UNIVERSITY OF IOWA | JOHN PAPPAJOHN ENTREPRENEURIAL CENTER
ENTREPRENEURSHIP AT IOWA
ANNUAL REPORT | FY 2018
ACADEMICS STUDENT VENTURES University of Iowa’s John Pappajohn Entrepreneurial Center
INTERNATIONAL OUTREACH
(Iowa JPEC) strives to develop leaders and innovators while accelerating entrepreneurship and economic growth.
Iowa JPEC achieves this through the following five areas of focus, as you will see outlined on the following pages.
COMMUNITY OUTREACH YOUTH INNOVATION
C A M P U S - W I D E I M PA C T Iowa JPEC believes all undergraduate students should have access to a comprehensive study of entrepreneurship and innovation. We offer multiple interdisciplinary undergraduate academic programs designed to teach the entrepreneurial mindset and to develop key technical and leadership skills. These abilities are necessary for students who choose to pursue entrepreneurship as their career, as well as for students who choose to make an impact within an existing organization. Every semester, students from over 100 different degree paths collaborate in Iowa JPEC programs and courses to identify problems and craft innovative solutions to positively impact society. Iowa students are required to be active learners by applying their knowledge launching new ventures, completing strategic business consulting projects for Iowa businesses, and supporting social enterprises and global businesses. Beyond the traditional entrepreneurship curriculum, Iowa students are exposed to courses in leadership, diversity, professional communications, technology and sustainability. Iowa JPEC also offers a broad scope of campus-wide co-curricular programs including ideation events, startup weekends, competitions, clubs and organizations, mentoring programs, speaker series and networking events. This breadth of programming is designed to develop entrepreneurial leaders who are prepared to pursue their dreams and impact the world. Iowa JPEC is campus-wide, experiential, innovative and impactful.
- DAVID HENSLEY
Executive Director, John Pappajohn Entrepreneurial Center, Clinical Professor, Management and Organizations Department
ACADEMICS
AVAILABLE TO EVERY UI STUDENT REAL-WORLD EXPERIENCES We believe learning happens well beyond the walls of the classroom. Entrepreneurship students are given a wide variety of real-world opportunities that will prepare them for life after graduation. This past year, our students adapted an entrepreneurial mindset while gaining valuable experience in some of the following ways: GUEST SPEAKERS Real entrepreneurs and business leaders visited every entrepreneurship course taught on UI’s campus. Hosted lectures were also arranged for students to attend outside of the classroom. INTERNSHIPS Academic internships provided students with the opportunity to work for businesses across the state, including high growth tech-based companies. COMPANY VISITS Students traveled around the Midwest to visit successful UI alumni who have started their own businesses. Highlights
STUDENTS FROM
101
UNDERGRAD DEGREES ACROSS UI’S CAMPUS TOOK ENTREPRENEURSHIP COURSES
4,880
STUDENTS ENROLLED IN ENTREPRENEURSHIP COURSES
86%
OF IOWA JPEC FACULTY HAVE STARTED THEIR OWN BUSINESS
included Sigma Nu Tau’s (entrepreneurial student honor society) trips to both St. Louis and Minneapolis. BUSINESS CONSULTING Students worked on projects for Iowa businesses and startups while earning UI credit. This year 283 students participated in our business consulting course, serving 75 different local businesses. MENTORSHIPS Our programs connected 127 successful UI alumni and community business leaders with students to provide guidance - enhancing student’s professional and personal development for future success.
#1 FASTEST GROWING MAJOR AT UI OVER THE PAST 5 YEARS (ENTERPRISE LEADERSHIP)
FEATURED RECENT GRADS LYRIC HARRIS
BA ENTERPRISE LEADERSHIP (‘18)
DID YOU KNOW?
Iowa JPEC has six campus-wide academic tracks that open up innovation to every UI student - regardless of their field of study.
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MAJORS
Lyric Harris always knew she wanted to be an entrepreneur, but wasn’t sure where to channel her energy. As an Enterprise Leadership major, Harris says the course Entrepreneurship and Innovation was a significantly beneficial because “it was a good mix of analytical and creative solutions to the problems you face in entrepreneurship.” After getting involved with a few Iowa JPEC programs including Founders Club, Student Accelerator, and Iowa Startup Games, Harris decided to co-found Worthy Buck, a company that strives to provide resources to people that need them. She has used the leadership skills she developed through her major to grow her business and connect with communities.
BBA in Management - Entrepreneurial Management Track for Business Students
BA Enterprise Leadership for Liberal Arts and Sciences Students CERTIFICATES
Entrepreneurial Management for any UI Student
Technological Entrepreneurship for Engineering Students
Arts Entrepreneurship for Performing Arts Students
Media Entrepreneurialism
CALVIN PENG-BULGER
BBA MANAGEMENT - ENTREPRENEURIAL MANAGEMENT TRACK (‘17) As an Entrepreneurial Management student, Calvin PengBulger took advantage of all the resources provided to him through Iowa JPEC. His journey started with the Iowa Startup Games his junior year. “After that, I was hooked,” Peng-Bulger said. The combination of his Management and International Business majors helped him learn that the essentials of entrepreneurship are the same across the world, but business cultures are very different in each country. Peng-Bulger now manages CafePass, a startup company located in Austin, TX that provides customers with local coffee subscriptions at discounted rates.
for Journalism/Communication Students
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STUDENT VENTURES
204 UI STUDENTS
PARTICIPATED IN THE FOUNDERS CLUB PROGRAM
$132,000+ IN SEED FUNDING
THE HOME OF UI STUDENT BUSINESSES SUPPORTING EVERY STUDENT WITH AN IDEA Our student venture programs are available to all students at UI, regardless of major or area of study. Whether students join the Founders Club, or our summer Student Accelerator training program, we provide them with the support and resources they need to launch their startup.
COMPETITIONS AND FUNDING Each semester, Iowa JPEC hosts competitions to help UI students advance their business and communication skills, provide them with feedback from real entrepreneurial leaders, and award them with seed funding to help them grow their businesses. Students representing every college on UI’s campus participate in these competitions. Iowa JPEC also provides support to student businesses to travel to compete both nationally and internationally. This past year, UI student businesses were awarded first place at two notable national competitions.
DID YOU KNOW? Every UI student is eligible to receive support on starting a business through the FOUNDERS CLUB. Resources available to students in the program include: • Access to collaborative work and office space at the Bedell Entrepreneurial Learning Laboratory (BELL) • One-on-one mentoring and coaching • Funding resources • Workshops and training • Networking and community exposure • Marketing and technical support
GIVEN TO SUPPORT UI STUDENT BUSINESSES
300+ UI STUDENTS
PITCHED THEIR IDEAS AT AN IOWA JPEC COMPETITION
DID YOU KNOW?
To date, the Founders Club program has supported 575+ STUDENT BUSINESSES.
127
MENTORS SUPPORTED IOWA STUDENTS AND THEIR BUSINESSES
BUSINESS UPDATES
NATIONAL AWARD WINNING STUDENT BUSINESSES VERDILIFE FOUNDER, MAHDI EGHBALI | PH.D. (‘21) 1ST PLACE | $50,000 | MEGAWATT VENTURE COMPETITION $5,000 | PAPPAJOHN STUDENT VENTURE COMPETITION
SPEEKO
Co-Founders | Nico Aguilar (‘19), Anthony Pham (‘14) | $5,000, PAPPAJOHN STUDENT VENTURE COMPETITION Speeko is on a mission to improve how the world communicates by enhancing users speaking skills through supportive feedback and deliberate practice - all through their mobile app. The business was accepted into the prestigious TeachStars Chicago 12-week Accelerator, which will culminate in an investor demo day in October. Speeko has recently added four additional full time employees including Nicole Cook, an Iowa JPEC alum, as their COO.
VerdiLife founder Mahdi Eghbali uses a proprietary process to transform wood waste and other biomasses into wood vinegar, an all-natural pesticide and fertilizer with no emissions or pollution. With an untapped wood vinegar market in the U.S., all Eghbali needed was a little support, mentorship, and funding to get his company started - all of which Iowa JPEC was able to provide. This past year, Eghbali snagged his biggest award yet, first place and $50,000 at the MegaWatt Ventures Competition. VerdiLife was awarded this prestigious title over nine collegiate startup finalists from around the country.
ABAL THERAPEUTICS WHITE IVY EVENTS Founder | Amanda Burrell (‘18)
Burrell always knew a corporate 9-5 position wasn’t for her. “The support from Iowa JPEC staff gave me confidence, excitement, and the push I needed to take the leap of being a business owner at the age of 20. I may not have started my business without the first $1,000 in seed funding I won at a pitch competition,” she recalled. Burrell’s business, White Ivy Events, provides artful wedding event design, coordination, and execution. Recently, Burrell has opened an office in Iowa City, and is currently working with clients from across the state as well as in Minneapolis.
CO-FOUNDERS, SHAMUS ROEDER (‘19) | LOGAN GROTE (‘18) | MAX SALINGER (‘20) 1ST PLACE | $25,000 | TCU VALUES & VENTURES COMPETITION For the second year in a row, a UI student business was awarded first place at the Texas Christian University’s Values and Ventures Competition. ABAL Therapeutics, who provides therapy software for children with autism, took first place over businesses representing 55 different universities. ABAL has also been recognized by placing at the Pappajohn Student Venture Competition in 2017, and was named one of the UI’s 2018 Student Startups of the year, recognized by the UI Office of the Vice President for Research.
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INTERNATIONAL OUTREACH
$65,000
IN SEED FUNDING AWARDED TO MANDELA WASHINGTON FELLOWS TO SUPPORT THEIR BUSINESSES
FACULTY TRAVELED GLOBALLY PROVIDING BUSINESS LEADERSHIP IN CUBA, GHANA, HAITI, KENYA, NIGERIA, UK, SENEGAL
SELECTED TO HOST AND TRAIN A GROUP OF 25 AFRICAN FELLOWS FOR THE
3RD
YEAR
22 INTERNATIONAL CONSULTING PROJECTS COMPLETED BY UI STUDENTS
INSTITUTE FOR INTERNATIONAL BUSINESS CONNECTING GLOBALLY
BUSINESS CONSULTING PROJECTS
The Institute for International Business (IIB) is dedicated to advancing knowledge and international skills in business and educational communities through research, education, and consulting.
Student teams led by experienced faculty provided consulting services for 22 international clients this past year. Many of these businesses are owned by past Mandela Washington Fellows - strengthening the relationship between Iowa City and Africa.
MANDELA WASHINGTON FELLOWSHIP Once again, Iowa JPEC welcomed 25 Mandela Washington Fellows, leaders and entrepreneurs from Sub-Saharan African countries, to the University of Iowa to partake in the Young African Leaders Initiative (YALI) for six weeks.
AFRICAN ENTREPRENEURSHIP AND LEADERSHIP The IIB is partnering with King College in London to create an entrepreneurship and leadership program across Sub-Saharan Africa. This program will continue to be developed over the upcoming fiscal year.
GLOBAL IMPACT LUCY AMANIYO
BUSINESS CONSULTING CLIENT, UGANDA
STUDENTS GO GLOBAL Each year, Iowa JPEC offers study abroad opportunities for students interested in international business and entrepreneurship. These students were immersed in the cultures of the countries they visited while being led by Iowa JPEC faculty. This past year, students traveled to the following: CUBA Students completed consulting projects for local business and experienced the local culture by staying with host families. • Organized by Iowa JPEC • 12 UI Students • Traveled to Marianao, Havana
CHINA Students were exposed to various business formalities and cultural exchanges through company visits. • Organized by Tippie College of Business • 27 UI Students • Traveled to Beijing and Shanghai
Lucy participated in the 2017 Mandela Washington Fellowship Program at UI. After completing the program, Dr. Lucy’s Medical Clinic, located in Uganda, continued to receive support from UI through the student business consulting program. “I was extremely delighted with the results of the project. My student team was very professional and really helped me to identify priority areas to address to make my clinic a more professional and profitable business. The recommendations offered were very reasonable, doable, affordable and specific. It enabled me to be able to implement them with ease,” she said.
ISAAC QUAIDOO
MANDELA WASHINGTON FELLOW, GHANA Isaac Quaidoo, owner of a beekeeping business in Ghana, participated in the 2017 Mandela Washington Fellow Program at the University of Iowa. During the program, he participated in Venture School, learning the basics of business and the startup process. “It helped me reshape my business model and redefine my business,” says Quaidoo.“I was able to define my customer better and narrow down the kinds of people I’m providing services for.” Now, Quaidoo is using the knowledge and connections he made during his time in Iowa to advance his business - including having Iowa entrepreneurs travel to Ghana to train him and other African beekeepers.
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COMMUNITY OUTREACH
862
IOWA BUSINESSES RECEIVED SUPPORT THROUGH OUR PROGRAMS
13,892 HOURS DEDICATED
SUPPORTING THE STATE OF IOWA TRAINING AND SUPPORT
UI INNOVATORS WORKSHOP
Iowa JPEC is a leading entrepreneurial resource in Iowa. Whether it’s helping launch a new startup or providing resources for existing businesses to grow and scale, we’re proud to play a role in training and supporting innovators across the state.
The UI Innovators Workshop, an NSF I-Corps Site program, provides University of Iowa faculty, staff, and students with the opportunity to develop marketable ideas and accelerate the startup process. This year, 32 individuals completed this program making an impact with their research.
VENTURE SCHOOL Our statewide Venture School program helped entrepreneurs master the startup process through real-world experimentation, customer discovery, and the Lean LaunchPad methodologies. This year, cohorts were once again hosted across the state, including locations in Iowa City, Quad Cities, Cedar Rapids, Des Moines, and Sioux City. Venture School has helped over 240 Iowa startups launch to date.
BUSINESS SUPPORT Businesses across Iowa are eligible to receive both business consulting services as well as student intern support through Iowa JPEC programs. This year, 75 Iowa businesses received consulting services from teams of students who were led by experienced faculty members.
TO SUPPORTING IOWA STARTUPS & BUSINESSES
47
NEW IOWA STARTUPS COMPLETED THE VENTURE SCHOOL PROGRAM
99 IOWA
COUNTIES ARE ELIGIBLE FOR IOWA JPEC COMMUNITY PROGRAMS
COMMUNITY CLIENTS BILL BROWN
FOUNDER | TREEPANS AND INSULIGHTS VENTURE SCHOOL ALUM
SBDC UI’s Small Business Development Center (SBDC) is one of the four regional centers in Iowa. It offers many resources to Iowa business owners, tailoring each area of support to fit their individual needs. In FY 2018, the University of Iowa’s SBDC: • Offered counseling services in: business planning, market research, capital infusion, legal issues, and more • Counseled 294 Clients • Created an Estimated 141 Jobs • Dedicated 964 Hours to Clients • Held several open workshops
Having participated in the Venture School program twice, Bill Brown attributes Iowa JPEC for helping both his businesses take off. Brown, founder of TreePans and Insulights, says that the resources provided by Venture School helped him point out potential problems and avoid unnecessary spending. He continues to utilize the resources and guidance provided to him by Venture School. “If you are thinking about starting a new business and are serious about this venture I highly recommend investing in Venture School. Why would you not give yourself every opportunity to be successful?” Brown said.
JOSH STREETS
SCOREBOARD GROUP | CONSULTING CLIENT The Scoreboard Group helps businesses improve their overall people performance through consulting, coaching, and leadership strategy. Based in Cedar Rapids, Iowa, the business was looking to advance their marketing tactics after a few years of steady growth. Their Chief Performance Officer, Josh Streets, stated that “working with the UI consulting services program was a key step for us to turn insights to action. Communication leading up to, during and following our engagement went extremely well. We had shared goals that were met in the statement of work and overall. I would highly recommend any smart or savvy business leader to consider this program.”
Read more about our COMMUNITY programs at
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YOUTH INNOVATION
THE JACOBSON INSTITUTE The Institute’s STEM Innovator® and BizInnovator programs continue to grow, reaching high school teachers and students across Iowa and the nation. Thirty-two states and the District of Columbia have teachers actively using our programs. (See map below.) STEM Innovator® and BizInnovator teachers in 25 states are certified to offer University of Iowa college credit. Through professional development, curriculum resources and assessment tools, STEM Innovator® and BizInnovator provide teachers with the concepts and modern methodologies they need to infuse innovation, invention and entrepreneurship into their classrooms. Through these teachers, the Jacobson Institute has an impact on students, equipping them with the skills needed to be college and career ready.
OVER
601
STUDENTS RECEIVED COLLEGE CREDIT SINCE ‘14
81 TEACHERS
$116,000 IN SEED CAPITAL AWARDED SINCE ‘02
25,000+
CERTIFIED
STUDENTS IMPACTED
THIS YEAR
THIS YEAR
Active teachers, both BizInnovator and STEM Innovator Active teachers, BizInnovator only Active teachers, STEM Innovator only Biz and STEM Innovator teachers certified to offer UI college credit
FEATURED INNOVATORS BRITANY FLOCKHART
STUDENT INNOVATOR
#SIEDCAMP2017 The Jacobson Institute hosted the inaugural STEM Innovator® Ed Camp for teachers in July 2017 at the University of Iowa’s Kirkwood Regional Center. Nearly 50 teachers from 23 Iowa schools attended the advanced professional development program. Participants further developed their innovation models and networked with peers, University STEM experts and community partners. Highlights included a workshop by the U.S. Patent & Trademark Office, a valued Jacobson Institute partner, and an evening reception celebrating the 10th anniversary of the Jacobson Institute’s endowment.
Flockhart’s entrepreneurial journey began in the classroom when she took Engineering the Future with Courtney Giesel, a STEM Innovator® Certified Instructor at Keokuk High School. Giesel uses the STEM Innovator® toolkit to teach innovation, problem solving, and collaboration. In the class, Flockhart, a hunter herself – invented a device to help hunters field-dress a deer. The final class assignment was to apply to the Jacobson Institute’s Innovator Competition. Flockhart practiced her pitch in front of classmates, the Keokuk high school principal and the City Council. Her hard work paid off. Flockhart won first place in the competition and was awarded $1,500 in seed capital.“The course helped me gain a passion and confidence,” she said.
DAWN DAWKINS
STEM INNOVATOR® CERTIFIED INSTRUCTOR Dawkins leads an innovative application of STEM Innovator® in Columbus, MS. Dawkins is a STEM Innovator® Certified Instructor and lead teacher of Heritage Academy’s STEM innovation model. Heritage offers an extensive STEM program that stretches from elementary to high school. By the time students are in Dawn’s high school classroom, they have the skills and know-how to work on solving authentic, real-world problems driven by business and industry community partners. “It is my goal to create a culture where innovation and entrepreneurship are fostered. It is exciting to see students’ successes and know this will have a direct impact on their future,” she said.
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This year, John Pappajohn celebrated his 90th birthday, and his entrepreneurial spirit is still as strong as ever. John and his wife Mary are the visionaries and philanthropists behind the creation of the five John Pappajohn Entrepreneurial Centers across the state of Iowa, including Iowa JPEC at the University of Iowa.
192,000+ INDIVIDUALS IMPACTED OVER THE PAST 5 YEARS THROUGH IOWA JPEC PROGRAMS
“
21,251
STUDENTS ENROLLED IN ENTREPRENEURSHIP COURSES OVER THE PAST 5 YEARS
THE FOLLOWING QUOTES ARE FROM INDIVIDUALS WHO HAVE BEEN DIRECTLY IMPACTED BY THE GENEROSITY OF JOHN AND MARY PAPPAJOHN
“From the bottom of my heart I am so thankful for your support in creating the phenomenal business and entrepreneurial programs at the University of Iowa. Last year I had a idea for a business. Because of your programs, my dreams have become a reality.”
In 1969, John organized Equity Dynamics, Inc., a financial consulting entity and Pappajohn Capital Resources, a venture capital firm in Des Moines, Iowa. He was one of the nation’s early venture capitalists. Since this time, he has been involved in over 100 startups, 50 IPO’s and has served as a Director in over 40 public companies. Additionally, the Pappajohn’s have gifted more than $100 million to various philanthropic causes. All of us would like to thank John and Mary Pappajohn for their continued support of Iowa JPEC and the entrepreneurial ecosystem across Iowa and beyond.
“WHO I AM AS A LEADER, THE WORK OF OUR TEAM, AND THE JOBS WE’VE CREATED, ALL STARTED IN THE HALLWAYS AND CLASSROOMS OF IOWA JPEC - THANKS TO YOUR SUPPORT.”
“
CELEBRATING IMPACT
JOHN PAPPAJOHN
“If it weren’t for your encouragement, advice, and initial seed capital, my business partners and I would never have had the confidence to embark on our entrepreneurial journey.”
IOWA JPEC ALUMS CREATE “THE IOWA WAVE SHIRT” TO SUPPORT CHILDREN’S HOSPITAL Both Iowa Entrepreneurship alums and UI football letter winners, Cy Phillips and John Mickelson teamed up with the help of their wives to show their Hawkeye pride and support of the UI Stead Family Children’s Hospital (UISFCH) by creating The Iowa Wave Shirt. Having each personally experienced the impact of the children’s hospital, where both families have had a child receive treatment, the two families came together to create the shirt to help celebrate the new tradition of The Wave, while raising money for a great cause. “The Iowa Wave Shirt” is a 501c3 which sells apparel to raise money for UISFCH. After the first football season of selling apparel, the organization donated more than $440,000 to UISFCH in 2017. John Mickelson (BBA, Certificate in Entrepreneurship ‘03, MBA ‘07, JD ’07) is the founder and Managing Partner of Midwest Growth Partners, a private equity firm which purchases businesses from retiring owners in the Midwest. John’s wife Brooke (BA ‘03) co-founded The Iowa Wave Shirt. They now both serve as directors. John and Brooke have four boys and live in West Des Moines, where John serves as a city councilman. (Mickelson family is pictured top left) Cy Phillips (BA, Certificate in Entrepreneurship ‘06,) is the owner of Space Simply, a real estate brokerage in Des Moines. He is also the owner of Gym Space, Storage Space and Space Home Management, a suite of small businesses operating primarily on the west side of Des Moines. Cy’s wife, Meighan (MBA ‘08), is a managing director of portfolio management at Principal Global Investors and co-founded The Iowa Wave Shirt. They now both serve as directors. Cy and Meighan have four children. (Phillips family is pictured bottom left) In addition to the Mickelson and Phillips families, The Iowa Wave Shirt team includes Jason and Lori (co-founder) Willis, who also serve as directors of the organization.
A special thank you to all those who volunteer their time to help support Iowa JPEC and its programs.
IOWA JPEC ADVISORY COUNCIL Tom Bedell John Buchanan Tom Cardella Tara Cronbaugh Sarah Fisher Gardial Jared Garfield Bruce Harreld Adam Keune Rob Kincaid Josh Krakauer Kevin Krause Roby Miller Tom Niehaus John Pappajohn Ravi Patel Brad Phillips Anne Price Dan Rehal Don Schoen Alec Scranton Dennis Sparks Nicole Strait Jason Trout Zac Voss Laura Westercamp
CONNECT WITH US WWW.IOWAJPEC.ORG facebook.com/Entrepreneurship.at.Iowa twitter.com/iowajpec linkedin.com/school/iowajpec
UNIVERSITY OF IOWA John Pappajohn Entrepreneurial Center 108 John Pappajohn Business Bldg., Ste. S160 Iowa City, IA 52242-1994 P: 319-335-1022 iowajpec@uiowa.edu