Levy Entrepreneur Institute Report by Kellogg School of Management

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE

larry & carol levy

Institute for Entrepreneurial Practice

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE Kellogg School of Management Donald P. Jacobs Center 2001 Sheridan Road Evanston, Ill. 60208-2001 kellogg.northwestern.edu/levyinstitute

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE

Table of Contents 2

Dean’s Welcome

Welcome from the Director

Excellence at a Glance

Intellectual Depth

10 World Class Faculty 17 Selected Authors & Publications 18 Recent Articles 19 Case Study Series on Entrepreneurship 20 Recent Research 21 Courses 23 Executive Education 25 Experiential Learning 26 Entrepreneur-In-Residence 27 Entrepreneur Internship 28 Student Activities 30 Nanotechnology Institute & Kellogg School Entrepreneurs 31 Venture Capital Connections & Madison Dearborn Breakfasts 32 Conferences and Competitions 35 Leadership and Social Responsibility 36 Notable Alumni 37 Notable Speakers Recognition Dinner 37 Kellogg Alumni Entrepreneur Awards 38 Social Entrepreneurship 40 Program Sponsors

Donald P. Jacobs Center 2001 Sheridan Road Evanston, Illinois 60208 (847) 491-3255 kellogg.northwestern.edu/levyinstitute

If your major is entrepreneurship, then entrepreneurship is in your future.

Photo credits: Portraits of faculty members: © Evanston Photographic Studios Kellogg event photography:  © Rich Foreman © Mary Hanlon © Nathan Mandell © Levy Institute Trophy Image:  © Ernst & Young Publication credits: Publisher: Scott T. Whitaker ’97 Associate Director, Levy Institute Production Assistance: Danielle Robinson ’07 Cristin Wilson Williams College ’08 Jennifer Beall ’10 Kay Meyer Designer: Panebianco Design, Inc. Chicago, Illinois www.panebianco.com Printed on Mohawk Paper www.mohawkpaper.com We have made every effort to ensure the accuracy of our donor lists. If your name does not appear correctly or if our records are in error, please accept our sincerest apologies and call (847) 491-3255. © 2009 Northwestern University All rights reserved.

42 Community Partnerships 43 Global Perspective 44 Global Tour of Kellogg Alumni Entrepreneur Ventures 46 Distinguished Entrepreneur Speaker Series 47 Pacific Rim Entrepreneur Summit 48 Contributors, Advisors, Kellogg School Leaders

The Larry and Carol Levy Institute for Entrepreneurial Practice asked more than 1,500 Kellogg graduates who had majored in entrepreneurship to tell us about their business experience. The 2006 survey, sponsored by Model Metrics Founder Adam Caplan ’01 received a phenomenal 36% response rate.

% Alumni Involved in Entrepreneurial Ventures

85%

45% : Founders 55% : Members of

Entrepreneurial Teams

Businesses Created

Alumni reported a spectacular rate of entrepreneurial activity as founders, controlling owners, or members of Jobs Created an entrepreneurial team. Kellogg’s entrepreneurship program, built by entrepreneur Revenues Created benefactors, visionary deans, award-winning faculty experts, brilliant students, passion and endurance, is seeing the results we have all expected in our body of alumni entrepreneurs.

329

7,200+

$ Billion

LARRY & CAROL LEVY INSTITUTE FOR

50 Minority Business Hall of Fame

ENTREPRENEURIAL PRACTICE

Survey sponsored by Mohawk Fine Papers purchases enough Green-e certified renewable energy certificates (RECs) to match 100% of the electricity used in their operations.

Founder Adam Caplan ’01 Pioneering On-Demand Solutions

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice A Standard of Excellence

17 Ernst & Young Entrepreneur Of The Year® Awards Known as the “World’s Business Award”, more Kellogg School alumni and professors have received this award than any other business school. Recipients have achieved the highest possible standard of excellence in entrepreneurship. We celebrate their accomplishment.

Alumni William Angrick ’95, co-founder, Liquidity Services, Inc. Stephen Baird ’85, CEO, Baird & Warner

First and foremost, we want our alumni to be successful entrepreneurs. We want our alumni to be high-growth entrepreneurs who create wealth for their investors, create wealth for themselves, and possibly even wealth for their employees. Steve Rogers

Selim Bassoul ’81, CEO, Middleby Corporation Subhash Bedi ’99, co-founder, EthnicGrocer.com James Crouthamel ’92, founder, Performics, Inc. Ronald Gavillet ’95, founder, Neutral Tandem, Inc. Sunil Hirani ’94, founder, Creditex Group Inc. Gregory Jones ’92, CEO, uBid, Inc. Larry Levy ’67, founder, Levy Restaurants Patrick G. Ryan ’59, Aon Corporation William Sanger ’88, founder, Emergency Medical Services Corporation Parry Singh ’99, co-founder, EthnicGrocer.com Luke Yeransian ’93, founder, Aspen Holdings

Professors Dean Dipak C. Jain, Kellogg School of Management Professor Barry Merkin, Kellogg School of Management Professor Steven Rogers, Kellogg School of Management Professor Lloyd Shefsky, Kellogg School of Management

Dean’s Welcome Ideas and action—these are the hallmarks of the Kellogg School of Management, which, since 1908, has provided the framework that lets our graduates make contributions of lasting significance. Entrepreneurs understand the real-world power of putting theory into practice as much as any leader, and their ability to sense and respond to market need yields the potential to create ventures that offer stability and prosperity to communities. We are pleased to highlight the rigorous academics and dynamic programming of the Larry and Carol Levy Institute for Entrepreneurial Practice, especially since we view entrepreneurship as critical to the global economy. For example, Kellogg graduate Andrew Youn ’06, founder of The One Acre Fund, is putting his entrepreneurship education to work to help eradicate hunger in Africa, where One Acre is teaching farm families sustainable agricultural practices. One Acre has earned the respect of hundreds of supporters—including Kellogg alumni and veteran entrepreneurs, such as Carol Levy and Larry Levy ’67, founder and chairman of Levy Restaurants and chairman and CEO of The Levy Organization. Efforts by entrepreneurship professors, students, alumni and many supporters represent the Kellogg School’s commitment to redefine the scope of the MBA degree through a curriculum that encourages students to think “beyond business” and conventional notions of success. Many of our exceptional faculty— such as Steven Rogers, director of the Larry and Carol Levy Institute and an awardwinning professor—have run their own ventures. They combine their thought leadership with the contributions of notable alumni who have provided generous support for teaching and research, including the Levys and the Gund family: Lindsey & Zack ’00, Lara ’97 & Grant ’97, and Gordon & Llura. This report references numerous contributors who have assisted in these accomplishments. We thank you for your partnership and welcome you on the journey as Kellogg moves boldly ahead. Warmest personal regards,

Dean Dipak C. Jain Sandy and Morton Goldman Professor of Entrepreneurship

Dean Dipak C. Jain

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Welcome

Welcome from the Director At the Kellogg School, we are in the business of developing “high-growth” entrepreneurs. High-growth entrepreneurs have a business plan that fosters exponential growth over time and creates wealth for the owner, employees and investors. While a startup is the purest form of entrepreneurship, franchisors, franchisees and acquirers are also excellent examples of high-growth entrepreneurs. Many Kellogg alumni, such as Doug Cook ’98, president of Feldco Factory Direct, James Reynolds Jr. ’82, founder of Loop Capital, and Grant Gund ’97 and Zack Gund ’00, co-owners and co-managing directors of Coppermine Capital, represent successful high-growth entrepreneurs. Cook’s entrepreneurship education at the Kellogg School prepared him to acquire Feldco, grow its brand, and hire talented Kellogg graduates. Feldco, under his leadership, recently won a prestigious award in the window and door replacement industry. Reynolds utilized 20 years of investment banking experience to start Loop Capital in 1997 and grow it over 12 years into one of the top ten investment banks in the U.S. In addition to hiring Kellogg alums, he now sends investment banking professionals to the Kellogg School for their MBA, including entrepreneurship studies. Zack and Grant Gund, in less than five years, grew the number of high-growth ventures they acquired and control from one to ten. During this period, they hired Kellogg alumni into fulltime positions and hired first-year students into summer internship positions. Their careers since entering Kellogg have involved only entrepreneurship, including one of them being part of the inaugural class of Kauffman Entrepreneur Summer Interns (1996). It is rare that two brothers have Kellogg degrees, and rarer still that both have exceptional entrepreneurial traits and years of entrepreneurship experience. Along with their wives, one of whom is a Kellogg alumna, these brothers are members of one of the Kellogg School’s most philanthropic families, establishing in 2003 the Gordon & Llura Gund Family Professor of Entrepreneurship Chair that I have been honored to hold.

Professor Steven Rogers

At the Levy Entrepreneur Institute, not only do we teach entrepreneurship and provide entrepreneurial experiences for our students, we believe we should also be the innovator for the Kellogg School. We strive to create new, bright ideas that other departments emulate. For example, two years ago, we initiated a new series of 75 case studies that feature Kellogg alumni entrepreneur protagonists and their firms. Each case study has supporting materials including study guide questions, teaching notes and a video of the protagonist. Professors at any school can acquire and teach these cases. Through this effort, we are training new case writers, many of whom will write cases for professors in other Kellogg School departments. Entrepreneurs are my personal heroes and ‘she-roes’ because they do well for society by doing well for themselves. Successful entrepreneurs create jobs, which better the country and the world. At Kellogg, we are in the business of developing leaders, and we want to empower our students with the confidence and ability to run any kind of company. Sincerely,

Steven S. Rogers Director, The Larry and Carol Levy Institute for Entrepreneurial Practice Gordon and Llura Gund Family Professor of Entrepreneurship

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Excellence Entrepreneurship At A Glance Prospectus

Excellence at a Glance Excellence pervades teaching, scholarship, experiential learning, leadership, social responsibility, financial performance and more in the Kellogg School Entrepreneurship Program. The following foldout section provides a glance at many areas in which excellence is revealed: global leaders visited students to impart excellence; professors published books, articles and started a case study series featuring Kellogg alumni entrepreneurs. Recognition of teaching excellence includes induction into the Minority Business Hall of Fame, 17 Ernst & Young Entrepreneur Of The Year速 awards, and multiple teaching awards as voted by students. Professors demand excellence from entrepreneur students in every domain because excellence is an essential standard for entrepreneurial success. Alumni from around the world returned to share their accomplishments and inspire the next generation of global entrepreneurs.

Open page here for Excellence at a Glance >

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Excellence At A Glance

Intellectual Depth World Class Faculty • 3 entrepreneurship faculty hold endowed entrepreneurship chairs • 14 of 18 of entrepreneurship professors started, owned or participated in an entrepreneurial venture • 8 hold Ph.D’s • 4 African-Americans • 8 hold MBAs

• 3 Women

• 4 hold JDs • 1996 and 2005 Professor Steven Rogers was the first and only two-time winner of the Kellogg School’s L.G. Lavengood Professor of the Year Award as voted by students in the full-time MBA program • 18 times Professor Steven Rogers has been awarded the Executive MBA Professor of the Year (elective courses), including programs in Miami and Toronto, Canada

C> • 2008 the Minority Business Hall of Fame inducted Professor Steven Rogers in its third class • 2006-2007 1 of 9 appointments to the Ewing Marion Kauffman Foundation Panel on Entrepreneurship Curriculum in Higher Education was awarded to Dean Dipak C. Jain • 2005 Professor Scott Stern was the inaugural recipient of the Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship

Faculty Publications • 11 books • 3 books translated into foreign languages • 333 articles and publications

Case Study Series: • 75 case studies covering the Entrepreneurial Spectrum include all Kellogg alumni entrepreneur protagonists • 15 undertaken in 2008, 15 more in 2009 • 9 new cases taught and tested in courses in 2008 • 2 new international entrepreneurship cases: Kenya and Hong Kong • All cases include a case study, study guidelines and a teaching note. Video guides are also included in most cases • Case Study Series development is supported by the graduating class of the June 2007 Kellogg School Executive MBA (EMP 67) program, Miami Campus

Kellogg School of Larry Carol Levy Institute for Practice Excellence At A Glance Kellogg Kellogg SchoolSchool ofManagement Management of Management Larry and and Larry Carol and Levy Carol Institute Levy Institute for Entrepreneurial Entrepreneurial for Entrepreneurial Practice Practice Excellence At A Glance

<D F

Courses and the Entrepreneurship Major • 24 courses qualify for the entrepreneurship major • 80% of MBA graduates complete at least one entrepreneurship course • 60% of MBA students enroll in an entrepreneurship class each year • 16% of students on average over the last three years graduated with the entrepreneurship major • 23% of students who graduate with the major are female

Experiential Learning Since 1996 • 3,000 attendees at Distinguished Entrepreneur Speaker Series events • 300+ students and 25 entrepreneurs have participated in the Entrepreneur-In-Residence Program • 130 entrepreneur summer interns • 1996 One of the first MBA programs to participate in the Kauffman Foundation Entrepreneur Internship program • 2004, established the Kellogg private equity (early- and late-stage) internship program • 100+ students enrolled in independent study programs, earning academic credit for entrepreneurial projects • 10 championships at national competitions: • 2008 & 2006 Annual ABI Corporate Restructuring Competition

• 2007 Sustainable Venture Capital Investment Competition at the University of North Carolina— Chapel Hill • 2006 McGinnis Venture Competition at the Tepper School of Business at Carnegie Mellon University • 2006 The Northwest Venture Championships at Boise State University • 2006 Stanford Social Entrepreneurship Competition • 2006 Yale Social Entrepreneurship Competition • 2004 National Miller Brewing Business Plan Contest • 2001 National Entrepreneur Case Writing Competition at Wake Forest University • 1994 The Global MOOT CORP. Competition at the University of Texas at Austin

Kellogg School Larry Carol Levy Institute Practice Excellence At A Glance Kellogg Kellogg Schoolof School ofManagement Management of Management Larry and andLarry Caroland Levy Carol Institute Levy for Institute for Entrepreneurial Entrepreneurial for Entrepreneurial Practice Practice Excellence At A Glance

Annual Participation • 90 students attended monthly meetings at Madison Dearborn Capital Partners, a $14.2 billion private equity fund in Chicago • 50 student members of the Kellogg Entrepreneur Organization (KEO) actively manage their venture while attending classes • 25 student members of the Kellogg Family Business Organization (KFBO) are active in their family business while attending classes

Leadership and Social Responsibility Rankings: • 2006, 2007, 2008 Top 25 Princeton Review/Entrepreneur Magazine • 2006, 2007, 2008 Top 15 US News & World Report • 2007, 2008 #1 Chicagoland Entrepreneurship Program, Crain’s Chicago Business • 2008 Fortune Small Business Inaugural rankings

Alumni Survey 2006–2007 conducted Kellogg Survey of Alumni Entrepreneurs, Sponsored by Model Metrics Founder Adam Caplan ’01 Surveyed 1,568 Kellogg School alumni who majored in entrepreneurship in the past eight years • 36% response rate • 7,200 jobs created • $1 billion capital raised • 85% became involved in entrepreneurial ventures within 2½ years following graduation.

• 42 experiential learning activities

• Family Business

• 12 student clubs involving entrepreneurship

• Executive Program • MBA Program

• 17 mentorship programs involving entrepreneurship

• 45% founded or controlled the venture

• 250+ alumni and guest speakers volunteer in classrooms and events each year

• 55% were members of the entrepreneurial team.

• 1325 attendees, including alumni and guests, attended conferences and competitions

• “If you major in entrepreneurship, then entrepreneurship is in your future.” 7

Kellogg Kellogg SchoolSchool of Management of Management Larry and Larry Carol and Levy Carol Institute Levy Institute for Entrepreneurial for Entrepreneurial Practice Practice Excellence Excellence At A Glance At A Glance

K <L

A. Barack Obama, President of the United States, speaking as U.S. Senator from Illinois (Spring 2006) B. Dean Dipak C. Jain with William J. Clinton, Former President of the United States (Spring 2006) C. Patrick G. Ryan ’59, founder, AON Corporation, Chairman of the Board of Trustees at Northwestern University, and Chairman of the Chicago 2016 Olympic Bid Committee (Spring 2007)

D. Kellogg School of Management, Atrium

Global Perspective Cross Campus Collaboration Educators from 16 programs collaborate across Northwestern. 1. Business Institutions Program (BIP), Weinberg College of Arts and Sciences, Northwestern 2. Farley Center for Entrepreneurship and Innovation, Robert R. McCormick School of Engineering and Applied Science, Northwestern 3. Center for Research in Technology & Innovation, Kellogg School 4. Complexity in Action Network (CANet), Northwestern Institute on Complex Systems (NICO) 5. Feinberg School of Medicine, Northwestern 6. Homeland Security Innovation and Entrepreneurship Center (HSIEC), Northwestern

7. Illinois Technology Enterprise Center (ITEC-Evanston), Northwestern 8. Institute for Nanotechnology, Northwestern 9. Kellogg BioTech Center 10. Kellogg Family Business Center 11. Kellogg Innovation Network (KIN) 12. Master of Management in Manufacturing (“MMM”) Program, Kellogg School 13. Medill School of Journalism and Integrated Marketing and Communications (IMC) Program, Northwestern 14. School of Law and the Small Business Opportunity Center (SBOC), Northwestern 15. Technology Innovation Center (“The Incubator”), Evanston, Illinois

E. Fred Smith, founder, FedEx, 2008 Kellogg Award for Distinguished Leadership (May 2008) F. Samuel Zell, founder Equity Investments Group, benefactor, Zell Center for Risk Research (Fall 2008) G. Scott McNealy, founder, Sun Microsystems, Distinguished Entrepreneur Speaker (October 2005) H. John Wood ’89, founder, Room to Read, Kellogg Alumni Social Entrepreneur (Winter 2009) I. Steven Rogers with Jason Taylor, Defensive End, Washington Redskins National Football League team (Winter 2006) J. Andrew Youn ’06, founder, One Acre Fund (Fall 2008) K. Venita Fields ’88, managing director, Smith Whiley, Kellogg Alumni Supporter of Entrepreneurship (2004) and EntrepreneurIn-Residence 2006-09 L. Gund Family (clockwise from top left): Zack ’00, Grant ’97, Gordon, Llura (2008)

16. Technology Transfer Program, Northwestern 8

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Intellectual Depthâ&#x20AC;Ż

Kellogg School faculty make groundbreaking contributions to many academic fields, and they regularly publish influential books, articles, and cases in just about every business discipline, including entrepreneurship. Much is expected of entrepreneurship students, and they respond. Students have ranked entrepreneurship courses among the most intellectually stimulating at the Kellogg School, and they have ranked the entrepreneurship faculty among the top three programs in teaching quality. Students and faculty work together to test concepts and challenge assumptions. Students more than just learn to follow the rules of business; they examine market needs with a critical eye and propose their own plans to capitalize on business opportunities. Faculty members publish case studies featuring Kellogg School alumni and lead case discussions along with proven texts. Classroom discussions are energized by an array of global perspectives and a shared commitment to exploring beyond the surface. To stay among the leading areas of study, teaching and learning remains rigorous and constantly improving.

8 9

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

World Class Faculty Faculty affiliated with the Larry and Carol Levy Institute for Entrepreneurial Practice have distinguished teaching and research records.

Leadership

Dipak C. Jain Dean, Kellogg School of Management Sandy and Morton Goldman Professor in Entrepreneurial Studies Professor of Marketing B.S., M.S., Mathematics & Statistics, Gauhati University in India Ph.D., Marketing, University of Texas at Dallas We now live in a nanosecond culture of challenge and change. In this environment, entrepreneurs must lead by embracing uncertainty and anticipating competitionâ&#x20AC;&#x201D;even from rivals outside their industry.

Steven S. Rogers Gordon and Llura Gund Family Professor of Entrepreneurship Director, Larry and Carol Levy Institute for Entrepreneurial Practice Director, Entrepreneurship Program Clinical Professor of Finance/Entrepreneurial Finance B.A., History, Williams College M.B.A., Harvard Business School Entrepreneurship is the key to turning around the worldâ&#x20AC;&#x2122;s economic malaise.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Emeritus

Morton I. Kamien Joseph and Carol Levy Distinguished Professor of Entrepreneurship B.A., Economics, City College Ph.D., Economics, Purdue University The poet John Keats identified the unique attribute of entrepreneurs to be “negative capability”; that is a person who is capable of being in uncertainties, mysteries, doubts, without any irritable reaching after fact and reason.

Tenured Faculty

Scott Stern Associate Professor of Technology Management and Innovation B.A., Economics, New York University Ph.D., Economics, Stanford University The true value of entrepreneurship arises more from how you set yourself apart from the norm than how you conform to it.

Tenured Faculty

Donald P. Jacobs Dean Emeritus Gaylord Freeman Professor of Banking BA, Economics, Roosevelt University MA, Economics, Columbia University PhD, Economics, Columbia University Taking a goal from the British Empire, we wanted to be able to say that the sun never sets on Kellogg; any time of day or night, there will be a class taught under the Kellogg banner.

Full-Time Clinical Faculty and Lecturers Derrick Collins Clinical Professor of Finance/Venture Capital B.S., Electrical Engineering, Prairie View A&M University M.B.A., University of Chicago Booth School of Business An entrepreneur must make sound decisions with incomplete information; they never have answers to all their questions. Usually, though, they get answers they need to the most important questions.

Annette Krauss Senior Lecturer of International Social Entrepreneurship B.A., Economics, University of Trier M.A., Economics, University of Trier Ph.D., Economics Ruhr-University Bochum Visionary and socially-minded entrepreneurs around the world transformed the microfinance industry from a subsidized niche within development aid to a constantly innovating field that generates remarkable financial and social returns.

Barry Merkin Clinical Professor of Entrepreneurship/ New Business Ventures B.A., American Civilization, Brown University M.B.A., Harvard Business School Entrepreneurship is a state of mind characterized by persistence, perspiration, patience, passion, pride and planning. 12

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Lloyd Shefsky Co-Director, Center for Family Enterprises Clinical Professor of Entrepreneurship B.S., DePaul University J.D., University of Chicago Law School Entrepreneurship is not a cataclysmic event but unique recurring experiences of revival of passion and change of business at appropriate re-enterprising points.

James B. Shein Clinical Professor of Management & Strategy/ Managing Turnarounds and New Business Ventures B.S., Engineering, Purdue University M.B.A., Indiana University Ph.D., Organizational Behavior, Indiana University J.D., cum laude, Loyola University of Chicago Turnaround professionals face and overcome the same environments as successful high-growth entrepreneurs: a lack of cash, difficulties hiring, skeptical customers, short time horizons, scarcity of situational knowledge, uncooperative suppliers, and lack of credibility with lenders.

John Ward Co-Director, Center for Family Enterprises Clinical Professor of Management/Family Enterprises B.A., Northwestern University M.B.A., Ph.D., Stanford Graduate School of Business Outside directors are one of the richest and least-used resources available to entrepreneurs and family business owners today. Most entrepreneurs’ fears about outside directors vanish in the light of experience with an effective board.

Part-Time Faculty Craig Bradley Lecturer of Business Law B.A., Finance, summa cum laude, Elmhurst College J.D., cum laude, Indiana University Entrepreneurs are the most challenging and the most rewarding clients.

Cheryl Mayberry-McKissack â&#x20AC;&#x2122;89 Lecturer of Entrepreneurship/ Entrepreneurial Selling B.S., Seattle University M.B.A., Kellogg School of Management at Northwestern University Entrepreneurship is not just about starting a business; it is about the creation of new business opportunities that allow you to find your purpose while following your passion!

Burton Cohen Lecturer of Management/Strategic Franchising B.S., Business & Economics, Illinois Institute of Technology J.D., Northwestern University School of Law Franchising, which allows individuals to achieve the ultimate dream of owning their own business, is probably the single most successful 14

business model ever created.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

William Sutter, Jr. Lecturer of Finance/Venture Capital & Private Equity B.A., Economics, Yale University M.B.A., Stanford University The true essence of entrepreneurship lies in the French roots of the word: to enter and to take. A new arrival seizes the opportunity.

Greg White Lecturer of Entrepreneurship/ Venture Capital B.A., Economics & Development Studies, honors, Brown University

Marianne Woodward Lecturer of Social Entrepreneurship B.S., Washington University

M.B.A., Harvard Business School

M.B.A., University of Chicago

Our students recognize that launching

Booth School of Business

and leading a company will require the

Ginger Rogers did all the same

full breadth of their business skills. They leave our program excited about the challenges and opportunities of being an entrepreneur.

dances that Fred Astaire did, but she did it backwards and in heels. Social entrepreneurs face all the same challenges as traditional entrepreneurs, while addressing social issues or employing the hard to employ at the same time.

Robert C. Wolcott Founder and Executive Director, Kellogg Innovation Network B.A., M.S.E., Ph.D., Northwestern University While large, established actors such as governments, global non-governmental organizations and multinational corporations remain critical, sustained prosperity in its more basic sense must be achieved through vital entrepreneurial communities, the foundation of any prosperous society. 15

Administration

Scott T. Whitaker â&#x20AC;&#x2122;97

Sheneen Landry

Brenda McDaniel

Associate Director, Larry and Carol Levy Institute for Entrepreneurial Practice

Program Manager

Program Administrator

University of California, Berkeley

A.B., Princeton University M.B.A., Kellogg School of Management at Northwestern University

Fellow

We expect alums to become successful entrepreneurs; we expect them to impact and change the world as a result of their successful, high-growth entrepreneurship. And that is what the Kellogg School is about: it is about changing the world and making sure others benefit from the great opportunities that were had as a result of matriculating at the Kellogg School. Steve Rogers

Thane Gauthier â&#x20AC;&#x2122;05 Levy Entrepreneur Fellow B.S. Massachusetts Institute of Technology M.S. Stanford University M.B.A. Kellogg School of Management at Northwestern University

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Selected Authors & Publications With insights gained from research and experience, books by entrepreneurship faculty form a solid foundation for exceptional teaching. Entrepreneurial Finance: Finance and Business Strategies for the Serious Entrepreneur, Second Edition (McGraw-Hill, 2009, 2003) by Steven Rogers Entrepreneurial Finance provides the essential tools and know-how you need to build a sturdy foundation for a profitable business. This practical road map guides you from crafting a meaningful business plan to raising your business to the next level. It offers potent methods for keeping firm financial control of your enterprise and insightful tips for avoiding the multitude of financial barriers that may block your entrepreneurial dream. Entrepreneurs Are Made Not Born/Secrets from 200 Successful Entrepreneurs (McGraw-Hill, 1994) Translated in Chinese, Spanish, Japanese, Thai, Hebrew, Arabic & Hungarian by Lloyd E. Shefsky Citing dozens of firms such as Federal Express, Microsoft, McDonald’s, Mary Kay Cosmetics and Mrs. Fields Cookies, the book analyzes the psychology and temperament of their innovators. Shefsky explains such vital factors as financing, a solid business plan, confidentiality, risk acceptance, a distinctive presence, tradition busting and choosing the right partner.

creation and delivery of superior value for customers in both the marketplace and the market space. Jain appoints marketing as the lead driver in shaping and implementing this new strategy. The Nia Guide for Black Women: Balancing Work and Life (Agate Bolden, 2005) by Cheryl Mayberry McKissack ’89, Sheryl Huggins A frank and personal guide to handling the complexities, conflicts, and challenges of being a successful black working woman today, from balancing work and personal lives, dealing with race- and gender-related issues in the office, seeking out the most fulfilling work, and finding the composure, peace, and strength necessary to fight (and win!) the corporate wars. Also by Cheryl Mayberry-McKissack: The Nia Guide: Choosing Health and Wellness and The Nia Guide: Achieving Career Success on Your Terms Creating Effective Boards for Private Enterprises (Family Enterprise Publishers, 2001) by John L. Ward The most complete handbook on boards for small to midsize private and family businesses, this book shows how to build a dynamic board of directors that enhance the owner’s ability to run the business. Ward provides owners and directors with step-by-step guidelines for developing and managing a board. Also by John L. Ward (with co-authors): Keeping the Family Business Healthy, Strategic Planning for the Family Business, Perpetuating the Family Business:50 Lessons Learned from Long-Lasting Successful Families in Business; Family Business: Key Issues

Marketing Moves: A New Approach to Profits, Growth & Renewal by Phillip Kotler, Dipak C. Jain, Suvit Maesincee (Harvard Business School Press, 2002) Describes the next transformational imperative for marketing by any organization competing in our customer-ruled, technology-driven marketplace. Calls for a fundamental rethinking of corporate strategy to enable the ongoing

Recent Articles In addition to book publishing, entrepreneurship professors often author articles on the subject. Entrepreneurship by the Books by Morton I. Kamien Journal of Economic Education, Summer 2008 Kamien makes the case that potential entrepreneurs need access to the less well-known insights provided by book learning in addition to the wellknown lessons of learning by doing. His paper surveys the history of invention and innovation and makes clear the importance of entrepreneurship as a driver of economic growth. The Four Models of Corporate Entrepreneurship by Robert C. Wolcott and Michael J. Lippitz MIT Sloan Management Review, Fall 2007 Vol. 49. No.1 Wolcott and Lippitz distinguish the four models of corporate entrepreneurship as: 1) no particular approach, with efforts driven by a project champion (aka Opportunist), 2) funding provided by the organization goes to support employees (Enabler), 3) strong central evangelizing with business unit funding (Advocate), 4) a dedicated group is mandated to enterprise formation (Producer). Eight Innovation Myths by Robert C. Wolcott and Mohanbir Sawhney Peking University Business Review, Peking, China, August, 2007 Based on conversations with senior executives at large companies, as well as on the research program called the Kellogg Innovation Network, Wolcott and Sawhney highlight some common myths and misconceptions about what innovation is and how innovation should be managed. Twelve Different Ways for Companies to Innovate by Mohan Sawhney, Robert C. Wolcott and Inigo Arroniz MIT Sloan Management Review, Spring 2006 Vol. 47. No.3 The most downloaded article of 2006 from the MIT Sloan Management Review, the article reveals that companies with a restricted view of innovation can miss opportunities. The new framework â&#x20AC;&#x153;innovation radarâ&#x20AC;? (p. 20) helps avoid that.

Ranking National Innovative Capacity: Findings from the National Innovative Capacity Index by Michael E. Porter, Harvard University and Scott Stern, Kellogg School of Management The Global Competitiveness Report 2003-2004, X Sala-i-Martin (ed.), New York: Oxford University Press (2004) Porter and Stern examine and explain variations of innovativeness among 78 countries. Summing up their analysis into a National Innovative Capacity Index, predictions of future innovativeness are made and supported. If Theories of Family Enterprise Really Do Matter, So Does Change in Management Education by John L. Ward & Lloyd P. Steier Entrepreneurship: Theory and Practice, November, 2006 This article focuses on family business as an emerging field within management studies. Drawing on a purposive sample of 10 articles presented at an academic conference as illustrative of current research in family business, Ward and Steier contend that one of the most salient implications for practice is management education. Subscribing to a logic that good scholarship should inform what is taught in business schools, the article further establishes family business as a field of study by developing a research-based heuristic useful for ongoing curriculum inquiry and development.

The reality is, the entrepreneur who stops learning is the entrepreneur who dies. Steve Rogers

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Case Study Series on Entrepeneurship Case Study Writing Initiative Steve Rogers initiated the development and publication of a series of case studies on entrepreneurship and the financing of entrepreneurial ventures. In total, 75 cases will be written, each by a entrepreneurship faculty member and each featuring a Kellogg alumni entrepreneur. This case series is supported by the Office of the Dean and the June 2007 Executive Management Class (EMP 67), Miami Campus.

Published Case Studies Related to Entrepreneurship Boards of Directors Case Number: 7-104-003, Year Published: 2004 Authors: Steven Rogers; Mark C. Manuel ’98 CDW Case Number: 5-104-018, Year Published: 2004 Authors: Donald P. Jacobs; J. Douglas Gray; Canh Tran ’93 Intellectual Property: The Ground Rules Case Number: 7-305-501, Year Published: 2005 Authors: James Conley ’92; David Orozco Keddeg Co.: Succession to the Next Generation of a Small Business Case Number: 5-107-012, Year Published: 2007 Authors: John Ward ; Carol Zsolnay ’86 The Private Equity Industry Case Number: 7-104-001, Year Published: 2005 Authors: Steven Rogers; Erik Maurer ’98; Doug Olds ’01; Scott Ziffra ’01; Elton Milton ’06; Andrew Zacharias ’06 Sports in Your Pocket (A) and (B) Case Number: 5-104-048(A), Year Published: 2004 Authors: Steven Rogers ; Kevin Dame ’97

T-tools: The Value of a Patent to the Entrepreneur Case Number: 5-306-509, Year Published: 2006 Authors: James Conley ’92; Feng Qu; Geoff Nudd ’05; Cooper Marcus ’05 Wawa: Building a New Business within an Established Firm Case Number: 5-306-505, Year Published: 2006 Author: Robert C. Wolcott From Low Cost to Global Leadership: Computime Leads Through Innovation Year Published: 2008 Case #: 5-208-254 Authors: Robert C. Wolcott; Michael J. Lippitz

Look Before You Leap: Evaluating a Job Offer from an Entrepreneur Protagonist: Kiva Allgood ’07 (EMP 65) Subject: Financial aspects of careers with entrepreneurial ventures Authors: Steven Rogers; Sachin Waikar; Scott T. Whitaker ’97 Numbers Alone Tell an Entrepreneur’s Story Protagonist: Roza MaKonnen ’97 Subject: Entrepreneurial finance and decision-making with incomplete information Author: Steven Rogers Parmalat USA Turnaround Protagonist: James Mesterharm ’84 Subject: Entrepreneurial traits in turnaround management Authors: James B. Shein; Nathan Haines ’08; Matthew Hortsmann ’08; Tobias Kaulfuss ’08; Craig Koester ’08; William Koo ’08; Juan Lariz Landin One Acre Fund (A) Protagonist: Andrew Youn ’06 Subject: Social entrepreneurship start-up during business school

Sara Lee: A Tale of Another Turnaround Year Published: 2008 Case #: 5-108-009 James B. Shein; Loredana Yamada ’96; researched by Heidi Fischer; Jennie Logan ’07; Charlie Newman; Sanga Peerreddy

Authors: Barry Merkin; Stephanie Wolcott; Scott T. Whitaker ’97

New Case Studies

Authors: James B. Shein; Evan Meagher ’09; researched by Michael Crowe ’07; Spencer Stenmark ’08; Risa Schwartz ’07; David Zaslavsky ’08; Wesley Kent ’07

EDImports Protagonist: Liz Wald ’95 Subject: Growing an international social entrepreneurial venture Authors: Annette Krauss; Sachin Waikar; Scott T. Whitaker ’97

Winn-Dixie Stores in 2005 (A) & (B) Protagonist: Paul “Flip” Huffard ’92 Subject: Valuing a company in Chapter 11

To order case studies, email cases@kellogg.northwestern.edu or phone 847-491-5400

From Banker to Baker: Enjoy Life Foods Protagonists: Scott Mandell ’01 and Bert Cohen ’02 (PTMBA) Subject: Entrepreneurial sales Authors: Cheryl Mayberry McKissack ’89; Ava Thompson Greenwell; Tracey Robinson English

Recent Research Research conducted in entrepreneurship and innovation at the Kellogg School contributes as much to the body of knowledge in academics as it does for business practice at high-growth firms, whether they are large or just getting started. The Innovation Radar is an example of recently-published research.

Innovation Radar Innovation Radar is a new business design tool created by Professor Mohan Sawhney and Professor Robert C. Wolcott. The Innovation Radar works to help new business creation teams design business systems by focusing on 12 areas in which innovation becomes successful. These 12 vectors demonstrate different areas on which most creation teams never focus. Professor Wolcott says, “Usually, teams focus on the actual product they’re creating, its concept and technology, but miss the business issues that also need development along with the product, such as marketing, supply chain, brand and sales force.” So, design teams can use this radar to make sure they’ve asked every question needed to launch a successful product. Design teams, along with corporate and independent entrepreneurs, can also use this tool to explore avenues of innovation they may not have thought of in the first place, also helping to launch a successful and innovative product. The Innovation Radar is applied to big companies and independent, as well as corporate, entrepreneurs to show them how to innovate in different ways.

Kellogg Entrepreneurship Seminar The Kellogg Entrepreneurship Seminar has hosted 12 junior and senior researchers from leading universities across a range of disciplines, who employ a variety of approaches that address topics in entrepreneurship. The objective of the series is to bring together research faculty from across Northwestern University who share an interest in phenomena relating to entrepreneurship, in order to share an exchange of ideas and to provide a common forum for work that may not be highlighted in the individual departmental seminar format.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Entrepreneurship Courses Entrepreneurship courses of study span all aspects of entrepreneurship.

Business Law for Entrepreneurs Focus on the practical legal considerations that go into forming and sustaining an entrepreneurial enterprise, including entity organization, not-forprofit securities laws, employment benefits, financing, taxation and intellectual property law.

Entrepreneurship & New Venture Formulation Learn to write business plans for new high growth ventures. Learn to recognize a successful new venture. Determine financing options. Present and defend your offer to professional venture capitalists.

Corporate Innovation and New Ventures (“Intrapreneurship”)

Family Enterprises: Issues & Solutions

Address the application of entrepreneurial capabilities to the development of new ventures within an existing firm. Examine intrapreneurship from the perspective of corporate strategy and develop an intrapreneurial toolset.

Topics range from succession and family dynamics to continuity planning and strategic performance. Benefits family foundations and family investment offices, family firm successors, entrepreneurs, consultants and advisers.

Corporate Renewal/ Managing Turnarounds

The Human Element in Private Equity Investing

Recognize, analyze and deal with the special problems of organizations facing turnarounds or crises. Identify early warning signals to detect problems, apply basic and advanced turnaround techniques, then examine how to return to leadership. Consider multi-discipline causes and cures for turnarounds and apply principles to different types of organizations. Cases are assigned to teach how entrepreneurs and leaders of more mature companies have dealt with serious problems.

Distinguish the relationship between the investor and the entrepreneur before and after the initial financing— motivation and compensation, the role of the board of directors, performance evaluation and accountability. Learn about fund-raising, deal negotiation and due diligence investigation.

Entrepreneurial Finance Topics include pro forma development and review, business valuation models, cash flow analysis, and raising capital from private investors, venture capitalists and banks. Taught using case studies, technical notes, and guests that are invited to augment subjects. Course focuses on marketing, sales, management and strategic planning.

Entrepreneurial Selling: Skills and Strategy Persuade your customers and business associates that your idea or solution will make a difference. Learn the fundamentals of sales and review the relationship between customer’s needs and reasons that make them buy.

Social Entrepreneurship in the Developing World This course equips future managers and entrepreneurs with frameworks to assess and analyze the market potential of opportunities in developing countries, and offers tools to solve market and non-market issues when dealing with low-income customers. Innovations in products, processes and business models are a central topic of discussion.

Medical Innovations Students, guided by faculty and physicians from the Kellogg School and the Northwestern law, medical and engineering schools work in teams to develop innovative medical products. Students experience the entire innovation life cycle from ideation to prototyping, legal protection, market sizing and business plan development. At the end of the course, the teams present their business plans to a panel of venture capitalists with the goal of securing funding and possible formation of a start-up.

Social Entrepreneurship Explore various organizational options and strategies, especially how nonprofits generate sufficient resources to become sustainable organizations.

Strategic Franchising Explore the advantages and disadvantages of franchising from the franchisor’s perspective. Students determine whether to franchise, and if so, the most effective way to do so. Topics include rapid domestic and international growth, entrepreneurship, capital leverage, equity creation and risk.

Successful Entrepreneurship Leverage your business management knowledge and learn to use it successfully in entrepreneurial ventures. Learn how to find and validate your dream, to make do with less capital, to obtain and negotiate for capital, to attract and retain directors and employees, to establish an exit strategy, to understand and apply ethical and legal rules specific to entrepreneurs, and to prepare for and take advantage of new challenges, approaches and opportunities.

Understanding and Managing Risk Consider the elements of risk faced by the enterprise. Speakers discuss risk as evidenced in their research. Topics include: Behavioral Finance; Supply Chain Risk; Organizational Design; Technology Risk.

Venture Capital and Private Equity Investing Learning from real-world experiences, this class will help you understand the key issues in private equity investing. All aspects of private equity investing are addressed including sourcing, qualifying and analyzing deals; negotiating, structuring and pricing; creating value; and realizing value through various kinds of exit strategies. See: kellogg.northwestern.edu/ academic/entrepreneurship/

Additional Courses Related to Entrepreneurship Kellogg School professors from a variety of disciplines teach concepts of entrepreneurship & innovation. A few are highlighted here:

Professor

Course Focus

Tim Calkins

Creating Brand Value

Paul Christiansen

International Social Entrpreneurship

James G. Conley ’92, Ph.D.

Intellectual Property Management

Robert Cooper Driving Organic Growth and Innovation Process Management Daniel Diermeier, Ph.D.

Values and Crisis Decision-Making

Tim Feddersen, Ph.D.

Social Entrepreneurship and Social Enterprise

Ranjay Gulati, Ph.D. Organizational Dynamics in Entrepreneurial Firms

Those who come to Kellogg and major in entrepreneurship are destined to become entrepreneurs at some point in their professional lives. Steve Rogers

Walter Herbst

Innovation and New Product Design

Julie Hennessey ’82

Entrepreneurial Marketing

Philip Kotler, Ph.D.

International Marketing

Harry Kraemer

Leadership in High-Growth Organizations

Alicia Löffler, Ph.D.

BioTechnology Entrepreneurship

Victoria Medvec, Ph.D.

Negotiations for Entrepreneurs

Katherine Phillips, Ph.D.

Entrepreneurial Teams

Mohanbir Sawhney, Ph.D.

Technology Marketing

Karen Van Camp, Ph.D.

Communications for Entrepreneurs

Entrepreneur Professor University To maintain excellence in the classroom and to be among the top academic programs at the Kellogg School, the Larry and Carol Levy Institute for Entrepreneurial Practice is committed to constantly improving the teaching skills of its faculty. Professor Steven Rogers leads an annual forum that brings out new ideas and effective teaching practices. The 2006 inaugural session covered “Best Practices in Teaching Entrepreneurship.” The second annual 2007 Entrepreneur Professor University session was titled: “Teaching the Case Study.” In this session, Professor Rogers gave a demonstration of the case study method for entrepreneurship faculty to observe and discuss. A DVD copy of his demonstration is available at the Levy Institute.

Dean’s Presentation In first-of-its-kind fashion, the Levy Institute invited every academic and administrative dean at the Kellogg School to learn about its courses and experiential learning programs. Every attendee received gifts of items produced by Kellogg Alumni Entrepreneurs and dining certificates to any one of the dozen Levy Restaurants in Chicago founded by Larry Levy. Most importantly, these Kellogg School leaders heard a single message about the direction of the entrepreneurship program. Subsequently, Professor Rogers and Associate Director Scott T. Whitaker met with other school departments including the Admissions office, the Executive Education department and the part-time MBA office. These meetings have been valuable information exchanges for everyone.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Intellectual Depth

Executive Education National Football League Player Development Program: High-Growth Entrepreneurship Academic Director: Professor Steven Rogers For four consecutive years, the Kellogg School (along with the Harvard Business School, the Wharton School of Business and Stanford Graduate School of Business) partnered with the National Football League and the NFL Players Association for a three-day executive education program for their athletes at the renowned James L. Allen Center in Evanston, Ill. Each year, more than two dozen professional football players have participated, including defensive end Jason Taylor of the Washington Redskins, quarterback Brian Griese of the Tampa Bay Buccaneers, defensive lineman Luis Castillo of the San Diego Chargers, quarterback Brett Basanez of the Carolina Panthers, and linebacker Napoleon Harris of the Kansas City Chiefs, participated in the program (Castillo, Basanez and Harris are all Northwestern University alumni). The intensive program, led by Professor Steven Rogers, focused on developing and selling a brand and evaluating franchise opportunities, with nine Kellogg School professors offering insight into areas such as entrepreneurial finance, business plan development and business leadership.

Guest speakers included: 1. Peter Bynoe, who negotiated the construction of new sports stadia all over the country, including U.S. Cellular, home of the Chicago White Sox 2. Donald A. Coleman, founder, Donald Coleman Advertising (DCA) and former NFL player (New Orleans Saints and New York Jets) 3. Gary Fencik ’85, managing partner, Adams Street Partners and NFL Pro Bowler 4. Wayne Huizenga, owner of the Miami Dolphins and owner of three Fortune 500 companies: Waste Management, Inc., Blockbuster Video and AutoNation 5. John Rogers Jr., founder of asset management company Ariel Capital 6. Gayle Sayers, founder of Sayers Group and NFL Hall of Fame inductee

National Basketball Association Players’ Association (NBAPA): High Growth Entrepreneurship Program (HGEP) Academic Director: Professor Steven Rogers Designed collaboratively by former NBA player Antonio Davis, representing the NBA Players’ Association, and Professor Steven Rogers of the Kellogg School, the HGEP gave seven current players a MBA-like immersion in subjects such as: Franchising, Building Your Brand, Entrepreneurial Finance, Negotiations and more. This program, which ran all day Sunday through Wednesday, included Maceo Baston (Pacers), Austin Croshere (free agent), Jeff Foster (Pacers), Adrian Griffin (Oklahoma City), Desmond Mason (Bucks), Zaza Pachulia (Hawks) and Quentin Richardson (Knicks). In addition to instruction time, players had the opportunity to hear from successful entrepreneurs including James Reynolds, Jr.’82, founder of Loop Capital Markets, the largest African-American-owned investment bank in the U.S.

above left: Professor Rogers teaching entrepeneurial finance to NFL players. Bottom left: Wayne Huizenga, owner, Miami Dolphins top right: Bradie James, linebacker, Dallas Cowboys receiving his certificate from Professor Rogers

Kellogg Alumni Entrepreneur Executive Education: “Entrepreneurial Success” Academic Director: Scott T. Whitaker ’97 The Kellogg School promotes a practice of “lifelong learning” in each student, whether they attended the full-time, part-time or executive MBA programs. At the first entrepreneur executive education program, “Entrepreneurial Success,” twelve Kellogg School entrepreneurship professors and lecturers taught postMBA level lessons to 45 participants, comprised of alumni from fulltime (30%), part-time (25%), executive MBA (30%), and executive education (15% ) programs. Lecturer Greg White taught a brand new Kellogg School entrepreneurship case study about Loop Capital, one of the largest U.S. investment banks, featuring the firm’s founder and protagonist Jim Reynolds ’82. The participants analyzed Reynolds’ entrepreneurial strengths, weaknesses, and decision-making skills as Reynolds faced substantial risk with a growth opportunity. To the participants’ surprise, Reynolds heard their analysis, as he had been sitting in the back of the room. He completed the discussion by sharing his decisionmaking process. One evening during the program, Doug Cook ’98, owner of Feldco Factory Direct, and two members of his leadership team, Brad Morehead ’05 and Michael Cox ’01, hosted participants at Feldco’s new headquarters facility. After the threesome led a facility tour, Cook talked about his experiences as a Kellogg student, buying a company and hiring Kellogg alumni to his leadership team. He emphasized the importance of remaining connected to the alumni network and to the professors on campus.

I had a fantastic time at the Entrepreneurial Success program. I became a first-time entrepreneur a month ago, and this experience showed me that I did a lot of things right but I also did a lot of things wrong! I plan to make full use of the new contacts and relationships that I established over the past several days. Chuck Mackie ’98 (PTMBA), Director, Business Development, Fundamental Analytics

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Experiential Learning

Experiential Learning One of the hallmarks of the Kellogg School’s learning environment has been the ability to innovate, often by the direction of the students. The Levy Institute continues this tradition through new learning environments, many of which were developed by the students themselves. Entrepreneurship is one trait that is most visible through action. Entrepreneurs by nature are not the type to sit still. Learning at the Kellogg School is a shared endeavor in which a community of learners—a widely diverse group of faculty, students, alumni, entrepreneurs and others—come together to explore and define the best and most innovative management concepts and practices. As one student said, “Here at Kellogg, it is ‘check your ego at the door,’” since it is by collaborating and learning with others that we learn the most. Learning at Kellogg extends beyond the classroom and the coursework, and the result is management leadership education that is unique to the Kellogg experience. Several programs connect students to actual management issues and problems, both in the United States and globally.

Entrepreneur-in-Residence The Entrepreneur in Residence (E-I-R) program was developed for students interested in entrepreneurship to learn from experienced entrepreneurs in a one-on-one setting. A successful entrepreneur is invited to spend an entire day meeting with up to seventeen students in 30-minute sessions to answer questions and to provide advice. The students meet individually or in groups and ask any question about entrepreneurship in a confidential setting. To date, three hundred students have benefitted from this program as it allows for personalized feedback that can increase their chance for business success. A student also has the opportunity for networking and developing a relationship with someone that could help them in the future. E-I-Rs include experienced entrepreneurs and principal investors selected by the Larry and Carol Levy Institute for Entrepreneurial Practice.

Being an EIR was a great honor, lots of fun and very thought-provoking. Jim Reiman ’98

G. Chris Andersen ’62, founder, G.C. Andersen Partners Deborah A. Bricker, founder, Bricker & Associates Andrew Cittadine ’98, co-founder, American BioOptics Doug Cook ’98, CEO, Feldco Factory Direct Tom Cox ’91, managing partner, Seneca Partners Dr. Rohini Dey, founder, Vermilion Scott Dickes ’96, co-founder, Hadley Capital Clement Erbmann ’75, managing director, First Analysis Corp. Nick Fera ’99, turnaround CEO, Parlano, Inc. Venita Fields ’88, senior managing director, Smith Whiley & Co. Arthur Frigo, founder, Lucini Italia

Jill Gordon ’80, co-founder, KidSnips Sunil Hirani ’94, founder, Creditex Michael A. Johnson ’98, founder, JFG Financial Greg Jones ’92, partner, Edgewater Funds M. Laird Koldyke ’89, managing partner, Winona Capital Management Charlie Kwon ’92, CEO, Extenprise Larry Levy ’67, Chairman, Levy Organization Dr. Paul Magelli Sr., director, OSBI, University of Illinois at Urbana-Champaign Paul Magelli Jr. ’98, co-founder, Apertio Limited Merrell Magelli, vice president, Pfizer Global Pharmaceuticals Scott B. Mandell ’01, co-founder, Enjoy Life Natural Brands Matt McCall ’91, managing director, Draper Fisher Jurvetson Portage Dr. Laurence C. Morse, co-founder, Fairview Capital Ravi Ravichandran ’98, founder, COMNET International Jim Reynolds ’82, founder, Loop Capital Management Dr. Richard Sack, founder, JR Capital Partners Roger T. Stelle ’67, co-founder, Meltzer, Purtill & Stelle Manuel Valdez ’93, co-founder, Frontera Foods Alan Warms ’92, founder, Participate.com David Weinstein ’00, founding president, Chicagoland Entrepreneurial Center left clockwise: Larry Levy ’67, Dr. Rohini Dey, Ravi Ravichandran ’98 top: Dr. Paul Magelli, Sr., Greg Jones ’92

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Experiential Learning

Entrepreneur Internship

Rebecca Zoller ’06: “I worked for Scott Mandell at Enjoy Life Natural Brands, which makes allergen and gluten free foods. The company is about three years old. I completed marketing, operations and finance projects. I heard how the founders launched the business and saw challenges they faced. I developed a relationship with them and learned the things entrepreneurs should and should not do. Being able to see things firsthand from entrepreneurs was extremely helpful.”

First-year, full-time MBA students have the opportunity to experience entrepreneurship first-hand through an eight-week internship at a small, high-growth business located in the Chicagoland region. Host companies, many of which have hosted interns in the past, provide projects and environments that offer students experiential learning. Students meet as a group with the program facilitator throughout the internship to discuss their experiences and prepare a midterm report. In 11 summers, 130 interns participated at more than 100 firms. The Levy Institute is continually seeking companies that are interested in hosting an intern. To do so, contact levyinstitute@kellogg.northwestern.edu.

Recent Hosts

Host Firm

Student

Adam Caplan ’01

Model Metrics, IL

Apitana Jirawongkraisorn ’08

Doug Cook ’98

Feldco, IL

Tina Chan ’08

Paul Earle ’99

Riverwest Brands, IL

Remi Grosjean ’08

Scott Mandell ’01

Enjoy Life Brands, IL

Beatriz Soto Diaz ’08

Jeff McClusky ’07

JMA Promotions, IL

Carlos Cortez ’09

David Miller ’00

SnapHawk, IL

Itaru Matsuyama ’09

Pat Ryan ’95

INCISENT, IL

Ben Munoz ’07

Julia Stamberger ’02

GoPicnic, IL

Trupti Darji ’08

Guillermo Trias ’04

Solex Partners, IL

Javier Figar ’08

Andrew Youn ’06

One Acre Fund, Kenya

Makiko Yamashita ’08

clockwise from left: Julia Stamberger ’02 and Pam Jelaca ’00, co-founders, GoPicnic; Doug Cook ’98, CEO, Feldco; Andrew Youn ’06, founder, One Acre Fund

Student Activities Levy Entrepreneur Associates Levy Entrepreneur Associates volunteer to create the Kellogg School’s numerous entrepreneurship activities, including such things as research projects, Executive Education programs, the Entrepreneur In Residence program, Tour de KAE, the Kellogg Cup Competition and the Kellogg Alumni Entrepreneurs Conference. The student’s time commitment is approximately 6-10 hours per week for two quarters. Associates must have strong interpersonal and organizational skills to successfully interact with students, faculty and the many alumni and guest experts who participate in this active program. Sandra Anderson ’07 Ellen Stewart Antrim ’09 Jennifer Beall ’10 Marc-Oliver Beermann ’08 David Blanchard ’09 Brandon Brooks NU WCAS ’10 David Brown (Williams College ’07) Sunita Chatta EMP ’08 Janay Clyde (Williams College ’10) Jia Cui (Williams College ’10) Torrey Kleinman NU WCAS ’06 M. Ryan Komppa ’09 Rohit Kumar ’09 Tiffany Griffin NU IMC ’07 Regina Gwynn ’09 Brian Lau ’07 Emerald Morrow NU Medill ’07 Patricia Nunez NU Medill ’06 Marina Rabinovich PTMBA Neal Sales-Griffin NU WCAS ’09 Paul Smith ’07 Peter Smith ’08 Cristin Wilson (Williams College ’08) Michael Wu JDMBA ’09

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Experiential Learning

Kellogg Entrepreneurs Organization (KEO) KEO is a group of 20 Kellogg School students, in both the full-time and part-time programs, who are active with existing entrepreneurial ventures. Participants meet monthly in a structured forum to address entrepreneurial challenges and opportunities. Professor Barry Merkin and experienced alumni entrepreneurs assist in guiding the forum. The group is designed to be collaborative, where participants help each other and share advice. By authentically sharing life experiences, the group aims to create more successes and fewer failures in real-time and in the future. Confidentiality is rigorously maintained. KEO alumni, many of whom developed strong friendships as KEO student participants, meet monthly to continue supporting each other’s entrepreneurial pursuits.

Kellogg Family Business Organization (Kfbo) Born out of KEO, 20 students meet monthly to share issues and challenges regarding their family business. Participants typically are a member of a family business, have a parent or relative running a business, will be entering the family business after Kellogg, or plan to be an active shareholder.

Kellogg Entrepreneurship Club The Kellogg Entrepreneurship Club promotes entrepreneurship on behalf of more than 500 Kellogg students, alumni and across the Northwestern University campus. Speaker and workshop events feature Kellogg alumni entrepreneurs, venture capitalists, and midsized innovative companies. Club leaders advise students with academic planning and career options. The club supports Entrepreneurship Treks to Silicon Valley and downtown Chicago, the annual alumni entrepreneur conference and the Kellogg Cup business plan competition. As a chapter of Northwestern’s InNUvation club, business students interact with students with a variety of entrepreneurial interests.

Entrepreneur Club Speakers The club hosts many speakers each year. For example, Tim Westergren, founder, Pandora Radio, the popular streaming radio Web site, spoke with Kellogg MBA students at an event hosted by the Entrepreneurship Club. A musician first and foremost, Westergren talked about the challenges he faced in creating Pandora.

Kellogg Entrepreneurship Club Leaders Oggy Ogino ’09, President Glenn Chiu ’09, Communications Ani Deodhar ’09, VC/Early Stage Robyn Foo ’09, Alumni Matt Plotke ’09, Academics Badri Venkatachari ’09, Corporate Entrepreneurship

Robert M. McLennan ’08, KEO participant

Meredith Wilson ’07 “I liked in KEO how the group encouraged one another and offered insights about raising capital, managing personnel and weighing tradeoffs with limited financial resources, among other areas. Prior to Kellogg I had been COO of Trail Ridge Capital, a start-up hedge fund, and oversaw the legal, audit, regulatory, accounting and personnel functions. Initially I had been inspired by the freedom to come up with an idea and implement it. Then I experienced the realities of long hours, fear about securing funding and deal flow, and had to deal with worries about liability and risk management. I found my KEO classmates’ experiences helped me to process my own.”

Fernando J. Harris ’07 received his Certificate of Appreciation from Professor Rogers at the 2007 Student Volunteer Appreciation Breakfast

Northwestern University Nanotechnology Institute and Kellogg School of Management: Small Business Evaluation and Entrepreneur’s Program (SBEE) Dr. Chad A. Mirkin, director of the International Institute for Nanotechnology at Northwestern University, and the #1 most cited nanomedicine researcher in the world, annually unites with Kellogg professor Barry Merkin to bring together leading nanoscientists with advanced MBA students. Formed in 2002, SBEE is the preeminent program of its kind. In part with support from Kellogg, professor Mirkin has created 15 nanotechnology startups which have brought in $350 million in investments. In SBEE, professor Mirkin’s nanoscientists present nanotechnologies to an audience of professor Merkin’s Kellogg students. Together, teams research, write and present comprehensive business plans as part of their coursework. Often, MBA students graduate into full-time entrepreneurship roles with the nanotechnology startups. Two notable venture capital-backed nanotechnology companies started from this program: Nanosphere (Nasdaq: NSPH) and NanoInk. Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene System, that enables simple, low cost and highly sensitive genomic and protein testing on a single platform. Founded in 2000, and developed into a business plan by Kellogg students in 2002, Nanosphere completed its initial public offering in November 2007, raising $103 million, and now has more than 100 employees. nanosphere.us One of Barry Merkin’s Entrepreneurship and New Venture Formulation course teams researched, wrote, and presented the business plan for NanoInk, a company formed to commercialize Dip Pen Nanolithography (DPN) a groundbreaking nanoscale fabrication and analytical tool. The student team was awarded first place in the Kellogg Digital Frontier Conference business plan competition. NanoInk raised more than $15 million in early venture capital rounds, and has over 100 issued or pending patents and patent applications filed worldwide. The chief executive officer for many years was Dr. Cedric Loiret-Bernal ’92.

above: Professor Chad A. Mirkin, SBEE co-director and director, International Institute for Nanotechnology, Northwestern University left: Professor Barry Merkin, SBEE co-director, Kellogg School of Management

The impact of a scientist is ultimately measured by the people who use the concepts that he or she puts forward. Chad Mirkin

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Experiential Learning

VC Dinner Series (Part-Time MBA Program)â&#x20AC;&#x201D; Creating Connections Part-time MBA students meet with venture capital industry professionals in a variety of forums for discussion and socializing. VC dinners have proven to be an intimate way to learn about the industry. Ten students attend dinner with one or two venture capitalists. The club reaches out to alumni in the field as well as other leading venture practitioners to create lasting relationships. As a result, the Kellogg School is establishing itself as a key resource for these firms and creating a wide network of connections that benefits both the Kellogg School community and the industry.

Madison Dearborn Partners Breakfast for Kellogg Students and Faculty Professor Barry Merkin, in partnership with Madison Dearborn Chairman John A. Canning, arranges a monthly visit for up to 20 Kellogg School students and faculty to attend a talk at the downtown Chicago Madison Dearborn headquarters. Madison Dearborn, one of the worldâ&#x20AC;&#x2122;s foremost private equity firms with $14.2 billion under management, offers rare and valuable lessons in private equity management and financing. Students with otherwise very limited access to such a prominent firm find the visits exceptionally important to their professional and personal development. A total of 90 students and each entrepreneurship faculty member have attended sessions covering different industry sectors such as health care, media, consumer goods, energy and basic industries. This meeting has become one of the most anticipated events in studentsâ&#x20AC;&#x2122; schedules.

There are always tremendous opportunities that come out of uncertain times. Great opportunities exist in the energy, health care and wireless industries. John Canning

Select Conferences & Competitions The Annual Kellogg Alumni Entrepreneur Conference Sponsored by Feldco CEO Doug Cook ’98, the annual alumni entrepreneur conference is held in May. Two-hundred fifty attendees gather to celebrate their success, continue their education, network and exchange ideas through interactive case studies and panel discussions. Kellogg alumni total seventy percent of the audience, and students, faculty and other entrepreneurs comprise the balance. Part of the day-long conference includes interaction with Marketplace vendors—Kellogg alumni that put their businesses on display in a dedicated room for networking and to do business. To attend future conferences, go to kellogg.northwestern.edu/conference/entrepreneurconference 2008: Global Entrepreneurship 2007: Financing Entrepreneurial Ventures 2006: Growth Through Acquisitions 2005: Building Wealth Through Growth 2004: High-Growth Entrepreneurship

clockwise from top: Jessica Kim ’05, founder, BabbaCo; Guillermo Trias ’04, founder Solex Partners with Dee Farrell ’02, Chief Marketing Officer, ZipBins; Joe Levy Jr. ’47, Master Entrepreneur of the Year (2006); Tunde Omotoba ’03, director of private equity, Africa Finance Corporation; Doug Cook ’98, CEO, Feldco Factory Direct with Gopi Sethu ’08, PTMBA student.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Experiential Learning

Kellogg Cup Business Plan Competition The Kellogg Cup Business Plan Competition, sponsored by Loop Capital, Jim Reynolds ’82, founder, has as its goal to expand each student’s understanding of the dedication, skill and extreme hard work required in today’s new venture process. Participants learn about new venture creation through their work with faculty and mentors, team efforts and presentations to the judges. Building on the strength of the core class, ENTR 462:New Venture Formulation, teams advance to semi-final rounds and the final round based on their mastery of skills in research, synthesis, persuasion, presentation and more. Participants must be able to make an impact and be concise and analytical in their written and oral presentations. Experienced judges with backgrounds in entrepreneurial ventures and venture capital funding, many of them Kellogg School graduates themselves, select the winner of the Kellogg Cup. 2008 True Yardage (Jonathan Miller ’08) 2007 Crux (David Hegarty ’07, Ryan Kaiser ’07, Scott Orn ’07, Aaron Schweifler ’07, Jill Zeldin ’07) 2006 HangNails (Laura Bronner ’06) 2006 Social Entrepreneurship: One Acre Fund (Andrew Youn ’06)

clockwise from left: 2006 Champion Laura Bronner ’06 (HangNails); finalist judge Jim Reynolds, Jr. ’82, founder, Loop Capital; 2008 Champion Jonathan Miller ’08 (True Yardage); finalist judges Chris Long, CFO, The Miami Corporation, Ronald Gavillet ’95, founder, Neutral Tandem, Adarsh Arora, co-founder, Lisle Technology; Jennie Logan ’07, Cheezy’s; Jack Philbin ’07, founder, Vibes Media below: Heidi Lubin ’08; Kevin Van Culin ’08, Savinay Berry ’08, Akbar Bhaidani ’08, Jonathan Hornaday ’07

2005 Wit Dublin (John Stoops ’05) 2005 Social Entrepreneurship: Fuerza Research (Mina Kumar ’05, Coleman Long ’05)

Social Venture Capital Investment Competition (SVCIC) The annual SVCIC competition is hosted by the Kenan-Flagler Business School at the University of North Carolina. Playing the role of venture capitalists, the teams interact with real entrepreneurs from real companies to evaluate business plans for VC funding, and develop a cohesive investment strategy that they pitch to real venture capitalists. Teams are judged on their ability to identify and mitigate risk, VC industry knowledge, application of triple-bottom line frameworks, communication and teamwork. 2007 Champion: Kellogg School (Savinay Berry ’08, Akbar Bhaidani ’08, Jonathan Hornaday ’07, Heidi Lubin ’08, and Kevin Van Culin ’08)

Turnaround Management Conference “Leading Corporate Renewal” kellogg.northwestern.edu/turnaround The annual Turnaround Management Conference presents senior executives, managers, investors and students with a forum to discuss the critical elements of leading a successful turnaround. “Leading Corporate Renewal” highlights the importance of taking an entrepreneurial approach to analyzing troubled products, divisions, and companies. Featured speakers:

Corporate sponsors:

Andrew J. McKenna Non-Executive Chairman McDonald’s Corporation Chairman, Schwarz Paper Company

AlixPartners

Robert Stevens “Steve” Miller Executive Chairman Delphi Corporation

Duff and Phelps

Diane Swonk Chief Economist Mesirow Financial Glenn F. Tilton Chairman, President and CEO UAL Corporation Jerry York CEO, Harwinton Capital 34

Bridge Associates Deloitte

FTI Huron Consulting Group Mesirow Financial Consulting Seyfarth Shaw Turnaround Management Association (TMA) Chicago/Midwest

from left clockwise: Diane Swonk; Andrew J. McKenna; Professor James B. Shein, host; Robert Stevens “Steve” Miller; Yelena Shklovskaya ’08, conference student leader

Turnaround Management Competition Kellogg School teams won first place twice in three years at the Annual ABI Corporate Restructuring Competition. Teams have only a week to prepare in this competition, which includes submitting a written analyses and conclusion in addition to preparing three presentations for the three panels of judges. The 2008 team, Jennifer Trawinski ’10, Kathy Lai ’10, Daniel Aronson ’10 and Christopher Fletcher ’09, who did not know each other before the competition, offered advice on liquidity, capital structure, debt capacity and valuation. Through their victory, the Kellogg School’s name was engraved on the Bettina M. Whyte ’75 trophy.

We’ve built an infrastructure for life-long education. Coming to the Kellogg School meant that you came for life, and not for two years to punch a card. Donald P. Jacobs

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Leadership & Social Responsibility

Leadership and Social Responsibility While world class teaching and innovative learning are important contributions of the Levy Institute, the real measurement is the success of our students, alumni, and partners. Over the last few years, more and more Kellogg School alumni are demonstrating the power of entrepreneurship in the marketplace. This section discusses the success of the many people who have participated in our programs. Now an essential part of the curriculum and experiential education programs, alumni entrepreneurs give time and expertise to the next generation. The interactions between experienced professionals and open-minded students prove remarkably valuable for everyone.

Entrepreneurs create most of the new jobs in the world. And as we teach people to be better entrepreneurs, we can have more people earning a good living and having a better life. Larry Levy ’67

Carol Levy and Larry Levy ’67, benefactors, The Larry and Carol Levy Institute for Entrepreneurial Practice

Notable Alumni Institute Benefactors Larry Levy ’67 and Carol Levy made a gift in 2003 to establish the Larry and Carol Levy Institute for Entrepreneurial Practice. Larry Levy is the founder and chairman of Chicago-based Levy Restaurants and chairman and CEO of the Levy Organization, a real estate development company. Carol Levy is founder of Material Possessions, a luxury retail experience in Chicago for 30 years. Their gift to entrepreneurship education was made with the belief that entrepreneurs would probably work with scientists from a variety of disciplines to solve many of the world’s issues.

Levy Entrepreneur Fellows 2008-2009 Thane Gauthier ’05 2008 Larry Spear ’99 2007 James Vaughn ’04 2006 Suzette Webb ’04 The Levy Entrepreneurial Fellow position is a unique, paid annual fellowship offered by the Levy Institute for Kellogg alumni with entrepreneurial and/or early-stage investing experience. Fellows work full-time in the Levy Institute acting as an entrepreneur-in-residence and supporting the activities of the Levy Institute with Kellogg students and alumni, community organizations, and the business community worldwide. While working at Kellogg, Fellows have an opportunity to develop relationships with top business leaders, potential funding sources, and cutting-edge firms in order to start a business or join an entrepreneurial firm upon completion of the program. The Levy Fellowship is unique among top-tier business programs across the country and seeks to both leverage experienced entrepreneurial talent in service to Kellogg and to better facilitate entrepreneurial opportunities for the Kellogg alumni base.

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Leadership & Social Responsibility

Kellogg Alumni Entrepreneur Awards Kellogg Alumni Master Entrepreneur Recipients 2004: Larry Levy ’67, founder, Levy Restaurants 2005: James Crouthamel ’92, founder, Performics, Inc. 2006: Joseph Levy Jr. ’47, founder, Carol Buick and Levy Venture Management 2007: Patrick G. Ryan ’59, founder, Aon Corporation 2008: Donald P. Jacobs, Dean Emeritus, Kellogg School of Management 2009: Sunil Hirani ’94, founder, Creditex Professor Katherine W. Phillips, associate professor of management and organizations

Notable Speakers Recognition Dinner Each year, the Levy Institute hosts a dinner at the James L. Allen Center and invites more than 200 program contributors from the previous year, including guest speakers, mentors, business plan judges and close friends. For many entrepreneurship professors, the “research” portion of their responsibility includes staying in touch with the real-world of entrepreneurship. One way is to attend some of the numerous networking events in Chicago and elsewhere around the world. This occasion, in contrast, brings a number of the key actors to the Kellogg School campus. It is important to note that the notable speakers seek an understanding for themselves of what is being taught in the classroom now and planned for the future. In addition, they are interested in gaining insight into the thinking of today’s best and brightest young adults. Each event features an address by one of the Kellogg School’s administrative deans and an interactive discussion by one of the school’s top research faculty. A few of the past speakers are: Vennie Lyons, associate dean and director of the Part-Time MBA Program, David Besanko, Senior Associate Dean and Alvin J. Huss Professor of Management and Strategy, Scott Stern, associate professor of management and strategy, and Katherine W. Phillips, associate professor of management and organizations and Co-Director of the Center on the Science of Diversity.

Kellogg Alumni Social Entrepreneur Recipients 2006: Patrick G. Ryan Jr. ’95, founder, Inner City Teaching Corps (“ICTC”) 2007: John Wood ’89, founder, Room to Read 2008: Kevin Marinacci ’96, founder, Fabretto Children’s Foundation 2009: Lisa Wilson ’02, co-founder, The Mentoring Center

Kellogg Alumni Rising Entrepreneur Recipients 2004: Doug Cook ’98, CEO, Feldco Factory Direct 2005: Jim Reynolds ’82, founder, Loop Capital 2006: Jill Gordon ’80 and Kim Stolze ’80, co-founders, KidSnips 2007: Cheryl Mayberry-McKissack ’89, founder, Nia Enterprises 2008: Grant Gund ’97 and Zachary Gund ’00, managing partners, Coppermine Capital 2009: Frank Muscarello ’03, co-founder, Vision Point of Sale

Kellogg Alumni Supporter of Entrepreneurship 2004: Venita Fields ’88, Senior Managing Director, Smith Whiley & Co. 2005: Bret Maxwell ’82, co-founding partner, MK Capital 2006: Leslie Anderson ’01, Vice President, Fifth Third Bank 2007: David Weinstein ’00, founding president, Chicagoland Entrepreneurial Center 2008: Ivy Walker ’97, managing director, The Taylor Group 2009: Professor Barry Merkin, Kellogg School of Management

I really enjoy the Donald P. Jacobs’ video, and best of all I can show it to my children so they start getting the idea of what Kellogg means and why I am so proud of being an alumni. The program was great, it really re-energized me to keep pursuing the entrepreneur life I have always wanted. José Aguilar EMP 67

Social Entrepreneurship The Kellogg School has been contributing for many years to the teaching, study and practice of social entrepreneurship. Recently, as at other business schools, increasing numbers of students and alumni apply entrepreneurial approaches toward making a direct social impact. The Kellogg School has seen Kellogg alumni social entrepreneurs achieve excellence in their pursuits. Three stories in this section feature such alumni. Notably, John Wood ‘89, founder of Room to Read, for 5 consecutive years received the Fast Company Change Masters Social Capitalist Award, one of only 10 such recipients. The Kellogg School is listed among the resources identified in the comprehensive Social Entrepreneurship Teaching Resources Handbook, published by Debbi D. Brock and Ashoka’s Global Academy for Social Entrepreneurship (March 2008). The Levy Institute Case Study Series includes multiple cases on Kellogg alumni social entrepreneurs, with more planned, which are available in the Kellogg Case Collection.

Carol and Larry Levy Social Entrepreneurship Lab

One Acre Fund

In 2006, after a series of interactions with Kellogg students and hearing about the commitment many alumni have to social entrepreneurship, Carol and Larry Levy ’67 announced a gift to endow a new Social Entrepreneurship Lab at the Kellogg School. Larry and Carol Levy believed that by deepening the school’s existing entrepreneurship strengths, Kellogg should offer resources to those who want to, in their words, “turn their energy and altruism into enterprises that make the world a better place.”

The “hungry season” isn’t a concept most American children experience growing up knowing. But in Africa, hunger is a leading cause of death in children, and infant mortality rates there are among the highest in the world.

In many ways, academically, experientially, and in relation to alumni, the Levy Institute for Entrepreneurship and the Levy Social Entrepreneurship Lab collaborate to generate excellence. Specifically, the mission of the Levy Social Entrepreneurship Lab at the Kellogg School is to inspire students to leverage best business practices in the service of positive, sustainable social impact across all sectors of leadership including the non-profit, public and for-profit sectors. The Social Entrepreneurship Lab provides access to opportunities in the area of social entrepreneurship and creates an environment in which students’ ideas and initiatives can take shape and flourish. The experiential nature of the Lab’s offering will complement the academic aspects of the Social Enterprise at Kellogg (SEEK) program and the Entrepreneurship program. Director: Timothy Feddersen, Wendell Hobbs Professor of Managerial Economics & Decision Sciences 38

Andrew Youn ’06

Founded in 2006, the One Acre Fund is helping Africa’s subsistence farmers feed their families year-round on small plots of land. One Acre Fund is helping very poor farmers increase their crop yields, by as much as 400 percent, making a lasting impact on the situation of these families.

are farmers who are very capable of growing their own food. We give them the opportunity to quadruple their yields.” The group says a donation of $20 a month is enough to start a family of six in the program and, Youn hopes, help them out of poverty permanently. oneacrefund.org

“We work with the poorest of the poor families in rural Africa that other organizations leave behind. Our families go through a hunger season that’s about three months long,” said Andrew Youn ’06, the group’s founder.The group has a very business-driven approach, according to Youn. “It involves education, but also combines together with providing planting material and helping link them with markets. Simple things make a huge impact on yields,” Youn said. “Instead of giving food handouts, we take advantage of the fact that 80 percent of the world’s hungry

Room to Read John Wood ’89

John Wood ’89, founder and CEO of Room to Read, a San Francisco-based nonprofit, differentiates itself with its focus on educating girls. Early on, Wood decided to offer long-term scholarships so girls who otherwise might have to drop out can keep studying. He explains

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Leadership & Social Responsibility

this decision on a number of levels. There’s basic justice: two-thirds of the world’s illiterate adults are women. To date, Room to Read had funded more than 2,000 long-term scholarships for education-deprived girls. Wood expresses Room to Read’s broader efforts in statistical terms: “We’ve reached, so far, 800,000 kids,” he says, calculating the number of children benefiting from the organization’s library and school-building programs. By Room to Read’s 20th anniversary in 2020, he hopes that number will be 8 million, or just under 7% of primary school age children not in school.

“Passion sells,” Wood notes in his book “Leaving Microsoft to Change the World,” and he’s right. It’s hard to be around him for an hour without reaching for your checkbook. Does he see himself, he is asked, building Room to Read, 24/7, forever? No hesitation is detectable. “Mmm hmm,” Wood says. “Pretty much. Yeah.” roomtoread.org

His entrepreneurial worldview appealed to funders from the high-tech world, among them big-time venture capitalists William Draper of Draper Richards and Don Valentine of Sequoia Capital, who provided crucial seed grants. Valentine likes Wood’s intense frugality, as well as the way Room to Read gets “buy-in” from the cash-poor communities it helps—requiring investments in the form of labor or land.

Fabretto Childrens Foundation Kevin Marinacci ’96

Kevin Marinacci ’96 founded Fabretto Children’s Foundation, a U.S. not-forprofit, in order to carry on the works of Padre Fabretto, a legendary missionary who passed away in 1990 after forty years of selfless service. Fabretto supports children’s schooling by providing needed supplies, as well as a balanced lunch, which for many is their only real meal of the day. Fabretto

strengthens the local public schools through teacher training, tutoring and enrichment through sports, art, music and mentoring. The great success of these programs has allowed for record numbers of kids to move onto high school, where they can participate in an innovative rural secondary curriculum SAT. In addition Fabretto provides critical life skills for the teens, teaching computer courses, ESL, Junior Achievement, civic and personal values, and using small productive projects where students learn lessons of communication, cooperation, planning and more by doing beekeeping, composting, and other small enterprises. Some of the grads start a business and others strengthen an existing one. Regardless how humble they are, they add much needed value. By fostering these young people’s entrepreneurial capacity, Fabretto is helping turn likely drop outs, an economic and social liability, into catalysts for personal and community development. All this for a little more than a dollar a day is a good return by any standard. fabretto.org

Sponsors Annual Kellogg Alumni Entrepreneur Conference Feldco Factory Direct, Doug Cook ’98, CEO Feldco Factory Direct (“Feldco”) is one of Chicagoland’s leading window specialists, and is the largest replacement window and siding company in the area. Feldco was the 2007 Window and Door National Company of the Year for leadership in serving the homeowner. Doug Cook ’98, CEO of Feldco, acquired the 25-year-old business shortly after graduation, and in his first four years, the company grew over 300 percent with revenues in excess of $25 million. In 2006, Cook received the Schaffner Award which honors Kellogg graduates who are preeminent in their fields and who have provided outstanding service to Kellogg. The award is named for Joseph Schaffner, co-founder of the men’s clothing store Hart, Shaffner & Marx. In 2004, Cook received the Kellogg Alumni Rising Entrepreneur Award. Cook is also an active board member of the Larry and Carol Levy Institute for Entrepreneurial Practice at the Kellogg School. 4feldco.com

Kellogg Cup Business Plan Competition Loop Capital, Jim Reynolds ’82, founder Since the founding of investment bank Loop Capital in 1997, the firm has been involved in over $124 billion in managed issues. Loop Capital has custom-tailored client solutions including debt restructurings, tender offers, municipal forwards, securitization of federal grants and other financial instruments. Loop Capital is ranked #2 in the 2007 Black Enterprise Magazine list of investment banks. Jim Reynolds ’82, founder and CEO of Loop Capital, is responsible for all investment banking, trading and institutional sales activity at the firm. He has worked in the financial services industry for more than 21 years. In 2005, Reynolds received the Kellogg Alumni Rising Entrepreneur Award. He serves on the boards of: the Dean’s Advisory Board and the Larry and Carol Levy Institute for Entrepreneurial Practice at the Kellogg School, the Lincoln Academy of Illinois, Chicago State University, Chicago Zoological Society, Chicago Historical Society, Scholarship Chicago, and is the treasurer of the Chicago Urban League. Black Enterprise magazine named Reynolds one of the top 50 African Americans on Wall Street in 2005. loopcap.com

Kellogg Alumni Survey of Entrepreneurs Model Metrics, Adam Caplan ’01, founder Model Metrics founder Adam Caplan ’01 delivers products and services at the cutting-edge of the fast-growing on-demand applications industry and is one of salesforce.com’s closest partners globally. Model Metrics has experienced consultants with proven skills and is approaching 1,000 client engagements. Model Metrics has significant CRM expertise as well as industry knowledge to ensure

projects are a success. And it has worldclass development skills to meet the exact demands of every business. Model Metrics won the 2007 “Breakthrough Application of the Year Award” from salesforce.com for its “2GO” mobile platform, enabling sales and service reps to access the application offline, with a beautiful custom interface tailored to their needs. Model Metrics hosts Kellogg entrepreneur summer interns and presented in the Venture Capital Investment Competition. modelmetrics.com

Levy Institute Media Productions and DVD Vision Point of Sale, Frank Muscarello ’03, founder Vision Point of Sale, the nation’s leading supplier of products and services that support the point-of sale marketplace, was named a “Technology Fast 50” Company in each of the past 4 years by Deloitte. Vision Point of Sale was also recognized by Crain’s Chicago Business with a ranking of 8th among the 50 Fastest Growing Companies in Chicago and by Forbes ASAP as one of the Fastest Growing Companies in North America. Frank Muscarello ’03, founder and CEO, is a member of the Young Entrepreneur’s Organization and the Maryville Academy Board of Directors. He has hired four Kellogg alumni to his entrepreneurial team, and he received the 2009 Kellogg Alumni Rising Entrepreneur Award. visionpos.com

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Leadership & Social Responsibility

This country desperately needs more high-growth entrepreneurs. 2006 Notable Speakers Recognition Dinner

Steve Rogers

JFG Capital, Michael Johnson ’98, founder JFG Capital, a mortgage broker and commercial loan company, was founded by Michael Johnson ’98 in 2001. Originally a one-person company with an average pipeline of $4 million in loan applications, JFG Capital now boasts nine people with a pipeline of over $120 million in loan application requests. Johnson has been recognized for his entrepreneurial accomplishments in Black Enterprise Magazine (June 2007), and he was named one of Chicago’s Top Lenders in Metro Chicago Real Estate (Dec. 2006). JFG was also recognized by Black MBA Magazine (Fall 2006) for its partnership with Habitat for Humanity Chicago Chapter, on whose board Johnson currently serves. Johnson also serves on the board of Perspectives Charter School in Chicago, Ill. jfgcapital.com

Annual Kellogg Student Volunteer Breakfast and 2008 Notable Speakers Recognition Dinner Jenny ’08 & Brad Morehead ’05

2007 Notable Speakers Recognition Dinner DenuoSource, Amrit Kirpalani ’05, Rahul Chowdhury ’05, co-founders DenuoSource was founded to address a need in the realm of professional services to create a business model that combines the benefits of consulting and outsourcing. DenuoSource partners with retail, product marketing, media and investment firms to increase revenues while simultaneously decreasing costs by applying cuttingedge analytical techniques to sales & marketing business problems. DenuoSource now has offices in Chicago, Dallas, Hyderabad and Minneapolis and serves leading companies on issues such as identifying the return on investment from marketing investments, supporting marketing teams with on-demand analytics, providing graphic design and layout production services. denuosource.com

Each year, the Levy Institute invites all Kellogg School students who have assisted in the production and promotion of its programs to an annual breakfast. Each is recognized with a certificate of appreciation for their time and expertise. Jenny ’08 & Brad Morehead ’05 generously sponsor the event to recognize student commitment to entrepreneurship during their course of study. left to right: Scott T. Whitaker ’97, Jenny Morehead ’08, Brad Morehead ’05, Larry Spear ’99, Professor Lloyd Shefsky

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Leadership & Social Responsibility

Community Partnerships Chicago Urban League ProjectNext ProjectNext is a groundbreaking collaboration among the Kellogg School of Management, the Chicago Urban League and BP America to create a center on Chicago’s South Side to foster African American entrepreneurship. Focusing initially on retail, construction and professional services businesses, ProjectNext will create more African American-owned businesses that will result in more jobs for minority workers and economically improved neighborhoods. Kellogg entrepreneurship faculty teach a range of topics in entrepreneurial finance, selling, obtaining debt and equity financing, and general management concepts. In addition, Kellogg students and alumni mentor entrepreneurs to impart technical skills.

Associate Dean Vennie Lyons ’72, LEAD program sponsor

thechicagourbanleague.org

National Foundation for Teaching Entrepreneurship (Chicago) NFTE Chicago (the Chicago Chapter of the National Foundation for Teaching Entrepreneurship) and the Larry and Carol Levy Institute for Entrepreneurial Practice at the Kellogg School are partners in serving NFTE students and teachers. NFTE Chicago and the Levy Institute piloted a mentoring program in which Kellogg School students visit NFTE classrooms on a weekly basis and mentor students on their business plans. Feedback from all has been extremely positive. NFTE helps young people ages 11-18 from low-income communities build skills and unlock their entrepreneurial creativity so that they can become economically productive members of society. Through NFTE’s program, students learn the basics of starting and operating a small business, as well as math, reading, writing, critical thinking and workplace readiness. Since 1987, NFTE has reached over 120,000 young people, trained more than 3,700 Certified Entrepreneurship Teachers, and continually improved its innovative entrepreneurship curriculum. nfte.com

Leadership Education and Development Program in Business A national partnership of America’s top corporations and business schools, the Leadership Education and Development Program in Business (LEAD) is at the forefront of building a talented and diverse workforce ready for the business environment. By encouraging outstanding high school juniors from diverse backgrounds to pursue careers in business, LEAD is inspiring a new generation of business leaders. Since 1980, LEAD’s Summer Business Institutes (SBIs) have graduated more than 7,000 aspiring leaders, 65 percent of whom currently work in the business world. LEAD students arrive at the Kellogg School for a four-week program that features faculty such as Dipak C. Jain, David Besanko, Brian Sternthal, Steven Rogers and Barry Merkin, among others, who introduce LEAD participants to subjects ranging from microeconomics to entrepreneurship. “Everyone at the Kellogg School who works with these students feels a great sense of pride that we can play a role in shaping future business leaders,” says Vennie Lyons ’72, who has spearheaded the Kellogg School’s involvement in LEAD for more than 15 years. leadprogram.org

Urban Options Program in Chicago In this program Kellogg School students act as advisors for high school students interested in pursuing business and entrepreneurial careers. Kellogg School students bring their entrepreneurial coaching skills to the projects and assist the high school students to develop a business over a four-week period.

Heizer Center for Entrepreneurial Studies Established in 1988 through an endowment by Mr. and Mrs. Edgar F. “Ned” Heizer, Jr., the center supports research projects on the basics of entrepreneurship and private equity. Mr. Heizer, former CEO of Heizer Corp., was presented by the Illinois Venture Capital Association with the 2004 Stanley C. Golder Medal, which acknowledges individuals who have made “profound and lasting” contributions to the private equity industry in Illinois. Director: Mitchell A. Petersen, Glen Vasel Professor of Finance

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Global Perspective

Global Perspective A wide range of geographic perspectives converge in the classroom. Full-time students come to the Evanston, Ill. campus from 40 different countries, and their diverse experiences contribute to lively discussions. Our international students bring cultural insights and experience from six continents. Our domestic students—and our distinguished faculty — have had significant experience overseas. Every Kellogg student must complete at least one credit course in an internationally-oriented activity, either through an academic discipline-based course, participation in an experiential learning course with a broad focus, or a foreign immersion experience. Many complete more than one course because global perspective is so important. Each entrepreneurship faculty member has entrepreneurship interests outside the U.S. At each of the Kellogg School’s global executive MBA campuses, professors teach entrepreneurship courses to among the largest numbers of students in those programs. Like never before, students from every corner of the world seek entrepreneurship education from the Kellogg School’s entrepreneurship teachers. The 50,000-strong Kellogg alumni network hosts events in 80 nations around the world; experienced Kellogg alumni entrepreneurs and family business owners operate in most of those nations.

Global Tour of Kellogg Alumni Entrepreneur Ventures (The James A. Neal ’98 Tour De KAE) Many Kellogg alumni entrepreneurs enjoy visits from Kellogg School entrepreneurship professors at the company they started and run. About once a month, professors make on-site visits to the wide variety of Kellogg start-ups, including offices, manufacturing plants and technology centers. Professor Barry Merkin, for example, visited Andrew Youn ’06 in Kenya at One Acre Fund’s farming groups; each time, they were greeted with more than 15 minutes of singing and dancing by a ring of 20 women farmers. The professors offer encouragement and assistance to their former students who are generating meaningful jobs and wealth for themselves, their employees and investors. These visits also give the faculty members real-life takeaways that are then shared in the classroom. Entrepreneurs are presented with a “Certificate of Pride and Achievement” and photographs that commemorate the occasion. The Tour De KAE is named in memory of James A. Neal ’98, a passionate and committed Kellogg alumni entrepreneur and one of the first hosts in the program. If a Kellogg School entrepreneur’s business is more than a year old, has revenues and its own offices, alumni may contact the Levy Institute and request a Tour de KAE with Kellogg School faculty and students. Businesses all over the world qualify. Email levyinstitute@kellogg.northwestern.edu Here is a list of a few entrepreneurs whom we have visited:

this page—clockwise from top: (left to right) At North Town Veterinary Hospital (Toronto): Brian Lau ’07, Tej Dhaliwal ’05, Professor Steven Rogers; At Liquidity Services (Washington, DC): Bill Angrick ’95, Rogers; At Colfax Realty (Evanston, Ill.): Professor Barry Merkin, Martin Claure ’04, Rogers; At Neat-Oh! (Northfield, Ill.): Professor James Shein, Rogers, Wayne Rothschild ’02, Christina Wu ’05, Merkin, Scott T. Whitaker ’97; At Nomadic Capital (Chicago, Ill.): Rogers, Karen Chung Davis ’98; At Model Metrics (Chicago, Ill.): Whitaker, Adam Caplan ’01, Rogers.

William Angrick ’95, Jaime MateusTique ’95, Richard Rieman ’01: Liquidity Services, Inc. (Washington, DC) Tom Bedecarre ’81: AKQA Inc. (San Francisco, California) Jeff Bell ’96, Patrick Healy ’96, Chris Summersgill ’96, Ron Rygiel ’96: Bolt Industries (Illinois) Mike Borkowski ’98: PressThis! (Illinois) Adam Caplan ’01: Model Metrics (Illinois) Betty Chow ’88: Pacific Global Bank (Illinois) Karen Chung-Davis ’98: Nomadic Capital (Illinois) Martin Claure ’04: Colfax Realty (Illinois) Doug Cook ’98, Brad Morehead ’05: Feldco (Illinois) Tej Dhaliwal ’05: North Town Veterinary Hospital (Toronto, Canada) Thom Disch ’83: Internet Engine & Handi-Ramp (Illinois)

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Global Perspective

Venita Fields ’88: Smith Whiley & Co. (Illinois)

James Neal ’98: Food and Fab Events (Illinois)

Cliff Goins, IV ’01: Sincere Milk Christian Stores (Illinois)

Jeffrey Pape ’05: WrestlingGear.com (Illinois)

Jason Goncalves ’07: Perma Trading (Toronto, Canada)

Jim Reynolds ’82: Loop Capital Markets (Illinois)

Jill Gordon ’80 & Kim Stolze ’80: KidSnips (Illinois)

Noah Robinson ’01: GNC Stores (Illinois)

J.J. Greenfield ’98: Harlem Vintage (New York, NY) Zack Gund ’00 & Grant Gund ’97: Bake Fresh Manufacturing (Rhode Island) Nelson Head ’87: SAFCO (Illinois) Larry Levy ’67: Levy Restaurants (Illinois) Scott Mandell ’00, Bert Cohen ’02: Enjoy Life Foods (Illinois) Trevor Morgan’74: Prairie Business Credit (Illinois) Dominique Murray ’95: Skin Quotient (Illinois) Frank Muscarello ’03: Vision Point of Sale (Illinois)

Wayne Rothschild ’02: Neat-Oh! (Illinois) Anthony Shurman ’98: Momints (Westfield, New Jersey) Parry Singh ’99 and Subash Bedi ’99: EthnicGrocer.com (Illinois) David Weinstein ’00: Chicagoland Entrepreneurial Center (Illinois)

One of the things you know as an entrepreneur is you never stop learning. You develop an insatiable desire to hear other entrepreneurs and their stories. Jim Reynolds ’82

Andrew Youn ’06: One Acre Fund (Kenya) Jimmy Zakoor ’90: Eddie Z’s (Illinois)

this page—clockwise from left: (left to right) ) At Feldco Factory Direct (Des Plaines, Ill.): Doug Cook ’98; At Food and Fab Events (Chicago, Ill.): James A. Neal ’98, Rogers; At Perma Trading (Toronto): Jason Goncalves ’07, Rogers; At Prairie Business Credit (Naperville, Ill.): Rogers, Trevor Morgan ’74, Dylan Morgan; At Vision Point of Sale (Glenview, Ill.): Frank Muscarello ’03; At Pacific Global Bank (Chicago, Ill.): Merkin, Babatunde Omotoba ’03, Rogers, Betty Chow ’88, Venita Fields ’88, Whitaker.

Distinguished Entrepreneur Speaker Series Distinguished speakers provide valuable insight and guidance to Kellogg students. Adarsh Arora, co-founder, Lisle Technology Warren Buffett, founder, Berkshire Hathaway Ed Beauvais, founder, America West Airlines Doug Becker, founder, Sylvan Learning Centers Yvon Chouinard, founder, Patagonia Michael Coles, CEO, Caribou Coffee Maxine Clark, founder, Build-A-Bear Workshop Bill Gates, founder, Microsoft Jack Greenberg, CEO, McDonald’s Corporation Mike Gilliland, co-founder, Wild Oats Markets Jerry Greenfield, co-founder, Ben & Jerry’s Ice Cream Gordon Gund, founder, Gund Investment Corporation Wayne Huizenga, Chairman, Huizenga Holdings Robert L. Johnson, founder, RLJ Companies and BET Michael Krasny, founder, CDW Larry Levy ’67, founder, Levy Restaurants Scott McNealy, founder, Sun Microsystems Jerry Mickelson, founder, Jam Productions Augie Nieto, founder, Life Fitness and Augie’s Quest Barack Obama, Senator (at time of event), U.S. Senate David Oreck, founder, Oreck Vacuums Paul Orfalea, founder, Kinko’s Michelle Peluso, CEO, Travelocity James Reynolds, Jr. ’82, founder, Loop Capital John Rogers, Jr., founder, Ariel Capital Management Pleasant Rowland, founder, American Girl Gale Sayers, founder, Sayers Group Howard Schultz, founder, Starbucks Gordon I. Segal ’60 & Carol Segal NU ’60, co-founders, Crate and Barrel Jim Sinegal, co-founder, Costco Wholesale Tom Stemberg, founder, Staples Bernee Strom, founding CEO, Priceline.com Sam Zell, founder, Equity Group International

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Global Perspective

Pacific Rim Entrepreneur Summit The Levy Entrepreneur Institute co-produced the inaugural Pacific Rim Entrepreneur Summit at the Grand Hyatt Shanghai in 2008. The Pacific Rim Entrepreneur Summit is the premiere gathering of alumni, friends, and affiliates of 16 top entrepreneur programs in the Asia/Pacific region. This summit brought together a group of leading entrepreneurs, senior executives and investors from the Pac Rim. Professor Jim Shein and Kellogg alumni from a half-dozen countries formed a lively delegation for the 3-day experience across four themes of creating business in the Pacific Rim: culture, partnering, technology, and money. Kellogg delegates contributed as moderators, panelists and networking. Details on the Summit, including the listing of partner schools, speakers, participants and the agenda, are available at www.pacrimentrepreneursummit.com. Jimmy Zakoor ’90, founder, Eddie Z’s Blinds and Drapery (Chicago, Ill.) with Scott T. Whitaker ’97

Developing Global Leaders Venita Fields ’88, senior managing director of Smith Whiley & Co. in Evanston, Ill., assisted entrepreneur intern Babatunde Omotoba ’03 with an important career milestone when she hired him for his summer internship in 2002. He already had 11 years of professional experience: eight with Arthur Andersen’s Nigeria office in the financial services industry and three as a civil engineer in Nigeria. Smith Whiley offered Omotoba a full-time position upon his graduation from Kellogg, where in five years he achieved three promotions, an M&A Advisor Consumer Financing Deal of the Year Award, and nearly $111 million in private equity and mezzanine transactions. It was an important U.S.-based experience for him.

In December 2007, Ms. Fields was surprised and honored to hear Omotoba had decided to accept a new position in his home country of Nigeria as director of the Africa Finance Corporation’s $5-billion private equity initiative, an investment organization established to fuel economic development across Africa. The fund aimed to channel much-needed capital into Africa’s transportation, heavy industry, and energy sectors, giving communities critical foundations on which to build. At the time, Kellogg alumnus Omotoba managed one of the largest venture capital funds in the world.

When I think of Steve Rogers, I think of a successful business person, entrepreneur and author, but mainly… I think of him as a teacher. Associate Dean David Besanko ’82

Yet again, on December 17, 2008, Omotoba answered the call to serve his country when President Umaru Yar’Adua appointed him Minister of State for Aviation. When Omotoba was asked for his vision for Nigeria’s aviation industry, he identified safety, infrastructure improvement and consumer protection as his areas of focus. Omotoba embodies the qualities of excellence the entrepreneurship program seeks to instill in its students, leading to a life of success and significance.

Financial Contributors

Contributors of Talent

Three academic chairs

The entrepreneurship program thrives on the energy and expertise of hundreds of talented people.

• Joseph & Carole Levy Distinguished Professor of Entrepreneurship • Sandy & Morton Goldman Professor of Entrepreneurial Studies • Gordon & Llura Gund Family Professor of Entrepreneurship

Three program centers • Larry & Carol Levy Institute for Entrepreneurial Practice • Carol & Larry Levy Social Entrepreneurship Lab • Heizer Center for Entrepreneurial Studies Lifetime Contributors–$1 million +

Contributors–Up to $5,000

Mr. & Mrs. Edgar F. Heizer, Jr. ’51

Leslie Anderson ’01

Sandy & Morton Goldman ’43

Andus Baker ’91

Lara ’97 & Grant Gund ’97

Barney/Greenaway Partnership

Lindsey & Zack Gund ’00

Ellen Benninghoven

Llura & Gordon Gund P’97 P’00

Howard & Carol Bernick

Carole & Joseph Levy, Jr. ’47

Ron & Linda Bliwas

Carol & Larry Levy ’67

Adam Caplan ’01

Carol & Gordon Segal ’60

Jeff Cherner

Levy Institute Contributors

Thom Disch ’83

Guest Speakers, Judges, Collaborators, Mentors and Intern Hosts Hank Adams ’99

Tom Cox ’91

John Aiello ’95

Colin Cross

Raj Alur

Chris Cunning ’02

Chris Andersen ’62

Kent Dauten

Leslie Anderson ’01

Leslie Davis ’95

Eric Antonow ’00

Mike Deweirdt

Adarsh Arora

Rohini Dey

Keith Bank ’85

Scott Dickes ’96

Joe Barrett ’89 Beth Baxter

Donald Dilucchio ’00

Jeff Bell ’96

Thom Disch ’83

David Besanko ’82

Thomas Dolson ’94

Debbie Bricker

Arnie Dratt

Laura Bronner ’06

Jim Dugan ’97

Michael Brown

John Dugan

Thomas Burrell

Jill Eicher

Tim Calkins

Jean Egmon

Adam Caplan ’01

Patrick C. Eilers ’99

Connie Capone

Lou Ennuso

John A. Canning Jr.

Clement Erbmann ’75

Richard Duran

Douglas M. Cook ’98

Stephen & Lois Eisen

Jim Reynolds ’82

Fifth/Third Bank

EMP 67, Miami Campus

Barbara Fosco

JP Morgan Chase Foundation

Jeff & Hollye Jacobs

Contributors–$25,000 +

Michael Johnson ’99

Craig Duchossois

Katie Kitchen

Duchossois Foundation

Paul Kovach

Anonymous

Rob Levin ’85

Frank Muscarello ’03

Linda Lewis ’95

Bradley Charchut ’98

Nasaw Family Foundation

Kevin Lindsey

Tipu Chaudary

Nick Fera ’99

Contributors–$10,000 +

Gail & Frederick Manning

Robert Chiron

Venita Fields ’88

Amrit Kirpalani ’05

Michael Miller

Lon Chow

JT Fitzgerald ’02

Rahul Chowdhury ’05

David Missner

Jim Foley

Michael Cudahy

Brad Morehead ’05

Karen ChungDavis ’98

Jim Dugan ’97

Jenny Morehead ’08

Martin Claure ’04

Robert Garber ’97

Dayle Duchossois Fortino

Participants Productions Foundation

Brian Coe

Mark Garrigus

Edward Fortino

Theodore Perlman

Bert Cohen ’02

Thane Gauthier ’05

Eddie Fortino, Jr.

Scott Peterson

Burton Cohen

Ronald Gavillet ’95

Venita Fields ’88

Mark Scher

Jeff Coney ’76

Alisa Gilhooley ’95

Christine Franco

Ted & Chris Schwartz Family Foundation

Gary Conkright

Scott Glickson

Arthur Frigo

Jeff Seaman ’91

Doug Cook ’98

Jill Gordon ’80

Jeffrey Hines

Julia Stamberger ’02

Kelly Cornelis ’01

David Greer ’95

Matt ’91 & Ashley ’92 McCall

Bruce Stein

Michael Cox ’01

Doug Grimsted

Melvin Newman

C.H. Tuber

Adam Woodward

Alan Unikel

Joshua Woodward

Andrew Wallace

Contributors–$100,000 +

Du Chai ’01

Alan Feld David Feld ’82

Arthur Frigo

Michael Gruber ’96 Grant Gund ’97

Kellogg School of Management Larry and Carol Levy Institute for Entrepreneurial Practice Global Perspective Zack Gund ’00

Christine Long

Arthur Roldan

Alan Handley ’05

Malcolm Lotzof

Lee Hansen ’93

Merrell Magelli

Danny Rosenberg ’97

Brent Hazzard

Paul Magelli, Sr.

Jason Heltzer

Paul Magelli, Jr. ’98

Troy Henikoff

Roza Makonnen ’97

Sunil Hirani ’94

Dan Malven ’93

John Hoesley ’98

Scott Mandell ’01

Liz Livingston Howard ’93

Michael Marasco

Dan Howell PJ Huizenga ’05 H. Wayne Huizenga Bradley Hulbert Richard Jackim ’93 Cheryle R. Jackson Mark Jamison ’96 Pam Jelaca ’00 Bret Johnson Michael Johnson ’99 Greg Jones ’92 Benjamin Kahn ’02 Neil Kane Adam Koopersmith ’00 Nicole Korczak ’04 Robert Korajczyk Bobby Koritala ’05 Mark Koulogeorge Jack Kraft Michael Krasny Mike Krauss Charlie Kwon ’92 Jeffrey Lampe Susan Larson Tim Lavengood Bill Lear Bob Lepkowski Jack Levin ’58 Carol Levy Joe Levy, Jr. ’47 Larry Levy ’67

Matt Martin Bret Maxwell ’82 Matt McCall ’91 Jeff McClusky ’07 Will McLean

Wayne Rothschild ’02 David Ruder ’00 Ron Rygiel ’96 John Sabl Richard Sack Gordon Segal ’60 Tasha Seitz Alfred Sharp David Shelby Jodi Sherman ’99

Bill McNitt

Michael Silverman ’92

Victoria Medvec

Semir Sirazi

Steve Miller

David Smith ’94

Lucy Millman

Michael Smith ’97

Chad Mirkin Andy Mitchell

Julia Stamberger ’02

Barry Moltz ’86

Bill Steinmetz

Thomas Morsch

John Stoops ’05

Laurence C. Morse

Nancy Sullivan Strenk ’88

Allan Muchin Frank Muscarello ’03 Albert Nahmad Doug Newkirk Matthew Niemann Jason Nordin ’01 Karin O’Connor ’89 Bob Okabe Craig Overmyer Mike Peck ’97 Jack Philbin ’07

Board of Advisors Debbie Bricker Founder, Bricker Partners Thomas J. Burrell Founder, Chairman Emeritus Burrell Communications Douglas Cook ’98 CEO Feldco Factory Direct Venita Fields ’88 Senior Managing Director Smith Whiley Arthur Frigo Founder, Chairman Lucini Italia Dean Dipak C. Jain Sandy and Morton Goldman Professor of Entrepreneurial Studies Professor of Marketing Kellogg School of Management Michael Krasny Founder, Chairman Emeritus CDW Carol Levy Founder, CEO Material Possessions

Verinder Syal Craig Terrill ’88 John Tomaszewski ’98

Larry Levy ’67 Founder, Chairman Levy Restaurants Christine Long CFO Miami Corporation Dr. Paul J. Magelli, Sr. Scholar In Residence Ewing Marion Kauffman Foundation Director, Illinois Business Consulting University of Illinois at Urbana Champaign Allan Muchin Founding Partner, Chairman Emeritus Katten Muchin Jim Reynolds ’82 Founder, Chairman, CEO Loop Capital Professor Steven Rogers Gordon & Llura Gund Family Professor of Entrepreneurship Director of the Larry and Carol Levy Institute for Entrepreneurial Practice Kellogg School of Management

Scott Wald

Kellogg School Leadership

Russell Walker ’06

The Levy Institute would like to recognize the support from the senior leadership of the Kellogg School:

Alan Warms ’92 Jonathan Weatherly ’97 Suzette Webb ’04 David Weinstein ’00

Dean Dipak C. Jain Senior Associate Dean David Besanko ’82 Senior Associate Dean Sunil Chopra Dean Emeritus Donald P. Jacobs Stephen Burnett, Executive Programs

Stanley Pillman

Scott T. Whitaker ’97

Carr Preston

William White

Roxanne Hori, Career Management Center

J.B. Pritzker

Andre Williams

Julie Cisek Jones, Executive MBA

Michael Profita

Gregory Wilson

Erica Kantor, Executive Programs

Mtu Pugh ’00

Craig Wortmann ’95

Fran Langewisch ’95, Student Affairs

Shelly Young

Michele Rogers, Experiential Learning

Jimmy Zakoor ’90

President Henry S. Bienen, Northwestern University

Amy Ravi ’97

Michael J. Lippitz

Ravi Ravichandran ’98

Bart Loethen

Sandra Reese

Bob Zieserl

Jim Reiman ’98

Carol Zsolnay ’86

Beth Flye, Admissions & Financial Aid

Vennie Lyons ’72, Part-Time MBA Program

Jim Reynolds ’82

Minority Business Hall of Fame Inductees—Steven Rogers and the Kellogg School of Management The Minority Business Hall of Fame and Museum, a Dallas, Texas based non-profit organization, was founded in April 2004 through the collaborative efforts of John F. Robinson, president of the National Minority Business Council, Inc., New York; Don McKneely, president and publisher of the Business News Group; and Carol Daugherty Foster, editor of MBN USA, to spotlight the achievements of individuals and institutions who were pioneers in the development and growth of minority businesses globally. The purpose of the MBHF&M is to preserve, recognize and educate society on the contribution of these individuals and institutions. Professor Steven Rogers was inducted in 2008 into MBHF&M for his achievements in advancing business education. He was recognized as a tireless advocate of entrepreneurship and a central figure in the Kellogg School’s teaching and research into entrepreneurial practice. He was among six leaders honored in the third class of inductees. In his acceptance of the prestigious recognition, Professor Rogers said, “Education is key to creating widespread prosperity because when we teach minority entrepreneurs how to be successful, they go on to create jobs for other people.” He added that minorities tend to hire other minorities, thus having a strong impact in bolstering the community’s economic underpinnings. “Strengthening minority entrepreneurship is good for the employees of those companies, good for communities and good for America as whole,” he said. The MBHF&M in 2007 inducted the Kellogg School of Management in recognition of its Advanced Management Education Program (“AMEP”), a joint executive education program with the National Minority Supplier Development Council. Developed and championed by Professor Rogers, the AMEP prepares minority business owners for the management and leadership battles that confront them. The program, held each June at the university’s Evanston, Ill. campus, provides chief executives and owners of established and expansion-oriented minority- and womenowned enterprises tools and skill sets to achieve and sustain accelerated growth. Up to 45 participants are invited to attend the four-day program each year.

Graduates from our program are and will always be members of the Kellogg entrepreneurship family. We expect you to come back and continue your education. We want to always be a part of your life. Steve Rogers

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE

Table of Contents 2

Dean’s Welcome

Welcome from the Director

Excellence at a Glance

Intellectual Depth

Donald P. Jacobs Center 2001 Sheridan Road Evanston, Illinois 60208 (847) 491-3255 kellogg.northwestern.edu/levyinstitute

If your major is entrepreneurship, then entrepreneurship is in your future.

% Alumni Involved in Entrepreneurial Ventures

85%

45% : Founders 55% : Members of

Entrepreneurial Teams

Businesses Created

329

7,200+

$ Billion

LARRY & CAROL LEVY INSTITUTE FOR

50 Minority Business Hall of Fame

ENTREPRENEURIAL PRACTICE

Survey sponsored by Mohawk Fine Papers purchases enough Green-e certified renewable energy certificates (RECs) to match 100% of the electricity used in their operations.

Founder Adam Caplan ’01 Pioneering On-Demand Solutions

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE

larry & carol levy

Institute for Entrepreneurial Practice

LARRY & CAROL LEVY INSTITUTE FOR

ENTREPRENEURIAL PRACTICE Kellogg School of Management Donald P. Jacobs Center 2001 Sheridan Road Evanston, Ill. 60208-2001 kellogg.northwestern.edu/levyinstitute