2008–09 Annual Report

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					2008–09 Annual Report
Chicago Booth’s Polsky Center for
Entrepreneurship advances the know-
ledge and practice of entrepreneurship
and innovation. The center supports
entrepreneurial development and
investment in innovation through its
cutting-edge curriculum, hands-on
learning experiences, leading faculty
research, impactful conferences, and
community and global outreach programs.




AdministrAtion                                starr marcello, Senior Associate Director
Ellen A. rudnick, ’73, Executive Director     of Entrepreneurship Programs
and Clinical Professor of Entrepreneurship    mark Harris, Associate Director, Marketing
                                              and External Relations
steven n. Kaplan, Faculty Director            tina Quealy, Assistant Director
and Neubauer Family Professor                 Jonathan Allan, Program Manager,
of Entrepreneurship and Finance               Marketing and Design
                                              tom Ancona, Program Manager
Linda darragh, Director of Entrepreneurship   robyn searles, Office Manager
Programs and Clinical Associate Professor
of Entrepreneurship                           ChicagoBooth.edu/entrepreneurship
            WELCOME
                        Since its creation in 1998, the Polsky Center for Entrepreneurship at
                        Chicago Booth has been developing entrepreneurial leaders who add
                        value to the global economy, and now more than ever, our students are
                        using the circumstances of our economy as a calling to create their own
                        opportunities through entrepreneurship.
Ellen A. rudnick, ’73
Executive Director

                        Throughout the past year, we celebrated record levels of participation in
                        all of our programs, deepened our impact on the business community
                        locally and globally, and had more students than ever before who gradu-
                        ated with an entrepreneurship concentration. As you peruse the pages
                        of our 2008–09 annual report, you’ll recognize the incredible scope of
steven n. Kaplan
Faculty Director        entrepreneurial activity and innovation across the University of Chicago
                        campus and in the greater Chicago Booth community.

                  The entrepreneurial road is not easy, which is why the Polsky Center
                  continues its mission to provide an essential set of tools to enhance
                  the success of the next generation of entrepreneurs, investors, and
michael P. Polsky
Chairman of the   innovators. Through our partnerships with the local business com-
Board             munity, we also are doing our part to build on the regional economy’s
           core strengths, while at the same time connecting our growing global net-
           work of entrepreneurs.

            As we reflect on the activity of the past year, we recognize our students, faculty,
            staff, alumni, donors, sponsors, and friends worldwide, who support entrepre-
            neurship at Chicago Booth and help make so much of what we do possible.

            Sincerely,




            Ellen A. rudnick, ’73               steven n. Kaplan                    michael P. Polsky, ’87
            Executive director                  Faculty director                    Chairman of the Board




                                                             Polsky Center for Entrepreneurship 2oo8–o9 Annual report   1
                                    ENTREPRENEURSHIP AT
                                    CHICAGO BOOTH
ENTREPRENEURSHIP AT CHICAGO BOOTH




                                    It was a record-setting year for entrepreneurial interest at
                                    Chicago Booth, with unprecedented participation in Polsky
                                    Center programs and activities. Entrepreneurship is a driving
                                    force in the Chicago Booth experience, and our students use
                                    these learning experiences to become transformational
                                    entrepreneurs, leaders, and innovators.



                                             During 2008–09,                                          More than 400
                                         50 percent of Chicago                                 students worked on developing
                                            Booth graduates                                       a new business idea with a
                                        from all programs earned                                 record 126 company
                                        a concentration in entre-                                    submissions
                                        preneurship, the highest                                to the Edward L. Kaplan New
                                                                                                     Venture Challenge.
                                                level ever.



                                                                                                   The Entrepreneurship,
                                              A record-setting                                   Venture Capital and Private
                                                                                                Equity Student Group grew to
                                              964 students
                                         applied to participate in                             more than 415 members,
                                                                                                which resulted in its split into
                                         Polsky Center programs                                two groups—the Entrepreneur-
                                           throughout the year.                                ship and Venture Capital Group
                                                                                                and the Private Equity Group.




                            2       2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                        ENTREPRENEURSHIP AT CHICAGO BOOTH
CoUrsEs in EntrEPrEnEUrsHiP
Chicago Booth offers 23 entrepreneurship and related courses, which combine
traditional classroom fundamentals with innovative hands-on learning.

Entrepreneurship Courses
Bus34101 Entrepreneurial Finance and         Bus37701 Laboratory in New Product &
            Private Equity                            Strategy Development
Bus34102 New Venture Strategy                         (Management Lab)
Bus34103 Building the New Venture            Bus39101 Technology Strategy
Bus34104 Special Topics in Entrepreneur-     Law71401 Structuring Venture Capital,
            ship: Developing a New Venture            Private Equity, and
            (New Venture Challenge)                   Entrepreneurial Transactions
Bus34105 Entrepreneurial Internship
            Seminar                          related Courses in Entrepreneurship
Bus34106 Commercializing Innovation          Bus30118 Taxes and Business Strategy
Bus34110 Social Entrepreneurship             Bus33221 Economics and Policy in
Bus34111 Entrepreneurial Selling                          the Telecom, Media, and
Bus34701 New Venture and Small                            Technology Industries
            Enterprise Lab                   Bus37106 Marketing Research
Bus34702 Private Equity and Venture          Bus39201 Designing and Leading the
            Capital Lab                                   Entrepreneurial Firm
Bus34703 International Entrepreneurship      Bus41301 Statistical Insight into Marketing
            Lab—China                                     Consulting and Entrepreneurship
Bus34704 Real Estate Lab:                    Bus42103 Applied Strategic Management/
            Real Estate Challenge                         INTOPIA
Bus37201 Developing New Products             Bus42120 Innovation in Energy Markets
            and Services                                  and Opportunities in
                                                          Renewable Energy




                                             Polsky Center for Entrepreneurship 2oo8–o9 Annual report          3
           EXPERIENTIAL LEARNING
           Entrepreneurship is a full-contact sport. At Chicago Booth, students have first-
PROGRAMS




           hand encounters with the challenges and opportunities facing entrepreneurs
           and investors through experiential learning, where the theory meets practice
           in the classroom.


           EntrEPrEnEUriAL intErnsHiP                                 31 Chicago-based private equity firms
           ProGrAm                                                    hosted 47 students.
           Students spend the summer working at a                        Since the lab course started in 2000,
           start-up company or venture capital firm                    more than 340 students and 100 firms
           and then take a seminar course in the                      have participated.
           fall (Bus 34105) to develop their intern-
           ships into case studies. Selected students                 nEW VEntUrE And smALL
           receive a subsidy from the Polsky Center                   EntErPrisE LAB
           and can elect to intern with emerging                      Teams of students work directly with
           entrepreneurial firms in a traditional,                     early-stage businesses in this lab course
           global, or socially focused area or, in                    (Bus 34701), where they gain real-world
           some cases, work on building their                         experience by helping entrepreneurs
           own venture.                                               grow their business. Under the guidance
              During the summer of 2009, a record                     of the course professor, students work
           number of 40 students participated in                      on strategic and operational projects and
           the program. These students worked                         make recommendations that will have
           in a variety of industries, including                      a lasting impact on the growth of the
           software development, IT, clean tech,                      participating start-up enterprise. During
           food, media, and health care in locations                  2008–09, 48 students worked with 12
           throughout the United States as well as in                 small firms including Turbulent Energy,
           China, India, and Latin America.                           Inc.; Amyntas Capital; Errand Solutions;
              Since the program’s inception in 1999,                  iLight Technologies; and SoCore Energy.
           more than 200 students and 200 compa-
           nies have participated.                                    soCiAL EntrEPrEnEUrsHiP LAB
                                                                      Structured like the New Venture and Small
           ELFmAn-WArEHAm PriVAtE                                     Enterprise Lab, the Social Entrepreneur-
           EQUitY And VEntUrE CAPitAL LAB                             ship Lab allows students to explore social
           Students complement their academic                         entrepreneurship by working directly with
           learning by working at a private equity or                 a local nonprofit enterprise or a for-profit
           venture capital firm for a 10–15 hours-                     venture with a social mission. Through
           per-week internship. Selected students                     this lab course (Bus 34110), student teams
           gain firsthand experience in the analysis                   assist the participating organizations
           and understanding of investment deci-                      and firms with strategic analysis of their
           sions, and tackle specific assignments                      business issues and propose meaningful
           that range from evaluating a current                       recommendations. In the spring 2009
           portfolio company to identifying new                       quarter, 50 students worked with 11 social
           opportunities for investment. In the                       enterprises including Cristo Rey charter
           spring, participating students enroll in                   school network, ACCION-Chicago, and
           Bus 34702 where they discuss and ana-                      Kids in Danger.
           lyze their experiences. During 2008–09,



      4    2oo8–o9 Annual report Polsky Center for Entrepreneurship
     ULRIKA HAUG, ’09




                                                               STUDENT PROFILE
     BACKGroUnd
     Senior analyst with a consulting firm,
     working with Fortune 500 clients
     on strategy, shared services, and
     procurement projects

     EntrEPrEnEUriAL LEArninG At
     CHiCAGo BootH
    Participated in the 2008 New Venture
     Challenge with finalist team ReTel
     Technologies
    Through the Entrepreneurial Internship
     Program, worked for Stion, a Khosla
     Ventures portfolio company that devel-
     ops high-efficiency thin-film solar
     photovoltaic modules
    Worked with Zorch International as
     part of the New Venture and Small
     Enterprise Lab
    Co-chaired the Entrepreneurship,
     Venture Capital and Private Equity
     student group




    “Whether you join a start-up or
     launch your own business, the
     entrepreneurship programming
     at Chicago Booth provides you
     with the toolkit you need to
     pursue your entrepreneurial
     passion.”




    Polsky Center for Entrepreneurship 2oo8–o9 Annual report      5
           EDWARD L. KAPLAN, ’71,
           NEW VENTURE CHALLENGE
                                                   The New Venture Challenge (NVC),
PROGRAMS




                                                   Chicago Booth’s premier business plan
                                                   competition, spans the academic year
                                                   to help students successfully launch and
                                                   run new businesses. The 2008–09 NVC
                                                   began with a record-setting 126 teams
                                                   comprising more than 400 students
           from Chicago Booth’s Chicago, London, and Singapore campuses and other
           University of Chicago divisions. The competition culminated with a final pre-
           sentation in May before a panel of world-class investors and entrepreneurs,
           who determined the following winners:
                             Bump Technologies, Inc.                  GLoBAL nVC
                        (co-winner), developed                        The NVC includes a global track where
                        a universal interface for                     Executive MBA students from Chi-
                        mobile-to-mobile com-                         cago Booth’s London and Singapore
           munications that allows secure infor-                      campuses participate and receive
           mation exchange by simply bumping                          instruction, coaching, and mentor-
           two devices together. The company was                      ing. Thirty-eight teams competed in
           recognized as the one-billionth down-                      London and Singapore, and four semi-
           load on Apple’s App Store.                                 finalists traveled to Chicago for the
                                                                      global finals.
                         Nine Naturals (co-winner)                      The 2009 Global NVC winner was
                         is the first certified                         Autoplanet, an Indian roadside service
                         natural hair and skin                        modeled after AAA.
                         care line to address the
           specific health and beauty needs of                         sPonsors
           expecting moms.                                            The success of the NVC is made possible
                                                                      through the generous support of corporate
                           Mercardi is a secondary                    and individual sponsors. The title spon-
           marketplace for gift cards.                                sor is Edward L. Kaplan, ’71, founder and
                                                                      chairman emeritus of Zebra Technolo-
                              In Context Solutions is a               gies. Other sponsors included Mitsubishi
                              full-service marketing                  Corporation; Market Strategy Group, LLC;
                              research firm special-                   Reed Smith LLP; Deloitte Consulting LLP;
           izing in virtual store research.                           and individual sponsors Fred Dotzler, ’73,
                                                                      and Immanuel Thangaraj, ’93.
                       Masala Wala is a “fast casual”
                       restaurant concept for healthy
                       East Indian food.

           Virtual Lab develops solutions that
           help high-tech product developers
           minimize their test and measurement
           equipment costs.


      6    2oo8–o9 Annual report Polsky Center for Entrepreneurship
NEW VENTURE
CHALLENGE COMPANIES
Since 1996, the NVC has awarded $600,000 and helped




                                                                                                              PROGRAMS
launch more than 50 companies, which have gone on to
raise more than $100 million in equity capital and create
hundreds of jobs. Below is a sampling of the successful NVC
companies that experienced milestones over the last year.




brightroom, the first com-        PrepMe, a personalized                 LiquidTalk, a software com-
pany to begin posting and        online ACT, PSAT, and SAT              pany which helps large enter-
selling running photos online    preparation service.                   prise customers better connect
on a large scale.                Cofounder: Karan Goel, AB              and engage mobile employees
Cofounder: Sol Kanthack, ’00     ’04, MBA ’06                           to spark productivity.
NVC Result: Second place,        NVC Result: Winner, 2005               Founders: Daniel Anderson,
2000                             Number of Employees: 18                ’94, and David Peak
Number of Employees: 50          full time, three part time, and        NVC Result: Participant, 2006
2008–09 Milestone: In            over 75 tutors                         2008–09 Milestone: Liquid-
2008 alone, brightroom           2008–09 Update: PrepMe                 Talk was acquired by OnPoint
indexed and posted over 14       has grown revenues over                Digital in 2008 to form a new
million images from nearly       350 percent since last year            leader in the mobile content
12,000 events in 49 U.S.         and was a 2008 Chicago In-             delivery space. The com-
states and eight countries on    novation Award Winner. The             bined organization, under the
its branded websites utilizing   company is launching an in-            CellCast brand, will offer cus-
a proprietary digital workflow    novative new program called            tomers and partners a more
system.                          Essentials catered toward              complete suite of powerful
                                 delivering personalized math,          mobile delivery and tracking
                                 reading, and writing skills            technologies, and creates one
                                 for 8th and 9th graders as it          of North America’s largest
                                 expands its sales into charter         teams of mobile learning and
                                 schools and school districts.          content management
Grubhub.com, a food                                                     professionals.
delivery search engine.
Founders: Matt Maloney,
current part-time student,
and Mike Evans
NVC Result: Co-winner, 2006      Braintree Payment Solutions,
Number of Employees: 40          an end-to-end provider of              Rise Interactive, a full-
2008–09 Update: GrubHub.         credit card and PCI Compli-            service internet marketing
com raised $2 million in its     ance services.                         agency.
second round of funding this     Founder: Bryan Johnson, ’07            Founder: Jon Morris, ’05
year. Customers are able to      NVC Result: Winner, 2007               NVC Result: Second place,
find out who delivers to them     Number of Employees: 15                2004
and order food online or via     2008–09 Update: “We’ve                 Number of Employees: 20
the new iPhone application.      had our best year. Our mo-             2008–09 Update: Over the
The company now operates         mentum has been fueled by              last year, Rise signed over 20
in Boston, Chicago, New          key customer acquisitions              new clients, including Land
York, Philadelphia, San Fran-    and the hiring of some highly          of Nod and EMC. In addition,
cisco, and Washington DC.        talented people.”                      the company recently added
                                                                        Jack Kraft, former COO of
                                                                        Leo Burnett, to its team as a
                                                                        senior advisor.




                                                   Polsky Center for Entrepreneurship 2oo8–o9 Annual report    7
           OTHER COMPETITIONS
           AND AWARDS
           Competition sparks innovation and creativity, which are essential tools for
PROGRAMS




           entrepreneurs. Chicago Booth students compete in school-wide and inter-
           collegiate entrepreneurial competitions, allowing them to test themselves
           and their ideas and receive valuable guidance and feedback.


           GLEnCoE CAPitAL VEntUrE CAPitAL                            intErCoLLEGiAtE BUsinEss
           inVEstmEnt ComPEtition                                     PLAn ComPEtitions
           The Venture Capital Investment Com-                        In 2008–09, Chicago Booth students
           petition (VCIC) is a daylong investment                    participated and excelled in some of
           competition where students play the role                   the world’s most prestigious business
                                        of venture                    plan competitions.
                                        capitalists to
                                        real-life en-                 AutoShop
                                        trepreneurs.                  Hari Vijayarajan, ’10
                                        Student teams                 Winner, Chicagoland Fast Pitch
                                        meticulously
                                        evaluate                      CaptainU
                                        promising                     Michael Farb, ’09; Nicole Shariatzadeh, ’09
                                        start-up                      Finalist, Rice University Business
           companies and present their investment                       Plan Competition
           decisions to a panel of distinguished                      Finalist, Global Moot Corp® Competition
           members of the investment community.
              In 2009, an unprecedented 125 stu-                      In Context Solutions
           dents in 26 teams applied to compete in                    Part-time students Bob Gillespie,
           the VCIC. Among the six teams selected                       Kanika Agarwal, Jeb Ory,
           to compete, the panel crowned Bluth                          Kristine Wexler
           Venture Partners the winner. Team                          Finalist, Rice University Business
           members included Jasper Platz, ’09;                          Plan Competition
           Lisa Pinsley, ’09; Matt Mettler, ’09;
           Jim Shilkett, ’09; and Greg Foster, ’09                    Mercardi
           (as pictured above with faculty spon-                      Eric Etu, ’09; Benny Joseph, ’09;
           sor Scott Meadow). The team went on to                       Jennifer Varela, ’09
           win the regional competition held at the                   Finalist, DFJ and Cisco Global Business
           University of Colorado–Boulder and was                       Plan Competition
           selected as the “Entrepreneurs’ Choice”
           at the national competition hosted by the                  Vital Approach
           University of North Carolina–Chapel Hill.                  Ravikant Atreya, ’09; Benjamin Cheng, ’08;
                                                                        James Madine, ’09; Helmuth Mayer,
                                                                        part-time student
                                                                      Finalist, Mai Bangkok Business
                                                                        Challenge at Sasin University
                                                                      Social Benefit Award and Elevator
                                                                        Pitch Winner, Hong Kong University of
                                                                        Science and Technology Business
                                                                        Plan Competition



      8    2oo8–o9 Annual report Polsky Center for Entrepreneurship
     PHILLIP LESLIE, ’09




                                                                STUDENT PROFILE
     BACKGroUnd
     Software engineer and manager for
     nine years at Microsoft

     EntrEPrEnEUriAL LEArninG At
     CHiCAGo BootH
    Founded ProOnGo, LLC, which helps
     mobile professionals manage and
     submit their business expenses with
     ease and efficiency, through the 2008
     New Venture Challenge
    Grew the business in the Polsky Center’s
     ARCH Venture Partners New Business
     Incubator




    “i arrived at Chicago Booth
     without any entrepreneurial
     experience, but left with a seed-
     funded business with customer
     totals doubling every month,
     media coverage, and credibility
     as a finalist of the new Venture
     Challenge. my learning here
     was transformational and shot
     me into the ranks of the most
     promising entrepreneurs in
     the world.”

     Polsky Center for Entrepreneurship 2oo8–o9 Annual report      9
              CONFERENCES
              Information sharing is essential to an entrepreneur. The Polsky Center
CONFERENCES




              works together with student groups and various sponsor organizations to
              host a number of industry-related conferences where students, alumni,
              faculty, entrepreneurs, and others in the business community can share
              ideas, foster creativity, and network.


              EntrEPrEnEUrsHiP And VEntUrE                               midWEst ALtErnAtiVE EnErGY
              CAPitAL ConFErEnCE                                         VEntUrE ForUm
                                            The tenth                    Business leaders, entrepreneurs,
                                            annual                       investors, and researchers convened
                                            Entrepre-                    for the second annual Midwest
                                            neurship                     Alternative Energy
                                            and Venture                  Venture Forum
                                            Capital                      (MAEVF), which has
              (EVC) Conference attracted more than                       become the premier
              200 attendees and featured Ron Packard,                    event for clean tech
              ’89, CEO and founder of K12, Inc., the                     professionals in the
              world’s largest online school for kinder-                  region. The confer-
              garten through grade 12; Ken DeAngelis,                    ence featured a key-
              founder and general partner of Austin                      note presentation
              Ventures, one of the country’s leading                     from Ira Ehrenpreis, general partner of
              venture capital firms; and Scott Griffith,                   Technology Partners, one of the most
              ’90 (above right), chairman and CEO of                     active clean tech venture firms in the
              Zipcar, the world’s largest car-sharing                    world. Other speakers included Michael
              service. Each provided insight into                        Polsky, ’87 (pictured), president and
              their entrepreneurial experiences and                      CEO of Invenergy LLC.
              inspired the attendees with their start-up                    The forum featured 13 Midwest-based
              growth stories.                                            emerging alternative energy companies
                 The daylong conference, run by the                      that presented to interested investors.
              Entrepreneurship and Venture Capital                       Industry experts also led panel discus-
              student group in November, also included                   sions on biofuels, clean coal technology,
              breakout sessions and a networking                         and solar and wind energy. In tandem
              reception. The next EVC conference will                    with the MAEVF, the Polsky Center and
              be held November 20, 2009.                                 the student-led Energy Group hosted the
                                                                         very first Clean Tech Forum, which gave
                                                                         students insights into new alternative
                                                                         energy technologies. The event featured
                                                                         Travis Bradford, adjunct professor of man-
                                                                         agement, who addressed the tremendous
                                                                         opportunities available in this space.
                                                                            The next MAEVF will be held on
                                                                         November 18, 2009. For more informa-
                                                                         tion, visit ChicagoBooth.edu/maevf.




         10   2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                         CONFERENCES
BEECKEn PEttY o’KEEFE &                       From FArm to ForK
ComPAnY PriVAtE EQUitY                        Food ConFErEnCE
ConFErEnCE                                    The food industry and its impact on the
                             More than        regional economy were areas of focus
                             300 students,    this year for Chicago Booth’s Hamer
                             alumni, and      Exploring Entrepreneurship Conference
                             private equity   Series. “From Farm to Fork: Innovations
                             professionals    in the Chicago Food Industry,” held in
                             gathered for     April in partnership with the Chicagoland
the eighth annual Private Equity Confer-      Entrepreneurial Center, attracted a stand-
ence in February, which featured keynote      ing-room-only crowd of entrepreneurs,
presentations by global industry leaders      industry experts, consultants, investors,
Raymond Svider, ’89 (pictured right), co-     chefs, and representatives from economic
chairman of BC Partners, and Peter Kagan,     development and government agencies.
’97, managing director of E.M. Warburg,       The conference was the first of its kind to
Pincus & Co. The daylong conference,          showcase the region’s leadership in this
run by the Private Equity student group,      sector, and allowed participants to discuss
included several informative breakout         the trends and opportunities for growth
sessions and a networking reception.          and innovation in all parts of the food
   The next PEC will be held on               value chain.
February 19, 2010.                               A white paper on the event will be
                                              released in the fall of 2009 in partner-
                                              ship with consulting firm A.T. Kearney
                                              and will incorporate many of the insights
                                              and recommendations received from the
                                              conference proceedings. For more infor-
                                              mation, visit ChicagoBooth.edu/food.




                                              Polsky Center for Entrepreneurship 2oo8–o9 Annual report   11
                     GLOBAL INITIATIVES
                     With campuses in Chicago, London, and Singapore, and a vast global community
GLOBAL INITIATIVES




                     of faculty, students, and alumni entrepreneurs, Chicago Booth is paving the way
                     for greater economic growth in market-oriented economies across the globe.

                     immErsion triP 2008: indiA                                 “After the Pitch” session, where a dis-
                     The Entrepreneurial Immersion Initia-                      tinguished panel of investors including
                     tive provides unique access for Chicago                    Keith Breslauer, ’88, founder of Patron Cap-
                     Booth alumni, faculty, students, and                       ital, and Waverly Deutsch, clinical professor
                     other partners, to learn how to conduct                    of entrepreneurship, provided feedback to
                     business with emerging economies.                          a London-based entrepreneur.
                     For a week in October, a Chicago Booth                        In Singapore, Chicago Booth and
                     delegation traveled to New Delhi, Banga-                   the Chicago Private Equity Network
                     lore, and Mumbai and learned about                         alumni group hosted a sold-out panel
                                                 the practi-                    on private equity investing, moderated
                                                 cal aspects                    by Brian Rogove, ’08 (AXP-7), managing
                                                 of doing                       director of Cognita Asia (Englefield
                                                 business in                    Capital). Back in Chicago, the Polsky
                                                 India. The                     Center partnered with the Chicagoland
                                                 trip engaged                   Entrepreneurial Center to host a Fast
                                                 more than                      Pitch Competition, and Steven N. Kaplan,
                                                 100 India-                     Neubauer Family Professor of Entre-
                     based Chicago Booth alumni and others                      preneurship and Finance, headlined a
                     from the local business community and                      panel discussion on entrepreneurship
                     government, who hosted and took part                       and the economy.
                     in company visits, industry-specific dis-
                     cussions, sessions on business strategies                  PACiFiC rim EntrEPrEnEUr sUmmit
                     and tactics, and networking events.                                                     Chicago
                        Chicago Booth Global Advisory Board                                                  Booth joined
                     members Luis Miranda, ’89; Jerry Rao, ’81;                                              16 other
                     and Mohandas Pai; along with Jeby Cherian,                                              top busi-
                     ’02 (IBM); Samir Sood, ’01 (Google); and                                                ness schools
                     the alumni clubs in New Delhi, Bangalore,                                               around the
                     and Mumbai, were instrumental in devel-                    world in November to co-host the Pacific
                     oping a first-rate program of activities.                   Rim Entrepreneur Summit, the region’s
                        For more information, visit                             premier gathering of entrepreneurs to
                     ChicagoBooth.edu/entrepreneurship/                         discuss business opportunities in Asia.
                     immersion.                                                 Chicago Booth alumni represented the
                                                                                second-largest school contingent after
                     GLoBAL EntrEPrEnEUrsHiP WEEK                               lead organizer University of Southern
                     Chicago Booth showcased its entrepre-                      California. Panelists included Francis
                     neurial expertise across three continents                  Bassolino, ’02, managing partner of Alaris
                     during Global Entrepreneurship Week                        Consulting, and Steven Xi, ’04, managing
                     held in November. In London, the Polsky                    director of Riverwood Capital LLC.
                     Center held an interactive, sold-out




               12    2oo8–o9 Annual report Polsky Center for Entrepreneurship
     LISA STEFANAC, ’09




                                                                STUDENT PROFILE
     BACKGroUnd
     Worked at an organizational and leader-
     ship development consulting firm before
     founding and running ReDefine Global,
     a negotiations training and consulting
     company in Boston.

     EntrEPrEnEUriAL LEArninG At
     CHiCAGo BootH
    As part of the summer Entrepreneurial
     Internship Program, worked as an
     Endeavour Entrepreneur in Johannes-
     burg, South Africa
    Worked closely with the CEO and
     founder of a marketing organization
     through the New Venture and Small
     Enterprise Lab
    Founded Chicago Entrepreneurship for
     International Development, a student-
     run program that matches entrepreneurs
     in emerging markets with student
     consulting teams




    “my one-on-one conversations
     with Booth’s entrepreneurship
     professors in the Polsky Cen-
     ter combined with their stellar
     classroom curriculum have both
     fueled a fire within me to be an
     entrepreneur and given me the
     skills and confidence to excel in
     the world of entrepreneurship.”




     Polsky Center for Entrepreneurship 2oo8–o9 Annual report    13
                                         COMMUNITY AND CROSS-
                                         CAMPUS INITIATIVES
                                         The Polsky Center works with departments across the University of Chicago and
COMMUNITY AND CROSS-CAMPUS INITIATIVES




                                         throughout the greater Chicago business community to leverage and encourage
                                         entrepreneurial collaboration and small business growth.

                                         HYdE PArK AnGELs                                           Jacob Mintz, ’10; and Manish Tiwari, ’10.
                                         Hyde Park Angels (HPA) is a Polsky                           For more information, visit
                                         Center–affiliated angel network that                        hydeparkangels.com.
                                         provides a forum for entrepreneurial-
                                         minded members to invest in seed and                       ArCH VEntUrE PArtnErs
                                         early-stage businesses located primar-                     innoVAtion WorKsHoP sEriEs
                                         ily in the Midwest. Since July 2007,                       To improve the research and technol-
                                                                          HPA                       ogy commercialization efforts across the
                                                                          member-                                                 university,
                                                                          ship has                                                the Polsky
                                                                          grown                                                   Center
                                         from its seven founders to 50 and                                                        joined forces
                                         includes current and former executives,                                                  with the
                                         entrepreneurs, and venture capitalists                                                   Office of
                                         who meet quarterly to formally con-                        Technology and Intellectual Property
                                         sider start-ups that have been screened                    (UChicagoTech) and ARCH Venture
                                         by a selection committee.                                  Partners, and established the Innova-
                                            HPA has made three investments to                       tion Workshop Series. These events are
                                                       date: Shuffle Tech, a manu-                   designed to bring together university
                                                       facturing company that has                   researchers, innovators, entrepreneurs,
                                         developed a fully automatic playing                        students, and investors to educate, net-
                                         card shuffler for use in casinos; UICO,                    work, and facilitate the best practices for
                                                       which develops and manu-                     commercializing university technology
                                                       factures uniquely innova-                    and invention.
                                         tive custom user-interface solutions                          The initiative began in May 2009 with
                                         (UIs) for the appliance, medical, and                      a keynote presentation from Steve Lazarus
                                                       industrial markets; and                      (pictured), cofounder and managing
                                                       GradeBeam, an exclusive                      director of ARCH Venture Partners, a
                                         communication network designed by                          leader in the successful commercial-
                                         and for construction professionals.                        ization of technologies developed at
                                            HPA’s managing director is venture                      academic research institutions and
                                         capital veteran Sam Guren, and its faculty                 national laboratories. In June, a case
                                         director is Ira Weiss, MBA ’99, PhD ’01,                   study of Midway Pharmaceuticals provided
                                         clinical associate professor of account-                   the attendees with an example of how
                                         ing. Several Chicago Booth students are                    the commercialization process worked
                                         selected each year to participate in the                   with one technology from the University
                                         HPA associates program, enabling them                      of Chicago.
                                         to gain valuable investing experience                         Events for the 2009–10 academic year
                                         through screening and evaluating deals.                    are being scheduled. For more informa-
                                         The 2008–09 HPA associates were                            tion, please visit ChicagoBooth.edu/iws.
                                         Madhu Gangireddy, ’10; Ryan Gembala, ’10;
                                         Matthew Hankins, ’10; Anil Kumar, ’09;



                                14       2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                           COMMUNITY AND CROSS-CAMPUS INITIATIVES
CoLLEGiAtE sCHoLArs ProGrAm                     CommUnitY WorKsHoPs
Over the summer, the Polsky Center              To help local small businesses grow,
partners with the University of Chicago’s       the Polsky Center supports a number of
Collegiate Scholars Program to teach            community workshops in partnership
entrepreneurship to talented Chicago            with the University of Chicago Office
Public School (CPS) students. For two           of Business Diversity’s South Side Busi-
intensive weeks in July, Waverly Deutsch,       ness Development Initiative, and the
clinical professor of entrepreneurship,         Law School’s Institute for Justice Clinic
teaches Elements of Entrepreneurship,           on Entrepreneurship.
where students obtain real-world expo-             Through the Hamer Small Business
sure to starting a business.                    Initiative, Chicago Booth faculty led a
   In 2009, 20 CPS high school juniors          spring session on raising capital for
and seniors worked in teams on develop-         Hyde Park and surrounding area small
ing their own business ideas and received       business owners.
valuable insights from current Chicago
Booth students, Polsky Center staff,            FUtUrE FoUndErs ProGrAm
business owners, investors, and other           Chicago Booth students, faculty, and
guest speakers. The course culminated           alumni volunteer to support entrepre-
with a final business presentation before        neurship education for youth in Chicago
                     a panel of entrepre-       through the Future Founders Program.
                     neurs and investors.       Launched by the Chicagoland Entre-
                     This year’s winner         preneurial Center, the Motorola Foun-
                     was Band Stand (pic-       dation, and the Network for Teaching
                     tured), who created        Entrepreneurship, the program allows
                     a local, live “battle of   motivated high-school students in Chi-
                     the bands” concept         cago’s underserved neighborhoods to
                     for aspiring young         experience entrepreneurship and learn
adult musicians. The team won netbook           from volunteer mentors. 2008–09 vol-
computers generously provided by pro-           unteers included Linda Darragh, clinical
gram sponsor Goldman Sachs.                     associate professor of entrepreneurship;
                                                Carine Boneh, ’10; Lindsay Brehm, ’09;
                                                Cat Hermann, ’08; and Sy Lee, ’10.




                                                Polsky Center for Entrepreneurship 2oo8–o9 Annual report     15
                          SCHOLARSHIPS
                          AND AWARDS
                          The Polsky Center congratulates our talented and innovative entrepreneurial
SCHOLARSHIPS AND AWARDS




                          students for their achievements and award distinctions throughout the year.

                          HErmAn FAmiLY FELLoWsHiP                                    EntrEPrEnEUr in
                          The Herman Family Fellowship is an                          rEsidEnCE ProGrAm
                          annual tuition scholarship given to an                                    CaptainU, LLC, the 2008
                          incoming female student with entrepre-                                     New Venture Challenge
                          neurial talent and ambition. The 2008–09                                   co-winner, and Transparent
                          Herman Family Fellow was class of 2010                                     Financial Services (TransFS),
                          student Anne Golladay. This year, the                       a 2008 NVC participant, were selected
                          award founders Mike,’64, and Karen Herman                   to take part in the Entrepreneur in Resi-
                          expanded the program to include two                                                       dence (EIR)
                          adjunct fellows who have completed                                                        program,
                          at least one year at Chicago Booth and                      administered by the Chicagoland Entre-
                          demonstrated a commitment to entre-                         preneurial Center (CEC). Each business
                          preneurship. The 2008 adjunct fellow                        received a grant and partnered with an
                          recipients were Ulrika Haug, ’09 (see page                  experienced entrepreneur for 12 months,
                          5), and Lisa Stefanac, ’09 (see page 13).                      Both businesses have been growing in
                                                                                      the Polsky Center’s ARCH Venture Part-
                          VAsHEE PromisinG EntrEPrEnEUr                               ners New Business Incubator.
                          The 2009 Vashee Promising Entrepre-
                          neur Award recipients were Jason Brown,                     iLLinois tECHnoLoGY FoUndAtion’s
                          ’09 (right), and Phillip Leslie, ’09 (see                  “50 For tHE FUtUrE”
                          page 9). The monetary award is gener-                       Michael Cieri, ’10, and Benny Joseph, ’09,
                          ated from the Vijay, ’77, and Sita Vashee                   were recognized by the Illinois Technol-
                          Promising Entrepreneur Endowment                            ogy Foundation in its “50 For The Future”
                          Fund, and recognizes a graduating stu-                      technology talent competition. The pro-
                          dent who has demonstrated leadership in                     gram is designed to recognize top tech-
                          entrepreneurship at Chicago Booth and                       nology talent in the region and provide
                          is committed to pursuing an entrepre-                       students with connections to business
                          neurial career.                                             leaders early in their academic careers.

                          CAnFiELd PriVAtE EQUitY                                     inCUBAtion And inVEstmEnt
                          FELLoWsHiP                                                  Several promising New Venture Chal-
                          The 2008–09 Philip A. Canfield, ’96,                         lenge companies were selected by
                          Private Equity Fellowship recipients                        prestigious incubators to enhance their
                          were Irene Lisyansky, ’10, and Joseph                       growth and seed funding potential. 2009
                          Porten, ’10. The award includes finan-                       NVC co-winner Bump Technologies, Inc.,
                          cial assistance for an incoming student                     received seed funding and assistance
                          toward graduate study and rotations at                      from Y Combinator, and 2008 NVC finalist
                          Chicago-based private equity firms.                          ReTel Technologies received seed funding
                          Canfield is a principal at GTCR Golder                       and mentorship from Boulder-based
                          Rauner, LLC, a Chicago-based private                        TechStars. In addition, 2009 NVC teams
                          equity firm.                                                 Power2Switch and Virtual Labs were selected
                                                                                      as portfolio companies for Berkeley Ven-
                                                                                      tures, a new Bay Area incubator.



                   16     2oo8–o9 Annual report Polsky Center for Entrepreneurship
     JASON BROWN, ’09




                                                                STUDENT PROFILE
     BACKGroUnd
     Started a house painting business in
     college, then cofounded IT company
     iTOK, LLC

     EntrEPrEnEUriAL LEArninG At
     CHiCAGo BootH
    Worked at the Illinois Innovation
     Accelerator Fund (i2A) as part of the
     Private Equity and Venture Capital Lab
    Held summer internship with venture
     capital firm Voyager Capital
    Won 2008 Venture Capital Investment
     Competition
    Founded Solmentum, a solar energy
     company, with Jasper Platz, ’09




    “At Chicago Booth, we don’t talk
     about entrepreneurship; we
     start companies. By gradua-
     tion day, i had met my business
     partners and sourced funding
     for a solar start-up, all via the
     Booth network. the bottom line
     is that Booth has given me the
     sophistication, analytical rigor,
     and network i need to launch
     successful companies for the
     next 35 years.”




     Polsky Center for Entrepreneurship 2oo8–o9 Annual report    17
          ALUMNI
          Chicago Booth has a flourishing entrepreneurial community thanks to a deep
ALUMNI




          network of alumni entrepreneurs in every corner of the globe. Chicago Booth
          alumni have founded more than 400 companies that are adding tremen-
          dous value to the global economy, and the Polsky Center works closely with
          alumni to support their entrepreneurial efforts.


          sUsAn HAPAK, ’89, ALUmni                                   rEGionAL EntrEPrEnEUrsHiP
          EntrEPrEnEUrsHiP sEminAr                                   AdVisorY GroUPs
          Chicago Booth alumni pursuing entre-                       To build and enhance the Chicago Booth
          preneurial careers came back to school                     entrepreneurship network, the Bay Area
          for the second annual Susan Hapak, ’89,                    Alumni Club followed the lead from
          Alumni Entrepreneurship Seminar in July.                   alumni groups in Boston and Washing-
          The three-day intensive event included                     ton DC to create an Entrepreneur Advisory
          interactive sessions led by top Chicago                    Group (EAG). These regional groups
          Booth entrepreneurship faculty and was                     regularly host guest speakers and net-
          tailored to alumni currently building                      working events to assist and connect
          an existing business or in the process of                  area alumni entrepreneurs who are in all
          launching a new venture. The seminar                       stages of company formation and growth.
          attracted more than 65 alumni from                            If you are interested in starting an
          around the country as well as Asia,                        EAG or getting involved with an exist-
          Europe, and Latin America.                                 ing group, please contact Alex Cantero
             Sessions focused on financing, strat-                    with the Office of Alumni Affairs
          egy, execution, sales, and marketing.                      and Development at alex.cantero@
          Additional topical panels covered buy-                     ChicagoBooth.edu.
          ing a business, commercializing and
          protecting innovation, and starting a                      CHiCAGo PriVAtE EQUitY nEtWorK
          consulting or services business. The                       Chicago Private Equity Network (CPEN)
          seminar also allowed participants to vet                   is an alumni organization focused on
                                      their business                                             connecting
                                      ideas with                                                 and serving
                                      a fast pitch                   University of Chicago alumni currently
                                      session and                    working in private equity and venture
                                      simulated an                   capital. CPEN has 300 members world-
                                      investor pitch                 wide, with branches in the Bay Area,
                                      presentation.                  New York, and Asia. Members meet
                                                                     throughout the year at breakfasts,
          At the 2009 Hapak Alumni Entrepreneurship Seminar,         lunches, and evening receptions to
          (from left) Dhiraj Rajaram, ’03, founder and CEO of        network and discuss industry trends.
          Mu Sigma LLC; Chad Meyer, ’01, cofounder and CEO
          of BridgePortfolio; Eddie Weinhaus, ’01, founder and          For more information, visit
          COO of Blockshopper; and Roger Blume, ’67, CEO             chicagopen.org. To apply for member-
          of Quickway Distribution Services, Inc., shared their      ship, email membership@chicagopen.
          insights as successful entrepreneurs.
                                                                     org. Those working in various service
                                                                     provider industries that serve the
                                                                     private equity markets are invited to
                                                                     join CPEN as sponsors.


     18   2oo8–o9 Annual report Polsky Center for Entrepreneurship
Below is a sampling of Chicago Booth alumni entrepreneurs who brought new




                                                                                                          ALUMNI
ventures to life over the past year.

                       Jerry Alderman, ’03                    Jason McKinney, ’06, and Cora
                       (XP-72), along with                    Shaw, ’07, cofounded iCream,
Brian Kiep, ’06; Alex Monacelli, ’06; Gbenga                a Chicago-based specialty café
Babarinde, ’07; and Jamal Austin, ’06,         providing made-from-scratch ice cream,
founded Valkre Solutions, a Chicago-           frozen yogurt, hot pudding, and sorbet
based software company, in December            using liquid nitrogen. The team developed
2008. Valkre builds the capability for         the idea as students in professor James
B2B companies to answer the question,          Schrager’s New Venture Strategy course.
“Do Your Customers Make More Money             The first café opened in March 2009 in
Doing Business With You?” Since incep-         Wicker Park, with plans to expand into
tion, Valkre has tripled the number of         other locations. icreamcafe.com
companies using its software, Render®,
to build competitive advantage by creat-                                   Gabriel Senior, ’06,
ing differential customer value and            revisited his idea from the 2005 NVC
capturing a fair share. valkre.com             after working a few years in banking, and
                                               founded Travel For Care, a medical travel
                      Kristina Burow, ’04,     promotion agency, in early 2009. Based
                       cofounded Sap-          in Monterrey, Mexico, the company
phire Energy, a cutting-edge, renewable        markets a first-rate hospital, doctor,
energy company based in San Diego. By          and dentist network to Americans and
using sunlight, CO2, and microorgan-           Canadians looking for high-quality and
isms such as algae, Sapphire Energy            affordable elective and non-elective
has built a revolutionary platform that        procedures. travelforcare.com
produces Green Crude, a low-carbon,
renewable liquid fuel that can be refined                             Brad Simon, ’01,
into carbon-neutral transportation fuels                        founded the Brooklyn
like gasoline, jet fuel, and diesel. Burow                      Company, a producer of
is a partner at ARCH, a leading early-         American-style cookies based in Bue-
stage venture firm. sapphireenergy.com          nos Aires, Argentina. Simon was part
                                               of one of the winning 2001 NVC teams
                      Richard Gengler, ’09,    with a different venture and has spent
                      and Roger Sweis, ’09,    the last four years living in Buenos
                      cofounded Prevail        Aires. brooklyncookie.com.ar
Health Solutions, a technology-based
mental health services firm, while still
students at Chicago Booth. Prevail part-
ners with top mental health researchers
to create evidence-based behavioral
interventions specifically tailored for
underserved populations, such as U.S.
military veterans returning from service
and combat abroad. prevailhs.com




                                               Polsky Center for Entrepreneurship 2oo8–o9 Annual report   19
           FACULTY
           More than 25 award-winning faculty members teach entrepreneurship and
FACULTY




           related courses at Chicago Booth. Our faculty are a rich blend of tenured,
           clinical, and adjunct professors who incorporate their own entrepreneurial
           experiences and groundbreaking research in the classroom. Key entrepre-
           neurship faculty include:


                               Steven N. Kaplan, Neu-                 significant impact on the Illinois tech-
                           bauer Family Professor                     nology community.
                           of Entrepreneurship and
                           Finance, is the Polsky                                    Waverly Deutsch, clinical
                           Center’s faculty direc-                                   professor of entrepre-
                           tor and has been named                                    neurship, teaches Build-
           among the country’s top entrepreneur-                                     ing the New Venture and
           ship professors by BusinessWeek since                                     coaches students through
           1992. Widely published in academic                                        the New Venture Chal-
           journals, he testified before Congress                      lenge. In 2005, she won the USASBE
           about executive compensation earlier                       National Entrepreneurship Pedagogy
           this year and frequently is quoted in the                  Award for the YourCo simulation game,
           media for his expertise.                                   which allows students to develop and
                                                                      run a mock business through all phases
                               Ellen A. Rudnick, ’73,                 of operation. She is a frequent speaker
                           clinical professor of                      on entrepreneurship and serves on the
                           entrepreneurship, is the                   boards of directors for several start-ups.
                           Polsky Center’s executive
                           director. She is a success-                               Robert H. Gertner, Joel F.
                           ful start-up executive with                                Gemunder Professor of
           25 years’ experience in business man-                                      Strategy and Finance,
           agement and entrepreneurial activities,                                    co-teaches the Social
           primarily in the health care and informa-                                  Entrepreneurship Lab in
           tion services industries. She was previ-                                   addition to his courses in
           ously named one of the top 50 women in                     strategic investment decisions. Gertner’s
           business by BusinessWeek and serves on                     research has appeared in the Review of
           several corporate boards.                                  Economic Studies, the Journal of Law and
                                                                      Economics, and the Stanford Law Review,
                          Linda Darragh, clinical                     and he is a former research fellow for the
                          associate professor of                      National Bureau of Economic Research.
                          entrepreneurship, is the
                          Polsky Center’s direc-                                     Scott F. Meadow, clinical
                          tor of entrepreneurship                                     professor of entrepre-
                          programs. She teaches                                       neurship, teaches Entre-
           several lab courses and coaches students                                   preneurial Finance and
           through the New Venture Challenge.                                         Private Equity and Com-
           She received the Illinois Technology                                       mercializing Innovation.
           Association’s 2009 CityLIGHTS Award,                       He also serves as Chicago Booth’s faculty
           given to an individual who has made a                      director for global initiatives. Meadow


      20   2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                           FACULTY
has more than 25 years experience as a                           Craig Wortmann, adjunct
general partner in private equity and has                        associate professor of
been recognized four times by Venture                            entrepreneurship, is an
One as one of the top health care inves-                         author, entrepreneur, and
tors in the industry.                                            speaker with 20 years of
                                                                 experience in helping
                Adair Morse, assistant pro-     clients build sales and marketing engines.
               fessor of finance, teaches        He currently is the CEO of Experience,
               Entrepreneurial Finance          LLC, a sales performance firm. Wortmann
               and Private Equity. She          teaches Entrepreneurial Selling at
               is a former entrepreneur         Chicago Booth, a course he designed,
               and conducts research in         and recently released a book titled
the areas of household finance, corporate        What’s Your Story?
governance, and private equity. Morse
has won a number of academic awards                             Luigi Zingales, Robert C.
and distinctions and is the 2008–09                             McCormack Professor
William Ladany Scholar at Chicago Booth.                        of Entrepreneurship
                                                                and Finance and David
                James E. Schrager, PhD                          G. Booth Faculty Fellow,
                ’93, clinical professor of                      teaches Entrepreneurial
                 entrepreneurship and           Finance and Private Equity. He is widely
                 strategic management,          published in academic journals and has
                 teaches New Venture            won several awards for his research.
                 Strategy and studies the       Zingales has been an expert voice in the
use of strategy by executives and venture       media and before Congress regard-
capital partners. He is the editor of the       ing the current economic crisis and
Journal of Private Equity; has published        received critical acclaim for his most
multiple articles in the Wall Street Journal,   recent book, Saving Capitalism from the
CEO Magazine, and the Chicago Tribune;          Capitalists, with Chicago Booth faculty
and is frequently quoted in the media. He       member Raghuram G. Rajan.
has turned around several businesses and
is an active advisor to boards and CEOs.        FACULtY rEsEArCH
                                                In 2008, Chicago Booth was named as
                Ira Weiss, MBA ’99, PhD         one of the top organizations performing
                ’01, clinical associate         entrepreneurship research globally by
               professor of account-            the Kauffman Foundation and the Social
               ing, teaches Taxes and           Science Research Network, ranking second
               Business Strategy and            among universities based on the quantity
               the Entrepreneurial              of downloaded papers from affiliated
Internship Program seminar. He is               authors on the Entrepreneurship
the managing director of RK Ventures            Research and Policy Network.
Group, a venture capital partnership
of individual investors, and the faculty
director of Hyde Park Angels, a Polsky
Center–affiliated angel network (see
page 14).




                                                Polsky Center for Entrepreneurship 2oo8–o9 Annual report   21
                 ADVISORY BOARD
                 The Polsky Center is proud to have a distinguished advisory board made
ADVISORY BOARD




                 up of the country’s leading entrepreneurs, venture capitalists, and private
                 equity investors, who provide ongoing guidance and support to the center.

                 David K. Beecken, ’70, Managing                            John F. Richards, MBA ’72, MA ’95,
                   Director, Beecken Petty O’Keefe &                          President, Crabtree Ventures, LLC
                   Company, LLC                                             Ellen A. Rudnick, ’73, Polsky Center
                 Stephen S. Beitler, Senior Managing                          Executive Director and Clinical
                   Director, Dunrath Capital                                  Professor of Entrepreneurship
                 Roger L. Blume, ’67, CEO, Quickway                         John W. Rutledge, ’94, Founder,
                   Carriers, Inc.                                             President & CEO, Oxford Capital
                 Keith L. Crandell, ’88, Managing                             Group, LLC and Oxford Hotels
                   Director, ARCH Venture Partners                            & Resorts
                 Steven M. Dresner, ’82, President,                         Richard L. Sandor, Chairman and CEO,
                   Dresner Capital Resources                                  Chicago Climate Exchange, Inc.
                 Merrick (Rick) M. Elfman, ’83,                             Ronald E. Tarrson, ’72, President, RET
                   Managing Partner, Sterling                                 Butler Communications, LLC
                   Capital Partners                                         Immanuel Thangaraj, AB ’92, MBA ’93,
                 Donald W. Hamer, ’58, Chairman,                               Managing Director, Essex Woodlands
                   State of the Art Inc.                                       Health Ventures
                 Susan Hapak, ’89, President,                               James Tyree, Senior Vice President,
                   Current Technologies Inc.                                   Abbott Laboratories
                 Edward L. Kaplan, ’71, President,                          Vijay R. Vashee, ’77, Founding
                   Nalpak Inc.                                                 Chairman, TiE Seattle
                 Steven N. Kaplan, Polsky Center                            John R. Willis, ’74, Cofounder and
                   Faculty Director and Neubauer                               Managing Partner, Willis Stein
                   Family Professor of Entrepreneurship                        & Partners
                   and Finance                                              Paul G. Yovovich, AB ’74, MBA ’75,
                 Rattan L. Khosa, ’79, President and                          President and Principal, Lake Capital
                   Founder, AMSYSCO Inc.                                      Management
                 Michael C. Krauss, AB ’75, MBA ’76,                        Donna Zarcone, ’87, President and CEO,
                    Managing Principal, Market Strategy                       D. F. Zarcone & Associates
                    Group, LLC
                 Joseph D. Mansueto, AB ’78, MBA ’80,
                    Chairman and CEO, Morningstar Inc.
                 William A. Miller, ’67, President, Miller
                    Strategic Consulting, LLC
                 Guy P. Nohra, ’89, General Partner,
                    Alta Partners
                 Louise E. O’Sullivan, ’80, President,
                    Prime Advantage, LLC
                 John T. F. Oxaal, ’81, Partner,
                    Sevin Rosen Funds
                 Michael P. Polsky, ’87, President and
                    CEO, Invenergy, LLC



            22   2oo8–o9 Annual report Polsky Center for Entrepreneurship
2008–09
GUEST SPEAKERS
The Polsky Center thanks the more than 360 conference panelists, event




                                                                                                             GUEST SPEAKERS
speakers, classroom guests, and NVC judges and mentors all over the world for
their contribution to entrepreneurship at Chicago Booth. Below is a sampling
of these individuals.


James Adams, ’98, Panther        Roger Blume, ’67, Quickway            Rocky Daehler, ’93,
  Expedited Services, Inc.          Distribution Services, Inc.           Motorola Ventures
Nicholas W. Alexos, ’88,         Matthew Botica, Winston &             Ken DeAngelis, Austin
  Madison Dearborn Partners         Strawn                                Ventures
Alvin All, ’96, iParenting.com   Wayne Boulais, Apex                   Andrew Deley, ’04,
Lauri Alpern, ROI Ventures          Venture Partners                      J.P. Morgan
Collin Anderson, ’96,            Keith Breslauer, ’88, Patron          Frederick Dotzler, ’72,
   Neuros Technology                Capital Ltd.                          De Novo Ventures
   International, LLC            Frederic De Bure, ’98, IDG            Steve Ducommun, K&L
Libby Andrews, ’94, Yoga            Ventures SEA                          Gates LLP
   Stick-e ® Socks               Mark Burgett, Wind Point              Jim Dugan, OCA Ventures
George Arida, VENTURE               Partners                           Matthew Durdy, ’00, Aquix
   INVESTORS LLC                 Jeffrey Burgis, ’01, Adams               Limited
Mark Arnold, MSK Capital            Street Partners                    Ira Ehrenpreis, Technology
Richard Ayres, ’07, Maroon       Kristina Burow, ’04, ARCH                Partners
   Analytics                        Venture Partners                   Ben Ellis, ’05, WHI Capital
Thomas Bagley, Pfinsten           Ellen Carnahan, ’84                      Partners
   Partners                      Brian Carpizo, ’00, Eventric          David Evans, ’91, Glencoe
Tom Bainbridge, Jones Day        Margaret Castrovillari, ’00,             Capital, LLC
Frank Ballantine, Reed             Soulistic Studio and Spa            Robert Fealy, The Duchossois
   Smith LLP                     Adela Cepeda, ’84, A.C.                  Group
Gary Bang, ’73                     Advisory, Inc.                      Joel Feldmann, ’86, BASL
John Banta, ’95, Illinois        Murali Chandran, ’07,                 Charles Fellingham, QAlias
  VENTURES, LLC                    Maxim Integrated Projects           Tom First, Nantucket
Dan Barry, GE Antares            Ian Chapman-Banks, ’02,                  Nectars
  Capital                          Motorola                            Ghian Foreman, ’01,
Cynthia Bayley, ’97, ARCH        Lon Chow, Apex Venture                   Maktub Development
  Venture Partners                 Partners                            Eric Fosse, HomeMade Pizza
Steve Beitler, Dunrath           Thomas L. Churchwell                     Company
  Capital                        Andy Code, Hennessy &                 Amy Francetic, The Tokarz
Eric Belcher, ’95,                 Simmons                                Group Advisers
   Innerworkings                 Brian Coe, ’99, Litholink             Elizabeth Funk, Unitus
Eric Benderoff, Chicago          Rich Cohen, Distant Village           Sunil Gaitonde, GS Lab
   Tribune                       Michelle Collins, CDW                 Janet Garetto, Nixon
Eric Bielke, ’08, SoCore         Gary Conkright, ’82,                     Peabody
   Energy                          InformMed                           Chris Gladwin, Cleversafe
John Bintz, ’95, Valuation       Tom Cox, Secena                       Scott Glickson,
   Research Corporation            Partners, Inc.                         McGuireWoods LLP
Martin Blindheim, Saffron        Keith L. Crandell, ’88,               Robert S. Goldin, ’77,
   Hill Ventures                   ARCH Venture Partners                  Technomic, Inc.



                                                  Polsky Center for Entrepreneurship 2oo8–o9 Annual report    23
                 2008–09
                 GUEST SPEAKERS
GUEST SPEAKERS




                 Robert A. Gonzalez, ’84,                 John Hoesley, Prism Capital   Johnson Kachidza, ’97, Knox
                   Hearts & Minds LLC                        Management                    Lawrence International,
                 James Goold, Jones Day                   Duncan Hughes, ARCH              LLC
                 Michael Gray, ’87, Neal                     Financial Products, LLP    Peter Kagan, ’97, Warburg
                   Gerber Eisenberg                       Raymond Hung, ’73,               Pincus
                 Ted Greene,                                Applied Development         David W. Kantaros, Foley &
                    SkatingCircle.com                       Holdings, Ltd.                 Lardner LLP
                 Howard Greenstein,                       Bruce R. Ingram, ’99, GE      Offer Katz, ’02, Magna
                    Harbrooke Group                         Equity                         Projects Ltd.
                 Tom Gregory, Maranon Group               Andrew Irvine, ’08, TUSK      John Kelleher, Kelleher &
                 Scott Griffith, ’90, Zipcar                 Capital Management             Associates
                 Sam Guren, Hyde Park Angels                Limited                     Jacques Kemp, ’96, ING
                 Ilham Habibie, ’02,                      Cathy Jaros, Amherst             Asia/Pacific Ltd.
                    PT. ILTHABI Rekatama                    Partners, LLC               Ron Kirschner M.D.,
                 Edward Hamburg, ’82,                     John Jasper, ’08, Verety        Heartland Angels, Inc.
                    Morgan Stanley Private                Bryan Johnson, ’07,           Philipp Klingenberg, ’08,
                    Equity                                  Braintree Payment             Intuact S.L.
                 Harry Harczak Jr., ’95, CDW                Solutions                   Arthur Kraft, ’01, London
                 Rob Healy, Chicago Growth                Ann Mond Johnson, WebMD          Business School
                    Partners                              Sadhu Johnston, Mayor’s       Joel Krauss, ’74, Market
                 Jason Heltzer, ’02, OCA                    Office, City of Chicago         Strategy Group, LLC
                    Ventures                              Barry Jones, ’07, Maroon      Michael Krauss, AB ’75,
                 Justin Heyman, Acuity Capital              Analytics                     MBA ’76 Market
                 Bruce Hochstadt, Mercer                                                  Strategy Group, LLC




            24   2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                             GUEST SPEAKERS
Min Hwa Kupfer, ’84,             Bret Maxwell, MK Capital              Jeffrey M. Mills, ’01, Oak
   Vietnam Holding Ltd.          Paul Mayfield, ’79, Willis                Hill Capital Partners
Martin Lagod, Firelake             Stein                               Sramana Mitra
   Capital Management            Daphne Mazarakis, ’99,                Kelli Moore, Ashoka
John P. Larson, Abbott             Tula Foods, Inc.                    Andrew Morrison, ’97, Altis
   Laboratories                  Tom McCabe, Standard                    Capital Development, Inc.
Jack Lavin, ’90, Illinois          Chartered Bank PLC                  Mike Moyer, ’04, Cappex
   Department of Commerce        Matthew McCall, DFJ                   William Mulligan, ’79,
   and Economic Opportunity        Portage Venture Partners               Primus Venture Partners
Steve Lazarus, ARCH              Lynn McConnell, ’81, Finan-           Linda K. Myers, Kirkland &
   Venture Partners                cial Services Authority                Ellis, LLP
Elaine Lee, ’07, Citigate        Robert C. McCormack, ’62,             John Nesheim, ’67, The
   Dewe Rogerson                   Trident Capital                       Nesheim Group
Robert Lepkowski, Emerging       Teri McFadden, Velocity               Peter Nicholson, Foresight
   Resources Group                 Interactive Group                     Design Initiative
Jack S. Levin, Kirkland &        Christopher J. McGowan,               John Noel, Illinois Technol-
   Ellis, LLP                      Madison Dearborn                      ogy Development Alliance
Josh Lowitz, J. Lowitz Company     Partners                            Caralynn V. Nowinski-
Frank R. Mack, ’93, Conway       John McKinney, ’03,                     Chenoweth, Midwest
   MacKenzie & Dunleavy            UpwardTrend                           Venture Partners
Peter Maenhout, ’07, GIMV        Chad Meyer, ’01, Bridge-              Dennis O’Brien, Global
Raj Majumder, ’07,                 Portfolio                             Digital Sign, Inc.
  iMetanoia                      Steve Miller, ’87, Origin             Bob Okabe, RPX Group LLC
Isis Martinez, JobBound            Ventures




                                                  Polsky Center for Entrepreneurship 2oo8–o9 Annual report    25
                 2008–09
                 GUEST SPEAKERS
GUEST SPEAKERS




                 John T. F Oxaal, ’81, Sevin              John Regan, ’89, Illinois-      Rob Schultz ’95, Illinois-
                    Rosen Funds                              VENTURES                       VENTURES
                 Ron Packard, ’89, K , Inc.
                                         12
                                                          Geoffrey A. Richards,           Pete Shagory, Baird Venture
                 Rifat Pamukcu, Midway                       William Blair & Company        Partners
                    Pharmaceuticals                       Adam Rodnitzky, ’08, ReTel      Prashant Shah, ’93,
                 Thomas Parkinson, Peapod                    Technologies                   Hummer Winblad
                 Norman Payson, Oxford                    Brian Rogove, ’08, Cognita,     Robert Shapiro, Sandbox
                    Health Plans                             Asia                           Industries
                 Tim Peara, ’88, Energy                   John Rompon, McNally            Martin Sjolund, ’04,
                    Invest Group                             Capital Partners               McKinsey & Company
                 Laura Pearl, ’88, Ceres                  Eric Rosenkranz, ’75, e.three   Ned Smith
                   Venture Fund, L.P.                     Russ W. Rosenzweig, ’00,        Brittany Smith, Madison
                 Christopher Pinney, Jones Day              Round table Group, Inc.         Dearborn Partners
                 Michael Polsky, ’87,                     Morris C. Rowlett, Marathon     Mark Smolenski, Richard T.
                    Invenergy, LLC                          Automotive Group, LLC           Box & Assoc.
                 Dhiraj Rajaram, ’03,                     Tandean Rustandy, ’07, PT       Darren Snyder, ’97, Prairie
                    Mu Sigma LLC                            Arwana Citramulia Tbk           Capital
                 David Rangel, MK Capital                 Guy Saidenberg, Goldman         Gregor Sokalski, ’99, Clever
                 Gabriel Ratcliffe, ’06, LB                 Sachs                           Wally’s Raw Pizza
                    Innovations Leo Burnett               Pardeep Sandhu, Aetna           Lewis W. (Mick) Solimene
                 Joao Rato                                Seenu Sarma, Deloitte             Jr., ’86, Macquarie
                 Jyrki Rauhio, ’03, Citibank                Consulting                      Capital, Inc.
                 Harper Reed, skinnyCorp                  Marc Schulman, The Eli’s        Prashant Srivastava, ’05,
                    and Threadless.com                      Cheesecake Company              Evive Health




            26   2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                            GUEST SPEAKERS
Risa Stack, Kleiner Perkins     Alan Thomas, ’90,                     Eddie Weinhaus, ’01,
   Caufield & Byers                UChicagoTech                           Blockshopper
Jason Starr, ’07, Winona        Lawrence Thuet, ’98, Park             David Weinstein, Chicago-
   Captial Management             Hill Group                             land Entrepreneurial
Steve Stine, Heidrick &         David Tiemeier, Office of                 Center
   Struggles                      Technology & Intellectual           Jonathan Weiss, ’00,
Raymond Svider, ’89, BC           Property (UChicago Tech)               Bridgeview Partners
   Partners                     Michael Tinker, ’01, WebTV            Brian Wiegand, Alice.com
Kathleen Swan, Drinker            Europe                              Jeff Wilcoxon, ’04, Bobtail
   Biddle & Reath LLP           John Van Dyke, ’69, Dakota              Ice Cream & Coffee Co
Roger Sweis, ’09, Prevail         Water Systems                       Kevin Willer, Google
   Health Solutions             Paulette Velasco, ’03,                Donna Williamson, Ceres
Anita Tang, Royal Roots           Helios Partners                       Venture Fund, L.P.
   Global, Inc.                 Arthur Velasquez, ’67,                Shari Young, ’06,
Ronald Tarrson, ’72, RET           Azteca Foods, Inc.                    EnnisKnupp
   Butler Communications,       Victor Viner, V2 Capital, LLC         Donna Zarcone, ’87, D. F.
   LLC                          Steven Vivian, Prism Fund               Zarcone & Associates LLC
Brian Taylor, Kernel Season’s   Eric von Bauer, ’73, The              Dan Zawacki, Lobster Gram
Ben Teck Liang, ’03,               Capital Strategy Manage-           Ann Ziegler, CDW
  Hewlett-Packard                  ment Company                       Bob Zieserl, Vital Sensors
Immanuel Thangaraj, ’93,        Rory Warren, ’02, Smooch              Bruce Zivian, K&L Gates LLP
  Essex Woodlands Health           Japan K. K.
  Ventures                      Rick Weber, ’93, Fortis
Genevieve Thiers, Sittercity       Consulting Group LLC




                                                 Polsky Center for Entrepreneurship 2oo8–o9 Annual report    27
                     SUPPORT THE CENTER
                     The Polsky Center relies on the generous support of alumni and friends
SUPPORT THE CENTER




                     within the global business community to develop the next generation of
                     Chicago Booth entrepreneurs and innovators. We invite you to become
                     involved with our programs and events as a donor, mentor, or partner,
                     and encourage you to explore the following ways to support the center.


                     ProVidE A GEnErAL GiFt                                     EndoW A sCHoLArsHiP
                     A general gift to the Polsky Center will                   The Polsky Center currently awards two
                     greatly support our efforts to provide                     scholarships to entrepreneurial students,
                     valuable entrepreneurship programs for                     which help support the continued career
                     the Chicago Booth community.                               development of our students as entre-
                                                                                preneurs, innovators, and investors.
                     sPonsor An intErn
                     The Entrepreneurial Internship Program                     mEntor An EntrEPrEnEUriALLY
                     gives first-year students the opportunity                   driVEn stUdEnt
                     to intern with emerging entrepreneurial                    Through the New Venture Challenge
                     firms. Sponsorship dollars provide stu-                     process, students in Chicago, London,
                     dents with a stipend to subsidize their                    and Singapore are connected with men-
                     summer experience. Alumni who own                          tors in associated industries to provide
                     small businesses are encouraged to host                    guidance and assistance as they build
                     a summer intern and support the student                    their businesses.
                     with an entrepreneurial atmosphere and
                     a small salary.                                            sUPPort ALUmni ACtiVitiEs
                                                                                The Hapak Alumni Entrepreneurship
                     ContriBUtE to tHE nEW VEntUrE                              Seminar provides current and aspiring
                     CHALLEnGE PriZE                                            alumni entrepreneurs with an oppor-
                     The Edward L. Kaplan, ’71, New Venture                     tunity to explore their entrepreneurial
                     Challenge has awarded more than                            ideas and the tools to improve their
                     $600,000 to date to help create more than                  chances of success. Support for this
                     50 businesses and hundreds of jobs. Your                   initiative will allow us to expand the
                     support will contribute to the success of                  program to other areas of the country.
                     another crop of dynamic start-ups.

                     sPonsor A ConFErEnCE                                       GiVE noW
                     Operating support for the Entrepreneur-                    To make a general gift, please use the
                     ship and Venture Capital Conference,                       enclosed remittance envelope. For
                     Midwest Alternative Energy Venture                         additional ways to support the center,
                     Forum, Private Equity Conference, and                      please contact Starr Marcello, senior
                     the Exploring Entrepreneurship Series is                   associate director, at starr.marcello@
                     needed through corporate and individual                    ChicagoBooth.edu or 773.834.2838.
                     sponsors. These opportunities can help
                     increase the visibility of your business.
                     For more information on these events,
                     see pages 10-11.



               28    2oo8–o9 Annual report Polsky Center for Entrepreneurship
Bump Technologies presents
at the 2009 NVC Finals




Herman Family Fellows Reunion

Polsky Center for Entrepreneurship 2oo8–o9 Annual report   29
          DONORS
          We recognize our donors for their significant support of our many programs
DONORS




          and activities throughout the year.

          PoLsKY CEntEr For                        The Partners of Beecken        Kingsman Capital LLC
          EntrEPrEnEUrsHiP                            Petty O’Keefe & Company     Lake Capital, LLC
          Individuals                              Billow Butler & Company,       LaSalle Capital Group
          Alvin All, ’96                              LLC                         Linden LLC
          Amy R. Paris, ’04                        Capital IQ                     McNally Capital LLC
          John H. Compall, Jr., ’91                Dow Jones Private Equity       MicroVest Capital LLC
          John B. Freese, ’99                         Analyst                     Midwest Venture Partners
          Reid Funston, ’92, and                   Drinker Biddle & Reath LLP     MK Capital Company
             Catherine Ann                         Kirkland & Ellis LLP           OCA Ventures LLC
             Funston, ’93                          The Mergermarket Group         The Pritzker Group
          Lynda S. Gordon                          Winston & Strawn LLP           Roundtable Healthcare
          Wendy Heltzer,                           Young Professionals of            Partners
             MBA, ’06, PhD, ’06, and                  Chicago                     Second Century Ventures,
             Jason Heltzer, ’02                                                      LLC
          Lester Johnson, ’98                      CAnFiELd PriVAtE EQUitY        Seneca Partners, Inc.
          William A. Miller, ’67                   FELLoWsHiP                     Sterling Partners
          John T. F. Oxaal, ’81                    Philip A. Canfield, ’96         Stockwell Capital, LLC
          Michael P. Polsky, ’87
          Paul T. Prikos, ’76                      ELFmAn-WArEHAm                 EntrEPrEnEUriAL
          Damon Rawie, ’99                         PriVAtE EQUitY And             immErsion triP to indiA
          Max Grekin Rosenblit                     VEntUrE CAPitAL                IDFC Private Equity
          Peter G. Schiff, ’76                     LABorAtorY                     Lazard India
          Margaret Unetich, ’02, and               Individuals                    RSM McGladrey
             Michael Unetich                       Merrick (Rick) M. Elfman,
          Jason Van Camp, ’01                        ’83, and Therese L.          EntrEPrEnEUrsHiP
          Donna F. Zarcone, ’87                      Wareham, ’82                 intErnsHiP ProGrAm
          Matching Gift Companies                  Host Firms                     Individuals
          CIGNA                                    Acuity Capital Partners, LLC   Senaka Balasuriya, ’75
                                                   Akoya Capital, LLC             David K. Beecken, ’70
          ArCH VEntUrE                             Amiti Ventures                 Kathryn C. Gould, ’78
          PArtnErs nEW                             ARCH Venture Partners          Donald W. Hamer, ’58
          BUsinEss inCUBAtor                       CapX Partners                  Rattan L. Khosa, ’79
          Clinton W. Bybee, ’90                    Charlemagne Holdings           Ellen A. Rudnick, ’73, and
          Keith L. Crandell, ’88                   Duchossois Industries, Inc.       Paul Earle, ’66
          Steven Lazarus                           The Edgewater Funds            Michael Schopin, ’05
          Robert T. Nelsen, ’87                    Equibase Capital Group, LLC    Deborah A. Terry
                                                   Goense & Company LLC           Immanuel Thangaraj,
          BEECKEn PEttY o’KEEFE                    GTCR                              AB ’92, MBA ’93
          & ComPAnY PriVAtE                        High Street Capital            Matching Gift Companies
          EQUitY ConFErEnCE                        Hispania Capital Partners      William Harris Investors
          Amherst Capital                          Hyde Park Angels               Host Companies
            Partners, LLC                          i2A Fund                       ArcelorMittal
                                                   In-Q-Tel, Inc.                 Azure Capital Partners



     30   2oo8–o9 Annual report Polsky Center for Entrepreneurship
                                                                                                       DONORS
Bean & Body                 FACULtY rEsEArCH                     HYdE PArK AnGELs
Bump Technologies, Inc.     Individuals                          Individuals
Cartesys                    Kathryn C. Gould, ’78                James L. Jerue
Clean Urban Energy, Inc.    Timothy A. Hultquist, ’75            Douglas Monieson, ’89
ClearGauge, Inc.            Foundations                          Companies
Entergem Ventures           Ewing Marion Kauffman                Horwood Marcus &
FINCA International           Foundation                           Berk Chartered
Inkling Incorporated                                             EdWArd L. KAPLAn nEW
Innergames SA               GLEnCoE CAPitAL                      VEntUrE CHALLEnGE
Invention Bridge            VEntUrE CAPitAL                      Individuals
Marbles: The Brain Store    inVEstmEnt ComPEtition               Frederick Dotzler, ’72
MicroVest Capital LLC       Apex Venture Partners                Naftali Holtz, ’06
Nine Naturals LLC           Chicagoland                          Edward L. Kaplan, ’71,
PadFrog                       Entrepreneurial Center               Carolyn Kaplan, and the
ProOnGo LLC                 Frontier Soups                         Kaplan Foundation
Revolution Environmental    Glencoe Capital, LLC                 Immanuel Thangaraj,
  LLC                       OCA Ventures                           AB ’92, MBA ’93
ROI Ventures                Winona Capital                       Companies
Santa Fe Capital Group        Management                         Deloitte
Shanghai Zhigian Media                                           MAK Capital One
  Company                   FArm to ForK Food                    Market Strategy Group, LLC
Sure Gene LLC               ConFErEnCE—HAmEr                     Mitsubishi Corporation
Sweet Miss Giving’s         EXPLorinG                            Reed Smith, LLP
Techmantu                   EntrEPrEnEUrsHiP
Three Melons                sEriEs                               midWEst ALtErnAtiVE
Tula Foods, Inc.            Individuals                          EnErGY VEntUrE ForUm
VIA Pharmaceuticals, Inc.   Donald W. Hamer, ’58                 Deloitte Consulting LLP
Vibes Media                 Companies                            Exelon Corporation
World of Good, Inc.         Amherst Partners, LLC                First Analysis Corporation
Ze-Gen Inc.                 FONA International Inc.              GE Energy Financial
                            A.T. Kearney                             Services
EntrEPrEnEUrsHiP            Technomic, Inc.                      Illinois Department of
And VEntUrE CAPitAL                                                  Commerce and Economic
ConFErEnCE                  HAPAK ALUmni                             Opportunity
Individuals                 EntrEPrEnEUrsHiP                     Invenergy LLC
Aniruddha B. Kale, ’01      sEminAr                              Ungaretti & Harris LLP
Companies                   Susan Hapak, ’89
Akamai                      Janeen P. Hill, ’06                  nEW VEntUrE And smALL
Austin Ventures             Russ W. Rosenhzweig, ’00             EntErPrisE LABorAtorY
Bobtail Ice Cream Company                                        Host Companies
Chicago Sustainable         HErmAn FAmiLY                        Athena Security
   Business Alliance        FELLoWsHiP For WomEn                 Errand Solutions
Harpoon Brewery             in EntrEPrEnEUrsHiP                  Feldco
K12                         Michael E. Herman, ’64, and          Great Software Laboratory
Naymz                          Karen M. Herman                   iLight Technologies
Origin Ventures                                                  Next American Star




                                            Polsky Center for Entrepreneurship 2oo8–o9 Annual report   31
          DONORS
DONORS




          PrepMe                                   Susan Hapak, ’89
          Prevail Health Solutions                 Michael E. Herman, ’64,
          RESTechnologies                             and Karen M. Herman
          SoCore Energy LLC                        Timothy A. Hultquist, ’75
          Transcend Innovation                     Raymond K. Hung, ’73, and
            Group                                     The Hung Family
          Turbulent Energy Inc.                       Foundation
          Vosges Haut-Chocolat                     Edward L. Kaplan, ’71,
                                                      Carol Kaplan, and the
          soCiAL                                      Kaplan Foundation
          EntrEPrEnEUrsHiP                         Rattan L. Khosa, ’79
          LABorAtorY                               Sherman R. Lewis Jr., ’64
          Host Companies                           Robert C. McCormack, ’68
          ACCION-Chicago                           William A. Miller, ’67, and
          Back of the Yards                           Alicia M. Miller
          Cristo Rey Network                       Joseph Neubauer, ’65,
          ic Stars                                    Jeanette Neubauer, and
          Interfaith Youth Core                       the Neubauer Family
          Kids in Danger                              Foundation
          Little Black Pearl                       Michael P. Polsky, ’87
          NextGen Capital Partners                 Clayton S. Rose, AB ’80,
                                                      MBA ’81, and Julianne
          VAsHEE PromisinG                            Heffernan Rose, ’81
          EntrEPrEnEUrsHiP                         Jean Head Sisco
          AWArd                                    Companies and
          Vijay R. Vashee, ’77, and                Foundations
             Sita Vashee                           ARAMARK Corporation
                                                   ARCH Venture Partners
          LiFEtimE donors                            Clinton W. Bybee, ’90
          $100,000 and over                          Keith L. Crandell, ’88
          Individuals                                Steven Lazarus
          Rex J. Bates, SB ’47, MBA ’49,             Robert T. Nelsen, ’87
            and Reva M. Bates                      Ewing Marion Kauffman
          David K. Beecken, ’70                      Foundation/Kauffman
          Ann Bobisud                                Center for Entrepreneurial
          Willie D. Davis, ’68                       Leadership
          Merrick (Rick) Elfman, ’83,              Mitsubishi Corporation
            and Therese L. Wareham,                Molex Incorporated
            ’82                                    Textron, Inc.
          Mr. and Mrs. Lawrence I.                 Willis Stein & Partners
            Field
          Gerald R. Gallagher, ’69
          Tracy Gueno Gardner, ’90
          Melvin R. Goodes, ’60
          Kathryn C. Gould, ’78
          Donald W. Hamer, ’58




     32   2oo8–o9 Annual report Polsky Center for Entrepreneurship
POLSKY CENTER FOR
ENTREPRENEURSHIP
Polsky Center for Entrepreneurship
The University of Chicago Booth School of Business
5807 South Woodlawn Avenue
Chicago, Illinois 60637

Tel 773.834.4525
Fax 773.834.4046




ChicagoBooth.edu/entrepreneurship
The University of Chicago
Booth School of Business
Polsky Center for Entrepreneurship
5807 South Woodlawn Avenue
Chicago, Illinois 60637

Phone: 773.834.4525
Fax: 773.834.4046
Email: polskycenter@ChicagoBooth.edu

ChicagoBooth.edu/entrepreneurship