Crain’s New York Business: Executive Moves, April 2, 2012

Lubin Professor Bruce Bachenheimer’s appointment as Director of Pace’s new entrepreneurship lab continues to make news.

Crain’s New York Business included Professor Bachenheimer’s appointment in this week’s Executive Moves column, along with his photo: 

Pace University:
Bruce Bachenheimer, 50, was promoted to director of the university’s entrepreneurship lab. He will continue as clinical professor of management. He was previously program director of entrepreneurship at the Lubin School of Business.

Technology Review: “Wall Street’s Search for Innovation”

Lubin Professor Bruce Bachenheimer, Director of Pace’s Entrepreneurship Lab, discusses the technology brain drain from Wall Street, how it’s become possible to be a force in financial services development without being in Manhattan, and what Wall Street is trying to do about it.

New York is investing in financial startups to make sure technologists and new ideas stick around.

After banking deregulation took off in the 1990s, it became “exciting and sexy to say you were working on Wall Street,” says Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace University. Money and prestige helped lure top academic talent, including mathematicians and computer scientists, to hedge funds.

But that has changed, beginning with 2008 and the financial meltdown. 

“The perception of working on Wall Street went from positive to negative,” Bachenheimer told Erik Sherman, author of  the article, “Wall Street’s Search for Innovation,” published in MIT’s Technology Review on March 16. Wall Street reached its latest low this week when a Goldman Sachs executive resigned and publicly excoriated the company’s ethics in a New York Times op-ed.

Meanwhile, places like Silicon Valley, Boston, and other hotbeds of high tech suddenly look like the most attractive places to be. With the recent spate of Web-company IPOs, technology startups are also potentially a faster ticket to wealth than Wall Street, where bonuses fell 14 percent last year, continuing a multi-year slide.

“Perceptions of desirability are very important in entrepreneurship. [Technologists] want to go where the action is and want to be doing cool stuff,” says Bachenheimer.

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)

TeenBusinessForum: “Why Entrepreneurs Should Celebrate Global Entrepreneurship Week”

Global Entrepreneurship Week (November 14 – 20, 2011) is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare. So why should entrepreneurs celebrate it?

7. To Celebrate The Entrepreneurial Mindset

Because entrepreneurship is a mindset — a way of thinking and acting, not simply about starting a business. It is about imagining new ways to solve problems and create value. These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of 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.

Bruce Bachenheimer, Clinical Professor and Director of Entrepreneurship, Pace University

To read the other 19 responses on TeenBusinessForum, where teens discuss entrepreneurship, click here 

Crain’s New York Business: “New York exports its entrepreneurial expertise”

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Universities find that business professors’ knowledge is invaluable to international colleagues seeking routes to economic development, according to the lead Small Business article in the Sept 26-Oct 2, 2011 issue of Crain’s New York Business.

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Mr. Bachenheimer returned from India in early September, spoke to a Chinese delegation at Pace immediately afterward and then taught a course on writing a business plan for students visiting from the BI Norwegian Business School. He will travel to Israel in early January.

Colleges and universities abroad, especially those located in developing nations, are increasingly trying to establish the kinds of entrepreneurship programs that exist here in the U.S.

Generations of immigrants may have fueled American entrepreneurialism, but, according to Mr. Bachenheimer, entrepreneurship education on the college level is primarily an American export. And local professors are seeing the demand for their expertise grow beyond the occasional request to teach overseas while they’re on a school break or a sabbatical. Foreign universities are more and more willing to pay a premium for the know-how of professors from entrepreneurship centers such as Silicon Valley, New York City and Cambridge, Mass., the Lubin professor says.

Reflecting the growing international interest in entrepreneurship education, the Bloomington, Ind.-based Global Consortium of Entrepreneurship Centers, whose members are university-based, switched to its current name three years ago, notes Mr. Bachenheimer. Founded in 1996 as a national consortium, the organization made the change in response to interest from international institutions.

Although students obviously can’t absorb everything about running a business while in a classroom setting, the fastest way to get started and learn to manage risk is often with the guidance and assistance available through universities and colleges. (Other kinds of structured support can be invaluable as well: Research from the National Business Incubation Association and the U.S. Small Business Administration show that businesses coming out of incubators have a much lower failure rate than that for startups overall, says Mr. Bachenheimer.)

Business News Daily: Helping Foreign Startups Enter the U.S. Market

“They have to be born global from the beginning,” said Bachenheimer, who has taken his students to Tanzania and will take more to Israel in 2011. “They know they have to sell to several markets and have to look at the whole globe as a market. The domestic market is just too small.”

BusinessNewsDaily – a new online news site geared toward small businesses whose content also gets published on MSNBC, Yahoo! News and Christian Science Monitor – interviews Professor Bruce Bachenheimer about a group of U.S. business professionals who are trying to match foreign startups with American investors and entrepreneurs by eliminating barriers involving communication, culture and marketing – http://www.businessnewsdaily.com/foreign-business-startups-american-investors-0642