2017

Stories related to "Entrepreneurship". http://www.chicagobooth.edu/magazine/spring-2017/rss

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Distinguished Alumni Awards 2017

Since 1971, we have celebrated innovative leaders across all industries, from finance to the arts, manufacturing to public service, and beyond. The Distinguished Alumni Awards honor individuals who continue to challenge and change the world we live in, exemplifying the resounding impact of Chicago Booth. This year’s winners—three from the Booth class of 1980—have blazed singular paths to the leading edges of four very different industries: oil, pharmaceutical research, cable television, and food processing. Yet they all have proven their passion for digging deeper and discovering more at every stage of their illustrious careers.

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Entrepreneurs without Borders

In June 2014, after five years in the marketing department at Coca-Cola, Jonas De Cooman, ’16 (EXP-21), felt stalled intellectually. He was ready to push his boundaries. He planned to pursue his MBA while continuing at Coca-Cola. Then unexpected policy changes at work eliminated continuing education support for De Cooman, and it looked like his plans were crumbling. So he sold his apartment. With two small children, De Cooman and his wife carefully weighed their options and the risks involved. Selling their apartment in Belgium provided the only way to afford his MBA. “I decided to pursue an MBA to kickstart my personal learning curve,” he said. De Cooman realized that he wanted to gain more control over his career and make his own mark in the global marketplace as an entrepreneur. With an extensive consumer marketing background, a global perspective, and a promising business idea, he also saw knowledge gaps he needed to fill in order to launch and operate a scalable new business. “I am driven by personal growth and I felt that I was not learning at the same pace that I used to be learning at the start of my career,” he said. “I chose to study again because I didn’t feel equipped enough to be an entrepreneur.”<br/>

conversations

Six Days to Pitch

The History: The Global New Venture Challenge (GNVC) is the Executive MBA track in the New Venture Challenge process, which began 21 years ago. We kick off the GNVC in August when all of the Executive MBA students are in Chicago for their electives. The entrepreneurs put together a feasibility study about their businesses, encourage others to join their teams, and submit an application in October. We choose about six teams from each cohort—Chicago, Hong Kong, and London—to participate in the class. The Preparation: Because the course is so short, it actually starts as soon as we choose the teams. I have a kick-off WebEx call in the fall with the teams, who are located all over the world, to start working on their business models. I then host webinars for all of the teams on business plans and presentations. Finally, I have a second, one-on-one call with each team in the winter. Business plans are due a week before class starts, because I want the teams to have written their story and really gotten it down. The Curriculum: The weeklong class is stressful. It’s intensive, and it doesn’t look like a normal class. On the first day, students present to a group of coaches, judges, and outside mentors, and they get a lot of feedback. We handpick mentors for each team based on industry, business model, and startup experience to get them started working with outside people on their model and story. <br/>

conversations

CAN Do Attitude

Let’s say that you are a smart, driven entrepreneur with a groundbreaking idea to revolutionize food packaging and eliminate all those Styrofoam containers littering the landfill. You’ve got a patent. You’ve got passion. What you don’t have is money. Plus you are in Europe, where early-stage investing tends toward the risk averse. What to do? If you are startup ValueForm and your CFO is Mandar Kulkarni, ’10 (EXP-15), you put your pitch together and take it to CAN, the Chicago Angels Network in London. Founded in 2012 by Shehreyar Hameed, ’05; Jonathan Weiss, ’00, MD ’01; and Rama Veeraragoo, ’12 (EXP-17), the global network of domain experts, mentors, and angel investors gives Booth graduates a chance at early-stage investment opportunities with entrepreneurial startups and extends the school’s commitment to innovation. In early 2012, Hameed had started investing in startups, and developed the idea of CAN to provide access to compelling investment opportunities to the Booth alumni network in London, elsewhere in Europe, and globally. “I wanted to invest and help entrepreneurs harness our strong, global, and diverse network of deep domain expertise to build successful businesses,” said Hameed, a senior financial professional based in London. “Hence the motto, ‘Engage! Mentor! Invest!’ It’s about setting young companies on the right path and opening doors for them. That’s where the real value comes from.”<br/>

perspectives

The Book of Booth: Sinuhe Arroyo, ’11 (EXP-16)

Armed with a PhD in artificial intelligence from the University of Innsbruck, Taiger founder and CEO Sinuhe Arroyo, ’11 (EXP-16), came to Booth to hone his vision of building a global AI business. The result: a company that has offices in five countries and is becoming a global leader in cognitive automation for the financial sector. CBM: What was the genesis of your idea for Taiger? Arroyo: After completing my PhD and my first acquisition, I realized that I wanted to build my own business and play to my strengths. I took some of the research that I had been doing during my PhD and started building a product. In that sense, we are a textbook case of technology transfer from academia to business. Because I had a strong academic background, the transition to run a business was not necessarily easy. However, the Executive MBA Program helped me put the pieces of the puzzle together. You start realizing how you can assemble the business, and everything starts to make sense. You think, “Why is this not working? Why is this like that? Boom, that’s why it’s not working.” And then it just flows. That’s a beautiful feeling. CBM: How did the Executive MBA Program help you acquire new customers? Arroyo: It boils down to building trust and negotiating. I am constantly negotiating with customers, providers, employees, partners, and investors. Professor Lars Stole set the foundations for me to understand and think in pure economic terms with his Microeconomics class. Also, I really enjoyed my Negotiations class with professor Ayelet Fishbach, where all those concepts from Micro come to life. It was very beneficial to understand the different approaches and mechanisms you can use to negotiate. <br/>