ENTREPRENEUR

C A R O L I N A



ENTREPRENEUR THE CENTER FOR ENTREPRENEURSHIP AND TECHNOLOGY VENTURING

A CENTER OF THE FRANK HAWKINS KENAN INSTITUTE OF PRIVATE ENTERPRISE AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL









2002 Venture Capital

Investment Competition

ome of the nation’s top MBA analyses of the companies and select the

students will meet in Chapel Hill top teams, which earn cash prizes.

in April 2002 for the finals of the “A winning team understands how a

fourth annual Venture Capital Investment company needs to be financed and what

Competition (VCIC). its role in the financing is,” said Bruce

The competition, sponsored by UNC- Boehm, a special partner with Eno River

Chapel Hill’s Center for Entrepreneurship Capital, an adjunct professor at UNC-

and Technology Venturing (CETV), brings Chapel Hill and a former VCIC judge. “It

real startup companies and venture has to understand the risks a company

capitalists together with venture capital- faces and how those risks ought to be

minded MBA students to simulate in a mitigated.”

competitive environment the processes The top two teams from each of the

venture capital firms go through as they four regional competitions move on to

Mark Heesen, president of the National

make investment decisions. Kenan-Flagler for the VCIC finals, which Venture Capital Association, addresses

“There are plenty of business plan follows the same format as the regionals. competitors at the 2001 VCIC Finals.

competitions out there,” said Jeff Reid, The 2001 finals featured UNC-Chapel

executive director of CETV. “We wanted to Hill, UCLA, the University of Pennsylva-

do something that gives students a nia, the University of Michigan, the

uniquely powerful learning experience. University of Maryland, San Diego State

There’s only so much you can teach in a University, Yale and Washington Univer- In This Issue

classroom about a topic as complex as sity. 2002 VCIC Competition

1

venture capital. When students play the Yale finished first in the 2001 competi-

role of venture capitalists, they learn what tion, taking home the $10,000 first prize. 2 From the Executive Director

it’s like to make those tough decisions.” Maryland came in second and Washington Launching the Company Helps Aspiring

Teams of MBA students from colleges third, earning $5,000 and $3,000, respec- Entrepreneurs Get Started

and universities around the nation assume tively.

the role of venture capital firms for three “The most valuable aspects of the 3 Recognition and Awards

days, deciding among various opportuni- competition are the real-life investment BPX Teaches Business Fundamentals

ties to invest in real companies that are situations and the evaluation of business

4 Alumni Profile: Tim Gupton

seeking venture capital. plans presented by true entrepreneurs,”

The student teams, operating as a said Yale team member Claire Hughes. 5 Student Profile: Nick Haffer

venture capitalist firm would, analyze each “This is a one-of-a-kind learning experi- After Graduation

company by reviewing the business plans, ence. It provides us with the skills we need

listening to the companies’ presentations, to succeed in the world of venture finance 6 Initiative Brings Triangle Wireless

evaluating investment proposal presenta- and entrepreneurship.” Community Together

tions, questioning the company manage- “It was grueling, but a tremendous 2001 Master Panel Hosts the

ment team and conducting research about learning experience,” Yale team member Carolinas’ Finest

the company. Andrea Goldman told the New Haven

8 Calendar

Students prepare term sheets for the Register. “We were elated to have won it

investments that they would pursue and all.”

offer their analyses of all presenting UNC-Chapel Hill’s team of Ron Unger,

companies to a panel of judges made up of Greg Desmond, Scott Storey, John

real venture capitalists. The judges

evaluate the teams’ assessments and

See VCIC, page 7





Spring 2002 CAROLINA ENTREPRENEUR | 1

From the EXECUTIVE DIRECTOR



Dear friends and come here to hone their skills, to build I hope that you will enjoy this

colleagues, their networks and to prepare to seize the inaugural issue of Carolina Entrepre-

next opportunity. In its most recent MBA neur. This biannual newsletter is intended

Entrepreneurs ratings cycle, Business Week described to keep you informed about CETV’s

thrive in periods of Kenan-Flagler as “leading the way in people and programs. I thank its editor,

rapid change. entrepreneurship,” a description that has Chris Richter, and designer, Paul Chang,

Despite economic helped us recruit more students who are for a job well done.

Jeff Reid

uncertainty in a interested in this area. I welcome your feedback on this

changed world, we see breakthroughs in The Center for Entrepreneurship and newsletter and on all of CETV’s programs,

technology and innovative business Technology Venturing (CETV) continues and I hope you will discover and realize

models fueled by the basic creativity and to find new ways to channel our students’ the entrepreneurial opportunities in

resiliency of committed entrepreneurs. In interest and energy and to train these today’s climate of rapid change.

the years to come, we will see the leaders of tomorrow’s entrepreneurial

emergence of entrepreneurial companies companies. We have extended our Yours entrepreneurially,

that are being hatched now, during this attention to serve UNC-Chapel Hill more

period of turmoil. widely, working with university research-

More students than ever are inter- ers, the Office of Technology Develop-

ested in entrepreneurship at Kenan- ment, undergraduate business majors and

Flagler. They recognize that building a the many non-business students with

company is difficult today, and many of entrepreneurial talents and interests. We

them will work in larger firms for several also have launched new programs that Jeff Reid

years before pursuing their entrepreneur- focus on biotechnology and wireless

ial dreams. A growing number of MBA communications, two areas important to

students are entering Kenan-Flagler with the continuing growth of the Research

prior entrepreneurial experience. They Triangle.







Launching the Company Helps Aspiring Entrepreneurs Get Started

For students and researchers with ties in advanced technology. They Chapel Hill,” said Jeff Reid, course co-

ideas to bring to the marketplace, starting analyze the business strategies of several founder and executive director of the

a business can be a daunting challenge. technology-based companies preparing Center for Entrepreneurship and Technol-

“Launching the Company: Topics in to launch and follow the planning cycle of ogy Venturing (CETV). “We wanted to go

Innovation, Technology and Commercial- these businesses through product beyond the traditional business school

ization,” a course offered by Kenan- development. curriculum and beyond the business

Flagler, provides an opportunity for the The second half of the class, school itself to help anyone at UNC-

entrepreneurial-minded to explore and to “Launch,” focuses on student projects Chapel Hill who has a potentially valuable

initiate the process of starting a business. and refines and develops the models to technology that they want to commercial-

“Launching the Company” is the prepare the businesses for launch. It ize.

capstone course of the entrepreneurship examines the inputs needed for launches “CETV brings together the Council

concentration and provides students with and provides access to support networks for Entrepreneurial Development and

the strategic resources and expertise to to launch the company. UNC-Chapel Hill’s Office of Technology

develop and to initiate an entrepreneurial At the end of the course, student Development as partners in this effort to

startup. teams deliver a full business plan, which start real companies.”

“It’s not a business plan writing is screened competitively. The top plans The class attracts a variety of people,

course,” said Robert S. Sullivan, an earn teams the opportunity to present to a from Kenan-Flagler MBA students to

instructor for the course and dean of panel of venture capitalists. A few plans UNC-Chapel Hill researchers and profes-

Kenan-Flagler. “This is for serious go on for development in Kenan-Flagler’s sors. While some test the waters of the

individuals who have the commitment to incubator, which offers infrastructure entrepreneurial world, others look for

starting their own companies.” support, faculty expertise and links to avenues to move research from laborato-

In the first half of the class, known as entrepreneurial resources. ries to the marketplace.

“Discovery,” students learn to identify “The business school does not have “Many people who have the startup

and to capitalize on emerging opportuni- a monopoly on entrepreneurship at UNC- fever are working in biotechnology and

the hard sciences,” said Sullivan. “The



See LAUNCHING, page 7

Visit us on the Web at www.cetv.unc.edu.

CAROLINA ENTREPRENEUR | 2 Spring 2002

Outstanding Service to

Entrepreneurs Award BPX Teaches Business Fundamentals

CETV received the Outstanding Service to

Entrepreneurs Award from the Council for

Entrepreneurial Development (CED), the Every successful entrepreneur and venture capitalist knows the importance of a

largest entrepreneurial support organization in business plan. It serves as a guidebook, mapping out the future direction of a business,

the nation. whether it is an idea on paper, a startup with potential or an established company with an

The award, given at CED’s annual

Entrepreneurial Excellence Awards ceremony on

existing base of customers and clients.

June 7, recognized the center for its contribu- First-year MBA students at Kenan-Flagler receive a lesson in business plan writing

tions to entrepreneurship and acknowledged in the school’s “Business Plan Integrative Exercise” (BPX). The course, which has

Dean Robert S. Sullivan, CETV founder Rollie become part of the program’s core curriculum, introduces students to the processes and

Tillman and CETV Executive Director Jeff Reid

for their efforts in fostering entrepreneurship at

concepts of communicating a company’s vision to customers, employees and investors.

Kenan-Flagler. “BPX is important to our MBA Program because it provides every student with the

experience of writing the essential elements of a business plan,” said Jim Dean, associate

Global Champions, MOOT CORP dean of the MBA Program. “Regardless of whether our students actually start busi-

Business Plan Competition

A team of Kenan-Flagler MBA students

nesses, this knowledge is essential, because knowing how to create and evaluate

won the 18th annual MOOT CORP Competi- business plans is important for people in finance, marketing and consulting.

tion held at the University of Texas at Austin in “Having Paul Mayer, an experienced entrepreneur, lead the course provides a real-

May. world element that will distinguish this course from other similar experiences.”

Mayer, a founding partner of Durham’s Fusion Ventures, said, “The students can

get a practical view of entrepreneurship and venture capital investing and how business

plans figure in both. The course serves to tie together all the different courses into one

process and document that encompasses all disciplines. Hopefully, the students will get

a grounding in the benefits of a business plan.”

Students screen a list of potential businesses and select the one they prefer to

evaluate. Team members can present to their group their own alternative idea if they

believe it is a viable option for the exercise.

After selecting a business, the teams do additional screening and prepare a one-

page concept brief and a short venture presentation. The teams deliver the presentation

The students, Kelly Boone (second from in class and provide feedback to one another.

right) and Yayoi Mizutani (third from right), Over the next three sessions, teams meet to conduct market and competition

presented a plan detailing the development of

Micell Integrated Systems’ new manufacturing

analyses, to develop risk and mitigation plans and to examine personnel, strategy,

equipment and specialized chemistries for the product and operations. The students then draw up a financing plan and a pro forma.

microelectronics and micro electrical mechani- On the last day of class, the teams have the option to present for review their

cal industries. The company has raised over $3 completed venture presentation to a panel of venture capitalists.

million in startup capital, and Boone continues

to drive its growth in his work with Micell.

“My expectation is that the BPX

will give us a realistic experience of

Craig Dunn Social Innovation Award putting together a plan for a new

At San Diego State University’s (SDSU)

Venture Challenge in April 2001, MBA students

business,” said Peter Sampson, a first- “BPX ties together your

year MBA student. “Coming from a

Rob Oliva and Brian Chossek won the Craig P.

Dunn Award for Social Innovation in Entrepre- non business background, this class understanding of market-

neurship for their company, Humanitas

Marketing.

will be especially valuable by present- ing, finance, management

ing our team with real issues that

The Entrepreneurial Management Center

companies face every day. It will give and operations in one

at San Diego State University presents the award

as part of its Venture Challenge business plan us the opportunity to integrate the complete project. Whether

competition. The award honors the plan that knowledge of finance, marketing and

best incorporates human, societal and/or operations that we have been learning you start your own busi-

environmental impacts as integral parts of the

business strategy.

into a plan that we could potentially ness or launch a product

take to venture capitalists for funding.”

First Place in VCIC Southern Region Critical to the exercise is the within a larger corpora-

In March, a team of Kenan-Flagler MBA

students won the 2001 Southeast Regional

involvement of second-year MBA tion, you will have to write

students, who serve as business plan

Venture Capital Investment Competition

(VCIC) and advanced to the finals at UNC- counselors. The counselors provide a business plan.”

Chapel Hill. guidance and support as the teams

Ron Unger, Greg Desmond, Scott Storey, work their way through the many steps

John Murchison and Daniel Martin presided

over teams from Duke, Emory, Texas, Georgia

of creating a successful business plan.

Tech, Georgia, Maryland and Wake Forest to Second-year MBA student Jeff Seiters, who serves as a BPX counselor, said, “I

move to the finals at UNC-Chapel Hill. believe the exercise to be paramount in the education of business students. Under-

standing the basics of a business plan is essential to understanding the core business



See BPX, page 7





Spring 2002 CAROLINA ENTREPRENEUR | 3

“That was interesting to me,” said Publishing Group.

Alumni Profile: Gupton. “Building a business. Maintain- “They’re all three technology

Tim Gupton, BSBA ‘72 ing a business.” companies,” said Gupton. “All three

In 1992, he returned to North Carolina address large markets and have unique

and joined the accounting firm run by solutions to the problems in those

Kent Pittman and Gupton’s brother-in-law, markets. One is a paradigm shift; the

“Ultimately the most Dan Hughes. other two are better mousetraps.”

“The Triangle had matured,” said Evaluating the viability of life

difficult thing for tech- Gupton. “The reasons I didn’t stay here, science- and technology-based compa-

nology startups is the the reverse of that was the reason why I nies may seem like a daunting challenge

was attracted back here. There was a for most business school graduates.

inevitable transition of huge difference between 1972 to 1992 in While he usually brings aboard a

management from the the Triangle. It was now an exciting place consultant or a team member with

with a lot of prospects and opportunity.” substantial knowledge of the technology

founder to more experi- Gupton has taken advantage of those or science, Gupton says using basic

enced management prospects and opportunities, becoming a business skills to turn science into a

business leader to whom startups and product is the key to success.

teams.” budding entrepreneurs turn when taking “The training you get in public

the critical steps in developing their accounting allows you to move between

businesses. industries faster than you might other-

Tim Gupton has a lot on his plate. “I enjoy helping them build a wise have,” said Gupton. “Those skills

As a CPA with Hughes, Pittman & company,” said Gupton. “One of my that you get help you quickly hone in on

Gupton, L.L.P., his practice focuses strengths and weaknesses is that I take the fundamentals of the business. That

primarily on the Triangle’s burgeoning on other people’s problems too much. So helps me as a venture capitalist.”

entrepreneurial community, from owner- their burdens become my burdens and Gupton recommends that people with

managed businesses to investor-financed their desires become my desires, and I get an entrepreneurial spirit get corporate

technology companies. vested in helping them.” experience to see what it is like to be part

But he is involved with a few other According to Gupton, the most of a successful business.

companies, too. difficult thing about helping startups is “Then you can embark on your

He is a founder and general partner building a management team and execut- entrepreneurial dream,” said Gupton.

of Research Triangle Ventures. ing business milestones within a reason- “And pick the right advisers when you

He is a founder and president of able period of time. are starting a company — principally,

Research Triangle Family Office, L.L.C. “Ultimately, the most difficult thing accountants and lawyers who will help

He is a director of Ardent Pharmaceu- for technology startups is the inevitable you develop your business plan and

ticals Inc. transition of management from the open the door to venture investors.”

He is a co-founder and startup chief founder to more experienced management With an environment nurtured by the

financial officer for Alphavax Inc. and teams,” Gupton said. Council for Entrepreneurial Development

CropSolution Inc. Gupton’s first real moment of and a well-networked community, Gupton

He was also a co-founder and startup satisfaction as an entrepreneur came with believes there is a low barrier to knowl-

chief financial officer for Cogent Neuro- the success of Trimeris’ AIDS drug, and edge in starting a venture-backed

science Inc. and SARCO Inc., and he the company subsequently going public. business in the Triangle.

served as startup chief financial officer for The association with a company that both Gupton says UNC-Chapel Hill has

Inspire Pharmaceuticals Inc. and Trimeris created a product that could significantly the leadership and mindset and is

Inc. impact the world and succeeded finan- positioned to capitalize on its technology.

“I wear a number of hats,” said cially validated his involvement in And he sees education at and the

Gupton, a 1972 graduate of UNC-Chapel entrepreneurship. research activities of the Triangle’s three

Hill. “But you learn leverage in the Big But it is the relationships he has major universities as providing the raw

Five firms. You learn how to juggle a lot developed with the founders of the material for new companies and the

of different problems in a public account- companies that have instilled Gupton with solutions to the problems of the future.

ing firm setting. All those skills I devel- a lasting love of entrepreneurship. “When I think about my own

oped over the years are useful to me and “It’s just rewarding to be a partner children as they go off to college, I advise

allow me to leverage and to guide and to with some of these people,” said Gupton. them to go somewhere where you learn to

execute more efficiently with the help of “That’s what makes life interesting and learn and where your view of the world is

other people.” fun.” broadened,” said Gupton. “UNC-Chapel

Gupton, a native North Carolinian, With Research Triangle Ventures Hill did that for me. It took a kid from a

worked in Florida for 19 years with KPMG. Inc., Gupton and his partners are teaming small tobacco and textile town and

During his last few years with the with more Triangle startups. In June, they opened up possibilities of doing some-

company, Gupton managed the audit closed the fund at $10 million, and they thing beyond what I envisioned when I

practice, where he says he got a hint of have made three investments — Entrinsik went there originally. That’s what

what went into running a business. Inc., LiveWire Logic Inc. and OpenMind education is all about.”



CAROLINA ENTREPRENEUR | 4 Spring 2002

plan exercise and courses such as What are you

Student Profile: ‘Launching the Company’ and other

Nick Haffer, MBA ‘02 entrepreneurial-focused classes.” planning to do

Haffer has participated in a yearlong after graduation?

intermediate Spanish program offered by

Kenan-Flagler MBA student Nick the business school, gaining a perspec-

Haffer feels at home in Chapel Hill. tive on how the Spanish-speaking world Constantino Voulgaris, MBA ‘02

“My wife and I like the area,” said conducts business. During the fall Uruguay

Haffer. “It reminds us of Charlottesville.” semester, he took part in a practicum “I plan to start my own business. I’m

The New Hampshire native gradu- involving the Research Triangle Park developing the business plan in the New

ated from the University Wireless Initiative, a Venture Creations I and II classes.”

of Virginia with a degree project bringing area

in economics and history wireless companies Matt Wieseler, MBA ‘02

but without a definite together through Vermillion, S.D.

plan for the future. conferences and “I would like to work in high tech, either

“I wasn’t sure what I networking opportuni- telecom or wireless, doing business

wanted to do,” Haffer ties. strategy and development.”

said. “I actually thought Last summer, Haffer

about being a professor interned at FullSeven Daniel Martin, MBA ‘02

and studying for a PhD in Technologies, a com- Atlanta, Ga.

history.” pany that provides ”Ron Unger, Ricky Ayers and I founded

Instead, Haffer spent businesses with software Work Smart Offices. The IT/networking

four years as a clothing to bring functionality to company is growing revenue through

buyer in Washington, their e-mail systems. sales and marketing of a successful

D.C. Haffer gained valuable experience in product with a solid partnership base.

“Surprisingly enough, teen-age girls’ areas critical to growing a small business, Work Smart will be operationally profit-

clothes,” said Haffer. “The clothing from public relations and marketing to able by the end of the year. Ron, Ricky,

aspect really wasn’t as important as partnership development and market and I will continue to run the company

analyzing the business and figuring out research. full time after graduation.”

ways to make it work. Actually having “It got the bug in me for entrepre-

the opportunity to run my own business neurship more than I already had it,” said Julia Markham, MBA ‘02

was the part of the whole job I really Haffer. “I worked with a great group of Northern Va.

liked.” people. A lot of them were former entre- ”I am planning to go back into manage-

The experiences whet his appetite for preneurs with private companies, so I got ment consulting after graduation. I have a

business and for entrepreneurship, and to learn a lot about their entrepreneur long-term goal of starting my own

he decided to pursue an MBA. experiences.” business, potentially an independent

In addition to working part time for management consulting company.”

FullSeven, Haffer serves as president of

“RTP is a great area for the MBA Entrepreneurship Club. Will Wick, MBA ‘02

starting a business, espe- “We try to expose students to Bristol, Va.

entrepreneurial businesses,” said Haffer. “I am very interested in wireless technolo-

cially technology and The club hosts a biweekly speaker gies and would like to continue working

biotech. With all the uni- series featuring area entrepreneurs and in this region for an early stage venture. I

works with the Council for Entrepreneurial enjoy being a part of a startup environ-

versity talent and all the Development to facilitate volunteer ment, and this area has the necessary

multinational companies, it opportunities for students to interact with ingredients to allow entrepreneurs to

local firms. grow their visions into successful

just helps you in the pro- The club’s officers have worked in companies.”

cess of [operating] a small settings ranging from their own startups

to investment banks to think tanks, Dan Harmon, MBA ‘02

business.” providing diversity Haffer sees as Central, Ill.

beneficial to members. “I hope to work for a relatively young

“We all do a wide variety of stuff, technology company here in RTP. I have

“It was between here and Columbia even though we’re all interested in my eye on a few promising young

University,” said Haffer. “The reason I entrepreneurship,” said Haffer. “Some of biotechnology startups. But in the

came to UNC-Chapel Hill was entrepre- us want to start our own businesses right current state of the technology and

neurship. I’ve been pleased with what away, and others of us don’t. That speaks venture financing industries, the job

I’ve discovered here. It’s a great commu- search process could be an interesting

nity, and the MBA Program gives us a lot challenge.”

of unique opportunities with the business See HAFFER, page 7





Spring 2002 CAROLINA ENTREPRENEUR | 5

Initiative Brings Triangle Wireless Community Together

The Center for Entrepreneur- Saulsbury interviewed members of

ship and Technology Venturing the area’s wireless community and

(CETV), in a partnership with the local venture capitalists to gain a

Council for Entrepreneurial perspective on what they believed

Development and several local was necessary to further the

companies, established the development of the industry.

Research Triangle Park Wireless “Most of the feedback I got

Initiative (RTPWI) in fall 2001. was that there just needs to be a

The organization promotes formal way for people to get

communication and knowledge together and network and talk

sharing among the wireless and about issues that are specific to

wireless-associated companies of the wireless industry,” said

the Research Triangle Park area. Saulsbury. “There was a real

Jeff Reid, executive director sense that RTP could be known

of CETV, helped get the organiza- for wireless, like a wireless hub, in

tion off the ground with Marc the United States”

Saulsbury, a second-year Kenan- The RTPWI’s first meeting on November 29 brought together RTPWI promotes RTP as a

Flagler MBA student who serves members of the region’s growing wireless community. Ed Paradise, center for wireless technology and

Cisco’s VP for wireless, was the keynote speaker.

as operations manager, and area innovation to raise the area’s

entrepreneurs. profile in the technology commu-

“In talking to various nity and to recruit talent to the

students, faculty, entrepreneurs and other organization’s member companies.

business people, I saw a lot of people the idea of getting these groups together, In addition, the organization brings

interested in wireless business and and CETV was in a unique position to do together large and small wireless compa-

technology and realized these groups this.” nies to share market intelligence and to

weren’t talking to each other,” Reid said. To assess the intercompany commu- benefit the entire RTP wireless commu-

“Some of the entrepreneurs came up with nications in the RTP wireless world, nity.

“A lot of the entrepreneurial firms felt

there were all these great, larger compa-

nies doing things here, and that they’d

2001 Master Panel Hosts the Carolinas’ Finest love to have access to them,” said

At its fourth annual Master Panel in William Boyd, Muzak Saulsbury.

August, the Center for Entrepreneurship and “Defining what a business is about and getting But the initiative does not focus

Technology Venturing (CETV) brought together people excited about it and finding people who solely on wireless businesses. It also

some of North and South Carolina’s most can carry that excitement out. That’s how links the industry to local educational

established and successful entrepreneurs. business gets done.”

CETV hosts the panel discussion and

institutions by coordinating wireless field

reception for Ernst & Young’s “Carolinas Jud Bowman, Pinpoint Networks activities such as research, internships,

Entrepreneurs of the Year.” Panelists share “If you’re thinking about becoming an curriculum development and technology

stories and relate experiences from the field. entrepreneur and you’re not crazy or passion- transfer.

Kenan-Flagler, Ernst & Young, and the Council ate, forget about it.”

for Entrepreneurial Development co-sponsor

“Kenan-Flagler is heavily into

the panel and the reception. Justus Ammons, Ammons Inc. research into the wireless area,” said

Participants in the 2001 event included: “A lifetime of dreaming and going for broke can Saulsbury. “It was just an opportune

William Boyd, chief executive officer of Muzak; be both fun and rewarding.” observation that a partnership with the

Jud Bowman, president, chief executive officer

and co-founder of Pinpoint Networks; Justus Roxanne Quimby, Burt’s Bees Inc. wireless industry ought to happen.”

Ammons, president and owner of Ammons Inc.; “This entrepreneurship is truly an area where RTPWI was publicly announced on

Roxanne Quimby, president and co-founder of one lives and dies by one’s efforts and abilities, Oct. 31 at InfoTech 2001. Its first meeting,

Burt’s Bees Inc.; Joseph DeSimone, co-founder and there is no glass ceiling.” on Nov. 29, featured keynote speaker Ed

and chairman of Micell Technologies; John

Plachetka, co-founder, president and chief Joseph DeSimone, Micell Technologies Paradise, vice president and general

executive officer of Pozen Inc.; and Frederic “The opportunity to listen and to leverage manager of Cisco Systems’ mobile

Eshelman, chief executive officer of PPD. knowledge from other industries has been key wireless division.

Entrepreneurship professor Rollie Tillman, for us.”

the founder of CETV, moderated the panel,

which provided valuable advice, from “negotia- John Plachetka, Pozen Inc. For more information about the

tion is an art” to “put out the dog before you “Hire people who are smart and dedicated. You Wireless Initiative visit www.rtpwi.org.

conduct business over the phone at home.” can teach technical skills.”

Here are highlights from each panelist:

Frederic Eshelman, PPD

“Establish a culture for your business early, and

don’t let it get polluted as you scale up.”







CAROLINA ENTREPRENEUR | 6 Spring 2002

VCIC from page 1

The companies involved in the competi- industry is experiencing a significant

Murchison and Daniel Martin won the tion have used the students’ feedback in downturn, our VCIC field looks stronger

2001 Southeast regional competition and developing their presentations, and than ever,” said Matt Goff, a second-year

advanced to the finals at Kenan-Flagler. venture capital firms have taken notice of MBA student and chair of the 2002 VCIC.

“It’s great for folks interested in the VCIC as a recruiting ground for the “Student competitors understand venture

venture capital and entrepreneurship,” next generation of venture capitalists. capitalists must make smarter investment

said Martin, a second-year MBA student. “One of the unique things is these decisions, and they recognize the VCIC is

“We got two years’ worth of venture are real companies that are actually an excellent way to hone their skills.”

capital learning in three super rigorous looking for money,” said Reid. “The Hosting the West regional will be the

sessions. It’s a great window into how to students’ analysis and feedback are often University of Southern California. The

look into businesses. It helped us get incorporated in the company’s pitch the University of Texas at Austin will host

connected to the outside world, and it next time they present.” competitors in the Central regional.

created a valuable network that has been “It’s a chance to listen to pitches Babson College and the University of

fantastic.” from real companies,” said Boehm. “It’s a Maryland will host the Northeast and

“The VCIC was the single best chance to listen to criticism and sugges- Southeast regionals, respectively.

academic competition in which I’ve ever tions of their analysis from real venture Goff expects many of last year’s

participated,” said Unger, also a second- capitalists. For the venture capitalists teams to compete again in 2002. Among

year MBA student. “It’s the most involved in the competition, it’s a chance the participants from last year were: Duke

valuable event offered through the to look at bright students if the fund is University, Harvard, the University of

business school.” interested in hiring associates, and it’s a Wisconsin, the University of Chicago,

The VCIC has been noted for its chance to connect with the University.” Carnegie Mellon University, the Univer-

innovative program in entrepreneurial CETV recently announced the sity of California at Berkeley and MIT.

education, and its reach has extended regional host schools for the 2002 VCIC. To learn more about VCIC, visit

beyond its competitive academic setting. “Although the venture capital www.vcic.unc.edu.





LAUNCHING from page 2 BPX from page 4 HAFFER from page 5

course has become a maypole for strategies, goals and functions of the highly to the broad range of experiences

attracting individuals from across campus company for which you work.” and insights we can offer to the stu-

in medical and technology backgrounds BPX provides insight into the dents.”

interested in taking their ideas to the business development process that will The club also gives scholarships,

marketplace.” prove valuable to every student who funded by entrepreneurial ventures, to

According to Sullivan, researchers at takes the course, according to Joe students working in entrepreneurial

academic institutions are exploring the Colopy, MBA ’99, who took a business internships.

commercial value in the intellectual plan writing class during his MBA “We sell coursepacks and business

property with which they have been Program at Kenan-Flagler. cards,” said Haffer. “We funnel that

dealing. In spring 2001, the class “BPX is a capstone exercise for any money into scholarships for students.”

included neuroscience and biomedical MBA,” said Colopy. “It ties together Those who work in summer intern-

professors as well as graduate students your understanding of marketing, finance, ships and receive the scholarships also

from departments such as chemistry and management and operations in one detail their experiences in a paper, which

microbiology. complete project. Whether you start your Haffer makes available for first-year

Some MBA students have used the own business or launch a product within students.

experience as a springboard to start their a larger corporation, you will have to write “Instead of just talking to us, they

own companies. a business plan.” can look at the papers,” said Haffer. “It’s

Mohit Bhatnagar, an executive MBA Today, as Colopy runs Joeism Web really a great tool, so that even when they

graduate, launched his company, Services, his Durham-based company, he come talk to us, they can say, ‘I read what

Brightpod, out of the class, which he took uses the skills taught in Kenan-Flagler’s you did, what was this like.’”

in spring 2000. business planning classes. While he has not ruled out traditional

“It refined the business plan from an “I have used the business plan from business, Haffer wants to find a niche in

idea to a concise, articulate venture- my class as a guide for two business the biotech industry after graduation.

capital-relevant story,” said Bhatnagar. plans that I have written since business But, in whatever sector he lands, he

“It allowed me to network with all the school,” said Colopy. “Its framework has hopes to remain in the Triangle.

constituents necessary to start my been invaluable as I have been research- “We’d definitely prefer to stay in this

company. Most importantly, by exposing ing markets, assessing management teams area,” said Haffer. “It’s a great area for

the business plan to a bunch of smart and figuring out the right financing for a starting a business, especially technology

people and getting their positive valida- successful venture.” and biotech. With all the university talent

tion, I was able to get the confidence that and all the multinational companies, it just

I had a story that was fundable and helps you in the process of operating a

launchable.” small business.”



Spring 2002 CAROLINA ENTREPRENEUR | 7

Events for Spring 2002







Calendar Venture Capital Investment Competition

National Finals

Date: April 4-6, 2002

Location: McColl Building

www.vcic.unc.edu



Venture 2002

Date: April 29-30, 2002

Location: Koury Auditorium and The

Friday Center

www.cednc.org/venture/2002/



Biotech 2002

Date: May 20, 2002

Location: The Friday Center

www.cednc.org/biotech/2002/



Closely Held Business Forum

(ChelBus): “Managing Your Business

Through Economic Cycles”

Jeff Reid, executive director of CETV (second row, far left), Mark Heeson, president of the National Date: May 20, 2002

Venture Capital Association (first row, second from left), and Roger Novak, VCIC judge and co-

Location: Paul J. Rizzo Conference Center

founder of Novak Biddle Venture Partners (far right), present the first-place prize and trophy to the

Yale team at the 2001 VCIC. The 2002 VCIC national finals begin April 4 at UNC-Chapel Hill. at Meadowmont









C A R O L I N A

Nonprofit Org.

ENTREPRENEUR US Postage

PAID

Chapel Hill, NC

Permit No. 177

Center for Entrepreneurship

and Technology Venturing

Kenan-Flagler Business School

The University of North Carolina

at Chapel Hill

Campus Box 3440

Chapel Hill, NC 27599-3440



Phone: (919) 843-5482

Fax: (919) 962-8202



eship@unc.edu



www.cetv.unc.edu









CAROLINA ENTREPRENEUR | 8 Spring 2002