Crain’s New York Business, Education Report: “Startup Factories”

New York’s colleges are stepping up support of budding entrepreneurs with courses, mentoring, networking, awards. High marks were given to Pace’s Lubin School of Business, where a 2011 pitch contest drew an audience of 400 — including venture capitalists, angel investors and bankers.

A special Education Report in the April 23 issue of Crain’s New York Business focuses on how New York’s colleges and universities have ratcheted up their commitment to supporting budding entrepreneurs in recent years.  With courses, mentoring, networking and cash awards, they are growing crops of would-be entrepreneurs that they say are far better prepared than their predecessors. 

Lubin Professor Bruce Bachenheimer,  Director of Pace’s new Entrepreneurship Lab, was interviewed by Steve Garmhausen for the article and his comments are highlighted below.  Read the Education Report in its entirety by clicking here:

  • One of the latest manifestations of the trend: the February launch, by Pace University’s Lubin School of Business, of an entrepreneurship lab that aims to facilitate collaborations between students in schools as diverse as nursing and business.  “The idea is that it will involve all Pace students and faculty from all the schools,” said Bruce Bachenheimer, director of the lab and of Lubin’s entrepreneurship program. “We’re stressing an interdisciplinary, hands-on experience to find new ways to solve difficult problems.”
  • Entrepreneurship programs are trying to teach just about everything else. The most straightforward subjects include writing a business plan and doing financial, competitive and market analysis.  “When it comes to the harder stuff, such as the ability to recognize opportunities, Pace and other schools use case studies, brainstorming lessons and other exercises to nurture that skill. “It’s kind of like teaching music or painting,” explained Mr. Bachenheimer.
  • Pitch programs—in which teams of students, alumni and others vie for cash prizes by developing and pitching business ideas—are a centerpiece of the entrepreneurship push among the city’s schools.  Pitch contests have also proved to be a great way to network and meet investors. The most recent contest at Pace drew an audience of 400, including venture capitalists, angel investors and bankers, said Mr. Bachenheimer.
  • Schools are grappling with the question of how to gauge the success of their entrepreneurship programs.  And by one definition, entrepreneurship training doesn’t have to result in a business launch to be successful. If a person is trained to size up opportunities and take initiatives, he and his employer have an edge, said Mr. Bachenheimer. “The nature of work is changing dramatically,” he said. “There’s no more ‘Give me a job and tell me what to do.’ ”

 

 

 

 

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)

Forbes.com: “Ilya Zhitomirskiy: With Grief, A Dialogue On Depression, Stress And Anxiety Takes Shape”

In the wake of the suicide of a promising tech entrepreneur this weekend, Dr. Richard Shadick helps us – and Forbes.com readers – to understand the mindset of young founders in a startup culture who may be dealing with issues of isolation/stress/depression.

In the wake of the passing this weekend of Ilya Zhitomirskiy, one of the four founders of much-hyped open-source social network Diaspora, an unsettling conversation has begun within the tech community. Zhitomirskiy’s death, rumored to be a suicide but officially the cause is unknown, has ignited what many see as a much-needed and long-awaited dialogue in the industry: the mental health repercussions of the immense pressure and scrutiny—both internal and external—that young tech founders weather in their quest for the new American Dream.

“These are the new masters of the universe,” says Richard Shadick, Ph.D., the director of Pace University’s counseling center and adjunct professor of psychology in an interview with Forbes.com. “We saw the same profile with Wall Streeters in the 80s: lots and lots of pressure and enough money to motivate them to keep striving for more.” Entrepreneurs, especially those in the high-risk-high-reward startup game tend to have a specific type of personality profile, he says: exceedingly driven, creative, often idiosyncratic thinkers with what can be overwhelmingly high ideals. “It takes a little bit of craziness just to undertake such a huge endeavor to begin with.”

But are entrepreneurs any more prone to depression than the rest of the world? New research does link the creative thought process and capacity for highly focused work so often seen in founders with depressive thinking. Amongst themselves, founders point to isolation, pressure and lack of adequate health care as fuel to the fire of depression. One fund-raising entrepreneur notes that looking for funding might make it especially difficult for a young founder to address any mental health issues he might face. “I do believe it is an impediment to getting investor backing,” he says. “Depression is not well understood by people who haven’t experienced it.”

In the wake of a tragedy like the death of a member of the community, an outcry for a solution is natural. By all accounts the opening of a dialogue on the mental health issues of entrepreneurs—a possible predisposition to depressive thinking and the insurmountable pressure of attempting to reach superstardom by 30—is a step in the right direction.

But Shadick thinks it’s imperative that the conversation surrounding mental health become an industry priority.“The prototype of a Zuckerberg can be quite dangerous for someone to try and attain,” he says. To that end he says it’s essential to address the issue of stress management within the community and the encouragement of realistic work-life balance. “Particularly for founders. Because if someone is starting a company, they’re going to be the model for all future employees and the health of the corporate culture.”

And if work-life balance plays even the tiniest part of the mental health of an individual, that seems like one place where the risk just isn’t worth it.

Kiplinger’s Retirement Report: “Help Your Child Launch a Business”

The tough job market has more people considering entrepreneurship. But starting a business requires capital that can also be difficult to secure, so many young entrepreneurs are turning to their parents for investments.

Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace’s Lubin School of Business, provides tips to parents who are considering helping an adult child start a business in the November issue of Kiplinger’s Retirement Report.

How much due diligence should the parents do to ensure the business is doable?  Should they require a kid to draw up a business and marketing plan? Should any loan be formal with a promissory note, etc.? How often should the parent check in on their investment? Should parents put kids in touch with other experts? How do you stay far enough away so you’re not meddling?  

Professor Bachenheimer’s “tips to parents who are considering helping an adult child start a business” are embedded below.

Crunch the numbers.

Bachenheimer suggests telling the budding entrepreneur you will invest your $50,000 after he or she finds outside investors willing to put up the other $100,000.

These investors “are going to know what a business plan should look like, what the valuation of the business should be and what the privileges of the investors are,” says Bachenheimer.

Write up the terms.

It’s critical to document in writing the terms of your loan or equity investment. At a minimum, your document should spell out the amount being invested, how the funds are to be used and how the parent investor will be repaid. Bachenheimer says you can find sample loan documents on the Internet or seek advice from experts at a small business development center.

“Parents usually have a very valuable amount of social capital,” Bachenheimer says. Your accountant, lawyer, banker, business associates or golf buddies could be potential customers, advisers or investors.

 

Chatham Courier: “Women’s drive helps canning company thrive”

Professor Bruce Bachenheimer, Director of Entrepreneurship@Lubin, shares insights about starting and growing a business in this tough economic climate.

The Shaker Mountain Canning Co is a women- owned food production and co-packing facility in New Lebanon, N.Y. in Columbia County. They made it through their first year and they said business is increasing.

Lisa Connell, a reporter for the Chatham Courier, reached out to Lubin’s Bruce Bachenheimer — clinical professor of management and the mastermind behind the annual Pace Pitch Contest in which contestants in the New Business Concept and Social Venture categories each have three minutes to make his/her pitch — and asked him:

  • What skills and knowledge does it take to be an entrepreneur, particularly if the owner and staff are female? 
  • What challenges may the woman entrepreneur face that a man does not?
  • Or, is it too simplistic to talk about succeeding as an entrepreneur along gender lines? 

According to Professor Bachenheimer, finding the right people and retaining them can actually be much more of a challenge than the idea for the business itself.

“It’s hard to identify them and even if you do, how do you recruit them?” asked Bachenheimer.  “Attracting, recruiting, training, retraining and delegating — all of these factors are key to an entrepreneurial venture,” Bachenheimer said during a telephone interview.

“It’s about people and innovation and truly growing the business,” he said.

Crain’s New York Business: “Number of startups led by women rising”

Entrepreneurship among women in New York is on an upswing. Lubin Professor Bruce Bachenheimer, director of entrepreneurship, comments.

According to recent statistics from American Express Open, the number of women-owned startups in the state rose 58% between 1997 and 2010, versus 50% nationally.  New York ranks among the Top 10 states for women entrepreneurs.

The trend holds in the five boroughs, which could very well account for the lion’s share of the state’s female entrepreneurial activity, according to observers.

“The increased startup activity in New York state most likely is because of an increase in women-owned startups in New York City,” said Bruce Bachenheimer, director of entrepreneurship and clinical professor of management at Pace University.

Media Advisory, Wednesday, May 4 at 2:30 PM: Professor Bruce Bachenheimer – “The Latest Trends in Emerging Business” (Panelist, Yonkers 12th Annual Business Week)

Join Professor Bruce Bachenheimer, Pace’s Director of Entrepreneurship, and fellow panelists:

* Caryn McBride – Executive Editor, Westchester County Business Journal
* David Merel – Founder and CEO of Thinkbright LLC and mTouch – Merel Technologies
* Franklin Madison – Director, Technology Program, Industrial & Technology Assistance Corporation (ITAC)

Moderator: Lou Kirven, Commissioner – Department of Planning and Development, City of Yonkers.

WHAT: As part of the 12th Annual Yonkers Business Week event, the City will launch the Y Enterprise Business Center (a new business incubator) and organize a number of panels on new business development.  Bruce Bachenheimer, Clinical Professor of Management and the Director of Entrepreneurship at Pace University, has been asked to serve as an Advisor to the Y Enterprise Business Center and as a panelist on the forum titled “The Latest Trends in Emerging Business.” 

WHEN:  Wednesday, May 4, 2:30 – 4:00 PM 

WHERE: Riverfront Library, One Larkin Center, Yonkers Room, 4th Floor, Yonkers, New York 

OVERVIEW:  Professor Bachenheimer will discuss the latest trends among high growth companies, highlighting: 

  • The Lean or Light Startup trend. A low-cost, iterative, customer-centric, experimental process of discovery.
  • Creativity and imagination is more important than technology and experience. As technology is becoming commoditized and skills can be outsourced, competitive advantage will be achieved and sustained by the ability to solve problems and fill needs that are not yet known.
  • A full recognition that Creative Destruction is here to stay and moving faster than ever.
  • Compounding the challenge of Creative Destruction, accepting that global hypercompetition is also here to stay and becoming more intense.
  • An acceptance of more open collaboration and virtual organizations.
  • Social Media and the proper integration of all its components is becoming increasingly critical, not to sell your products, but to engage your stakeholders – to inform them, serve them, learn from them, etc.
  • The knowledge, skills and abilities required of employees is rapidly changing. Knowing how to attract, recruit, train, motivate and retain the right people will be crucial.

ABOUT BRUCE BACHENHEIMER: Professor Bachenheimer teaches undergraduate and graduate courses, primarily in the areas of entrepreneurship, management, and strategy at Pace University’s Lubin School of Business.  He is a member of the Global Board of the MIT Enterprise Forum, a Board member and past Chair of the New York City Chapter of the MIT Enterprise Forum, and on the Board of Directors & Advisors of LeadAmerica. He has served as a consultant to the New York City Department of Small Business Services, the New York City Economic Development Corporation and a variety of new ventures.  He has been widely quoted in a variety of publications, interviewed on radio and television, and has spoken on entrepreneurship at numerous conferences.

His earlier career includes having served as a Vice President of iQ Venture Partners, an Assistant Vice President of Westpac Banking Corp., and an International Banking Officer for the Bank of Tokyo. As the International Product Manager for MSI, an SBA certified 8(a) firm, Bachenheimer was responsible for the initial commercialization of a high-technology forensic science system. In that position, he conducted business in over twenty countries. He was also the Founder of Annapolis Maritime Corp. and the Co-Founder of StockCentral Australia. Other activities include having sailed his 36′ boat from New England, through the Caribbean, to South America and back. Bachenheimer also participated in the Sydney to Hobart race in 2000. He holds a BBA, Summa Cum Laude, from Pace University. He spent a semester at Tsukuba National University in Japan as an undergraduate and continued to study Japanese at NYU after graduating. He later received the McKinsey & Company Leadership Scholarship to pursue an MBA degree, which he earned from the Australian Graduate School of Management.

FURTHER INFORMATION ABOUT YONKERS BUSINESS WEEK: Click here

PACE MEDIA CONTACT (BRUCE BACHENHEIMER): Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172