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.’ ”

 

 

 

 

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.

Crain’s New York Business: “Pace University launches entrepreneur lab”

Following the lead of schools like New York University and Columbia University, a group at Pace University has created a space for the school’s budding entrepreneurs to call home.

Downtown business school creates a space to foster entrepreneurialism among its students

By Emily Laermer
February 15, 2012
 
Following the lead of schools like New York University and Columbia University, a group at Pace University has created a space for the school’s budding entrepreneurs to call home. 
 
The lab, located on the third floor of 163 William St., will open Thursday. It was the brainchild of Neil Braun, the dean of the university’s Lubin School of Business. However, it will be available for use by all Pace students, not just those from the business school, he said. 
 
“It’s about more than starting companies. Entrepreneurship, to me, is a mindset, a way of thinking and interdisciplinary doing,” said Mr. Braun, adding that the lab will be open to students in all of Pace’s specialized schools, which include programs for computer sciences, business, education and health professions, as well as an arts and science program.
 
Before becoming dean of Lubin 18 months ago, Mr. Braun was the president of NBC Television Network and CEO and chairman of Viacom Entertainment.
 
Mr. Braun would not disclose the financials of the lab, but he noted that funding will come from the university. He said the university “reallocated funds that were used for other things that outlived their utility,” adding that he expects future successes from the lab will justify the cost.
 
The lab will include space for students to conference with investors, a studio for them to work and a large meeting room for speakers. Bruce Bachenheimer, the director of the lab and a professor at Lubin, says he plans to reach out to some of the thousand-plus Pace-area alums who self identify as entrepreneurs to be potential guests.
 
“This will be very student focused,” Mr. Bachenheimer said. “It’s important for me to see how the students are using the lab and what is providing them with the most value.”
 
In fact, Mr. Bachenheimer says he has seen an increase in student interest in entrepreneurship in recent years. He blames this on the economy and the high unemployment rate. Students see creating their own companies as a safer route.
 
“They also want to make something meaningful and create something,” he said.
 
Part of the inspiration for this lab stemmed from competitions at other schools like Stanford University and Massachusetts Institute of Technology. Locally, New York University launched its Innovation Venture Fund in 2010. This group offers seed money for startups built at the university. In November, the organization helped organize an Entrepreneurs Festival for its students.
 
NYU also partnered with Columbia University to organize hackNY, an group that aims to connect tech-minded students with startups. Columbia has its own lab, Columbia Technology Ventures, which launches about a dozen startups per year.
 
Pace will be hosting a ribbon-cutting event Thursday evening at the lab to mark its official launch. In addition to members of the Pace community, speakers for the reception include Gurbaksh Chahal, the founder, chairman and CEO of online advertising network RadiumOne, and Robert Walsh, the commissioner at the city’s Department of Small Business Services.

NEWS ADVISORY, NOV 15 at 6 PM: IN CELEBRATION OF GLOBAL ENTREPRENEURSHIP WEEK, “Technology Innovation and Entrepreneurship in Israel – The Biopharmaceutical Industry” with Guest Speaker Fredric D. Price, Chairman and CEO, Chiasma

Israel is an innovation nation, a country of entrepreneurs, with the largest number of NASDAQ-listed companies outside the United States … more than all of Europe or all of Asia (including China, India and Japan) combined. A young and highly educated workforce, including a talented pool of physicians and biologists, makes the country a natural breeding ground for biotechnology development.

IN CELEBRATION OF GLOBAL ENTREPRENEURSHIP 

Tuesday, November 15th at 6 PM in Manhattan

Entrepreneurship@Lubin Presents:  “Technology Innovation & Entrepreneurship in Israel: The Biopharmaceutical Industry,”  An Evening with Fredric D. Price, Chairman and CEO, Chiasma (Israel).   Chiasma is developing new oral drugs for treatment of orphan diseases.  Its lead product Octreolin™ (oral octreotide acetate) is in clinical trials for acromegaly.

Come and be inspired by Fredric D. Price, who has: 

  • Membership on 9 Biotech Boards (past and present)
  • Raised more than $500 MILLION in a variety of securities transactions
  • Led a total of 18 M&A and licensing transactions
  • Built FDA approved facilities
  • Had drugs approved in the US as well as in international markets
  • 13 issued US patents (Co-inventor)
  • BA from Dartmouth College; MBA from the Wharton School of the University of Pennsylvania

When: Tuesday, November 15, 6:00 p.m. to 7:30 p.m

Where: Pace University’s Midtown Center, 551 5th Avenue@45th Street, 8th Floor, New York, NY

About Entrepreneurship@Lubin’s Fall 2011 Speaker Series on Technology Entrepreneurship with an Israeli Focus:  In addition to Fredric Price, Chairman and CEO of Chiasma, who will present on Tuesday, November 15, Ran Harnevo, Co-Founder & CEO of 5minMedia, will speak on Tuesday, December 13.  Yaron Galai, Co-Founder and CEO of Outbrain, spoke on October 11.

International Field Study Course in Israel: The three CEO lecture series is part of an international field study course titled Technology Innovation and Entrepreneurship in Israel, which is being led by Professor Bruce Bachenheimer, Director of Entrepreneurship at Pace University. Classes are being conducted in the fall semester and travel to Israel will be from January 5-15, 2012. Pace students will learn about the key economic and social drivers of technology development and entrepreneurial activity in Israel. Students will also develop an understanding of how international business and globalization is impacting the country.

General Public RSVP:  Space limited; to request a seat, e-mail entrepreneurship@pace.edu

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

BPC/BizPlanCompetitions.com: “Pitch contests gain popularity”

For years, business plan competitions were the only option for would-be entrepreneurs seeking prizes, funding and the chance to get in front of venture capitalists via a competition framework. But now, more and more competitions are adding elevator pitch — or simply pitch — contests as an option within an overall business plan competition.

Many of the major Ivy League competitions — including Harvard, Yale and MIT — feature pitch competitions. The advantage of a pitch competition is that it’s much easier to enter, organize, participate and judge than a typical business plan competition, which typically encompasses an entire academic year, according to Bruce Bachenheimer, a professor of management who runs both the Pace University Pitch and Business Plan Competitions.

“Basically, competitors have three minutes in front of a panel of judges to sell their idea,” he told BPC/BizPlanCompetitions.com, a website which bills itself as the “world’s most complete listing of entrepreneurship contests and business plan competitions.”  He added that “there’s an audience for our competition, who can suggest questions, and who also get an education in entrepreneurship. Last year, Pace gave $50,000 in prizes to the competition winners.  The pitch competition has become very popular among business students.”

Pitch contests require different skills than business plan competitions.  In a pitch contest, you don’t necessarily need to have the fully-fleshed out idea that you need to succeed in a business plan competition. Instead, as Bachenheimer puts it, competitors need to “have excellent presentation skills, be quick on their feet, be able to provide a quick summary and be responsive to the very pointed questions of a panel of very distinguished judges.”

He’s very pleased with the way the pitch competition, which is now in it’s eighth year, has evolved. “In the beginning, some of the ideas were kind of crazy, but it’s gotten very serious,” he continues. “It’s very educational and very entertaining for the presenters and the audience. It’s a fast-paced, fun learning opportunity for everyone, including the audience.”

One big advantage of pitch contests is that they are relatively painless to enter. Instead of writing up a complicated, in-depth business plan that participants may have to revise numerous times over the months, a simple 500 word or so entry form, a brief biography and a 10-question form are the sole requirements for the Pace Pitch Contest. Not only is it simpler for the contestants, it is also much easier for the judges and organizers, he says.

And that makes it a good selling point for judges, who have to make a big time commitment to judge a business plan competition. Those can take months and judges must read multiple business plans, evaluate them at various stages and mentor competitions. With the pitch competition, it’s a one-day commitment. It’s also much easier on organizers, which is why it’s easier to start and run a pitch competition than a full business plan competition, Bachenheimer continues.

NEWS RELEASE: “Win Over Investors in 3 Minutes – The Seventh Annual Pace Pitch Contest, April 11; Keynote Speaker: Stanley S. Litow, President of the IBM Foundation”

The annual Pace Pitch Contest teaches aspiring entrepreneurs to deliver a winning business pitch within minutes. “In today’s busy world, with 140-character Twitter [posts] and one-paragraph Zagat reviews, everything has to be shorter and persuasive,” says Bruce Bachenheimer, competition founder and director of entrepreneurship at Pace.

The critical requirement, sums up Bachenheimer, is “venture capitalists need to be convinced not only that it’s a good idea, but that you can make it happen. It’s always better to bet on the jockey rather than the horse.”

SEVENTH ANNUAL PACE PITCH CONTEST

Presented by Entrepreneurship@Lubin

in association with

The MIT Enterprise Forum of New York City

WelcomeNeil Braun, Dean of the Lubin School of Business at Pace University; Former NBC Television Network President and CEO of Viacom Entertainment

 Keynote Speaker: Stanley S. Litow, President of the IBM Foundation

 Special Guest: “Bill Gates’ favorite teacher” Sal Khan, Founder of the Khan Academy

Closing RemarksHarold O. Levy: Managing Director of Palm VenturesFormer Chancellor of New York City Schools 

DATE: Monday, April 11th, 2011
TIME: 5:00pm – 8:00pm5:00 – 5:30 Registration and Reception
5:30 – 6:00 Introductions and Keynote Speaker
6:00 – 6:45 Finalists Make Their 3-Minute Pitch; Judges Question the Finalists
6:45 – 7:00 Audience Break; Judges Confer Privately

7:00– 7:30 Judging Panel Discussion/Critique
7:30 – 8:00 Awards Ceremony

PLACE: Pace University (east of City Hall) One Pace Plaza – Enter at 3 Spruce Street

Michael Schimmel Center for the Arts
New York, NY 10038

ONLINE REGISTRATION: Free to attend but must register at www.pace.edu/pitch

 

NEW YORK, NY – March 15, 2011 – Entrepreneurship@Lubin in association with the MIT Enterprise Forum of New York City, will host the Seventh Annual Pace Pitch Contest on April 11, 2011 at Pace University’s New York City Campus.

“High-energy collegiate events such as the Pace Pitch Contest are valuable elements of an entrepreneurship education, not only for those that participate, but for members of the audience who may be harboring start-up dreams of their own,” said Bruce Bachenheimer, Clinical Professor of Management, Director of Entrepreneurship, and the visionary/organizer behind the Pace Pitch Contest. “While contestants learn to deliver a very clear, concise and convincing oral presentation – under a considerable amount of pressure – attendees get to witness a series of “living case studies” on entrepreneurs and entrepreneurial concepts. Questions and feedback from the judges are valuable to all.”

According to Professor Bachenheimer, a total of 87 entries representing prospective startups in either the New Business Concept or Social Venture categories were received.  After careful review by the Selection Committee, six promising new ventures (three New Business Concepts; three Social Ventures) were chosen to face off for cash prizes totaling $9,000.

The companies represented by the Top 6 Finalists who will deliver a live three-minute pitch to sell the judges and up to 700 audience members on the feasibility of their entrepreneurial idea, business model, marketing strategy, competitive analysis and financial plan on April 11, are: 

NEW BUSINESS CONCEPTS

  • Reslutions – Streamlines and improves front and back office processes of collegiate housing/residential departments.
  • FitHopperOffers members access to unlimited fitness service providers anywhere in the world, without contract obligations.
  • The Lean CanteenMobile food cart that will serve an assortment of low calorie frozen entrées combined with a healthy side and bottled water to form a complete 500 calorie meal. 

SOCIAL VENTURES

  • Guiding Proud – One-on-one mentoring for LGBTQ youth, to foster self-esteem, self-confidence and a sense of worth.
  • Little Big Loan – Connecting underprivileged youth that cannot attend college due to financial challenges with individual lenders (peer-to-peer lending).
  • Malo Traders – Committed to combating extreme poverty and malnutrition by purchasing, storing, processing, and fortifying rice grown by small-scale farmers. 

DISTINGUISHED JUDGING PANEL

ABOUT THE KEYNOTE SPEAKER

Stanley S. Litow is IBM’s Vice President of Corporate Citizenship & Corporate Affairs and President of IBM’s Foundation. He heads global corporate citizenship and corporate social responsibility at IBM. Under his leadership, IBM has been widely regarded as a global leader in Corporate Social Responsibility and prized for its societal and environmental leadership, its labor practices and civic leadership.  Under Stan, IBM  has developed innovative voice recognition technology to help non-literate children and adults learn to read, automatic language translation and bilingual email, open source technology to help people with disabilities access the web, a humanitarian grid to power research on Cancer and AIDS and new digital imaging technology to improve water quality.  He helped devise IBM’s Global Citizen’s Portfolio consisting of matching accounts for learning and The Corporate Service Corps a corporate version of the Peace Corps that trains thousands of IBM’s future leaders.  IBM’s efforts in education have raised student achievement and won the company two Ron Brown Awards presented by the President. 

Before joining IBM, he served as Deputy Chancellor of Schools for New York City, the nation’s largest school system, and prior to that he founded and ran Interface, the non- profit “think tank” and served as an aide to both the Mayor and Governor of New York. 

His articles and essays have appeared in numerous books and publications including the Yale Law Review, Annual Survey of American Law, Brookings Papers, the American Academy of Sciences, the Journal for the Center for National Policy, Education Week, Harvard Business School’s Working Papers, New York Times and Newsday. 

Stanley is a recipient of the Council on Foundation’s prestigious Scrivner Award for creative philanthropy and awards from the Anne Frank Center, Martin Luther King Commission, Manhattanville College, Federation of Protestant Welfare Agencies, Coro Foundation, Helen Keller Services to the Blind, and the Women’s City Club. He has taught at New School University, the City University of New York and Long Island University.  Corporate Responsibility Officer Magazine voted him CEO of the Year for 2008 and 2009.

He served on the President’s Welfare to Work Commission, and now serves on the board of Harvard Business School’s Social Enterprise Initiative, Citizen’s Budget Commission, The After School Corporation and the Albert Shanker Institute.

ABOUT THE SPECIAL GUEST 

Salman Khan (Sal) is the founder and faculty of the Khan Academy (www.khanacademy.org) – a free online education platform and non-for-profit organization with a mission to ‘accelerate learning for students of all ages.” He has produced over 2,100 popular videos elucidating a wide spectrum of concepts, mainly focusing on mathematics and the sciences, out of a converted walk-in closet in his Silicon Valley home. The Khan Academy has, as of February 2011, attracted more than 41 million views.

Sal is a former hedge fund analyst and techie. He holds three degrees from the Massachusetts Institute of Technology: a BS in mathematics, a BS in electrical engineering and computer science, and an MS in electrical engineering and computer science. He also has an MBA from Harvard Business School

In March, Sal was invited to speak at TED2011 by Bill Gates who uses Khan Academy videos to teach his own children.

ABOUT THE PACE PITCH CONTEST

During the competition’s seven-year history, hundreds of aspiring entrepreneurs have registered to compete from schools around the country and abroad, for prizes totaling over $70,000. Some have gone on to turn their dreams into reality by raising additional seed money in the millions from early-stage venture capital funds, sell over 50,000 in product to stores such as Barnes & Noble and Bed, Bath & Beyond and partner with national organizations such as the National Institute of Health. The judging panel includes the “who’s who” of the venture capital, investment banking, legal, commercial real estate, philanthropic and media worlds. The Seventh Annual Pace Pitch Contest is presented by Entrepreneurship@Lubin, in association with MIT Enterprise Forum of New York City.

 ABOUT ENTREPRENEURSHIP AT PACE

Pace’s entrepreneurial studies program, formally established in 1979, is one of the first of its kind and among the oldest in the world. Pace students have been selected for  Business Week’s “25 Best Entrepreneurs Under 25” and finalists in Fortune Small Business 5th Annual Business Plan Competition. In his book Innovation and Entrepreneurship: Practice and Principles, Peter Drucker, considered the founder of modern management, singles out Pace as among the nation’s “entrepreneurial universities,” steeped in entrepreneurial tradition and focused on educational excellence that considers societal and market needs.”

ABOUT PACE UNIVERSITY

For 105 years Pace University has produced 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

###

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