-founded StockCentral Australia, which grew to become one of the largest financial websites in the country. A Pace alumni, Bachenheimer earned a BBA, Summa Cum Laude, from the Lubin School of Business.  He was conversational in Japanese and spent a semester at Tsukuba National University in Japan as an undergraduate. 

 About Entrepreneurship Studies in the Lubin School of Business at Pace University

The Entrepreneurship Labs on the New York and Pleasantville campuses (www.pace.edu/entlab) build on Pace’s well-established undergraduate and graduate entrepreneurship curriculum and activities such as the Pace Pitch Contest, Business Plan Competition, and Entrepreneur In Residence program. www.pace.edu/entrepreneurship 

About Pace University 

For 105 years, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu

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Pace Media Contact: Samuella Becker, sbecker2@pace.edu; 212-346-1637 (office) or 917-734-5172 (mobile)

MEDIA ALERT/INSIDE TRACK DISCUSSION, OCT 25 at 7 PM – “Creative Destruction: Innovation in America and China” with Pace University President Stephen J. Friedman and Management Consultant/Best-Selling Author Richard Foster

Austrian economist Joseph Schumpeter’s “gales of creative destruction” are blowing and many companies are being taken under by this storm. Richard Foster shares his view on how the changing economy of China will determine which U.S. businesses will survive and prosper, and which ones will wither and die.

Get the INSIDE TRACK on how the changing economy of China will determine which U.S. businesses will survive and prosper … and which ones will wither and die.

PACE UNIVERSITY MEDIA EVENT ALERT

TUESDAY, OCTOBER 25 at 7:00 PM, NEW YORK CITY CAMPUS

“CREATIVE DESTRUCTION: INNOVATION IN AMERICA AND CHINA”

An engaging, thought-provoking discussion with Pace University President Stephen J. Friedman and Leading Management Consultant, Best-Selling Author and “Wizard of Innovation” Richard Foster

When: Tuesday, October 25, 7:00 PM to 8:30 PM.

Where: Pace University, Michael Schimmel Center for the Arts, 3 Spruce Street, New York, NY 10038. Directions: http://bit.ly/qxH0g3

Who:  Richard Foster is an emeritus director of McKinsey & Company, where he founded the technology and innovation practice, the health care practice, and the private equity practice, and led McKinsey’s worldwide knowledge development. He currently advises health care service and technology companies on how to capitalize on disruptive innovation. He has written two bestselling books: Innovation: The Attacker’s Advantage and Creative Destruction.

Stephen J. Friedman became president of Pace University on June 4, 2007. Friedman is a former senior partner at Debevoise & Plimpton LLC, commissioner of the Securities and Exchange Commission, deputy assistant secretary of the Treasury, executive vice president at The Equitable Companies Incorporated and the E.F. Hutton Group Inc., and U.S. Supreme Court law clerk. Friedman served for three years as dean of Pace University School of Law prior to being named president by the Pace University Board of Trustees.

What is Creative Destruction? The automobile cost blacksmiths their jobs; personal computers replaced the typewriter. The Internet has seriously impacted the publishing, music and film industries. Based on an “endless cycle of innovation” concept first popularized by economist Joseph Alois Schumpeter, creative destruction suggests that companies can outperform capital markets and maintain their leadership positions only if they creatively and continuously reconstruct themselves. In doing so, they can stay ahead of the upstart challengers constantly waiting in the wings.

About Inside Track with President Stephen J. Friedman: A forum that brings the world’s most renowned leaders to Pace University to inspire, motivate and provide deeper insight into social, political, economic and environmental issues that affect us all.

RSVP: The event is free and open to the public, as well as to the Pace community.  Please register in advance online at www.pace.edu/insidetrack

Pace Media Contact: Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172

BNET (The CBS Interactive Business Network): “Advertising Reality Check: Are You Leading — Or Lying?”

“Customers are very aware that it’s a new day in advertising,” says Lubin Marketing Professor Paul Kurnit, co-author of “Breakthrough! A 7-Step System for Developing Unexpected and Profitable Ideas” (AMACOM Books). “We are living in a customer-centric world where advertisers are trying to connect with consumer lifestyle throughout the day in relevant touch points that resonate and matter.

“The fragmentation of media is an opportunity if the planning is thoughtful and the customer is put center stage,” Kurnit continues. “Consumers know they are being ‘targeted’ through multiple platforms in a myriad of ways. Done well, they delight in it. Done poorly, they resent the intrusion and potentially the brand.”

Who doesn’t want to be at the leading edge of advertising, using the latest and greatest methods to reach customers?

“Smart advertisers are beginning to integrate their messaging across various communications platforms and are breaking down the silos and distinctions between traditional and other media, like digital, social and buzz,” says Paul Kurnit, a marketing professor at Pace University in an article appearing on BNET.com

But to a certain extent, it’s also the Wild West out there.  The line between leadership – pushing the boundaries of new media – and lying may not be so clear in this new world.