University of Virginia Darden School's Batten Institute Year in Review 2016-17

BATTEN INSTITUTE for Entrepreneurship and Innovation Y E A R

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EDUCATION RESEARCH VENTURES CONNECTIONS

FROM OUR HOME at UVA’s Darden School of Business, the Batten Institute strives relentlessly to push the boundaries of entrepreneurship and innovation, expanding opportunities for our students, faculty and ecosystem partners to become truly transformational entrepreneurial leaders.

This Year-in-Review 2016-17 offers a comprehensive look at the work we have been doing to support this objective through worldclass education, thought-leading research and high-impact startups. Highlights from the past year include a new and highly-selective Technology Venture Fellowship program, a suite of new courses in software and data analytics, new research initiatives on climate change and entrepreneurial ecosystems, and a first-time foray for UVA Darden at South by Southwest (SXSW). Thanks very much for your interest. We look forward to seeing you on the journey ahead!

Sean D. Carr, Ph.D. (MBA ’03; Ph.D. ’13) Executive Director Batten Institute for Entrepreneurship & Innovation Assistant Professor of Business Administration UVA Darden School of Business

view the interactive impact report online: batten-yearbook.darden.virginia.edu

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BATTEN INSTITUTE

MISSION

The Batten Institute serves as a catalyst for developing entrepreneurial leaders and for advancing knowledge about the transformative power of entrepreneurship and innovation.

To fulfill this mission we originate activities and host initiatives in four broad categories that serve the Darden School of Business, the University of Virginia and our broader entrepreneurial and innovative ecosystem:

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

CONNECTIONS Foster a diverse and collaborative community of scholars, students, alumni and practitioners engaged in the study and pursuit of entrepreneurship and innovation.

batten-yearbook.darden.virginia.edu

RESEARCH Generate thought leadership in entrepreneurship and innovation through research projects and events of consequence to business and society.

VENTURES Support entrepreneurs and innovators at Darden, UVA and in surrounding areas by providing programs, funding, mentors, community and other resources to accelerate the generation of innovative ideas and the development of new ventures.

YEAR IN REVIEW 2016–17

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Advisory Council

Team

The mission of the Batten Advisory Council is to advise and support the Batten Institute in its efforts to advance Darden as a thought leader and preeminent educator of entrepreneurship and innovation.

ADMINISTRATION

CHAIR

VICE CHAIR

Shannon G. Smith (MBA ’90) CEO, Abundant Power Group LLC

Jonathan R. Ebinger (MBA ’93) General Partner, BlueRun Ventures

MEMBERS 2016−17 W. L. Lyons Brown III (MBA ’87) Founder and CEO, Altamar Brands LLC

Archie L. Holmes Jr. Vice Provost for Educational Innovation & Interdisciplinary Studies, UVA

James S. Cheng (MBA ’87) Executive Advisor, New Richmond Ventures and Blue Heron Capital; Counsel, Lee & Hayes PLLC

Ned Hooper (MBA ’94) Founder and Managing Partner, Centerview Capital

Alexander Cowan Managing Director, Synapse Partners Martin J. Curran (MBA ’84) Executive Vice President and Innovation Officer, Corning Inc. Wayne L. Delker Former Chief Innovation Officer, The Clorox Co. Frank E. Genovese (MBA ’74) President, The Rothbury Corp.

John W. Glynn Jr. Founder and Managing Director, Glynn Capital Management Peter M. Grant II (MBA ’86) Partner, Anchormarck LLC John E. Greenfield (MBA ’16) Business Operations, PsiKick T.R. Harrington Jr. (MBA ’04) Founder, Darwin Marketing Adam R. Healey (MBA ’05) Co-Founder and CEO, Borrowed & Blue

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BATTEN INSTITUTE

Arnon Katz (MBA ’09) VP International eCommerce, Walmart Douglas R. Lebda (EMBA ’14) Founder and CEO, Lending Tree Jerry Nemorin (MBA ’08) Founder and CEO, Lend Street Financial Inc. Jerry Peng (MBA ’03) Founder and Former CEO, Tranlin Ian W. Ratcliffe (MBA ’94) Partner, Sands Capital Management Harry T. Rein (MBA ’73) Retired General Partner, Foundation Medical Partners Sarah F. Rumbaugh (MBA ’15) Founder and CEO, RelishMBA Michael P. Straightiff Managing Director, UVA Licensing & Ventures Group

Sean Carr Executive Director and Assistant Professor B.A., Northwestern University; M.S., Columbia University; MBA, UVA Darden School of Business; Ph.D., University of Virginia Gayle Noble Office Manager Debbie White Director of Operations B.A., University of Virginia; M.A., George Washington University

RESEARCH AND INTELLECTUAL CAPITAL Erika Herz Director of Research and Intellectual Capital B.A., Wellesley College; MBA, UVA Darden School of Business Rebecca Duff Researcher, Business Innovation & Climate Change Initiative B.S., Mary Washington College; M.S., Johns Hopkins University

Education and Experiential Learning

Malgorzata “Gosia” Glinska Associate Director B.A., University of Gdansk, Poland; M.A., Boston University; M.F.A., University of Virginia

MJ Dougherty Toms Director, Education and Experiential Learning B.A., Williams College; MBA, Yale University

Andrew King Associate Director B.A., The University of the South; M.S., Oxford Brookes University

Madelyn Taylor Special Events and Program Manager B.S., James Madison University

Asif Mehedi Senior Research Associate B.B.A., University of Dhaka; MBA, UVA Darden School of Business

W.L. Lyons Brown III Innovation Laboratory at UVA (i.Lab) David Touve Director, i.Lab at UVA B.A., Northwestern University; MBA, Australian Graduate School of Management; Ph.D., Vanderbilt University Jason Brewster Incubator Program Director B.A., Austin College; M.S., Stanford University Sandra McCutcheon i.Lab Program Manager B.A., University of Maryland University College, Europe; M.A., University of Texas, San Antonio

Katherine Willingham Program Manager, Business Innovation & Climate Change Initiative B.A., University of North Carolina at Chapel Hill Strategic Initiatives and Outreach Joyce Smaragdis Director, Strategic Initiatives and Outreach B.A., University of Virginia; M.A., Virginia Polytechnic Institute and State University Derry Wade Associate Director, Strategic Initiatives and Outreach A.B., Smith College; M.A., University of Virginia

EDUCATION THE BATTEN INSTITUTE PROVIDES students, alumni and others in our community with classes, workshops, competitions, internships and a variety of hands-on learning opportunities in entrepreneurship and innovation. One of our newest and most exciting offerings in 2016-17 was the Technology Venture Fellowship, which provides the rare opportunity for Darden students to participate in early-stage technology ventures while receiving mentorship, coaching and access to the industry network.

Scholarships Each year, the Batten Institute provides more than $1 million to support scholarships for MBA students who have an entrepreneurial or innovative orientation. In 2016–17, six full scholarships were awarded to members of the Class of 2018.

Here are a few examples of Darden’s entrepreneurial talent:

Kareem El-Gohary Class of 2018 Hometown: Woodbridge, Virginia

Maximillian (Max) Huc Class of 2017 Hometown: Bryn Mawr, Pennsylvania

John Thier Class of 2018 Hometown: Charlottesville, Virgnia

“I came to Darden to learn more about the strategic, financial and managerial aspects of business, particularly in the technology sector. I have gained a particular interest in fintech while in business school and hope to apply my education toward a career in product management or data analytics within this fast-growing industry.”

“I am inspired by innovations that bring about social good. With our new company and app, 1Degree, my co-founder, Sam Boochever (MBA ’17), and I share a vision to revolutionize social media interaction and philanthropic awareness as we know it today.”

“I am interested in applying entrepreneurship in a market design context to impact areas of significant need. I have started two tech companies, one of which, RecyleAmp, uses software to increase transparency in the post-industrial recycling market. I’m continuing to operate RecycleAmp while attending Darden and will continue entrepreneurial pursuits following graduation.”

batten-yearbook.darden.virginia.edu

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Internships

Courses

BATTEN VENTURE INTERNSHIP PROGRAM The Batten Institute subsidizes summer internships for Darden students interested in working with a startup or a venture capital firm through the Batten Venture Internship Program (BVIP).

2017 BVIP Companies and Organizations Blue Danube Bluestone Analytics Cassimir Club Cavion Clayborne Education Coulomb Cultivation Capital Dcode42 Generation180 GetNasty GoldenStone Advisors Inspiring Capital

Marqeta RecycleAmp RegTech Lab, Inc. Sine Wave Ventures Tech Dynamism UVA Seed Fund Virginia Distillery Co. Virginia Institute of Autism WeissBeerger Yay Lunch Zoomforth

26 S T UD E N T S W E R E SUPPORT E D T H RO U G H T HIS PROG R A M

TECHNOLOGY VENTURE FELLOWSHIP This new program offers Darden students an intensive, operational experience with early stage technology ventures during a 10-week fellowship, giving them hands-on project experience, mentorship and coaching; a rich network of connections and contacts; and the inspiration to follow an entrepreneurial path after graduation. Program sponsors include Jonathan Ebinger (MBA’93), general partner, BlueRun Ventures and John Glynn (Law ’65), founder, Glynn Capital Management.

Summer 2017 Fellows Kyle Collins (Class of 2018) Kabbage, Atlanta Whitney Hagan (Class of 2018) VSCO, Oakland, California Van Hatchell (Class of 2018) ZeeMee, Redwood City, California 6

BATTEN INSTITUTE

GBUS 7500

Innovation, Design and Entrepreneurship in Action (IDEA)

GBUS 8484

Creativity and Design Thinking

GBUS 8459

Innovation and Design Experience

GBUS 7609

Entrepreneurial Thinking

GBUS 7618

Effectual Entrepreneurship

GBUS 8210

Starting New Ventures

GBUS 7610

Creative Capitalism

GBUS 8130

Prototyping and Product Development I

GBUS 8500YY

Venture Velocity

GBUS 8632

Software Design

GBUS 8633

Software Development

GBUS 8500XX

Applied Digital Innovation in the Silicon Valley

GBUS 8700

Darden Venturing Project

GBUS 8230

Growing the Smaller Enterprise

GBUS 8290

Venture Capital

GBUS 8453

Entrepreneurial Finance and Private Equity

GBUS 8106

Acquisition of Closely-Held Enterprises

GBUS 8500ZZT

Due Diligence in Seed Funds

GBUS 8497

Impact Investing

GBUS 8025

Financial Innovation: Opportunities and Problems

GBUS 8033

Digital Marketing

GBUS 8500D

Marketing Technology Products

GBUS 8469

Entrepreneurs Taking Action

GBUS 8438

The Experience Economy

GBUS 8439

Leadership and Cultures of Trust and Innovation

GBUS 8022

Transforming Societies

GBUS 8510

Global Business Experience: Sweden

GBUS 8530

Uganda: Health Care, Entrepreneurship and Development in East Africa

Competitions ENTREPRENEURSHIP AND VENTURE CAPITAL CLUB (EVC) PITCH COMPETITION The EVC Club held their first pitch competition for Darden students in 2016 as a precursor to the UVA Entrepreneurship Cup Concept Competition.

Winners ($1000) Second Place (Tie: $250 each) Brandefy Salveo Meg Greenhalgh (Class of 2018) Serge Eygenson (MBA ’17) Quinn Patton (MBA ’17) Venplicity Van Hatchell (Class of 2018)

UNIVERSITY OF VIRGINIA ENTREPRENEURSHIP CUP (E-CUP) The UVA E-Cup consists of three different stages: Concept, Discovery and Launch! The judging criteria varies between each stage.

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Concept Competition Award Recipients

Consumer Business-to-Business Track Brandefy. Meg Greenhalgh (Class of 2018) and James Graham (Class of 2018), Darden School of Business Division 1-On-1 Trainers. Jared Vishno and Grant Sirlin, College of Arts & Sciences InterBio. Mathew Reiss (Class of 2018), Darden School of Business Purity Condoms. Sam Boochever (MBA ’17) and Jeremy Burger (MBA ’17), Darden School of Business WaBu. Victor Juan Rodriguez and Pedro Escobar, College of Arts & Sciences

Science/Technology/Innovation Track Conceiva. Shrey Kapadia, Tara Caste and Kareema Nahavandi, School of Engineering & Applied Science Grapholiation: Better Way to Make Graphene.

Rachel Barbieri, Keithen Orson, Jonathan Zheng, Connor Roos and Anthony DeNovio, School of Engineering & Applied Science; Carolina Myers, College of Arts & Sciences Leu-Lock: Synthetic Translational Control. Anders Nelson and Sarah Shan, College of Arts & Sciences; Austin Rivera and Kelli Green, School of Engineering & Applied Science Phoenix-Aid. Ashwinraj Karthikeyan and Shannan Petchul, School of Engineering & Applied Science; Anders Nelson, College of Arts & Sciences; Ceileigh Holsteen, School of Nursing; Akwasi Asante Urine Smart. Cheng Yang, College of Arts & Sciences; Long Di and Longze Chen, School of Engineering & Applied Science Health Care Services & Technologies Track

Social Entrepreneurship Track Science Delivered Charlottesville.

Taylor Welsh, Graduate School of Arts & Sciences; Kelly Barford, School of Medicine Team Immersive. Atthar Mirza, School of Architecture; Connor Anderson, Omar El Sheikh and Collin Hansen, School of Engineering & Applied Science MedExport. Douglas Eisman and Ethan Fieger, College of Arts & Sciences; Tommy Dean, Frank Batten School of Leadership and Public Policy IDEAL.Victoria Lindsey, School of Architecture

Lithen and Lithen. Brian Lithen, School of Engineering & Applied Science Synaptest. Sepehr Zomorodi and Jisun Kim, School of Engineering & Applied Science Sugaway. Danya Abutaleb, Bryce Hodsdon and Peyton Randolph, College of Arts & Sciences Tandem Medical. Kamran Pirasteh, McIntire School of Commerce TETNOVA. Eric Tetlow, College of Arts & Sciences; Peter Tetlow

Dining Band. Zainab Oni, College of Arts & Sciences batten-yearbook.darden.virginia.edu

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Competitions continued UVA Wise Track Hemp Farm. Kaitlynn Davis ($1,000) Reach More Marketing. Mckenna Blevins and Tara Greear ($500) Minerva. Javier Wagner ($250)

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Launch! Competition Award Recipients

First Place ($20,000) 1Degree Sam Boochever (MBA ’17) and Max Huc (MBA ’17), Darden School of Business Second Place ($15,000)

Discovery Competition Award Recipients ($5,000 each) Beanstalk. Jack Ross, School of Engineering & Applied Science; Michael Ross Division 1-On-1 Trainers. Jared Vishno and Grant Sirlin, College of Arts & Sciences Phoenix-Aid. Ashwinraj Karthikeyan, School of Engineering & Applied Science; Anders Nelson, College of Arts & Sciences; Akwasi Asante PAKA. Kris Cody, College of Arts & Sciences Tandem Medical. Ripley Carroll, Kamran Pirasteh and James Wang, McIntire School of Commerce

Synaptest Sepehr Zomorodi and Jisun Kim, School of Engineering & Applied Science Third Place (Tie: $5,000 each) Beanstalk Farms Jack Ross, School of Engineering & Applied Science Michael Ross Tandem Medical Ripley Carroll, Kamran Pirasteh and James Wang, McIntire School of Commerce

Venture Capital Bootcamp The Venture Capital Bootcamp, held January 2017 at Cooley, LLC in Reston, Virginia, was a three-day workshop for students who are interested in pursuing opportunities in venture capital and entrepreneurship. A series of speakers, including Rick Gordon (MBA ’98) and Joel Selzer (MBA ’05), discussed how venture capitalists respond to entrepreneurs who seek funding and assistance, fundamental elements of due diligence, deal structures and terms, legal requirements, small business strategy and operations, and exit strategies from both the perspective of a venture capitalist and entrepreneur.

E-Conference The Batten Institute sponsored Darden’s 8th annual E-Conference in February 2017, organized by the Entrepreneurship and Venture Capital Club. The conference-called Ideation. Execution. Persistence.- was held at the UVA Rotunda and featured keynote speaker W.L. Lyons Brown III (MBA ’87), Founder and CEO of Altamar Brands. Other alumni speakers included Brett Bohl (MBA ’09), Jim Cheng (MBA ’87), Christian Duffus (MBA ’00), and Joel Selzer (MBA ’05).

At the 2017 E-Conference are (left to right): Whitney Hagan (Class of 2018), Brett Bohl (MBA ’09), Alex Williams (MBA ’17) and Errol Nisbeth (MBA ’17).

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BATTEN INSTITUTE

RESEARCH THE BATTEN INSTITUTE IS COMMITTED to supporting high-impact research that addresses questions central to our understanding of entrepreneurship and innovation. Institute-supported research is practical, rigorous and informs business practice and/or public policy. In 2016-17, the Institute launched two major, new research initiatives: Cities Innovating Tomorrow’s Entrepreneurial Ecosystems (CIT.ee) and the Business Innovation and Climate Change Initiative.

Global Innovators Roundtables s i n g ap o r e

san francisco

INNOVATING FOR SUSTAINABILITY 4 October 2016

HARNESSING DATA SCIENCE FOR BREAKTHROUGH INNOVATION

Discussant: Michael J. Lenox Tayloe Murphy Professor of Business Administration; Senior Associate Dean and Chief Strategy Officer, Darden School of Business

Discussants: Casey Lichtendahl Eleanor F. and Phillip G. Rust Professor of Business Administration, Darden School of Business

13 October 2016

Eric C. Tassone Data Scientist at Google; Adjunct Professor, Darden School of Business

washington , d . c . area OPTIMIZING INNOVATION IN THE AGE OF DIGITAL TECHNOLOGIES

20 April 2017 Discussant: Edward D. Hess Professor of Business Administration and Batten Executive-in-Residence, Darden School of Business

CIT.ee: cities innovating tomorrow’s entrepreneurial ecosystems Cities Innovating Tomorrow’s Entrepreneurial Ecosystems (CIT.ee) is a research initiative seeking to understand what drives the emergence of entrepreneurial ecosystems in American cities and what impact such ecosystems have on the city residents.

The research team draws on data and methods from across multiple disciplines and comprises researchers from several institutions, including the University of Virginia, the University of Colorado-Boulder and Babson College. batten-yearbook.darden.virginia.edu

HOMETOWN SUMMIT The first Hometown Summit, “America’s Biggest Conference for Small Cities,” gathered more than 500 civic leaders from across the United States to explore best practices for encouraging entrepreneurial development. More than 100 speakers from 40 states participated. Professor Michael Lenox provided a keynote address on the CIT.ee project at the summit.

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Business Innovation and Climate Change Initiative Launched in May 2017, the new Business Innovation and Climate Change Initiative will inform dialogue across a diverse set of stakeholders from business, nonprofit, government and academic arenas on the role of innovation in addressing climate change. The initiative, led by the Batten Institute in partnership with Darden’s greater Washington, D.C. office and in collaboration with other UVA schools, will participate in leadership education, multi-stakeholder events, applied research and bipartisan analysis related to clean energy innovation.

UVA Darden and Cambridge Judge Entrepreneurship & Innovation Research Conference The Batten Institute joined with the Cambridge Judge Business School to co-host the annual Entrepreneurship and Innovation Research Conference in June 2017 at the University of Cambridge.

Associate Professor Jeremy Hutchison-Krupat served as cochair and developed a schedule that attracted more than 70 participants from North America, Europe, Asia and Africa. In 2018, the conference will add the University of Hong Kong as a partner and host.

Faculty Support Each year, the Batten Institute sponsors Darden faculty whose teaching and scholarship predominantly address topics in entrepreneurship and innovation.

AFFILIATED FACULTY AWARDS AND HONORS

In 2016-17, Batten-sponsored faculty at Darden included:

Sam Bodily received the 2016 Decision Analysis Special Recognition Award for his paper, “Reducing Risk and Improving Incentives in Funding Entrepreneurs,” from INFORMS. The research was Batten Institute-funded.

Raul Chao Associate Professor of Business Administration Areas of expertise: innovation, new product development, R&D portfolio management, organization design and incentives, complex adaptive systems Edward D. Hess Professor of Business Administration and Batten Executive-in-Residence Areas of expertise: organic growth and innovation strategies, learning cultures, systems and processes, high performance organizations and values-based leadership

Jeremy Hutchison-Krupat Assistant Professor of Business Administration Areas of expertise: innovation, new product development, incentives and organization design Michael Lenox Tayloe Murphy Professor of Business Administration, Senior Associate Dean and Chief Strategy Officer Areas of expertise: business strategy, innovation, entrepreneurship, corporate venture capital, corporate environmental sustainability Saras Sarasvathy Paul M. Hammaker Professor of Business Administration Areas of expertise: entrepreneurship, cognitive science, behavioral economics

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BATTEN INSTITUTE

Jeanne Liedtka received an award from the 2017 Design Management Academy at their annual conference for “most significant theoretical contribution to design innovation management field.”

Yael Grushka-Cockayne was named an associate editor for the Decision Analysis area of Operations Research.

Yael Grushka-Cockayne and Casey Lichtendahl’s paper “Vungle Inc. Improves Monetization Using Big-Data Analytics” with Bert De Reyck, Ioannis Fragkos, Hammond Guerin, and Andrew Kritzer was a Paper Finalist in the 2016 Daniel H. Wagner Prize for Excellence in Operations Research Practice.

Publications

BOOKS Humility is the New Smart: Rethinking Human Excellence in the Smart Machine Age Edward D. Hess and Katherine Ludwig (Berrett-Koehler: 2017)

BATTEN BRIEFINGS

ARTICLES

Batten Briefings are a white paper series communicating the latest findings from Batten-sponsored research for a broad audience.

Sonal Pandya and David Leblang “Risky Business: Institutions vs. Social Networks in FDI.” Economics & Politics.

2017 Vol 29, issue 2, pp 91-117.

“Consider the Alternatives: New Ways of Financing Early Stage Entrepreneurs” (October 2016)

Jeanne Liedtka “Evaluating the Impact of Design Thinking in Action,” Proceedings of the 2017 Academy of Management Meeting.

Designated as a best paper. (forthcoming)

“Innovating for Sustainability: Challenges and Opportunities” (March 2017)

FORBES PARTNERSHIP The Batten Institute continues its partnership with Forbes on behalf of the University of Virginia to publish a blog covering topics of note in entrepreneurship and innovation.

Academic Year: 26,848 views From Inception (April 2012): 265,986 views

JOURNAL OF BUSINESS VENTURING The Batten Institute supports the Journal of Business Venturing, the premier scholarly journal devoted to entrepreneurship and innovation. JBV is ranked by the Social Science Citation Index as one of the world’s most influential management journals. From 1995 to 2009, Darden Professor S. Venkataraman served as JBV’s editor-in-chief; the current managing editor is Darden researcher Sarasa Subramony.

batten-yearbook.darden.virginia.edu

Kristian Nielsen and Saras Sarasvathy “A Market for Lemons in Serial Entrepreneurship? Exploring Type I and Type II Errors in the Restart Decision.”

Academy of Management Discoveries, September 1, 2016 Vol 2, issue 3, pp 247-271.

Laura J. Kornish and Jeremy HutchisonKrupat “Research on Idea Generation and Selection: Implications for Management of Technology.” Production and Operations Management. 2017 Vol 26, issue 4, pp 633-651.

Jeremy Hutchison-Krupat “Communication, Incentives, and the Execution of a Strategic Initiative.”

Management Science. (forthcoming) Yael Grushka-Cockayne, Casey Lichtendahl, Victor Richmond R. Jose and Robert L. Winkler. “Quantile Evaluation, Sensitivity to Bracketing, and Sharing Business Payoffs.” Operations Research. 2017 Vol 65, issue 3, pp 712-728.

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Fellows The prestigious Batten Fellows program brings prominent thought leaders to engage and collaborate on significant topics in entrepreneurship and innovation. Since 2001, more than 80 individuals have been named Batten Fellows.

Sanjiv Erat Associate Professor of Innovation, Technology, and Operations Management University of California at San Diego Creativity in Innovation Processes (with Professor Jeremy Hutchison-Krupat)

Joel Gehman Assistant Professor of Strategic Management and Organization University of Alberta School of Business To B or Not to B? Founding, Failure and Flourishing Among Benefit Corporations and Certified B Corporations

Po-Hsuan Hsu Associate Professor of Finance University of Hong Kong Leviathan as an Innovator: State Ownership and Green Technology (with Professor Pedro Matos)

Yael Grushka-Cockayne Darden School of Business “Innovation Interlocks”

Tim Kraft Darden School of Business “The Role of Supply Chain Transparency, Technology, and Trust in Social Responsibility Communications”

Research Grants Each year, the Batten Institute solicits proposals from any UVA faculty member pursuing rigorous and relevant research in entrepreneurship and innovation. The following scholarly projects were awarded support in 2016–17:

Xiaojin Liu and Raul Chao Darden School of Business “How Does Social Focus Influence Firm Innovation?”

Konstantinos Stouras and Raul Chao Darden School of Business “Crowdsourcing Customer Service to Customers: Insights from Microsoft’s and Apple’s Online Communities” Eileen Y. Chou Batten School of Leadership and Public Policy “Drained yet Inspired: Resource Depletion Fuels Creativity”

Natasha Z. Foutz McIntire School of Commerce “Predicting Dynamic Competition of Innovations via Virtual Stock Market” Edward D. Hess Darden School of Business • Production and Publication of Innovation Is the New Smart • “Scaling Innovation Thought Leadership in Bite-Size Formats”

Jeanne Liedtka Darden School of Business “Design Thinking for the Greater Good”

Virtual Communities SOCIETY FOR EFFECTUAL ACTION

DESIGN@DARDEN

The Society for Effectual Action (SEA), spearheaded by Professor Saras Sarasvathy, is dedicated to the groundbreaking form of entrepreneurial thinking known as effectuation. SEA is a global society advancing effectual action for entrepreneurs from all industries.

An online community that advances knowledge and facilitates a vibrant exchange of ideas among people innovating the future of design and design thinking for business and beyond. By sharing inspirations, stories and tools, Design@Darden aims to enrich the global conversation and application of design thinking strategies.

During the 2016–17 academic year there were approximately 3,800 registered members of the platform.

> effectuation.org

> www.designatdarden.org 12

BATTEN INSTITUTE

VENTURES IN 2013 THE BATTEN INSTITUTE established the W.L. Lyons Brown III Innovation Laboratory in order to provide a robust platform for the creation of new ventures.

Today the i.Lab at UVA offers a wide range of programs, funding, workspace, mentors, community, and additional resources to accelerate the growth of companies. The result of this approach is a diverse community of founders, funders and innovators that includes individuals and organizations both with and without a direct link to UVA.

i.Lab at UVA The W.L. Lyons Brown III Innovation Laboratory, or i.Lab at UVA, is a University of Virginia-wide initiative with the mission of supporting entrepreneurs and innovators both on and beyond the UVA Grounds. To accomplish this mission, the i.Lab provides programs, funding, workspace, mentors, community, and additional resources to support new entrepreneurs and accelerate new ventures.

MENTORS Our mentor community includes over 100 individuals from a wide range of professional roles and backgrounds. The contributions made by i.Lab mentors tend to fall within three general categories: entrepreneur-in-residence, venture coach and expert adviser.

Entrepreneurs-In-Residence spend significant amounts of time at the i.Lab and contribute to the community by sharing their experiences and supporting the efforts of the i.Lab team, our venture coaches and our entrepreneurs.

batten-yearbook.darden.virginia.edu

Venture Coaches make a commitment to work one-on-one with a specific venture team (or, sometimes, multiple teams) in one of our programs, meeting at least weekly with these entrepreneurs throughout the length of the incubator program.

Expert Advisers generously share their subject-matter knowledge with entrepreneurs by answering the occasional request for guidance and deeper insights.

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i.Lab Incubator INCUBATOR PROGRAM A key initiative of the i.Lab is the Incubator Program. Initially open only to Darden students, this program is now open by application each year to early stage companies and entrepreneurs regardless of their affiliation with UVA. Since the first cohort of 12 ventures in 2000, the i.Lab’s Incubator program has now provided greater than:

$1.25 million

2017 COMPANIES

Babylon Micro-Farms, founded by Alexander Oleson (Col ’17) and Graham Smith (SEAS ’18), designs high quality hydroponic systems that make urban farming seamlessly blend into people’s homes.

CARAN, founded by Alissa Micciulla (MBA ’17) and Frederica Tompkins, is an online peer-to-peer marketplace for renters and lenders of designer clothing.

IN AGGR E G ATE GRAN T S U P P O R T TO

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NEW VENTURES AND

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FOUN DI N G TEAM MEMBERS

Beanstalk Farming, founded

by Jack Ross (SEAS ’17) and Michael Ross, produces large-scale, automated and sustainable vertical farms. We grow the highest quality food, in high quantities.

The total value of subsequent capital raised by the participating ventures now approaches 80 times the total value of the initial seed grants provided by the program.

Brandefy, founded by Meg Greenhalgh (Class of 2018), is a platform that compares store brands to name brands to help you save money when they are the same and warn you when they are not.

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Exemplum Studios, founded by Atthar Mirza (ARCH ’17), Omar El-Sheikh (SEAS ’19), Connor Anderson (SEAS ’20), Collin Hansen (SEAS ’19), and Claire Poumerol (Col ’18), creates virtual reality experiences with social impact, focusing on training for humanitarian aid workers.

Finclub, founded by Maximiliano A. Isa Pavía (MBA ’17) and M. Gabriela Roberto Baró, based in Argentina, is an international peer-to-peer lending platform for underbanked and lowincome people.

Gaona Granola, founded by Coco Sotelo, is artisan granola in a variety of flavors using the finest ingredients. Each batch baked slowly and carefully to perfection. Handmade. No additives.

InMEDBio, founded by Ashwinraj Karthikeyan (SEAS ’18), is a safe, costeffective and comprehensive wound-care dressing designed to prevent infection and accelerate the healing process of chronic wounds.

LLEEL3A, founded by Dr. Laura Lee (MBA ’03) and Alexander Stronko (SEAS ’09), offers a product that aims to reduce caregiver strain and injury during turning and repositioning of immobile spouses or parents.

M.I.N.D. Pharmaceuticals, founded by UVA faculty member Dr. Jiang He, is developing new anti-aging products based on novel biological nanoparticles that rejuvenate the cells from inside.

batten-yearbook.darden.virginia.edu

Myriad Data, founded by Ruben Aghayan (SEAS ’16), Matt Shandy (Law ’16) and Jim Finnerty (MBA ’17), offers technology that helps CIOs confidently move to cloud storage by adding greater security and control over business critical information.

Neoblock, founded by Vijay George (SEAS ’17), develops an internal code management system for businesses to document their product codebase.

Pivot, founded by Brig Leland and April Palmer, makes fitness “easier” than the status quo for gym-goers and solves the 50 percent class vacancy issue impacting most specialty gyms.

Rise Together, founded by Bryan Christ (Col ’19) and Gina Christ, is a nonprofit youth development program that enables UVA, Louisa and Albemarle schools to meet state and federal SEL initiatives.

Nuna Med, founded by Ali C. Barta (MBA/Batten Class of 2018), is a complementary and alternative medicine company that offers evidence-based natural remedies for common ailments.

Stream Sense Medical, founded by Cheng Yang (Col ’17), Long Di (SEAS ’16), and Longze Chen (SEAS ’15), offers Urine Smart, an athome urinalysis device to help people achieve better health outcomes by real-time, longterm and passive urine tests.

PAKA, founded by Kris Cody (Col ’19), is an alpaca wool apparel company based out of Cusco, Peru, serving to empower Peruvian women weavers.

TETNOVA, founded by Eric Tetlow (Col ’17), delivers automated home cage analysis of research animal behavior, improving well-being and revolutionizing data collection.

The Kitchen Network (TKN), founded by Ian Pasquarelli, is an online marketplace linking food business entrepreneurs with underutilized commercial kitchens.

Thrive Partners, founded by Craig Van Bremen (EMBA Class of 2018) and Dr. Adam Hastings (Curry ’16), helps to specialize in talent strategy and execution so you can focus on building your business.

TuneCat, founded by Miles Pearce, is a mission-driven music company dedicated to helping working musicians create a more rewarding and sustainable career.

Wear and Return.com, founded by Sara Whiffen, Beth Crooker and Greer Johnson, is a service company that runs innovative and personalized customer retention programs for fashion retailers.

YEAR IN REVIEW 2016–17

15

Startup Grant Program This new program was established to lend continuing support to qualifying ventures who participated in the i.Lab Incubator Program in the previous year. Recipients received: $5,000 stipend, dedicated workspace and continued mentoring, while serving as advisors to teams in the 2017 incubator cohort.

2017 Startup Grant Recipients 1Degree AgroSpheres Critical Flow ReinventEd

Rhoback Scanoptix Totem Venductivity

Kathryne Carr Award for Entrepreneurial Excellence

Recent i.Lab Alumni Highlights

Suz Somersall, founder of KiraKira, received the inaugural Kathryne Carr award on 16 November 2016 in recognition of her commitment and service to the larger community in developing an online platform for engaging girls in engineering and design.

The award, which includes a grant of at least $25,000, was created in 2015 in memory of Kathryne “Kathy” Carr—the first director of the i.Lab Incubator program—and is presented annually to the i.Lab founder who best represents Kathy’s commitment to community and entrepreneurial excellence.

•

Contraline and co-founder Kevin Eisenfrats were featured in Bloomberg Businessweek,“Why We Can’t Have the Male Pill” (3 August 2017).

•

Rhoback and co-founder Kristina Loftus (MBA ’17) were highlighted in Forbes, “A Woman, Her Dog, And A Camper Are Changing Men’s Athletic Wear” (23 August 2017).

•

Suz Somersall, founder of Kira Kira, was selected by Fast Company as one of the top 100 Creative People for 2017.

•

AgroSpheres and co-founders Payam Pourtaheri, Ameer Shakeel and Mark Kester announced the successful close of an over-subscribed seed round of $750,000, involving local and international investors.

•

Emily Morrison, founder of The Front Porch, was selected by the Tom Tom Foundation as a 2017 Founding Cville Recipient.

W.L. Lyons Brown III (MBA ’87) presents the Kathryne Carr Award to Suz Somersall, founder of KiraKira.

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BATTEN INSTITUTE

CONNECTIONS THROUGH PARTICIPATION IN A VARIETY of outreach activities and events the Batten Institute supports a diverse and collaborative community of scholars, students, alumni and practitioners around entrepreneurship and innovation. This energetic community is the source and inspiration for many of the Institute’s initiatives and is a signal of our commitment to the vibrancy of our dynamic entrepreneurial ecosystem. In 2016-17 we took a dramatic new step toward being engaged in the national ecosystem by having a significant presence at South by Southwest (SXSW).

South by Southwest For the first time, Darden and the i.Lab at UVA officially participated in the South by Southwest (SXSW) festival in Austin, Texas, in March, 2017. Three i.Lab ventures-Contraline, Critical Flow and 1Degree-exhibited at the trade show at the i.Lab booth and pitched from the stage. A reception held at the booth facilitated connections with companies, potential investors, and UVA and Darden alumni.

batten-yearbook.darden.virginia.edu

Charlottesville Entrepreneurs + Espresso Since fall 2015, between 50-100 entrepreneurs, faculty, staff and students have gathered in the i.Lab at UVA each month to hear advice from an experienced entrepreneur and a pitch from a new venture. It’s a networking opportunity that strengthens the entrepreneurial ecosystem by bringing together practitioners and academics alike.

YEAR IN REVIEW 2016–17

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Tom Tom Founders Festival Darden, through the Batten Institute and the i.Lab at UVA, has been a key supporter of the festival since 2013.

In 2017, Darden expanded its support by co-sponsoring the new Hometown Summit, “The Future of Small Cities,” a three-day component of the festival. Darden and the i.Lab also co-sponsored Tomtoberfest, a weekend event in the fall that combines networking opportunities for technology entrepreneurs with a regional music and food festival.

FOUNDERS SUMMIT The i.Lab at UVA co-sponsored the Founders Summit to bring together an inspiring group of successful entrepreneurs to share their journeys.

Speaking at the Founders Summit (left to right: Senior Associate Dean Melissa Thomas-Hunt, Anne-Marie Slaughter, president and CEO, New America; and Ting Xu, cofounder, Evergreen Enterprises).

CROWDFUNDED PITCH NIGHT The i.Lab at UVA sponsored the popular annual competition in which ten local entrepreneurs take three minutes to pitch their venture idea to the crowd to win cash and other prizes.

TOMTOBERFEST The i.Lab at UVA co-sponsored the two-day fall festival attended by nearly 10,000 people that included: a regional Tech Mixer featuring several i.Lab ventures; the 2016 Founding Cville awards ceremony, in which Dreamwakers co-founder and CEO Monica Gray Logothetis was among the honorees; free concerts; and local foods.

Student Clubs The Batten Institute partners with a number of student-led organizations that seek to foster entrepreneurship and innovation.

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BATTEN INSTITUTE

The Hometown Summit’s plenary session featured (left to right): Prof. Michael Lenox; Chatanooga’s mayor, Andy Berke; Charlottesville’s mayor, Mike Signer; and Anne-Marie Slaughter, president and CEO, New America.

FINANCIALS Academic Year 2016-17 (FY 17) Operating Expenses Income to support entrepreneurship and innovation through the Batten Institute is provided primarily by an endowment established

by Frank Batten Sr. and the Batten family. As of 30 June 2016, the market value of the endowment had reached approximately $121.6 million. The annual budget from the proceeds of this endowment for the 2017 fiscal year was about $6.4 million.

FACULTY SALARIES

ADMINISTRATION

$1,234,494

$903,344

15%

20%

12%

Batten Institute

EXPERIENTIAL LEARNING $728,058

$6,142,642 RESEARCH

20%

FY16–17

13%

$1,237,924

W.L.LYONS BROWN III i.LAB $834,722

20% SCHOLARSHIPS $1,204,100

Multi-Year Budget Comparison FY 15

FY 16

FY17

Administration

$796,713

$798,509

$903,344

Education & Experiential Learning

$764,706

$706,679

$728,058

W. L. Lyons Brown III i.Lab

$207,363

$444,817

$834,722

$1,077,068

$1,346,400

$1,204,100

$645,607

$834,285

$1,237,924

$1,447,573

$1,220,997

$1,234,494

$4,939,030

$5,351,687

$6,142,642

Batten Scholarships Research & Intellectual Capital Faculty Salary Support

Total Operating Expenses

view the interactive report online:

batten-yearbook.darden.virginia.edu

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