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BATTEN INSTITUTE Advancing knowledge about entrepreneurship and innovation

ANNUAL REPORT 2009 – 2010

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CONTENTS Mission....................................................................................................................2 History .......................................................................................................................3 From the Executive Director..................................................................................4 Highlights ..................................................................................................................6 Transformative Research.........................................................................................7 Initiatives Batten Grants Batten Fellows Publications

Consequential Voice................................................................................................11 Events Communications Public Relations

Inspired Education...................................................................................................15 Curricular Initiatives Experiential Programs Batten Scholarships

Energetic Community..............................................................................................19 Batten AfďŹ liates University Partners

Leadership Team‌..................................................................................................22 Financial Statement..................................................................................................23 Contact.......................................................................................................................25

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Frank Batten, Sr. (1927 – 2009)

MISSION The Batten Institute seeks to improve society by creating knowledge about the transformative power of entrepreneurship and innovation and by cultivating principled, entrepreneurial leaders. To fulfill its mission, the Institute has adopted a four-pronged strategy.

Transformative Research Create thought leadership through a diverse portfolio of research projects of consequence to business and society.

Consequential Voice Engage leaders through a broad array of channels to directly influence the world of practice.

Inspired Education Cultivate the next generation of entrepreneurial leaders through rigorous academic and experiential programs.

Energetic Community Foster a diverse and collaborative community of scholars, students, alumni, and practitioners.

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HISTORY In 1996, University of Virginia alumnus Frank Batten, Sr., and his family gave the Darden School a generous gift to be used for the establishment of a community of scholars and practitioners who would pursue leadingedge research and develop educational programs in entrepreneurship and innovation. In 2000, after a subsequent gift from Frank Batten, Sr., the former CEO and Chairman of Landmark Communications and founder of the Weather Channel, the initial community formally became the Batten Institute. Charged with a mission to become a preeminent institution for thought leadership and educational excellence, and to help create and disseminate knowledge in the fields of entrepreneurship and innovation, the Institute set about forging ties with a wide range of organizations and individuals in the national and international business community. The defining of terms was an essential task early on. “Entrepreneurship,” the Institute’s major stakeholders decided, would mean not just the act of starting a new business venture but would be expanded to include the sort of opportunity-seizing and action-oriented behavior that is essential for sustained growth in companies both large and small. “Innovation” would not be just of the sort reflected in new products and services but would also include new business models and processes, and new ways of thinking about value creation. During these early years, the Institute launched the Batten Fellows program, expanded its portfolio of research projects, supported the development of numerous case studies and educational materials, published books and a research-based newsletter, launched the Darden Incubator, and supported business plan competitions and other educational offerings for Darden students. Today, the Batten Institute is organized in two operating units, a research center focused on academic scholarship and Darden’s newly created Center for Entrepreneurial Leadership, focused on student activities. The extensive programs and initiatives supported by these units bring together scholars, students, alumni, and business leaders, fostering a diverse and energetic collaborative community in support of the Institute’s mission to create knowledge and improve society. The important work of the Batten Institute has been made possible by the vision and support of the Institute’s benefactor, Frank Batten, Sr., who passed away on September 10, 2009. The Institute celebrates and honors the legacy of Mr. Batten, a media pioneer and philanthropist, who is remembered for his extraordinary generosity, his abiding commitment to education, and his unparalleled entrepreneurial energy and vision.

Executive Directors

Robert F. Bruner 2000 – 2004 Dean and Charles C. Abbott Professor of Business Administration

Jeanne M. Liedtka 2004 – 2008 United Technologies Corporation Professor of Business Administration

Michael J. Lenox 2008 – present Associate Dean and Samuel L. Slover Research Professor of Business Administration

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FROM THE EXECUTIVE DIRECTOR In these challenging economic times, the vital importance of entrepreneurship and innovation in driving economic growth and general welfare has never been so evident. From sustainability to human health, from poverty relief to business vitality, entrepreneurship and innovation serve as powerful mechanisms for addressing society’s most critical challenges. At the Batten Institute, we are dedicated to advancing the transformative power of entrepreneurship and innovation. We do this by providing students with the tools and capabilities to become successful entrepreneurs and innovators. We also conduct cutting-edge research on topics of relevance to the business community and policymakers, and we instigate vibrant conversations with critical constituencies. For the Institute, the past year has been one of significant progress toward Frank Batten, Sr.’s vision to become “the preeminent thought leader and educator in entrepreneurship and innovation.” First, we deepened our support of research of practical relevance and importance. We awarded well over $500,000 to faculty through the Batten Grant and other research initiatives, and we partnered with leading scholars through our Batten Fellows program. Our team of researchers is generating high-visibility reports through our revamped Batten Briefings series. The Institute sponsored a number of timely events, including a symposium on Health Care Innovation featuring executives from the Cleveland Clinic and IDEO, a panel on entrepreneurship policy at UVA’s second Annual Venture Summit featuring U.S. Senator Mark Warner, and a day-long series of events around innovation and organic growth featuring bestselling author Daniel Pink. We also enhanced our capability to achieve worldwide visibility and impact for the work emerging from the Institute. We reorganized and completed our staffing in vital support functions such as outreach and communications, and we continued to engage with well-respected partners, such as National Public Radio’s Marketplace. New signature events, including the Darden E-Conference aimed at alumni and students, and the Darden Entrepreneurship and Innovation Research Conference aimed at academics, were launched with great success. Our newly commenced Ideas to Action tour featured Darden faculty and their research in evening receptions held in major cities around the world. In September, we announced the establishment of the Center for Entrepreneurial Leadership, a new Center within the Institute, led by Philippe Sommer, who has directed Darden’s Entrepreneurship Program. The

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Center allows us to formalize a critical component of our mission, to cultivate principled entrepreneurial leaders through our student-focused activities. During 2009-2010, under Philippe’s direction, we continued to augment our student offerings. In response to growing demand, we expanded both the Batten Scholarship Program and the Batten Venture Internship Program. In the summer of 2010, we hosted the largest number of student ventures since the inception of the Darden Incubator. A new concentration in entrepreneurship, and new electives such as Entrepreneurs Taking Action and Technology Accelerator, have further strengthened our academic offerings. In the fall of 2009, we also restructured the Business Concept Competition into a UVA-wide event called the UVA Entrepreneurship Cup. Our forward-thinking approach to teaching entrepreneurship continues to be recognized, and our program was recently ranked seventh in the nation by Princeton Review for Entrepreneur magazine. Finally, in March 2010 we officially launched the i.Lab – a collaborative learning space where students can create and innovate. A special thanks to Batten Institute Managing Director Elizabeth O’Halloran and Professor Jeanne Liedtka for their leadership and vision in bringing to fruition this groundbreaking initiative. Looking forward to 2011, we will be celebrating our tenth anniversary. From this vantage point we will reflect on all that has been accomplished while looking toward the future to realize our full potential. These are exciting times at Darden and the Batten Institute. We invite your support and involvement as we move forward to advance the fields of entrepreneurship and innovation and realize our important mission to improve society and cultivate principled entrepreneurial leaders.

Michael J. Lenox Associate Dean and Executive Director, Batten Institute Samuel L. Slover Professor of Business Administration Darden School of Business

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2009 – 2010 ACADEMIC YEAR HIGHLIGHTS Batten Ideas to Action Tour Launched – October ’09 Events held in Richmond, New York, Atlanta, Chicago, San Francisco, Los Angeles, Boston, and London.

E-Conference – November ’09 Over 75 students, alumni, entrepreneurs, and business leaders participated in Darden’s inaugural E-Conference. 71 Business concepts were submitted.

UVA Entrepreneurship Cup – November ’09 UVA’s first-ever Entrepreneurial Concept Competition, the UVA Cup, spanned multiple schools and awarded over $35,000 in non-dilutive funds.

Health Innovation Symposium – February ’10 Leading executives and scholars examined the role of employers and providers in transforming health care.

i.Lab Launched – March ’10 Opening event activities featured best-selling author Daniel Pink, a ribbon cutting ceremony, and a pan-UVA discussion about innovation in education.

University of Virginia Venture Summit – March ’10 Batten-sponsored event featured U.S. Senator Mark Warner on the topic “Government Policy, Entrepreneurship, and the Financing of Innovation.”

Darden-UVA Business Plan Competition – April ’10 The 2010 competition drew 28 business plans from schools UVA-wide, including the schools of medicine, engineering, and the Curry School of Education.

Entrepreneurship and Innovation Research Conference – April ’10 Darden’s first annual Entrepreneurship and Innovation Research Conference was attended by over 70 leading academics from across the world.

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TRANSFORMATIVE RESEARCH The Batten Institute cultivates research that addresses questions central to entrepreneurship and innovation. Institute-supported research is practical, rigorous, and informs business practice and/or public policy. The Batten Grant program provides financial support to Darden and University of Virginia faculty. The Batten Fellows program engages scholars and thought leaders through Institute residencies and other offerings. Finally, the Institute supports a team of staff researchers who lend their talents to a range of projects.

INITIATIVES The Institute pursues a diverse portfolio of projects but has adopted a number of focused initiatives of critical importance to society where Institute-supported scholars hold substantial expertise. Current initiatives center on four areas of public interest:

Innovation and Organic Growth Shrinking markets, unrelenting competition, and swiftly evolving technologies challenge the vitality of every business enterprise, large and small. The Institute’s Innovation and Organic Growth initiative examines how innovation can be the engine for sustained, internally generated business growth.

Entrepreneurship in Emerging Markets New businesses are crucial for the sustained economic development of the world’s emerging regions. The Entrepreneurship in Emerging Markets initiative supports research projects focused on entrepreneurs and the ingredients of entrepreneurship in emerging regions around the world: seed-stage capital, mentors, sound social institutions, and a culture that welcomes new ideas by educating and supporting those who pursue them.

Innovation and Sustainability There is growing acceptance that business must play a constructive role in addressing global issues of sustainability. The Institute’s Innovation and Sustainability initiative focuses on the mechanisms by which entrepreneurship and innovation can simultaneously drive a firm’s market success and discover sustainable solutions to societal challenges.

Health Care Innovation Although U.S. policymakers, medical professionals, and health care consumers may not agree on a single solution, all agree that the country’s health care system is not working. The Health Care Innovation initiative supports research that reflects the need for novel approaches to this seemingly intractable problem.

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BATTEN GRANTS The Batten Grants program provides financial support to scholars to underwrite a variety of research-related expenses, including data collection, analysis, software, subscriptions, and travel. Since 2000 0, the

d over 150 projects undertake en by approximatelyy Institute haas funded 75 sccholarss.

In 2009-2010, over $500 0,000 was awarded to 20 faculty research projects through the Batten Grants and other research programs. Grants were awarded by a committee of Darden faculty through a competitive process.

Batten Grants to Darden Faculty for 2009 – 2010 PRINCIPAL INVESTIGATOR

CO-INVESTIGATOR

Chao, Raul

ACADEMIC AREA

PROJECT NAME

Operations

Organizational Structure and Incentives Complexity, Instability and Innovation Portfolio Management

Chao, Raul

Loutskina, Elena

Operations, Finance

Davidson, Martin

Fairchild, Greg

Entrepreneurship

Minority Entrepreneurship

Hess, Edward

Entrepreneurship

Managing Growth in Small- to Medium-Sized Businesses

Larson, Andrea

Strategy, Entrepreneurship

Clean Energy and Sustainability Innovations

Lenox, Michael

Chao, Raul

Strategy

The Division of Innovative Effort: How to Manage a Portfolio of Innovation

Lenox, Michael

Frank, Mary Margaret

Strategy

Policy Drivers of the Direction of Innovative Activity: The Role of Tax Credits

Li, Wei Teisberg, Elizabeth

Wallace, Scott

Global Economies and Markets

Entrepreneurship and Clustering in China

Strategy

Comparative Effectiveness and Innovation in Health Care

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BATTEN FELLOWS Since the launch of the Batten Fellows program in 2001, the Institute has hosted over 60 le eading scholars and though ht leade ers to

nducct rese earch related to entre epreneurship and con ovattion. Batten Fellows, who are nominated by members of inno

Darden’s scholarly community and receive appointments without term, spend their time in residence participating in the life of the Darden community and generating new intellectual capital. In the 2009-2010 academic year, the Institute sponsored two new Fellows in residence:

BATTEN FELLOWS 2001–2010 Batten Fellows span a variety of disciplines and scholarly interests. A full list of Fellows and detailed descriptions of their research are available at www.batteninstitute.org.

Joel Brockner

Michael Moo ore Principal, Chicago Partners, LLC; Research Associate, National Bureau of Economic Research

The Implications of Crisis Management for Corporate Innovation, Creativity, and Change

Batten Fellowship Project: Benefits and Costs of Health Care Innovation

Clair Brown

Michael Moore is investigating the effects of pharmaceutical innovation and intellectual property rights on health care costs, in particular, pharmaceutical pricing. A key area of his research evaluates the tradeoffs between granting unlimited access to the existing stock of patented pharmaceutical products and preserving the intellectual property rights currently in place. In this exploration, he is comparing the benefits to consumers of immediate but more limited access to current products and of future innovations. Moore is also investigating the claim that “new drugs pay for themselves,” and he is working with industry policy groups such as PhRMA to examine specific compounds and their effects on health care utilization, costs, and, ultimately, on health.

Charles E. Ee esley Assistant Professor, Department of Management Science & Engineering, Stanford University

Innovation Dynamics in the Electronics Sector

John Seely Brown Learning in the Innovation Process

Gerd Gigerenzer Consumer Responses to Product Innovation

Roger Gordon Corporate Taxation

Lutz Hildebrandt Driving Innovation Through Marketing and R&D Synergies

Michael Jensen Batten Fellowship Project: Universities, Career Experiences, and Entrepreneurship Charles Eesley is analyzing the determinants of individual entrepreneurship using a sample of alumni at several universities. He is attempting to determine the roles that university experience, career experience, background, and psychology play in choosing entrepreneurship over wage work. His research will provide guidance on the development of effective university programs related to innovation and entrepreneurship. In addition, Eesley’s research will help clarify the impact that universities have, through their alumni, on economic development and job creation.

The Agency Costs of Overvalued Equity

Henry Mintzberg Designing Strategy, Designing Global Management Education

Howard Stevenson Insights on Global Entrepreneurship: Education, Policy, and Practice

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PUBLICATIONS Since 2000, Batten-supported and Darden researchers have published 16 bookss, 87

Pacheco, D., York, J., Dean, T., and Sarasvathy, S., “The Coevolution of Institutional Entrepreneurship: A Tale of Two Theories,” Journal of Management, 2010.

The following is a list of recent publications.

York, J. and Venkataraman, S., “The EntrepreneurEnvironment Nexus: Uncertainty, Innovation, and Allocation,” Journal of Business Venturing, 2010.

42 cases, ressearch papers, and 14 teaaching notes, technicaal nottes, and ultim med dia teaching maateriaals. mu BOOKS Smart Growth: Building an Enduring Business by Managing the Risks of Growth Edward D. Hess Columbia Business School Publishing, 2010

CASES AND TECHNICAL NOTES “Nottingham Spirk: Blending Economics and Design,” Kamalini Ramdas, 2009. ”SecureWorks: An Experienced CFO & COO Join a Growing Start-up Company” (UVA ENT-0140)

The Catalyst: How You Can Become an Extraordinary Growth Leader

Gosia Glinska and Edward Hess, 2010.

Jeanne Liedtka, Robert Rosen, and Robert Wiltbank

“Enchanting Travels: Two Entrepreneurs Create a Differentiating Business Model Dependent on Quality Service and Excellent Execution” (UVA-ENT-0144)

Crown Business, 2009

ACADEMIC ARTICLES

Edward Hess, 2010.

Chao, R., Kavadias, S., and Gaimon, C., “Revenue “LG Investments, LLC: A Family Business in GeneraDriven Resource Allocation: Funding Authority, tional Transition” (UVA-ENT-0123) Edward Hess, 2010. Incentives, and New Product Development Portfolio Management,” Management Science, 2009. Dew, N., Read, S., Sarasvathy, S., and Wiltbank, R., “On the Entrepreneurial Genesis of New Markets: Effectual Transformations versus Causal Search and Selection,” Journal of Evolutionary Economics, 2010. Hayward, M., Forster, W., Sarasvathy, S., and Fredrickson, B., “Beyond Hubris: How Highly Confident Entrepreneurs Rebound to Venture Again,” Journal of Business Venturing, 2010.

Lenox, M., Rockart, S., and Lewin, A., “Does Interdependency Affect Firm and Industry Profitability? An Empirical Test,” Strategic Management Journal, 2010. Meek, W., Pacheco, D., and York, J., “The Impact of Social Norms on Entrepreneurial Action: Evidence from the Environmental Entrepreneurship Context,”

The Institute has long served as the underwriter of the Journal of Business Venturing (JBV), the premier scholarly journal devoted to entrepreneurship and innovation. JBV is ranked by the Social Science Citation Index as one of the most influential management journals. From 1995 to 2009, Darden Professor S. Venkataraman served as editor-in-chief. Darden faculty Michael Lenox and Saras Sarasvathy currently serve as field editors.

Journal of Business Venturing, 2009.

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CONSEQUENTIAL VOICE The Batten Institute invests in a variety of outreach activities to share its research and findings with key constituencies and to create an informed, rigorous dialog on the topics of entrepreneurship and innovation. The Institute reaches its audiences through numerous channels including mainstream media, high-visibility reports, non-academic articles, books, pioneering teaching cases, executive education, thought-provoking conferences, workshops, and guest speakers. The Institute’s outreach program targets a broad audience, including students, alumni, academics, policymakers, business leaders, and the general public interested in the critical role that entrepreneurship and innovation play in economic and social advancement.

EVENTS Conferences, workshops, and speaking events (virtual and in-person) provide the Institute with a platform to foster critical conversations with key stakeholders throughout the year.

Ideas to Action Tour Battenaffiliated faculty traveled to major cities to discuss their research with alumni, prospective students, and community members. Professor Edward Hess launched the inaugural Ideas to Action tour in Richmond in October 2009. Over the course of the academic year, nearly

170 alumni particip pated in eventts in New Yorkk, Atlanta, Chicaago, Saan Franccisco, Los eles, Bo oston, an nd London, Ange featuring Professors Hess, Greg Fairchild, Jeanne Liedtka, and Michael Lenox.

Greg Fairchild (Chicago, March 2010)

Jeanne Liedtka (Boston, March 2010) Mike Lenox (New York, Nov. 2009) Ed Hess (Richmond, Oct. 2009)

Greg Fairchild (Los Angeles, March 2010) Greg Fairchild (San Francisco, March 2010)

Ed Hess (Atlanta, Nov. 2009)

Mike Lenox (London, July 2010)

Darden E-Conference On November 17-19, the Batten Institute convened Darde en’s umni, inauggural E-Conferrence, bringing together over 75 students, alu eprene eurs, and d business leaders to learn how to be more effective entrepreneurial entre leaders. The conference featured workshops and panels on topics such as ”Entrepreneurship After Darden” and “Entrepreneurial Opportunities and Challenges in Clean Tech.” The first evening of the conference featured Darden’s Entrepreneurial Concept Competition, in which 71 student teams from Darden competed.

Health Innovation Symposium On February 19, Darden Professor Elizabeth Teisberg convened leading executives and scholars to examine the role of employers and providers in transforming health care. The informative and timely event featured Dr. Delos “Toby” Cosgrove of the Cleveland Clinic, Tim Brown of IDEO, Batten Fellow Scott Wallace, and other thought leaders. Over 150 participants attended the symposium.

i.Lab Launch On March 19, Darden and the Batten Institute unveiled the i.Lab, a sttate-ofthe-aart learrning environment designed to engagge MBA sttudents wiith the core skills essentiall to innovative business. Opening event activities featured a ribbon BATTEN INSTITUTE • 11

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BATTEN DISTINGUISHED LECTURERS Thought leaders directly engage with the Darden community.

Carl Schramm (November 2003)

Reinhard Selten (March 2004)

Malcolm Gladwell (March 2005)

Jim Collins (March 2008)

Daniel Pink (April 2010)

cutting ceremony and best-selling author Daniel Pink, who shared his thoughts on how best to inspire and encourage innovation. The day concluded with a pan-UVA discussion on innovation education featuring Pink and University leaders such as the Vice President for Research and senior faculty from architecture, business, engineering, medicine, and arts & sciences.

UVA Venture Summit On March 25 - 26, the University of Virginia’s second annual Venture Summit brought over 25 prominent venture capitalists to Charlottesville to engage in discussions about science, technology, and the future of the venture capital industry. Starting in 2009, the Batten Institute worked closely with the University’s Office of the Vice President for Research to convene this special event. The 2010 Summit included a Batten-sponsored session featuring U.SS. Sen nator Mark Warner and a panel of leading academics exploring the topic “Government Policy, Entrepreneurship, and the Financing of Innovation.” The panel was open to the public and held in Old Cabell Hall on UVA’s historic Lawn. Darden’s Entrepreneurship and Innovation 0 Research Conference On April 30 - May 1, over 70 ding acade emics from around the worrld lead hered at Darden to participate in Darden’s first annual gath Entrepreneurship and Innovation research conference. The event featured presentations of new and as-yet-unpublished scholarship on a wide range of topics, including “Entrepreneurs, Incumbents, and Industry Dynamics” and “The Role of Status and Standing in Entrepreneurial Success.” Conference highlights also included a rousing debate between Sidney Winter, the Deloitte & Touche Professor Emeritus of Management at Wharton, and Jay Barney, the Chase Chair for Excellence in Corporate Strategy and Professor of Management and Human Resources at Ohio State. The debate was facilitated by Darden Professor S. Venkataraman.

Batten Distinguished Lectures The Batten Institute routinely invites accomplished intellectuals from all disciplines to lecture broadly on the topics of entrepreneurship and innovation to the Darden and University community. In 2009-2010, acclaimed author Daniel Pink gave the Batten Distinguished Lecture as part of the i.Lab launch. Previous lecturers have included prominent Batten Fellows such as best-selling author Malcolm Gladwell, Nobel Prize-winning economist Reinhard Selten, and best-selling author and president of the Kauffman Foundation, Carl Schramm.

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COMMUNICATIONS The Institute’s website, www.batteninsttitute.orrg, provides an important connection to members of the Batten community and beyond. Site features include a newly launched blog, general information about the Institute’s major initiatives, brief articles on supported projects, profiles of Batten-affiliated researchers and professionals, links to academic articles and teaching cases, and news and events listings. Real-time and on-demand access to Batten Institute events, such as the unveiling of Darden’s i.Lab, have made it possible for the Institute to reach an even broader audience regardless of time and geography constraints. Social networking channels are an important addition to the Institute’s communications program. The Batten Insttitute blog and d Twiitter presence enable the Institute to engage an ever broader online audience with instantaneous updates and timely commentary on news and events shaping the global online conversation on entrepreneurship and innovation. As of July 2010, the Batten Institute Twitter feed, @B BattenInstitute, had over 250 followers. In Fall 2009, the Batten

BATTEN BRIEFINGS Forthcoming:

Venture Capital’s Crossroads (3-part series) The Locus of Greentech Innovation Making Sense of Innovation and Growth Business Model rEvolution

Bulletin – an online newsle etter hligh hting research and activitie es supported by the high

Design Thinking in Business

Institute – was launched. The Batten Bulletin is currently distributed to approximately 1800 individuals, and an archive of the Bulletin is available online.

The Napsterization of Pharmaceuticals

From 2001 to 2008, the Institute published the Batte en Briefi fings, eneral inte erest quarterly featuring articles about Institutea ge sponsored research. In Fall 2010, a re-envisioned Batten Briefings will be launched, providing a regular series of executive briefings that address important and timely topics in entrepreneurship and innovation. Intended for a wide but knowledgeable audience, the Briefings will provide relevant analysis and objective insight for managers, business educators, researchers, policymakers, and other decision makers concerned with the transformative role of entrepreneurship and innovation in business and society. Briefings will include a number of different items, including research summaries, policy briefings, and interviews. Batten Briefings will be available both in print and electronically through the Institute’s website.

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PUBLIC RELATIONS Public relations activities focus on generating press about the Institute’s work across a range of top tier, trade, and digital news outlets. The Institute engages the media by meeting one-on-one with key targeted reporters, publishing editorials and opinion pieces, and issuing press releases that announce major developments and milestones. The Institute also partners with leading news organizations, and such programs as Na ational Public Radio’s Marketplace, a highly rated business news program that airs nationally on public radio stations across major U.S. markets. The Batten Institute received more than 50 key media place ements over the year that reported on or referenced Batten Institute initiatives, the Institute’s leadership team, and supported professors in top tier domestic and international news organizations. These outlets included the Financial Times, New York Times, Wall Street Journal, Times of London, Economic Times, Businessweek.com, Forbes.com, as well as key wire services such as Bloomberg, Thomson Reuters, and Dow Jones. In addition, Batten n Institute

outinely included on more th han 200 Web sites re eaching presss releasses are ro wers, including dozens of leading regional business news outlets such as the over 70 million view

Boston Business Journal, Baltimore Business Journal, and Silicon Valley/San Jose Business Journal, as well as portals such as Yahoo! and Google News.

SELECT MEDIA PLACEMENTS (2009-2010) “Long-term U.S. rates would be about a percentage point higher without foreign government and central bank buyers, according to studies done in 2006 and 2009 by Professors Francis and [Batten Fellow] Veronica Warnock at the University of Virginia in Charlottesville, who researched the matter for the Federal Reserve.” – Bloomberg News, June 20, 2010

“Other prominent business schools are also making curriculum changes, though the specifics and degree vary. The Darden School of Business at the University of Virginia recently introduced design thinking into its curriculum and has built an innovation lab, called I-Lab, to accommodate the classes’ informal, collaborative style.” – New York Times, January 10, 2010

“This week, University of Virginia’s Darden School of Business unveiled its new “i.Lab,” a center that includes a design lab. The aim of the new space … is to arm business students with tools typically mastered by artists, engineers and architects. It’s part of Darden’s new ‘design thinking’ initiative, which makes students think innovative[ly] and more creatively, key skills for entrepreneurs.” – Wall Street Journal, March 19, 2010

“In the absence of hard data, Philippe Sommer, director of entrepreneurship programs at the University of Virginia’s Darden School of Business, said he believes that competitions are good for start-ups and prepare them to do business in the real world in a few, but not all, ways...” – New York Times, December 18, 2009

Commentary: Bigger Is Not Always Better “What the Toyota shutdown can teach us about growth” By Edward D. Hess, professor of business administration and Batten Executive-in-Residence at the Darden Graduate School of Business, University of Virginia – Forbes.com, February 3, 2010

“‘Small is beautiful in both good times and bad,’ according to Jeanne Liedtka, Professor of Business Administration at the Darden School of Business at the University of Virginia. ‘Find a customer - maybe just a single one. Try to sell that customer something, even if it’s just a rough prototype. Think of your new business as a hypothesis that you are testing.’” – Times of London, July 1, 2009

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INSPIRED EDUCATION The Batten Institute’s Center for Entrepreneurial Leadership provides educational opportunities to Darden MBA students and alumni as well as to the broader UVA community. Darden’s entrepreneurship program, which includes a rigorous academic offering and a range of experience-based educational opportunities, is led and funded by the Center.

Center for Entrepreneurial Leadership – At a Glance Program • #7 in the U.S. for Entrepreneurship, Princeton Review for Entrepreneur magazine, 2010

Curricular Initiatives • 25 entrepreneurship courses • 70% of Darden students enroll in entrepreneurship and innovation electives • #1 ranked faculty by Princeton Review for Entrepreneur magazine, 2008 and 2011

Experiential Programs • 92 unique ventures and 220 entrepreneurs/participants hosted in the Darden Business Incubator since 2000 • $80,500 awarded in concept and business plan competitions in the academic year (funding provided by the Institute, Third Security, and participating schools UVA-wide) • 130 student participants in the VC, health care, and IP licensing boot camps in the academic year • 38 summer venture internships funded in 2009 and 2010 • Alumni mentorship program launched

Scholarships • 10 full scholarships awarded annually, valued at $1.06M for the 2009-2010 academic year

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CURRICULAR INITIATIVES The Institute’s research arm supports scholarship that advances the fields of entrepreneurship and innovation, and this research often manifests itself in novel, forward-thin nkingg new w

oursses, such as Corpo orate e Innoco e, vation & the Design Experrience ew Pro oduct Develop pmen nt, an nd Ne Staartiing New Venturess. Research

supported by the Institute also takes the shape of groundbreaking initiatives, such as Darden’s new i.Lab, a non-traditional, flat-classroom teaching environment that includes a design-build studio where students can transform their ideas into physical prototypes. A number of Darden’s new entrepreneurship and innovation courses are steeped in design and multidisciplinary thinking and are taught in Darden’s i.Lab. In 2010, an entrepreneurrship once entrration was launched as part of co Darden’s MBA curriculum. The concentration lays the foundation for a deeper understanding of corporate and entrepreneurial success, covering topics such as how to create value not only through new products or services, but with novel technologies, business concepts, organizing structures, transaction/financing mechanisms, distribution channels, and market segmentation.

INSTITUTE-SUPPORTED COURSES SOLVING BUSINESS CHALLENGES IN REAL-LIFE SETTINGS Entrepreneurs Taking Action Students interact with experienced entrepreneurs and learn from their successes and failures as they examine a diverse set of management challenges faced at different stages of a company’s development. The Technology Accelerator Students master the process of adapting technology to the needs of the market, creating an actionable strategy, and developing the skills necessary to launch a start-up. BioInnovation A multidisciplinary course drawing students from Darden, UVA’s Department of Biomedical Engineering, and the schools of nursing, architecture, engineering, and medicine. Students collaborate across disciplines to identify and frame clinically based challenges at the UVA Health Center. Corporate Innovation & the Design Experience This course examines how design thinking and innovation principles can be used to enhance the value and accelerate the development of business opportunities that deliver organic growth.

16 • ANNUAL REPORT 2009 – 2010

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EXPERIENTIAL PROGRAMS The Center builds on Darden’s academic offerings to the overall UVA Cup competition. Also for the first time, UVA received outside sponsorship with a range of experience-based programs and initiatives, providing students the critical from Third Security for $50,000. Overall, a total 0,500 was awarded d at the aforeskills theyy need to creatte succcessful, of $80 mentioned competitions during the 2009-2010 reaal-liife businesses upon graaduattion. academic year. The Center’s experiential programs include a business Incubator, numerous competitions (including support for national and global competi- Lastly, the Center actively develops or supports tions), funded internships, workshops, boot camps, alumni and student entrepreneurship groups and networks, such as Darden’s and mentorship opportunities.

neurship and Ventu ure Entrepren Caapittal Club – Darden’s most active student organization – and the E*Society, a group that connects entrepreneurs from various schools across the University of Virginia.

The Center’s experiential programs enjoy a broad level of student participation and interest. In the summer of 2010, the Center hosted 18 companies in the Darden Incubator, the largest group in its ten-year history. To date, 46% of In ncubaator-

uncched d or supported companie es lau main acctive enterprise es aftter five rem years.

The Center also sponsors three major competitions each academic year: the Darden Concept Competition, UVA Entrepreneurship Cup, and the Darden/UVA Business Plan Competition. In the fall of 2009, 139 concepts were submitted for the UVA Entrepreneurship Cup competition from six schools of the University (Darden Business School – 71, Curry Education School – 15, Law School – 12, McIntire Commerce School – 8, Medicine/BME/ Nursing School – 18, Engineering School – 15). For the first time, each school sponsored its own concept competition, with the winners progressing

THE SCIENTIST MAGAZINE NAMES GLOBAL CELL INVENTION “TOP 10 TOOL TO HIT THE LIFE SCIENCES” Global Cell Solutions, a Darden Incubator company, was cofounded in 2004 by Uday Gupta (Darden MBA ‘04) and Robin Felder, Ph.D., University Professor and Director of the Medical Automation Research Center at UVA. BioLevitator, a groundbreaking cell culturing technology invented at the UVA School of Medicine and commercialized by Global Cell, was named one of the 10 “most exciting tools to hit the life sciences” by The Scientist magazine.

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BATTEN SCHOLARSHIPS Ten full scholarships are awarded annually to incoming Darden MBA students interested in starting their own ventures or becoming innovative leaders at established companies. Yebo fund, a socially minded private equity and economic development fund based in Africa was created by Batten Scholarship winner and Darden Second Year student Joe Andrasko.

Th he fund d purchased a farm m in Sw wazzilan nd in the sprin ng off 200 09, ge enerate ed 125 local fu ull-tim me jo obs, an nd has increased exp portss from m on ne ton per week to six ovver the paast yearr.

Husk Power Systems Founders, Batten Scholarship winner Chip Ransler (left) and Darden MBA graduate Manoj Sinha (right).

HUSK POWER SYSTEMS Husk Power Systems (HPS) was co-founded by Batten Scholarship winner Chip Ransler. A Darden Incubator company, HPS is revolutionizing the Indian power industry and provides power to over 250,000 rural Indians in a financially sustainable, scalable, environmentally friendly, and profitable manner. HPS has won numerous business plan competitions worldwide, including the $250,000 DFJ/Cisco Global Business Plan competition. HPS was recently named one of 12 finalists in the BBC World challenge, “a global competition aimed at finding projects or small businesses from around the world that have shown enterprise and innovation at a grassroots level.”

Joe Andrasko (left), of Yebo fund and Themba Dlamini (right), manager of Sdemane Farm.

18 • ANNUAL REPORT 2009 – 2010

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ENERGETIC COMMUNITY At the heart of the Batten Institute is a diverse and collaborative community of scholars, students, alumni, and practitioners. This energetic community is the source and inspiration for many of the Institute’s growing programs.

FACULTY AWARDS AND RECOGNITION 2009–2010

2010 Decade Award – Academy of Management Review The AMR Decade Award, given to the article published 10 years prior with the greatest impact in terms of citations, was awarded to Professor S. Venkataraman (Venkat) and his coauthor, Scott Shane, for their 2000 Academy of Management Review article, “The Promise of Entrepreneurship as a Field of Research.”

BATTEN AFFILIATES Batten Institute affiliated faculty play a key role in shaping the continued evolution of the fields of entrepreneurship and innovation through both their teaching and research. This past year, a number of faculty affiliated with the Institute have been recognized for their contributions and scholarship. Batten-affiliated experts are also called to testify on key issues facing or Andrea the United States. In October 2009, Professo

Larsson appeaared before the U.S. House Committtee on Energy and Commerce on th he topicc of exp pand ding U.S. trade in green te echnolo ogy. In her testimony to the committee, Larson asserted three critical interrelated recommendations for the United States: invest in clean energy and materials, use greentech to drive economic development domestically, and support U.S. greentech competitiveness.

2010 Research Professor in Entrepreneurship – Financial Times The Financial Times named Associate Professor Greg Fairchild the world’s top research professor in the category of entrepreneurship.

2010 Best Symposium Award – Academy of Management Professor Jeanne Liedtka received the Best Symposium Award in the Management Education and Development division of the Academy of Management for the symposium “Finding the Right Side of the MBA Brain: Teaching Design Thinking.”

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2010 Aspen Ideas Festival “Scholar” – Aspen Institute Associate Professor Greg Fairchild was named a Festival “Scholar” at the 2010 Aspen Ideas Festival, hosted by the Aspen Institute and The Atlantic and featuring the world’s leading scholars who are “exploring ideas, deepening dialogue and inspiring action.”

2010 ONE Best Dissertation Award – Academy of Management Former Senior Batten Researcher Jeffrey York was honored for the quality, importance, originality, methodology, structure, and readability of his dissertation.

2009 Best Innovation and Design Books – Bloomberg BusinessWeek The Catalyst: How You Can Become an Extraordinary Growth Leader, written by Professor Jeanne Liedtka and co-authored by Batten Fellows R. Rosen and R. Wiltbank, was named one of Bloomberg BusinessWeek’s best innovation and design books of 2009. The book focuses on the role that midlevel managers play in achieving organic growth.

CURRENT BATTEN AFFILIATES WITHIN THE UNIVERSITY OF VIRGINIA Raul O. Chao

Michael J. Lenox

Paul J. Simko

Assistant Professor of Business Administration

Samuel L. Slover Research Professor of Business, Associate Dean and Executive Director of the Batten Institute

Associate Professor of Business Administration and Associate Dean, MBA for Executives

Wei Li

Thomas C. Skalak

Susan Chaplinsky Tipton R. Snavely Professor of Business Administration and Associate Dean for Faculty Scholarship

Professor of Business Administration

Robert L. Cross

Jeanne M. Liedtka

Associate Professor of Commerce, and Director, Network Roundtable, McIntire School of Commerce

United Technologies Corporation Professor of Business Administration

Gregory B. Fairchild Associate Professor of Business Administration

Mary Margaret Frank Associate Professor of Business Administration

Yael Grushka-Cockayne Assistant Professor of Business Administration

Andrew M. Hess Assistant Professor of Commerce, McIntire School of Commerce

Edward D. Hess Professor of Business Administration and Batten Executive-in-Residence

Andrea Larson

Elena Loutskina Assistant Professor of Business Administration

Luann J. Lynch Professor of Business Administration

Anton S. Ovchinnikov Assistant Professor of Business Administration

Vice President for Research and Professor of Biomedical Engineering

Christopher Sprigman Professor of Law

Elizabeth O. Teisberg Associate Professor of Business Administration

Sankaran Venkataraman MasterCard Professor of Business Administration

Rajkumar Venkatesan

Bank of America Research Associate Professor of Business Administration

Kamalini Ramdas Associate Professor of Business Administration

Gal Raz Associate Professor of Business Administration

Saras D. Sarasvathy Isadore Horween Research Associate Professor of Business Administration

Associate Professor of Business Administration

20 • ANNUAL REPORT 2009 – 2010

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UNIVERSITY PARTNERS The Batten Institute partners with many units and organizations of the University of Virginia. These partnerships are critical to delivering programs and events to enhance the scope of the Institute’s efforts.

2009 Emerging Scholar Award – Strategic Management Society

In 2009-2010, the Institute partnered with the University’s Offi fice of the e Vicce Pre esident for Research h (VPR R) to host UVA’s second Annual Venture Summit. The Institute also worked closely with the VPR’s office to redesign how UVA translates and commercializes research conducted in University labs and was actively involved in the recruitment of UVA’s first Executive Director and Associate Vice President for Innovation Partnerships and Commercialization.

Professor Michael Lenox received the Emerging Scholar award from the Strategic Management Society. Lenox, who specializes in innovation strategy, was chosen to receive this award on the basis of his research productivity and his contributions to the field.

The Institute also proudly collaborates with Darden’s Taylloe Mu urphyy Cen nter. An independent center housed at Darden, the Tayloe Murphy Center forms alliances with communities in the Commonwealth of Virginia facing challenging economic conditions. Under the leadership of Darden faculty member Greg Fairchild, the center aims to take a multidisciplinary and multipronged approach to creating and sharing expert knowledge in building globally competitive communities. Finally, the Institute also works closely with various student organizations. In 2009-2010, the Center for Entrepreneurial Leadership collaborated with Darden’s En ntrepreneurship and d Ventture Caapital (EV VC) Club to host the fall E-Conference, and the Institute is a strong supporter of the university-wide E*Society y formed in 2009 by Darden students.

2009 Faculty Pioneers – Aspen Institute Associate Professor Greg Fairchild and Professor Michael Lenox were both recognized as “Faculty Pioneers” by the Aspen Institute’s Center for Business Education. The award recognizes “instructors who have demonstrated leadership and risk-taking in integrating ethical, environmental, and social issues into the MBA curriculum.”

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LEADERSHIP TEAM ADMINISTRATION

RESEARCH DIVISION

Michael Lenox

Sean Carr

Associate Dean and Executive Director, Batten Institute, Samuel L. Slover Research Professor of Business Administration B.S., M.S., University of Virginia Ph.D., Massachusetts Institute of Technology

Director of Corporate Innovation Programs B.A., Northwestern University M.S., Columbia University M.B.A., University of Virginia

Elizabeth O’Halloran

Malgorzata “Gosia” Glinska

Managing Director B.A., Haverford College M.B.A., University of Virginia

Senior Research Associate B.A., University of Gdansk, Poland M.A., Boston University M.F.A., University of Virginia

Gayle Noble

Amy L. Halliday

Office Manager Pan American Business School

Researcher and Editor A.B., Brown University M.Phil., Oxford University

Debbie White

Andrew King

Budget Coordinator B.A., University of Virginia M.A., George Washington University

Research Associate B.A., The University of the South M.S., Oxford Brookes University

CENTER FOR ENTREPRENEURIAL LEADERSHIP Philippe Sommer Director and Senior Lecturer B.A., Amherst College M.B.A., Columbia University

MARKETING AND COMMUNICATIONS Joyce Smaragdis Associate Director of Outreach B.A., University of Virginia M.A., Virginia Polytechnic Institute and State University

MJ Dougherty Toms

Derry Voysey Wade

Associate Director B.A., Williams College M.B.A., Yale University

Communications Manager A.B., Smith College M.A., University of Virginia

Ashley Bickers Special Projects Manager American InterContinental University

22 • ANNUAL REPORT 2009 – 2010

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FINANCIAL STATEMENT Income to support the Batten Institute is provided by an endowment created by Frank Batten, Sr., and his family. As of June 2010, the market value of the endowment had reached $80 million. The annual budget from this endowment is $4.77 million for FY 2010-2011.

Batten Institute Budget (FY 2010 – 2011) RESEARCH DIVISION Faculty Salary Support 22% Research Conferences 3%

Administrative Staff 10%

Communications 5%

PhD Scholarships 3%

Marketing 3% Batten Fellows Program 1%

CEL Staff 8%

Faculty Research Grants 5%

Incubator Support 5%

Research Staff 9%

Venture Internship Program 2% Competitions 2%

Batten Scholarships 21% Course Support & Workshops 1%

CENTER FOR ENTREPRENEURIAL LEADERSHIP

Receptions & Outreach 1%

Percentages are rounded to the nearest whole number.

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BATTEN INSTITUTE BUDGET (FY 2010 – 2011) CATEGORY

BUDGET

%

Administrative and Marketing Staff

$462,000

10%

CEL Staff

$405,836

8%

Incubator Support

$228,725

5%

Venture Internship Program

$104,000

2%

Competitions

$75,600

2%

Course Support & Workshops

$54,075

1%

Receptions & Outreach

$41,084

1%

$992,000

21%

Research Staff

$436,447

9%

Faculty Research Grants

$260,093

5%

Batten Fellows Program

$30,000

1%

PhD Scholarships

$122,400

3%

Research Conferences

$143,600

3%

Faculty Salary Support

$1,047,648

22%

PR & Communications

$248,500

5%

Sponsorships

$125,000

3%

$4,777,008

100%

CENTER FOR ENTREPRENEURIAL LEADERSHIP

Batten Scholarships RESEARCH DIVISION

MARKETING SUPPORT

TOTAL

Percentages are rounded to the nearest whole number.

24 • ANNUAL REPORT 2009 – 2010

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CONTACT BATTEN INSTITUTE The Darden School of Business University of Virginia P. O. Box 6550 Charlottesville, VA 22906-6550

COURIER ADDRESS Batten Institute The Darden School of Business University of Virginia 100 Darden Boulevard Charlottesville, VA 22903

PHONE 434.924.1335

FAX 434.924.7104

EMAIL batten@darden.virginia.edu

WEB www.batteninstitute.org

CREDITS Graphic design: Adam Portzel Front cover photograph: Stephanie Gross

ANNUAL REPORT 2009 – 2010 • X

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Batten Institute The Darden School of Business University of Virginia P.O. Box 6550 Charlottesville, VA 22906-6550 www.batteninstitute.org

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Batten Institute Annual Report 2009-10  

The annual report for 2009-10 from the Batten Institute at the Darden Graduate School of Business.

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