Entrepreneurship Excellence
connect with rice
business.rice.edu
MESSAGE FROM THE DEAN The Entrepreneurship program at Rice University recently earned an impressive ranking from Princeton Review and Entrepreneur magazine: the No. 5 graduate entrepreneurship program in the U.S. Based on key criteria in the areas of curriculum, faculty and student involvement with entrepreneurial activities, and extra-curricular support for entrepreneurship, the survey showcases the strengths of our program. With a new course in social entrepreneurship, a novel initiative to develop education entrepreneurs for K-12 school leadership, and two new concentrations — one in Entrepreneurship and a related concentration in Mastering Innovation and Creativity — it’s clear that entrepreneurship at the Jones Graduate School of Business is not just reputational but substantive as well. Outside the classroom, support comes from fellow students in the Entrepreneurship Club, alumni who serve as mentors for burgeoning entrepreneurs in the Jones Graduate School Entrepreneurship Organization, and the Rice Alliance for Technology and Entrepreneurship. The Rice Alliance is a collaborative effort of the Jones Graduate School of Business, the George R. Brown School of Engineering and the Wiess School of Natural Sciences devoted to the support of technology entrepreneurship. Exemplifying successful start ups, the Rice Alliance became one of the most successful entrepreneurship centers in the country in less than ten years. By 2009 it was presented the United States Association for Small Business and Enterprise (USASBE) best Specialty Entrepreneurship Program award. Beyond the rankings, however, the success of the program rests on a variety of contributions. Full-time faculty like Ed Williams, who got the entrepreneurship ball rolling, and Al Napier, winner of the 2008 Acton Award, a national Award for Excellence in Entrepreneurship Education, combine solid academic research and qualified faculty teaching for our classes. In addition to their scholarly roles, both are highly successful entrepreneurs. Our excellence in entrepreneurship education is supported by broad involvement of our faculty in entrepreneurship research. Many are based in strategy, finance or accounting, but focus some of their disciplinary research on entrepreneurship. Their research-based knowledge of entrepreneurship informs their discipline-based core courses. This research base is complemented in our 25 entrepreneurship-related graduate course offerings by our prestigious adjunct faculty who bring a wealth of entrepreneurial experience and connections into our classrooms. This combination of practice and theory provides a tremendous learning experience and stimulates entrepreneurship activities. With enterprises such as the Rice Alliance, the Rice Business Plan Competition, the Rice Education Entrepreneurship Program (REEP), and the school’s commitment to social entrepreneurship, the Entrepreneurship program at JGSB reflects our mission of developing thought leaders in entrepreneurship. Roughly 22% of our alumni have started their own businesses and many more of our recent graduates aspire to launch a start-up. Please read through the pages of this brochure to learn about our innovative programs, faculty, alumni and initiatives to discover why entrepreneurship at the Jones School is recognized for excellence. Sincerely,
Bill Glick
Dean H. Joe Nelson III Professor of Management
Jesse H. Jones Graduate School of Business Rice University (713) 348-5928 bill.glick@rice.edu
2
Jones Graduate School of BUSINESS
Image courtesy of www.VisitHoustonTexas.com
THE HOUSTON CONNECTION nn Fourth-largest city in the United States. nn 2008 No. 1 Best City to Live, Work and Play according to Kiplinger’s Personal Finance. nn Houston boasts more Fortune 500 headquarters than any other U.S. city except New York. nn Of the world’s 100 largest non-U.S.based corporations, more than half have operations in Houston. nn Foreign governments have established 90 consular offices in metropolitan Houston, ranking third behind New York and Los Angeles. nn Houston has also been in the spotlight this year. Forbes ranked Houston in the Top Five Up & Coming Tech Cities, the #1 City for Recent College Grads, and the #3 City for Young Professionals. Fierce Biotech placed Houston in the Top Five Regions for Biotech. Newsweek, Washington Post and ABC News have all recently profiled the strength and diversity of the Houston economy.
The Princeton Review entrepreneurship survey, published by Entrepreneur magazine, recognized the Rice MBA program as one of the top five graduate entrepreneurship programs in the U.S. “Entrepreneurship has become an important area of excellence for our school,” said Bill Glick, dean of the Jesse H. Jones Graduate School of Business. “Our mission has been to build a quality curriculum, taught by the best professors and entrepreneurs. We felt adhering to this principle would ultimately be recognized not only by those familiar with the Jones Graduate School but by the larger community involved with entrepreneurship.”
H O U S T O N
business.rice.edu
1
MESSAGE FROM THE Entrepreneurship AREA COORDINATOR In 1978, under the direction and vision of Edward E. Williams, the Jones School launched its Entrepreneurship program. I joined the Entrepreneurship faculty in 1997, and G. Anthony Gorry, Friedkin Professor of Management and Professor of Computer Science at Rice, joined the faculty at Rice in 1992 and the Jones School IT faculty in 2000. Along with numerous teaching awards and continued research activities over the years, the Entrepreneurship and Information Technology (IT) faculty group has been a part of the program’s extraordinary growth. Ed was ranked by BusinessWeek as the second best entrepreneurship professor in the country, and our program was ranked in the top five graduate entrepreneurship programs in the U.S. by Princeton Review and Entrepreneur magazine, 2009. We could not have attained this prestigious recognition without the assistance of many part-time faculty members who bring their entrepreneurial talents and experience as well as teaching expertise into the classroom, including Scott Crist, Jerry Finger, Blair Garrou, Jack Gill, Robert Hatcher, Ned Hill, Dennis Murphree, Atul Varadhachary, Robert Ulrich, and Dan Watkins. Loyal to the program and the students, the part-time faculty make significant contributions to the program. Dennis Murphree, who has taught here for 18 years, is responsible for a course that selects the team that represents Rice University in the Rice Business Plan Competition (RBPC) each spring. Leo Linbeck III created and taught two entrepreneurship courses for the Jones School, and recently, under his leadership, the Rice Education Entrepreneurship Program (REEP) was introduced to develop school leaders for district and charter public schools in the Houston area. The first of its kind in the U.S. And Marc Epstein, a colleague in the Accounting area, offered an innovative course, Technology Commercialization, which took 20 second-year Rice MBA students to Rwanda over spring break to create sustainable commercial models for bio-medical products. The partnership between the entrepreneurship faculty and the Rice Alliance for Technology and Entrepreneurship has also been beneficial to the program by providing opportunities for our students to network with companies and potential investors through forums, panels, and the RBPC. Students also have the opportunity to serve as interns for entrepreneurial activities at organizations such as the Houston Technology Center, Houston Angel Network, NASA, Waste Management, and the Office for Technology Transfer at Rice University. Venture capital firms providing internship opportunities include AlphaDev, DFJ Mercury, and Versalius Ventures. A new alumni initiative has been unveiled this fall. The Jones Graduate School Entrepreneur Organization (JGSEO) brings together alumni who are entrepreneurs to network and collaborate with each other and to mentor current students and other alumni. More than 200 alumni are onboard already. It’s clear that great things are happening in the Entrepreneurship program at Rice and we hope you will read the brochure and feel the excitement of our research, teaching, alumni, and students.
H. Albert “Al” Napier Entrepreneurship and Information Technology Area Coordinator and Professor of Management Director, Center on the Management of Information Technology
2
Jones Graduate School of BUSINESS
RICE ADVANTAGE: THOUGHT LEADERSHIP
Rice University and the Jones School are deeply committed to facing challenges and generating solutions. To develop thought leaders for the next generation of business, it is our responsibility to encourage creative, independent thinkers equipped to emerge as leaders.
Edward E. Williams (Entrepreneurship) Henry Gardiner Symonds Professor of Management edewill@swbell.net
Education: B.S. (Economics), Wharton School of Finance and Commerce, University of Pennsylvania; Ph.D., University of Texas at Austin Joined Rice: 1978 Prior Faculty Appointments: McGill University, Rutgers University Research Interests: Entrepreneurship Dr. Williams conducts research on practical aspects of market activities as well as how entrepreneurs are affected by the markets and financial investors.
Teaching Interests: Enterprise exchange Dr. Williams teaches courses on the process of buying and selling businesses. The Enterprise Exchange course assumes that a student may choose to enter the entrepreneurial world by purchasing a business and then selling it at some point. Some topics covered in the course include: 1) developing a “needs” approach for buying and selling businesses, 2) negotiating an appropriate acquisition or sale of a business, 3) applying merger and acquisition concepts learned for publicly-held corporations to smaller leveraged buy-outs, 4) applying techniques for consolidating fragmented industries, and 5) harvesting ultimate value from the business. His academic interests also include business planning, investment analysis and managerial finance.
Entrepreneurship Experience:
Dr. Williams, an academic who has always kept a hand in business, is a member of the board of directors of several companies, including Service Corporation International — the world’s largest operator of funeral homes and listed on the New York Stock Exchange for over 35 years — where he also served as vice president. A former chairman and CEO of First Texas Venture Capital Corporation, Dr. Williams was also chairman, president and CEO of Texas Capital Investment Advisers, Inc. and Trust Corporation International.
F U L L - T I M E
F A C U L T Y
business.rice.edu
3
RICE ADVANTAGE: ENTREPRENEURSHIP
H. Albert Napier (Entrepreneurship) Professor of Management Director, Center on the Management of Information Technology alnapier@rice.edu
Education: B.A. (Mathematics and Economics), M.B.A. (Statistics and Finance) and Ph.D. (Operations
Research, Management, and Computer Science), University of Texas at Austin
Joined Rice: 1984 Prior faculty appointments: University of Texas at Austin, University of Houston Research Interests: Entrepreneurship, human-computer interaction Dr. Napier examines the relationship between the entrepreneur and venture capitalists. His research also concentrates on improving the interaction between individuals and computer software.
Teaching Interests: The new enterprise, creating an e-business Dr. Napier teaches courses that concentrate on the process for starting new businesses. In The New Enterprise course students are led through the Opportunity, Launch, Growth, and Harvest phases for a business startup. The Opportunity segment includes recognizing and evaluating opportunities. In the Launch phase the following subjects are covered: attracting stakeholders and resources, business planning, selecting appropriate legal form of organization and taxation issues, and financing alternatives. During the Growth stage, operating and growing the venture are discussed. In the Harvest period, the various methods for exiting a business are considered. His executive education courses focus on entrepreneurship and effective use of information technology in all areas of business.
Entrepreneurship Experience: Dr. Napier has a long history of entrepreneurial activities that began with a computer consulting company
while he was completing his university education. After some time in the corporate world and the academic environment, he started and owned a highly successful computer consulting and training company that he eventually sold to his business partner after 20 years of operation. Professor Napier and his partner also wrote software books that have been used in hundreds of educational institutions and companies. At present, he is an owner and active member in the Internet companies HometownFavorites, FreeTutorialCentral, and CollegiateGoods.
It’s rewarding to guide students through the process – from the original idea to harvesting their efforts. I tell my students they should study to be an entrepreneur whether they plan to or not, because they just might need to.
4
Jones Graduate School of BUSINESS
F U L L - T I M E
F A C U L T Y
RICE ADVANTAGE: COMMUNITY
RICE ADVANTAGE: EXCELLENCE
G. ANTHONY GORRY (Information Technology) Friedkin Professor of Management and Professor of Computer Science Director, Center for Technology in Teaching and Learning tony@rice.edu
Education: B. Eng. (Chemical Engineering), Yale University; M.S. (Chemical Engineering), University of California at Berkeley; Ph.D. (Computer Science), Massachusetts Institute of Technology Joined Rice:1992 Prior faculty appointments: Baylor College of Medicine, MIT Research Interests: The effects of digital technology on
organizations and society
By breaking many constraints of materiality, digital technology is accelerating on a grand scale the ever-tighter integration of the economy that the railroad, telegraph and earlier technologies began. Now businesses can operate anytime, anywhere—and with seemingly anybody. But like earlier machines, digital technology imparts its own discipline to the workplace and society generally.
Teaching Interests: Strategic information technology; technology, knowledge and business; technology and culture An adjunct professor of Neuroscience at Baylor College of Medicine and director of the W. M. Keck Center for Interdisciplinary Bioscience Training, Dr. Gorry teaches courses on the strategic uses of information technology and knowledge management at the Jones School.
Entrepreneurship Experience: Professor Gorry was the founder
and chairman of the ForeFront Group (NASDAQ: FFG), a software development company. He served as a director of AirLogix, Inc., a respiratory disease management company. Currently he is a director of Ore Pharmaceuticals (NASDAQ: ORXE), a pharmaceutical asset management company.
We’re fortunate to have a community of professors, students and administrative staff who work extremely well together and are invested in the school’s momentum. We all bring different thoughts and viewpoints to the table, which makes for an exciting exchange of ideas. F U L L - T I M E
Research and instruction are complementary in my view, and the Jones School is a special place where high quality research can be used to help bright students think and apply knowledge to problems that matter.
ROBERT E. HOSKISSON (Strategy and Environment) George R. Brown Professor of Strategic Management robert.hoskisson@rice.edu
Education: B.S. (Finance and Economics), Temple University; M.B.A. (Finance), University of Pennsylvania; Ph.D. (Management), University of Virginia
Joined Rice: 2009 Prior Faculty Appointments: Arizona State University, University
of Oklahoma, Texas A&M University
Research Interests: Corporate and international strategy, corporate governance, strategy in emerging economies, corporate entrepreneurship Dr. Hoskisson’s research is focused on corporate strategy and its outcomes in regard to performance and managerial commitment to innovation. In particular, he has examined what creates improved corporate performance and entrepreneurship in the multidivisional firm. He also studied how these relationships might be different in different institutional contexts such as in emerging economies or newly created firms (i.e., IPOs).
Teaching Interests: Strategic management, corporate strategy, international strategy, strategy consulting Dr. Hoskisson provides a setting where students learn to understand theoretical tools and are able to apply them in real life case situations. This requires students to think about the situations that are presented through analysis, but the learning comes when they are required to take actions in relation to these situations and be able to defend the stand they have taken.
F A C U L T Y
business.rice.edu
5
RICE ADVANTAGE: Social Entrepreneurship
RICE ADVANTAGE: GLOBAL RELATIONSHIPS
MARC J. EPSTEIN
JING ZHOU
(Accounting)
(Organizational Behavior)
Distinguished Research Professor of Management Epstein@rice.edu
Houston Endowment Professor of Management Director for Asian Management Research and Education jzhou@rice.edu
Education: B.A. (Accounting),
San Francisco State University; M.B.A. (Accounting) and Ph.D. (Business Administration), University of Oregon
Joined Rice: 1998 Prior Faculty Appointments: Stanford Business School, Harvard
Education: B.S. (Psychology) and M.A., Peking (Beijing) University; Ph.D. (Organizational Behavior and Human Resource Management), University of Illinois at UrbanaChampaign
Business School, INSEAD
Joined Rice: 2003
Research Interests: Corporate environment and social
Prior Faculty Appointments: Texas A&M University
performance, implementation of strategy, management control systems, performance measurement, corporate governance, social entrepreneurship, microfinance, sustainability Dr. Epstein has conducted extensive academic research and gained practical experience in the implementation of corporate strategies and the development of related performance metrics for use in these implementations. His in-depth study of microfinance entrepreneurship, innovation, and social entrepreneurship is far reaching and executed on many world continents, including North America, Africa and Asia.
Research Interests: Creativity and innovation, cross-cultural
differences, creativity and entrepreneurship
Dr. Zhou specializes in creativity, innovation, and entrepreneurship. Her current research focuses on creativity, which is an essential element in the entire entrepreneurship process, from conceiving ideas to discovering or creating new business opportunities, from mobilizing resources to securing financing, from implementing ideas to turning these ideas into profitable businesses.
Teaching Interests: Implementation of strategy, management
Teaching Interests: Organizational behavior, leadership, managing for creativity and innovation, negotiation, global leadership, creativity and entrepreneurship
Most recently, Dr. Epstein’s Technology Commercialization class ventured to Rwanda to create sustainable commercial models for bio-medical products. Students faced and surmounted many local challenges born from economic realities, sensitivities and concerns and discovered effective and innovative ways to obtain certification, manufacture, distribute and market their products.
Dr. Zhou has taught organizational behavior, leadership, managing for creativity and innovation, and negotiation at the PhD, Executive MBA, MBA and undergraduate levels, as well as to non-degree executive education audiences. She has received two teaching awards for her excellence in teaching.
control systems, performance measurement, social entrepreneurship
I am excited by the high aspirations evident in the Jones School and Rice University. We aspire to deliver highquality education to our students and conduct cutting-edge research. Since 2008, we have built global connections with five top schools in China (Tsinghua, Zhejiang, Nankai, Renmin and Tongji).
6
Jones Graduate School of BUSINESS
F U L L - T I M E
F A C U L T Y
RICE ADVANTAGE: RESOURCES
RICE ADVANTAGE: BUSINESS CONNECTIONS
HAIYANG LI The Jones School provides a wealth of educational resources, especially its people – faculty and students with diverse backgrounds and ideas who offer the opportunity to participate in a global conversation.
(Strategy and Environment) Associate Professor of Strategic Management haiyang@rice.edu
Education: B.A. (Economics) and
M.A. (Business Economics), Renmin University of China; Ph.D. (Innovation and Strategic Management), City University of Hong Kong
YAN ANTHEA ZHANG (Strategy and Environment) Jones School Distinguished Associate Professor of Strategic Management yanzh@rice.edu
Joined Rice: 2005 Prior Faculty Appointments: Texas A&M University, Lingnan
University of Hong Kong
Education: B.A. (Economics)
and M.A. (Economics), Nanjing University, Nanjing, China; M.Ph. (International Business), City University of Hong Kong; Ph.D. (Business Administration), Marshall School of Business, University of Southern California
Joined Rice: 2001 Research Interests: CEO succession and strategic leadership,
corporate governance, foreign direct investment and global strategy, strategy and innovation in emerging markets
Dr. Zhang’s areas of specialization include CEO succession/ dismissal and corporate governance, technology entrepreneurship in emerging markets, and foreign direct investment in/from emerging markets. Her research focuses on the growth of technology clusters in China’s emerging economy, new ventures’ innovation search behaviors in technology clusters, the role of top managers’ political networking and functional experience in new venture performance, and how FDI spillovers can facilitate domestic entrepreneurship in an emerging market.
Teaching Interests: International business, strategic alliances, corporate governance Dr. Zhang currently teaches strategic issues in global business and international strategic alliances. She extensively uses the case method of teaching as well as other learning tools such as lectures, exercises, videos and presentations to enhance students’ learning experience. She strongly encourages students to develop their critical thinking skills and “ask the right questions.”
F U L L - T I M E
Research Interests: Innovation and technology entrepreneurship, strategic alliances, multinationals’ R&D investment in emerging markets Dr. Li’s research interests focus on technology entrepreneurship and innovation (particularly in China’s transition economy), strategic alliances and multinational firms’ innovation in emerging markets, as well as the growth of China’s high tech science parks. Currently he is conducting two research projects on how FDI spillovers can facilitate domestic entrepreneurship in China’s emerging market.
Teaching Interests: Strategic management, innovation and technology management In the classroom, Dr. Li strives to help students develop a passion for becoming actively involved in and responsible for their own learning and development. He makes special efforts to motivate his students to learn to think critically and innovatively regarding strategic management issues.
The strategy group in the Jones School is conducting high-quality research in innovation, entrepreneurship, strategic alliances and corporate governance. All of the faculty members have a strong interest in strategic issues in emerging markets.
F A C U L T Y
business.rice.edu
7
SUCCESSFUL entrepreneurs 8
Jones Graduate School of BUSINESS
Scott Crist
Blair Garrou
Education: B.S. (Electrical Engineering), NC State University; M.B.A., Kellogg School of Management, Northwestern University
Education: B.S. (Management), Washington & Lee University
Lecturer in Management e.scott.crist@rice.edu
Entrepreneurship Experience: Scott has an extensive background
as an entrepreneur and venture capitalist. He is managing partner of Texas Ventures, an early-stage venture capital firm targeting emerging growth and technology companies. Prior to that he was a managing director for Garage Technology Ventures, founder and CEO of Telscape International (NASDAQ), and president and CEO for Matrix Telecom, a telecommunications company that Inc. magazine ranked 7th on its list of the 500 fastest growing private companies in the U.S. in 1995. Scott was named winner of the Entrepreneur of the Year Award by CNN/NASDAQ/Ernst & Young, and currently sits on the boards of several early-stage companies.
Lecturer in Management blair@dfjmercury.com
Entrepreneurship Experience: Blair is a managing director of DFJ Mercury, a Texas-based seed and early stage venture capital fund. DFJ Mercury is a partner in the global intelligence network of Draper Fisher Jurvetson funds. He assisted in the launch of and was the Director of Operations for the Houston Technology Center, where he led the formation of the Houston Angel Network, Houston’s first angel investment organization. Previously, Blair was an investment banker with BMO Nesbitt Burns, and he provided audit and assurance services with Deloitte & Touche.
Jerry Finger
Jack M. Gill
Adjunct Professor in Managementt Member, Council of Overseers Chair, Rice Real Estate Advisory Committee fingerj@rice.edu
Professor of the Practice of Entrepreneurship jack@gillfndt.org
Education: B.S. (Chemistry and Engineering), Lamar University; Ph.D. (Organic Chemistry), Indiana University
Education: B.S. (Economics), University of Pennsylvania
Entrepreneurship Experience: Jerry is managing partner of Finger
Entrepreneurship Experience: Jack is a founder and managing
Interests, Ltd. and has over 30 years experience in banking, real estate development and corporate investment. He was formerly founder and CEO of Charter Bancshares, Inc., and later vice chairman, Bank of America. His civic and philanthropic activities include serving as a board member of MD Anderson Cancer Center Board of Visitors, The Alley Theatre, The National Archives Foundation, The Financial Institutions Center at the Wharton Graduate School, Inprint, Inc. and as an Aspen Institute Fellow, among others. Jerry served as Lieutenant J.G. in the US Navy.
member of Vanguard Ventures, a Palo Alto-based venture capital firm specializing in high technology start-ups. He teaches at Harvard Medical School and MIT, as well as Rice, and was named a 1999 winner of the Horatio Alger Award for Distinguished Americans. Jack is a Trustee of Indiana University and a member of the Board of the Texas Emerging Technology Fund. He is a director of the MD Anderson Cancer Center, The Horatio Alger Association, Project HOPE, and the Presidents Circle of the National Academies of Science, Engineering and Institute of Medicine.
E N T R E P R E N E U R S O N F A C U LT Y
business.rice.edu
9
Robert K. Hatcher
Leo Linbeck III
Adjunct Professor in Management hatcher@cockrell.com
Adjunct Professor in Management Chair, Advisory Committee, Rice Education Entrepreneurship Program leo3@linbeck.com
Education: B.B.A., Southern Methodist University; M.B.A. and J.D., Tulane University
Entrepreneurship Experience: Bobby is president and CEO of Cockrell Interests, Inc., Texas Production Company and Pinto Investment Partners. He also serves as chairman of the Finance Advisory Committee for each of the Pinto Companies and on the Board of Directors of certain Pinto Group portfolio companies. Bobby was, at one time, a corporate finance and securities partner in Vinson & Elkins L.L.P. He serves on the Board of Directors of The University of Texas Marine Science Institute, the CIBER Institute at the University of Texas and on other civic and academic boards.
Education: B.S. (Civil Engineering) and B.A. (Great Books), University of Notre Dame; M.S. (Structural Engineering), University of Texas at Austin; M.B.A., Stanford Graduate School of Business Entrepreneurship Experience: Leo is President and CEO of Aquinas Companies, LLC. He is very involved with KIPP and YES Prep, two high-performing charter schools in Houston. Leo serves on the Boards of Chantal Cookware, Free Enterprise Institute, Holocaust Museum Houston, and Young Presidents Organization, Houston Chapter, and a member of the advisory council of the Greater Houston Community Foundation. Leo also serves as Lecturer and MBA Class of 1978 Lecturer for 2008-2009 at Stanford University’s Graduate School of Business.
Ned Hill
Dennis E. Murphree
Education: B.S. (Electrical
Education: B.A. (Economics)
Engineering), N.C. State University; M.B.A., Dartmouth College
Southern Methodist University; M.B.A. (Finance and Entrepreneurship) The Wharton School, Univ. of Pennsylvania
Lecturer in Management ned@dfjmercury.com
Entrepreneurship Experience: Ned is a managing director with DFJ Mercury, a Texas-based seed and early-stage venture capital firm. He has nearly 20 years of experience as an operator, consultant, and technology investor. Prior to DFJ Mercury, Ned was with Sternhill Partners, BellSouth Internet Services, McKinsey & Company, and BroadBand Technologies, a start-up that went public in 1992. He is on the board of directors of ActaCell, an innovator of high power lithium ion battery technology and the Texas Venture Capital Association; and on the advisory boards of the Rice Alliance for Technology & Entrepreneurship and the Houston Technology Center’s IT Screening Committee.
10
Jones Graduate School of BUSINESS
Lecturer in Management dmurphree@murphreeventures.com
Entrepreneurship Experience: Dennis is the Managing General Partner of Murphree Venture Partners, a growth equity VC firm with offices in four cities. His firm has financed and helped build over 100 companies since its founding in 1987. Starting in 1971, Dennis has also built six companies of his own including a commercial real estate developer that became one of the largest in North America. He is the founder of the Rice Business Plan Competition and has taught for twenty four years, the last eighteen at Rice. He has served on over 90 corporate, educational, and civic boards in his career and is currently the Chairman of the Association for Community Broadcasting in Southeast Texas.
E N T R E P R E N E U R S O N F A C U LT Y
Robert Ulrich
Dan Watkins
Education: B.A. (Physics), Claremont McKenna College; M.S. and Ph.D. (Polymer Science and Engineering), University of Massachusetts
Education: B.S. (Materials Science and Engineering), Rice University; M.S. and Ph.D. (Materials Science and Engineering), Carnegie Mellon University
Lecturer in Management bob@vanguardventures.com
Lecturer in Management dan@dfjmercury.com
Entrepreneurship Experience: Bob Ulrich is a general partner and
Entrepreneurship Experience: Dan is a managing director with
managing member of Vanguard Ventures, a venture capital firm focused on seed and early stage investments. He is a seasoned veteran of both the venture capital community and the health care industry, earning prominence as a technologist, operating executive, CEO, entrepreneur and venture capital investor. Bob’s career in the medical industry began at General Electric and continued at Johnson & Johnson. His current professional affiliations include: director, Texas Life Science Center for Innovation and Commercialization of the Governor’s Texas Emerging Technology Fund; director, Texas Nanotechnology Initiative; member and past director and treasurer of the Houston Venture Capital Association; and chairman, BioHouston.
DFJ Mercury Venture Partners, an early stage venture capital fund focused on technology clusters in Texas and the midcontinent. His current focus is on start-up companies based on novel technologies addressing large markets in advanced materials, clean energy and life sciences. Dan was a co-founder of both Nanospectra Biosciences and X-EMI and was awarded multiple National Science Foundation grants as Principal Investigator in the area of nanotechnology and life sciences research. He is also a co-founder of the Rice Alliance for Technology and Entrepreneurship.
Atul Varadhachary
Adjunct Professor in Management avaradhachary@agennix.com
Education: Ph.D. (Physiology) and post-doctoral fellowship (Biological Chemistry), Johns Hopkins School of Medicine; M.D., University of Bombay
Entrepreneurship Experience: Atul is President and COO of Agennix, Inc. He previously served as Senior Engagement Manager at McKinsey & Co and co-founded and ran Pratham Health (now the Niramaya Health Foundation), a preventive health program reaching 65,000 children in India. He serves on the boards of the Harris County Hospital District, Pratham, Niramaya, the Indo-American Chamber of Commerce, and on the Life Sciences Advisory Committee of the Houston Technology Center. Atul also has an adjunct appointment at the Baylor College of Medicine.
E N T R E P R E N E U R S O N F A C U LT Y
business.rice.edu
11
ALUMNI 12
Jones Graduate School of BUSINESS
Clint Carlson, Rice ’79, Rice MBA ’82 President and CIO of Carlson Capital
Clint Carlson grew up in Pennsylvania, but found the kind of education he was looking for — with a high-quality school in a large, vibrant city — in Houston. After graduating with a bachelor’s in Economics followed by an MBA, he remained in the city, earned a law degree at the University of Houston and strengthened his resume in investment strategies and risk arbitrage. He later moved to Fort Worth to become the head of risk arbitrage for the investment arm of the highly successful financial firm Bass Brothers Enterprises. Five years later, he opened the doors of his own company. “I always knew I wanted to start my own company at some point. But you have to build up the qualifications and the capital to be able to go out on your own. I love this business, and I love the stock market,” Carlson says. “For me, it was always a question of when, not whether.” Today, Carlson Capital, L.P. employs more than 120 people in its U.S. offices in Dallas, Houston, New York, and Greenwich, Connecticut. “At our firm, the No. 1 attribute we look for is a high degree of intellectual curiosity and a general love of the business. We want people who are excited about waking up every day and getting their hands on the Wall Street Journal, because they want to know what’s going on.” For Carlson, the foundations of good business and leadership were carefully observed and realized at the Jones Graduate School. “The best thing I can do as a leader is encourage people to think independently,” he says. “You can’t always follow the crowd. I learned a lot about this from Kent Anderson, a great adjunct professor at the Jones School who shared his real-world experience. That was invaluable. Anderson debunked the common wisdom that bigger is better in banking. When you actually run the numbers, smaller banks have higher returns on assets. Synergy in banking doesn’t hold. That’s something that stayed with me for a long time. At our firm, we question everything and find the facts to prove or disprove what’s assumed to be common wisdom.” Carlson’s grounded thinking has helped grow his business internationally. Ten years ago, Carlson Capital opened a London office to enhance the firm’s effectiveness in the European global markets. “Good performance always matters. The rest has to do with a very simple philosophy of life. Come in every day and try to make good decisions, and hopefully, if you put a string of enough good days together, you become successful. There’s not a lot of magic in it,” he says modestly. “Building a hedge fund is no different from building any other kind of business.” Clint continues his commitment to the Jones Graduate School through his service as a member of the Council of Overseers.
Imagination is the key element, which may be surprising because, on the surface, it does not seem like the most creative business in the world. But, you must be able to imagine what could happen next. You have to create different scenarios and work through the ones that are likely to happen. Hand-in-hand with imagination is being an independent thinker — independent thinking backed up by good research.
A L U M N I
business.rice.edu
13
Al Danto, Rice MBA ‘00
Managing Partner, Danto Burks Group Rice alum Al Danto likens starting and running a business to flying a plane. “Pilots depend on protocols and dashboard controls to guide them,” says Danto. “But when they are called on to land in rough weather, it’s up to them to get the plane down safely. “It’s the same when running your own business. You must understand traditional disciplines like marketing, accounting and finance, but in the end it’s up to you to make the right moves. The Jones School not only provides the tools to make sound judgments, they teach you to apply them so that you make the right decisions in the real world.” Danto, a graduate of the Jones Graduate School’s first Executive MBA class, is a devout entrepreneur. At the age of 24, he started Structured Graphics and grew the company into one of the Southwest’s largest printing and document-management businesses — recognized by Inc. magazine as the 145th-fastest growing company in the U.S. Why did an already successful business owner pursue an advanced degree? “I wanted to formalize the experience I got starting and growing an enterprise — to put some form to what I learned in the real-world school of hard knocks. I had always wanted an MBA from a leading university. The Rice MBA for Executives program combined high-quality education with the flexibility I needed to continue with my career while pursuing an advanced degree. It was a perfect fit.” Danto is an investor in private companies and a founding partner in The Danto Burks Group, an organization committed to helping business owners properly prepare and successfully sell their businesses. He acknowledges the role his Jones Graduate School education has played in his business life. “I take a more analytical approach, like I learned working on case studies in school. I try to examine all the different angles instead of just jumping in. Getting a formal education in finance and accounting — the numbers end of business — has been invaluable to me in assessing the value of a client’s company and determining how best to proceed.” Al maintains close ties to the Jones School. A former alumni board member, he is working with Professor Al Napier to launch the Jones Graduate School Entrepreneurs Organization (JGSEO). The organization will provide support and assistance to alumni seeking to manage and grow their companies. “We’ll provide networking opportunities, mentoring and an advisory board where alums can share issues, review plans and float their ideas in a supportive environment. We believe it will be an excellent addition to the Jones School entrepreneurship discipline.”
14
Jones Graduate School of BUSINESS
A L U M N I
Rice MBA Full Time
The Rice MBA is earned in an intimate, focused and interactive environment that encourages both independent thinking and strong relationships. As a result, the Rice MBA program meshes with today’s business world and fosters thinking that can shape the future. Rice’s MBA program combines three essential elements: (1) a comprehensive and challenging core curriculum provides a solid foundation of basic business disciplines; (2) a required Action Learning Project, a summer internship, and numerous field-project-oriented electives offer ample opportunities for real-world practice; and (3) a range of specialized electives allows further integration of knowledge and empowers achievement of career objectives. Throughout the Rice experience, students cultivate the ability to articulate problems, explore alternatives and reach solutions. Leadership communications and ethics are integrated across the curriculum with instruction in strategic communications, plus team and individual coaching in oral and written communication.
Rice MBA for Executives
The MBA for Executives program draws experienced managers, professionals and executives from the Houston area. Houston boasts more Fortune 500 company headquarters than any other U.S. city except New York. MBA for Executives students have the opportunity to form lasting relationships with a locally-based faculty and fellow students who are active in the Houston business community. The top-ranked Rice MBA for Executives allows experienced professionals to acquire a valuable education without career interruption and apply classroom knowledge to the workplace immediately. Our rigorous curriculum emphasizes strategic management skills as well as a solid foundation in general business knowledge. Students benefit from outstanding faculty, small classes and opportunities to interact and network with a diverse group of experienced executives. In addition, students have access to our state-of-the-art facility, including the El Paso Corporation Finance Center.
Rice MBA for Professionals
The Rice MBA for Professionals offers a unique opportunity to earn a degree while continuing to work. Students who want to accelerate their careers by enrolling in the Professionals program have the same rigorous learning experience, faculty and facilities as our top-ranked MBA Full-Time and MBA for Executives programs.
Rice PhD in Business
The JGS doctoral program is intended for candidates aspiring to become faculty members at business schools in prestigious research universities. Students engage in both coursework and research as part of their doctoral training. Students close to graduation interview for faculty positions, hoping to start their careers as assistant professors at business schools around the world. A prospective student chooses an area of study when applying to the doctoral program, Marketing in 2009, and other anticipated areas of study include Accounting, Finance and Management. Each of these areas is supervised by a faculty advisor, a member of the faculty specializing in that area.
Rice Business Undergraduate Minor
The Jones School undergraduate business minor enables students to pursue any of the excellent majors on campus while enhancing their education with select business courses. The integrated curriculum emphasizes knowledge in functional business areas that support the development of core skills: communication, globalization, innovation, leadership, team work and technical business knowledge.
Rice MBA nn Entrepreneurship Recognition: The Princeton Review and Entrepreneur magazine recognized the Jones School as No. 5 entrepreneurial graduate school in the U.S. nn Best in Texas: The 2008 Economist ranks the Jones School No. 1 in the Southwest and top 25 in U.S. nn Top 10 in the World: v The Rice MBA for Executives ranked 4th worldwide for “Top Salaries in Finance” and 15th overall in the U.S., according to the 2008 Financial Times Executive MBA rankings. v The Rice MBA Full-Time program ranked 7th worldwide for “Best in Finance.” Overall the program was ranked No. 2 in Texas and 25th in the U.S., according to the Financial Times 2009 full-time Global MBA rankings. nn Top in Research (Intellectual Capital): The Financial Times 2009 full-time Global MBA survey ranked the Rice MBA Full-Time program 20th worldwide in faculty research. nn Top in Jobs: Among U.S. schools, the 2008 U.S. News and World Report ranked the Rice MBA Full-Time program 20th for job placements three months after graduation. nn Top in ROI: The Wall Street Journal 2008 Executive MBA survey placed the Rice MBA for Executives at 11th in the U.S. for Return on Investment. nn Diversity Recognition: Expansión 2009 ranked the Rice MBA Full-Time program 14th in the U.S. and 26th globally. nn Rice MBA is a diversity leader across all three programs. Among US News Top 50 MBA Programs in 2009, our Class of 2011 percentage of women (34%) ranks 13th and underrepresented minorities (13%) ranks 9th. Our Class of 2011 underrepresented minority percentages are 25% in the MBA for Professionals program and 24% in the MBA for Executives program. Although peer school data is not available for these programs, Rice MBAs are exceptionally diverse. Our program features a state-of-the-art behavioral lab and the Asian Business Research and Education Center. We can draw from other well-respected colleges and initiatives at Rice such as the Baker Institute and the Rice Alliance with its annual Business Plan Competition – one of the largest and richest in the world.
P R O G R A M S
business.rice.edu
15
The Rice Alliance for Technology and Entrepreneurship The Rice Alliance for Technology and Entrepreneurship is Rice University’s flagship initiative devoted to the support of entrepreneurship. Unique among many entrepreneurship centers, the Rice Alliance was formed as a strategic alliance of three schools at Rice University: the George R. Brown School of Engineering, the Wiess School of Natural Sciences and the Jesse H. Jones Graduate School of Business.
nn 2009, the Rice Alliance was named Houston’s Greatest Economic Development Ally by the Greater Houston Partnership.
The Rice Alliance’s mission is to provide entrepreneurship education and to support the commercialization of technology innovations and the creation of new companies in the Texas and Houston region. Since its inception in 1999, the Rice Alliance has assisted in the launch of more than 230 new technology companies, which have raised more than half-abillion dollars in early-stage funding. Of these, approximately 35 companies have been launched based on technology developed by Rice faculty and researchers and licensed from the Rice Office of Technology Transfer.
nn 2005, the Rice Alliance was awarded the E&Y Entrepreneur of the Year Award for the Supporter of Entrepreneurship.
The Rice Alliance Managing Director
nn 2007, the Rice Alliance was recognized as the No. 1 university entrepreneurship center in the U.S. for enterprise creation by the Global Consortium of Entrepreneurship Centers.
nn 2004, the Rice Alliance was awarded the Price Institute Innovation Entrepreneurship Educators Award by the Stanford Technology Ventures Program at Stanford University.
The Rice Alliance Managing Director, Brad Burke, is responsible for leading the initiative in its mission to support technology commercialization and the launch of early stage technology companies in the Houston area. He joined the Rice Alliance from Viant Corporation, which was founded in 1996 and went public in 1999. Viant became one of the world’s leading internet consulting firms. Prior to Viant, Brad was a principal with CSC Index, the management consulting arm of Computer Sciences Corporation. Earlier in his career, Brad worked for Exxon Corporation, where he held executive positions in finance, marketing, sales, and strategic planning. He earned a BS in Computer Science and Business Administration from Vanderbilt University and MBA from Kellogg School of Management, Northwestern University.
nn Media: The Rice Alliance has also enjoyed a significant presence in the media, being featured in such publications as Fortune Small Business, Financial Times, The Wall Street Journal, BusinessWeek International, Bloomberg, and the New York Times.
Recent Accolades nn 2009, Rice University was recognized as having one of the top five graduate entrepreneurship programs in the U.S. by The Princeton Review and Entrepreneur magazine. nn 2009, the Rice Alliance was named the Outstanding Specialty Entrepreneurship Program for technology entrepreneurship in the U.S. by the United States Association for Small Business and Entrepreneurship.
16
Jones Graduate School of BUSINESS
R I C E
A L L I A N C E
Outreach & Economic Development
The Rice Alliance assists companies in several ways, including: nn Assessing the commercial potential of new technologies nn Creating business plans nn Developing venture presentations and elevator pitches nn Obtaining funding nn Building their management team In total, more than 750 early-stage technology companies have been showcased at one of the Rice Alliance Technology Venture Forums. These companies include both Rice-affiliated and nonRice affiliated ventures. Approximately 35 start-ups licensing Rice-developed technology innovations have been founded in the last nine years. These diverse companies stem from energy technology, life sciences, information technology, and nanotechnology. Four Rice University start-up companies were among the first six companies in Houston to receive grant funding from the Emerging Technology Fund from the state of Texas.
The Rice Alliance’s flagship program to encourage collaboration and networking among investors, entrepreneurs, students, mentors, and service providers is the Technology Venture Forum series. Each year, four venture capital forums are held in the following areas: Energy and Clean Technology
Life Sciences
Nanotechnology
Information Technology
Entrepreneurship Education
The Rice Alliance teaches several “non-credit” educational courses each year in technology entrepreneurship. For the last seven years, the Rice Alliance has held a “sold-out” two-day Technology Entrepreneurship Workshop course. This workshop provides a step-by-step approach to successfully launch and build a company. In fall 2007, in partnership with the Rice Executive Education program, the Rice Alliance initiated a new intensive Life Science Entrepreneurship Certificate Program.
WILLIAM N. SICK, Rice ‘57, ‘58
Former trustee of Rice University, graduate from Rice in Electrical Engineering, and External Advisory Board member of the Rice Alliance since its inception, Bill Sick has been both a leader of two large companies and a successful serial entrepreneur. Presently he is chairman and CEO of Business Resources International, a private business services firm in Winnetka, Illinois, specializing in early-stage growth companies.
Since 1989, he has been a founder, chairman or active director of 13 early-stage companies including VIRxSYS (genetically-engineered treatment and vaccine for HIV/AIDS), Aware (DSL intellectual property and imaging and biometrics software), Power Trends (integrated chip-like power supplies), MetaSolv Software (software for service fulfillment for telecommunications service providers) and Signature Capital (venture capital). In addition to these business investments, he provided the initial outside funding for the Rice Alliance. In the 1980’s, Mr. Sick was CEO of American National Can, the world’s largest packaging company. Prior to that time, he was executive vice president and a director of Texas Instruments, where he was president of the Semiconductor Business.
2009 Rice Business Plan Competition winners, Dynamics, Inc., ring closing bell at NASDAQ in NYC along with Rice Alliance Managing Director Brad Burke.
R I C E
“Entrepreneurship is critical for America’s future. Most of the jobs and economic wealth in this country have been created by entrepreneurs with innovative ideas and technologies. In just a few short years, the Rice Alliance has earned a position among the world leaders in educating the next generation of entrepreneurs, launching promising companies and commercializing the most innovative research.”
A L L I A N C E
business.rice.edu
17
The Rice Business Plan Competition (RBPC) is the world’s largest and richest graduate-level business plan competition. It is hosted and organized by the Rice Alliance for Technology and Entrepreneurship.
s
The competition is designed to give collegiate entrepreneurs a real-world experience to fine tune their business plans and elevator pitches to be able to generate funding to successfully commercialize their product. Judges evaluate teams as realworld entrepreneurs soliciting start-up funds from early stage investors and venture capital firms. The judges are asked to rank the presentations based on which company they would most likely invest. Since 2001, it has grown from nine teams competing for $10,000 in prize money to 42 teams from around the world competing for more than $800,000 in cash and prizes. In 2009, applications increased nearly 45% from the previous year. More than 120 corporate and private sponsors support the business plan competition. Venture capitalists and other investors from around the country volunteer their time to judge the competition, with more than half of the 200+ judges coming from the investment sector. More than 80 past competitors have gone on to successfully launch their business and are still in business today, raising in excess of $150 million in funding. At least 25 of the 36 teams who competed in 2008 are currently in business. “Great ideas are just that – great,” said Brad Burke, managing director of the Rice Alliance. “But, taking that novel idea, ensuring it holds a competitive advantage in the market, conducting market research and identifying opportunities, demonstrating management capability, financial understanding and investment potential are what develop that great idea into a venture and hopefully a financially successful business.”
THE PRIZES The Grand Prize winner of the business plan competition received a package valued at up to $325,000 in total prizes, including a $125,000 equity investment from The GOOSE Society of Texas, potentially one of two new $100,000 prizes given by the Greater Houston Partnership’s Opportunity HoustonSM, $20,000 in cash sponsored by Shell and Kenda Capital, as well as $80,000 in incubation and other services. The first of the $100,000 Opportunity HoustonSM prizes was awarded to the company with the best life science technology business plan. The second $100,000 prize goes to the team with the top business plan in one of the following four industry sectors: energy and clean technology, information technology, aerospace, or nanotechnology. These awards provide seed funding to launch these companies in the Houston region.
18
Jones Graduate School of BUSINESS
R I C E
The new $100,000 DFJ Mercury Tech Transfer Investment Prize went to unique and marketable university spin-out technologies. The purpose of the award is to encourage the commercialization of university technologies, or those technologies developed by faculty, researchers, and/or students at universities. To be considered a university spin-out, the business plan can be based on a start-up company that licenses technology from a single or multiple universities, and/or a company led by a student team from a university. Five other teams won $20,000 cash awards. The $20,000 Dow Sustainability Award was given to the best plan to address world challenges for affordable housing, food, clean water, health & safety, and alternative/sustainable energy. The $20,000 NASA Earth/Space Life Science Award and the three, $20,000 NASA Earth/Space Engineering Award acknowledged the best life science plan or engineering plan, respectively, with applications in earth and space.
A L L I A N C E
Rice Education Entrepreneurship Program The Mission The Rice Education Entrepreneurship Program (REEP) equips current and aspiring school leaders with the management tools, strategic frameworks and supportive networks they need to meet the challenges of public school leadership. By combining world-class business training from Rice University’s Jones Graduate School of Business with REEP’s unique education entrepreneurship institute, students are challenged to explore what is possible in education today. REEP’s goal is to train a cadre of professionals ready to lead excellent schools for all children, particularly those who are currently underserved.
Students
REEP students come from a variety of backgrounds, from teachers in an independent school district to sitting principals at charter schools. All possess maturity, leadership skills, creativity, a track record of results, and a commitment to changing the educational outcomes for all students.
The REEP network is made up of passionate, creative education entrepreneurs: both the students as well as local practitioners and national thought leaders who guide the dialogue. Together, they challenge each other to be catalysts for change within public schools.
The Program Launched in 2008 with a grant from the Houston Endowment, REEP is positioned to be the premier source of innovative leadership for K-12 public schools across Houston. Educators choose between two pathways to access leadership development, business training, and the education entrepreneurship experience:
Attribute
MBA Students
Business Certificate Students
Avg. Years Experience
5.9
10
Independent School Districts and Charters Represented
Houston, Katy, Humble, Klein, KIPP, YES Prep
Houston, Alief, Spring Branch, Klein, YES Prep
Position Held
11 school admin 7 teachers
11 school admin 2 teachers
Advisory Board REEP is guided by a diverse and accomplished group of education reformers in Houston: Chris Barbic, YES Prep Founder and Chief Executive Ann Best, Deputy Superintendent for Human Talent, Houston ISD
nn A two-year MBA through Rice’s MBA for Professionals program
Colleen Dippel, Director of Education Initiatives, Aquinas Corporation
nn A 15-month Rice Advanced Management Certificate All participants attend the Education Entrepreneurship Summer Institute, led by nationally acclaimed thought leaders and practitioners, and participate in a practicum as they transition to leadership roles. The Jones Graduate School is the first and only business school in Texas authorized to certify principals in public schools.
Mike Falick, Board of Trustees, Spring Branch ISD
Faculty
William Glick, Dean, Jones Graduate School of Business, Rice University
REEP faculty lead the discussion during the intensive Education Entrepreneurship Summer Institute. They are chosen from among the leading researchers, practitioners and policy makers at the intersection of education and business, representing an unparalleled diversity and depth of perspective. Faculty change every year, but selected faculty from summer 2009 include: Stacey Childress, Lecturer in General Management unit at Harvard Business School
Jeff Fleming, Associate Dean of Academic Affairs, Jones Graduate School of Business, Rice University
George Grainger, Grant Officer, Houston Endowment Andrea Hodge, REEP Director, Rice University Natasha Kamrani, First Vice President, Houston ISD District 1 Duncan Klussmann, Superintendent Spring Branch ISD Leo Linbeck III, President and CEO, Aquinas Corporation
Rebecca Flores, Director of Government Relations for the Houston Independent School District Donald R. McAdams, Founder and President of the Center for Reform of School Systems (CRSS)
Mike Feinberg, Co-Founder, Knowledge is Power Program (KIPP)
Carol Quillen, Vice Provost for Academic Affairs, Rice University Andrea Stouder Pursley, Vice President, Regional Operations, Teach For America, Houston Scott Van Beck, Executive Director, Houston A + Challenge
R E E P
business.rice.edu
19
Thought Leadership in Social Entrepreneurship
Real Estate Entrepreneurship
“Success is measured by the service you render and the character of citizen you make rather than by the amount of money you amass.” —Jesse H. Jones, 1936
“Real estate is the most entrepreneurial business in the U.S. Houston, with its strong entrepreneurial culture, has been the starting point for many of the biggest names in the national real estate business today.” — Greater Houston Partnership
The Jesse H. Jones Graduate School of Business excels at entrepreneurship in all forms and is ranked among the nation’s best. Social entrepreneurship represents a great opportunity to advance the Jones Graduate School’s mission and to address a worldwide need for principled, innovative entrepreneurs in global communities. MBA graduates are typically among a fraction of the top one percent of the global population in terms of both educational attainment and earnings power. Understanding the potential for social entrepreneurship in a global context is integral to the Rice MBA. The most dramatic economic growth in the coming decades will be at the bottom of the economic pyramid, where 90 percent of the population lives. Serving the bottom of the pyramid offers many opportunities to the Rice MBAs who can address rising concerns over the “triple” bottom line: financial, societal and environmental performance. The Jones Graduate School develops social entrepreneurship through team-based capstone courses that tackle Houstonoriented social enterprise issues and through collaboration between the Rice MBA and bioengineering students focused on global health. Jones Graduate School Professor Marc Epstein introduced a novel course that challenges the Rice MBA students to address global problems of poverty and access to adequate health care by developing viable business plans for life-saving technologies — technologies designed by Rice engineers and targeted for use in the developing world. The Rice MBA students used a microfinance commerce model, rather than a foreign aid model, to develop commercialization plans aimed at launching real businesses with real global health impact. Over spring break 2009, the students traveled to Rwanda, where they worked to refine and implement their business plans.
The consolidation and globalization of the real estate industry has created a demand for professional managers who are able to make highly analytical, data-intensive financial decisions and successfully manage large-scale projects guided by novel strategies. As the need for top MBA talent in real estate intensifies, the Jesse H. Jones Graduate School of Business rises to the challenge to deliver principled, innovative real estate professionals with excellent leadership and analytical business skills. Our Gerald D. Hines Chair provides funding for an outstanding faculty member—Dr. Jefferson Duarte—who specializes in real estate finance. Among real estate classes, Rice MBAs may take a unique project-oriented course taught in conjunction with a design class in the School of Architecture. The course starts with a plot of land and challenges students to create the best design with the best financial return. The program also draws on a large group of Houston-based, globally connected real estate professionals who serve as adjunct faculty. Jerry Finger, managing partner of Finger Interests, Ltd., is a private investor with over thirty years experience in banking, real estate development and corporate investment. He teaches a real estate development course that introduces the concepts and techniques used to analyze and finance the various types of commercial real estate assets. Finally, the Rice MBA program benefits from the new breed of global real estate firms that have deep roots in Texas and from the numerous entrepreneurial real estate firms that are flourishing because of Texas’ pro-business environment.
The success of this pilot program will be measured both in terms of real businesses that address global problems of poverty and access to health care and in terms of the lifechanging effect that this experience has on each student who participates. A long-term goal for the program will be to allow more students to participate and to replicate this model in developing economies throughout the world to create hundreds of new businesses.
Image courtesy of www.VisitHoustonTexas.com
20
Jones Graduate School of BUSINESS
P R O G R A M S
About Rice University Rice University is consistently ranked one of America’s best teaching and research universities. It is distinguished by its: nn Small size: 2,995 undergraduates and 2,013 graduate students; nn Undergraduate student-to-faculty ratio of five to one; nn Eighth-largest endowment per student among American colleges and universities; nn Residential college system which builds close-knit, diverse communities; nn Interdisciplinary, collaborative culture which integrates teaching and research and both undergraduate and graduate work.
About the Jones Graduate School of Business The Jones Graduate School of Business is one of the world’s leading business schools. One of seven academic units of Rice University, it is named in honor of the late Jesse Holman Jones, a prominent Houston business and civic leader. In 1933, Jones was appointed chairman of a government agency, the Reconstruction Finance Corporation (RFC), which invested in loans to banks and businesses, keeping those institutions afloat. By directing the RFC to purchase stock in troubled financial companies, he effectively infused capital back into the markets and brought many of the banks and businesses back to solvency.
nn Nine to one student-to-faculty ratio creates an interactive classroom experience; nn Unsurpassed teaching and path-breaking research; nn High-ranking MBA program among the world’s business schools; nn Excellent placement services through our career management center. The Behavioral Lab at the Jones School provides researchers with the latest in audio/visual equipment and editing software to conduct both individual projects and focus groups. James A. Baker III Institute for Public Policy has established itself as one of the leading nonpartisan public policy think tanks in the country. Since its inception in 1993 the Baker Institute has developed a strong track record of achievement based on the work of Rice University faculty and the institute’s endowed fellows and scholars, who do important research on domestic and foreign policy issues with the goal of bridging the gap between the theory and practice of public policy. The institute also collaborates with experts from academia, government, the media, business and nongovernmental and private organizations. Results of research programs and studies with specific recommendations are then presented to those involved in the formulation and execution of public policy.
The Jones Graduate School is distinguished by its: nn Strong foundation in marketing, finance, accounting, strategy and organizational behavior with areas of excellence in energy, entrepreneurship, health care and real estate;
R E S O U R C E S
business.rice.edu
21
PUBLICATIONS: Recent research publications, books and book CHAPTERS Audretsch, D., Dagnino G., Faraci R., & Hoskisson, R. E. 2010. New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities. Richmond, VA: Springer Book Publishing (this is an edited book with a set of entrepreneurship articles on various topics). Zhang, Y., Li, H., Li, Y., & Zhou, L-A. (conditional acceptance) “FDI spillovers in an emerging market: The role of foreign firms’ country origin diversity and domestic firms’ absorptive capacity.” Strategic Management Journal. Dane, E., Baer, M., Pratt, M. G., & Oldham, G. R. (forthcoming) “Rational versus intuitive problem solving: How thinking “off the beaten path” can stimulate creativity.” Psychology of Aesthetics, Creativity, and the Arts. Duarte, J. (forthcoming) “Trust and credit.” Working paper cited widely by publications such as Financial Times, Wall Street Journal and The Economist.
Zhou, J. & Shalley, C. E. 2009. “Deepening our understanding of creativity in the workplace.” In S. Zedeck et al. (Eds.), APA Handbook of Industrial–Organizational Psychology. Datar, S.M., Epstein, M.J., & Yuthas, K. 2008. “In microfinance, clients must come first.” Stanford Social Innovation Review (Winter) 38-45. Bekefi, T., Epstein, M.J., & Yuthas, K. 2008. Managing Opportunities and Risks. Society of Management Accountants of Canada (CMA), American Institute of Certified Public Accountants (AICPA), and Chartered Institute of Management Accountants (CIMA).
Williams, E.E. & Findlay, M.C. (forthcoming) “Financial economics at 50: An oxymoronic tautology.” Journal of Post Keynesian Economics.
Bekefi, T. & Epstein, M.J. 2008. “Transforming social and environmental risks into opportunities.” Strategic Finance (March) 42-47.
Bekefi, T., Epstein, M.J., & Yuthas, K. 2009. “Creating growth from effective opportunity risk management.” Corporate Governance Quarterly, (Summer) 16-20.
Bekefi, T., Epstein, M.J., & Yuthas, K. 2008. “Creating growth: Using opportunity risk management effectively.” Journal of Accountancy, (June) 72-77.
Epstein, M.J., Friedl, M., & Yuthas, K. 2009. “Managing customer value.” CMA Management (March) 28-31.
Matusik, S. F., George, J.M., & Heeley, M. B. 2008. “Values and judgment under uncertainty: Evidence from venture capitalist assessments of founders.” Strategic Entrepreneurship Journal, 2, 95-115.
Bekefi, T., Epstein, M.J., & Yuthas, K. 2009. “Creating growth from effective opportunity risk management.” CMA Management (February) 20-26. Gorry, G. A. & Westbrook, R.A. (2009) “Winning the Internet confidence game.” Corporate Reputation Review, 12(3). Tihanyi, L., Hoskisson, R.E., Johnson, R.A., & Wan, W.P. 2009. “Managerial incentives as governance: A study of the technological competence and international diversification.” Management International Review. Li, H. & J. Li. 2009. “Top management team conflict and entrepreneurial strategy making in China.” Asia Pacific Journal of Management, 26: 263-283. Li, H., Zhang, Y., Zhou, L-A., & Zhang, WY. 2009. “Performance differentials between returnee and home-grown entrepreneurs in China’s high technology industries.” Academy of Management Best Paper Proceedings, Chicago, Illinois. Zhang, Y., Li, H., & Schoonhoven, C.B. 2009. “Inter-Community Relationships and Community growth in China’s HighTechnology Industries 1988-2000.” Strategic Management Journal, 30(7): 163-183. Zhou, J., Shin, S. J., Brass, D. J., Choi, J., & Zhang, Z. 2009. “Social networks, personal values, and creativity: Evidence for curvilinear and interaction effects.” Journal of Applied Psychology.
22
Hirst, G., Van Knippenberg, D., & Zhou, J. 2009. “A crosslevel perspective on employee creativity: Goal orientation, team learning behavior, and individual creativity.” Academy of Management Journal, 52, 280-293.
Jones Graduate School of BUSINESS
George, J. M. 2008. “Creativity in organizations.” In J. P. Walsh & A. P. Brief (Eds.), Annals of the Academy of Management, 1, 439-477. Gorry, G. A. 2008. “Sharing knowledge in the public sector: Two case studies.” Knowledge Management Research and Practice. 6: 5-11. Arthurs, J.D., Busenitz, L.W., Hoskisson, R.E., & Johnson, R.A. 2008. “Firm-specific human capital and governance in IPO firms: Addressing agency and resource dependence concerns.” Entrepreneurship Theory and Practice. Arthurs, J.D., Busenitz, L.W., Hoskisson, R.E., & Johnson, R.A. 2008. “Signaling and initial public offerings: The use and impact of the lockup period.” Journal of Business Venturing. White, R.E., Hoskisson, R.E., Yiu, D., & Bruton, G. 2008. “Employment and market innovation in Chinese business groupaffiliated firms: The role of group control systems.” Management and Organization Review, 4: 225-256. Arthur, J. P., Hoskisson, R. E., Busenitz, L. W., & Johnson, R. A. 2008. “Managerial agents watching other agents: Multiple agency conflicts regarding underpricing in IPO firms.” Academy of Management Journal, 51: 277-294.
P U B L I C A T I O N S
Shelly, G., Napier, A., & Rivers, O. 2008. Web Design: Introductory Concepts and Techniques, Third Edition. Learning – Course Technology, 2009. Williams, E.E., Thompson, J.R., & Findlay, M.C. 2008. “Institutional aspects of the securities markets.” In Fabrozzi (Ed.), Handbook of Finance, Vol. I, Wiley, pp. 37-50. Yuan, F. & Zhou, J. 2008. “Differential effects of expected external evaluation on different parts of the creative idea production process and on final product creativity.” Creativity Research Journal, 20, 391-403. Zhou, J., Shin, S.J., & Cannella, A. 2008. “Employee selfperceived creativity after mergers and acquisitions: Interactive effects of threat--opportunity perception, access to resources, and support for creativity.” Journal of Applied Behavioral Science, 44, 397-421. Zhou, J. 2008. “New look at creativity in the entrepreneurial process.” Strategic Entrepreneurship Journal. Zhou, J. & C. E. Shalley (Eds.) 2008. Handbook of Organizational Creativity. Hillsdale, NJ: Lawrence Erlbaum. This book has been translated into Arabic and Chinese. Zhou, J. & Shalley, C. E. 2008. “Expanding the scope and impact of organizational creativity research.” In J. Zhou and C. E. Shalley (Eds.), Handbook of Organizational Creativity. Hillsdale, NJ: Lawrence Erlbaum. Shalley, C. E. & Zhou, J. 2008. “Organizational creativity research: A historical review.” In J. Zhou and C. E. Shalley (Eds.), Handbook of Organizational Creativity. Hillsdale, NJ: Lawrence Erlbaum. Zhou, J. (2008). “Promoting creativity through feedback. In J. Zhou and C. E. Shalley (Eds.), Handbook of Organizational Creativity. Hillsdale, NJ: Lawrence Erlbaum. Davila, T., Epstein, M.J., & Shelton, R. (eds.) 2007. The Creative Enterprise - 3 volume edited series I) Defining innovation strategies, II) Improving Innovation Through People and Culture, and III) Designing Structure and Systems for Superior Innovation. Praeger Publishers. Epstein, M.J. & Crane, C.A. 2007. “Alleviating global poverty through microfinance: Factors and measures of financial, economic, and social performance.” In V.K. Rangan, J.A. Quelch, G. Herrero, & B. Barton (eds.) Business Solutions for the Global Poor. Jossey-Bass Publishers, Chapter 29, 319-332. Epstein, M.J. 2007. “Drivers and measures of innovation success.” In T. Davila, M.J. Epstein, & R. Shelton (eds.) The Creative Enterprise. Praeger Publishers, Vol. 3, Chapter 3, 55-76.
George, J. M. & Zhou, J. 2007. “Dual tuning in a supportive context: Joint contributions of positive mood, negative mood, and supervisory behaviors to employee creativity.” Academy of Management Journal, 50, 605-622. George, J. M. 2007. “Dialectics of creativity in complex organizations. In T. Davila, M. J. Epstein, & R. Shelton (Eds.), The Creative Enterprise: Managing Innovative Organizations and People, Volume 2, Culture (pp. 1-15). Westport, CT: Praeger. Li, H., Bingham, J., & Umphress, E. 2007. “Fairness from the top: Perceived procedural justice and collaborative problem solving in new product development.” Organization Science, 18(2): 200-216. Li, H. & Zhang, Y. 2007. “The role of managers’ political networking and functional experience in new venture performance: Evidence from China’s transition economy.” Strategic Management Journal, 28(8):791-804. Shelly, G., Cashman, T., Napier, A., & Judd, P.J. 2007. Discovering the Internet, Complete Concepts and Techniques, Second Edition. Thomson – Course Technology 2008. Zhang, Y., H. Li, M. Hitt, & G. Cui. 2007. “R&D intensity and international joint venture performance in an emerging market: Moderating effects of market focus and ownership structure.” Journal of International Business Studies, 38: 944-960. Shin, S. & Zhou, J. 2007. “When is educational specialization heterogeneity related to creativity in research and development teams? Transformational leadership as a moderator.” Journal of Applied Psychology, 92, 1709-1721. Davila, T., Epstein, M.J., & Shelton, R. 2006. Making Innovation Work: How to Manage It, Measure It, and Profit from It. Wharton School Publishing. Arthurs, J.A., Busenitz, L.A., Johnson, R.A., & Hoskisson, R.E. 2006. “Signaling in new ventures: The use and impact of the lockup period at the time of the initial public offering.” Frontiers of Entrepreneurship Research. Aldas, K. & Kale, P. 2006. “The impact of socialist imprinting and search on resource change: A study of firms in Lithuania.” Strategic Management Journal, 27(7): 659-679. Atuahene-Gima, K. & Li, H. 2006. “The effects of formal controls on supervisee trust in the manager in new product selling: Evidence from young and inexperienced salespeople in China.” Journal of Product Innovation Management, 23: 342-358.
P U B L I C A T I O N S
business.rice.edu
23
Atuahene-Gima, K., Li, H., & De Luca, L. 2006. “The contingent value of marketing strategy innovativeness for product development performance in Chinese new technology ventures.” Industrial Marketing Management, 35: 359-372.
Kale, P. & Anand, J. 2005. “Effects of market liberalization on joint venture contributions and control.” Entrepreneurship and Innovation in Emerging Economies (eds.) Arnold Cooper and Sharon Alvarez Blackwell.
Li, H. (Ed.) 2006. Growth of New Technology Ventures in China’s Emerging Market. Edward Elgar Publishing Ltd., MA: Northampton.
Kale, P. & Puranam, P. 2005. “Choosing equity stakes in technology relationships: An integrative framework.” California Management Review.
Li, H. & Hitt, M.A. 2006. “Growth of new technology ventures in china: An introduction.” In H. Li (Ed.), Growth of New Technology Ventures in China’s Emerging Market, pp. 3-10. Edward Elgar Publishing Ltd., MA: Northampton.
Li, H., Zhang, Y., & Chan, T. S. 2005. “Entrepreneurial strategy making and performance in China’s emerging economy – The contingency effect of environments and firm competencies.” Journal of High Technology Management Research, 16(1): 3757. (Reprinted in: Li, H. (Ed.) 2006. Growth of New Technology Ventures in China’s Emerging Market: 143-170. London: Edward Elgar Publishing.)
Li, H. & T. Miller. 2006. “New ventures in emerging markets: Comprehensive review and future directions.” In H. Li (Ed.), Growth of New Technology Ventures in China’s Emerging Market, pp. 11-24. Edward Elgar Publishing Ltd., MA: Northampton. Li, Y., Li, D., Li, H., & Zhao, Y. 2006. “The effect of organizational reward and control on firm innovation and financial performance in Chinese technology firms.” In H. Li (Ed.), Growth of New Technology Ventures in China’s Emerging Market, pp. 196-218. Edward Elgar Publishing Ltd., MA: Northampton. Napier, A., Rivers, O., Wagner, S., & Napier, J. 2006. Creating a Winning E-Business. Thomson Course Technology, Second Edition.
Lane, D.M., Peres, S.C., Sandor, A., & Napier, A. 2005. “The hidden cost of graphical view interfaces: The failure to make the transition from menus and icon tool bars to keyboard shortcuts.” International Journal of Human-Computer Interaction, Vol 2. Lane, D.M., Napier, A., Peres, S. C., & Sandor, A. 2005 “A Process for Anticipating and Executing Icon Selection in Graphical User Interfaces.” International Journal of Human-Computer Interaction, 241-252.
Williams, E.E. & Napier, A. 2006. Preparing an Entrepreneurial Business Plan. Revised Edition, T&NO Book Company.
Zhou, J. 2005. “Creativity.” In M.A. Hitt & R.D. Ireland (Eds.), Entrepreneurship, The Blackwell Encyclopedia of Management (2nd Ed.). Blackwell Publishing.
Baggett, L.S., Thompson, J.R., Williams, E.E., & Wojciechowski, W. 2006. “Nobels for non-sense.” Journal of Post Keynesian Economics, Fall, 3-18.
Shalley, C. E., Zhou, J., & Oldham, G. R. 2004. “The effects of personal and contextual characteristics on creativity: Where should we go from here?” Journal of Management, 30, 933-958.
Zhou, J. 2006. “A model of paternalistic organizational control and group creativity.” In B. Mannix, M. Neale, & Ya-ru Chen (Eds.), National Culture and Groups, Research on Managing Groups and Teams (Vol. 9, pp. 75-94). Oxford, England: Elsevier Science. Epstein, M.J. (2005). “Implementing successful e-commerce initiatives.” Strategic Finance (March) 23-29. Gorry, G.A. (2005) “As simple as possible, but not simpler.” Communications of the ACM 48(9):119 -122. Wan, W.P., Hoskisson, R.E., Kim, H., & Yiu, D. 2005. “Network opportunities and constraints in Japan’s banking industry: A social exchange perspective on governance.” In K. Keasey, S. Thompson, and M. Wright (Eds.), Corporate Governance: Accountability, Enterprise and International Comparisons, Chichester, UK: John Wiley and Sons, Ltd., 327-350.
24
Jones Graduate School of BUSINESS
P U B L I C A T I O N S
Printed by: Chas. P. Young Co. | Date: October, 2009 | Quantity: 5,000
Zhou, J. 2006. “Leading for creativity: An employee-manager dyadic approach.” In M.J. Epstein, T. Davila, & R. Shelton (Eds.), The Creative Enterprise, Westport, CT: Praeger Publishers.
Rice University Jones Graduate School of Business Janice & Robert McNair Hall 6100 Main Street Houston, Texas 77005
business.rice.edu