UVA Darden Batten Institute Year in Review 2017-18

Batten Institute for Entrepreneurship and Innovation

TRANSFORMATIVE

POWER

BATTEN INSTITUTE

YEAR IN REVIEW 2017–18

Transformation/Luna Moth, 2018

By Christy Baker, owner of Pigment & Good Bones Paint, and member of the 2014 i.Lab Incubator cohort Acrylic paint on drywall, 120 x 150 inches (10 x 12 ½ feet) Following a national search for a muralist who could creatively represent our unique mission, the Batten Institute commissioned this mural from artist Christy Baker for our offices at Darden. In her words, “Luna Moth represents the mystery and unexpected wonder of transformation.”

Batten Institute for Entrepreneurship and Innovation

THE BATTEN INSTITUTE PREPARES LEADERS WHO IMPROVE THE WORLD THROUGH THE

TRANSFORMATIVE

POWER OF ENTREPRENEURSHIP,

INNOVATION AND TECHNOLOGY.

A singular purpose...

IN THE HYPER-SPEED of today’s digital age, the velocity of innovation and the magnitude of disruption challenge every leader to adapt, learn and respond faster and more nimbly than ever before.

That is why we, at the Batten Institute, are committed to equipping tomorrow’s leaders with the agility, skills and mindsets necessary to meet these challenges and to improve the world through the transformative power of entrepreneurship, innovation and technology.

To fulfill this singular purpose, we invest in the expertise, experience and ecosystem at UVA Darden in ways that complement and enhance its unparalleled academic foundation: Expertise Through faculty, staff, advisers, partners, and alumni, we harness and magnify ideas and practical insights about the power of entrepreneurship, innovation and technology.

Experience Through a comprehensive portfolio of best-in-class curricular and co-curricular offerings, we prepare our students for a lifelong pursuit of responsible disruption.

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YEAR IN REVIEW 2017–18

Ecosystem Through connections and contributions to entrepreneurial ecosystems at the University of Virginia and beyond, we galvanize a pipeline of innovative, marketfacing startups.

Taken together, these strategic investments result in a mutually supportive and self-reinforcing environment where today’s learners become tomorrow’s responsible, entrepreneurial leaders.

Thank you for your interest in the Batten Institute. We hope you enjoy this 2017–18 Year in Review, and we welcome you to follow our steady progress toward our singular purpose.

SEAN D. CARR (MB A ’ 0 3 ; PH . D. ’13)

Executive Director, Batten Institute for Entrepreneurship & Innovation Assistant Professor of Business Darden School of Business

BATTEN IN ST I T U T E

TABLE OF CONTENTS West Coast Initiatives 4—5 Education & Experiential Learning 6­—13 Research & Ideas 14—21 Applied Innovation & New Ventures 22—27 Leadership Team 28 Financial Summary 29

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4,900

UVA Alumni in the Bay Area

800

West Coast Initiatives Darden Alumni in the Bay Area

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YEAR IN REVIEW 2017–18

In 2017, the Batten Institute established a full-time presence in San Francisco through its West Coast Initiatives program, under the leadership of director Robyn Swift. The objective of this effort is to provide unparalleled support to students, faculty and staff across the Darden enterprise; establish greater connections with companies, business leaders and the robust network of UVA alumni in the Bay Area; and strengthen the UVA Darden brand in the world’s global hub of innovation and technology.

Courses March 2018 “Marketing Technology Products” taught by Professor Rajkumar Venkatesan at Capital One’s San Francisco offices.

“Applied Digital Innovation Course” taught by Professor Alex Cowan at Capital One’s San Francisco offices.

Career Support Bay Area Tech Trek December 2017 Organized by Darden’s Career Development Center and the Batten Institute, nearly 100 students — double the previous record for a Darden Bay Area Tech Trek — visited 23 companies, another record high, over the course of three days. The students gained access to “big tech” companies, early and midsize startups, crowdfunding organizations and retail giants. Many students continued with a follow-on Tech Trek extension in Seattle.

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companies were visted on the Bay Area Tech Trek Networking Batten Salon Dinners

Robyn Swift Director, West Coast Initiatives

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Small, alumni-student dinners, grouped by theme and organized through student applications, where alumni leaders in technology, entrepreneurship, innovation and venture capital in the Bay Area

engaged in meaningful conversation with students who travel to San Francisco for the annual Tech Trek and Bay Area executive courses.

Events Design Thinking and the Social Sector October 2017, Amazon Headquarters, Seattle Professor Jeanne Liedtka presented her latest book, Design Thinking for the Greater Good: Innovation in the Social Sector, to alumni and guests.

135 attendees

The New Story of Business July 2018, The Battery, San Francisco Co-hosted by Darden’s Institute for Business in Society Professors Ed Freeman and Bobby Parmar presented their talk, part of the new global Darden Ideas to Action thought-leadership series, to more than 135 UVA and Darden alumni, current and prospective students, and Bay Area business leaders. Freeman and Parmar have been thinking about how companies can practice responsible disruption — the processes, skills and tools they will need to navigate ethical challenges amid the innovation and uncertainties all around them. Poets and Quants created a video of the event available on Darden’s YouTube channel.

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Education & Experiential Learning 6

YEAR IN REVIEW 2017–18

Scholarships

15 full scholarships awarded in 2017–18 to First and Second Year students

The Batten Institute provides more than $1 million annually to support scholarships for MBA students. In 2017–18, nine full scholarships were awarded to members of the Class of 2019.

Beginning with students entering Darden in the 2019–20 academic year, a new, competitive Batten Scholars Program will offer students the opportunity to apply for full or partial scholarships in entrepreneurship, innovation or technology:

$1M+

in entrepreneurship, innovation and technology scholarships Batten Entrepreneurial Scholars −− Evidence of having led or helped build a new enterprise −− A compelling and credible plan for future entrepreneurial endeavors

The Batten Institute provides students, alumni and others in our community with scholarships, classes, workshops, competitions, internships, fellowships and hands-on learning opportunities in entrepreneurship, innovation and technology.

BATTEN IN ST I T U T E

Batten Innovation Scholars −− Evidence of implementing valuedriven innovation at one or more organizations

MJ Dougherty Toms Director, Education and Experiential Learning

−− A strategy or idea for pursuing responsible innovation in future endeavors Batten Technology Scholars −− Evidence of exemplary entrepreneurial and innovative impact within the technology sector −− A commitment to innovating through technology in future endeavors

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Courses The Batten Institute directly and indirectly supports the wide array of curricular offerings in entrepreneurship, innovation and technology at Darden. In the 2017–18 academic year, the following courses were available at Darden in these areas: 7500 Innovation, Design, and Entrepreneurship in Action 7600 Data Analysis and Optimization

38 COURSES

in entrepreneurship, innovation and technology

7609 Entrepreneurial Thinking 7610 Creative Capitalism 7618 Effectual Entrepreneurship 8022 Transforming Societies

8439 Leadership and Cultures of Trust and Innovation 8453 Entrepreneurial Finance and Private Equity 8454 Small Enterprise Finance

8033 Digital Marketing 8466 Emerging Topics in Technology & Operations Management 8106 Acquisition of Closely Held Enterprises 8130 Prototyping and Product Development 8180 Hot Topics in Analytics 8210 Starting New Ventures

8459 Innovation and Design Experience 8468 Organic Growth: A Challenge for Public Companies 8484 Creativity and Design Thinking 8496 Data Science in Business 8612 Managing Innovation and Product Development

8500AX Entrepreneur’s Guide to Business Structures & Capital Formation 8500D Marketing Technology Products 8500XX Applied Digital Innovation 8500YY Venture Velocity 8500ZZT Due Diligence in Seed Funds 8518 Strategy as Design: Barcelona

8280 Introduction to Business Law

8633 Software Development 8700 Darden Venturing Project

8290 Venture Capital 8430 Systems Thinking and Design

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8500A Tactical Topics for Entrepreneurship Through Acquisition

The Batten Institute initiates and supports workshops to improve student performance in competitions, introduce students to new concepts, and afford students experiential opportunities in entrepreneurship, innovation and technology.

New in 2017–18 were workshops in computer programming coordinated by the Darden Technology Club.

Creativity 101: Tools for Innovation (with UVA School of Engineering and Applied Sciences) Chic Thompson 11 September 2017 Assumptions Testing Workshop Professor Marc Lipson 13 September 2017 R Workshop (with Darden Technology Club) Asif Mehedi 28 September 2017 Seminar: Value Prop + Competitor Analysis David Touve 4 October 2017

8530C Japan: Where Tradition Meets Innovation

Seminar: Market Analysis David Touve 11 October 2017

8530D Sweden: Entrepreneurship, Innovation and Sustainability

Procrastinators: Bring Your Idea Workshop David Touve 18 October 2017

8530E Uganda: Health Care, Education and Entrepreneurship

Discovery Competition Prep Workshop Damon DeVito 28 November 2017

8632 Software Design 8230 Growing the Smaller Enterprise

Workshops

8530G Germany: Artificial Intelligence, Robotics and Technological Unemployment

SQL Workshop (with Darden Technology Club) Cognitur 1 December 2017

E ducation and e xperiential learning

Effectuation Workshop (with UVA Open Grounds) David Touve 23 January 2018 Ingredients and Nuances of an Executive Summary David Touve 23 February 2018 Ingredients and Nuances of an Executive Summary II David Touve 15 March 2018 Procrastinators Workshop for the UVA E-Cup Launch!

Competition i.Lab Mentors 22 March 2018 R Workshop (with Darden Technology Club) 13 April 2018

NEW!

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graduate students from across the University were hosted at the i.Lab for the first Startup StartupAcademy Academy For graduate students at UVA

Startup Academy

Who should come?

he Program

August 2017 Students who are not currently working on an

e Startup Academy will begin on Tuesday morning

30am, 14 August 2018) with introductions and a

idea but may want to join a startup

 Students who may have Startup Academy isalready anbegun working on a technology, product or even launched a gram will begin to introduce topics to drive teams to optionalbusiness prematriculation velop and refine business concepts. Given the short eframe, the sessions will focus on a few topics to  Any graduate student who might consider an program designed to lude design thinking, customer discovery, and entrepreneurial path pothesis-driven experimentation. Students will be split help graduate students o groups to practice skills by focusing on a specific Application blem or a technology with potential for across the University What experience have you had with startups? mmercialization. The program will end with each team  Please describe what drives your interest in senting their findings and suggested next steps at of Virginia connect and participating in the Startup Academy, as in end-of-day on Wednesday. If a student has a what do you hope to focus on? rtup already launched, he/she may apply to havecollaborate around their  Do you already have a technology, ir concept/venture be one of the group projects. innovative technology, product/service or venture idea you would like pitch for the workshop portion of the ates product toprogram? and service ideas.

NOTE: You do not need to have a

ck overview of resources at the university. The

artup Academy will begin on Tuesday, 14 August

18 and conclude on Wednesday, 15 August 2018.

Venture Capital Bootcamp

MORE THAN 600,000+ ONLINE STUDENTS

Discovery Competition Prep: Part Two Workshop Damon DeVito 6 December 2017

The Venture Capital Bootcamp, held in January 2018 at Cooley LLC in Reston, Virginia, is an annual three-day workshop for students who are interested in pursuing opportunities in venture capital and entrepreneurship and focuses on providing students with a basic understanding of early stage investing.

Online Single Courses −− Customer-Centric IT Strategy −− Design Thinking for Innovation −− Design Thinking for the Greater Good

Specialization: Agile Development −− Getting Started: Agile Meets DT −− Running Product Design Sprints −− Managing an Agile Team −− Testing with Agile −− Agile Development in Practice (Capstone)

20+

online courses in entrepreneurship, innovation and technology

−− Digital Product Management: Modern Fundamentals

Society for Effectual Action

−− Digital Transformation

−− Marketing Analytics

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.

−− New Models of Business

Design@Darden

−− Fundamentals of Project Planning & Management −− Grow to Greatness, Part 1 −− Grow to Greatness, Part 2 −− Innovating with the Business Model Canvas

−− Understanding Your Data: Analytical Tools Specialization: Business Strategy −− Foundations of Business Strategy −− Advanced Business Strategy −− Business Growth Strategy −− Strategic Planning & Execution −− Business Strategy Capstone

effectuation.org

designatdarden.org 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.

venture or an idea in order to participate.

Cost and Registration 

The program cost is $50, which includes all instruction, materials and program events – plus a t-shirt!



Application deadline: Monday, 25 June 2018



To register, please go to:



For questions, please contact Madelyn Taylor at taylorm@darden.virginia.edu

https://apply.darden.virginia.edu/register/startupacademy

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$500k+

in competition grants and investments Competitions Darden Strategic Competition Initiative The Batten Institute sponsors a number of qualified student teams to attend certain strategic competitions in the areas of entrepreneurship and innovation. In 2017–18, the institute sponsored 11 students in four teams to attend competitions at Berkeley, Wharton and the McCombs Master of Science in Technology Commercialization Program.

Entrepreneurship and Venture Capital (EVC) Club Pitch Competition

The Batten Institute sponsors the annual Darden student pitch competition held by the EVC Club, which awarded a total of $850 to the top three winners in 2017–18.

The E-Cup consists of three different stages:

The Batten Institute is a founding member of the pan-University team that developed the University of Virginia Entrepreneurship Cup (E-Cup), an annual competition that seeks to enrich the area’s entrepreneurial community by encouraging new ventures with the potential to address unmet needs and solve social and economic problems. The competition is open to all UVA undergraduates, graduate students and post-doctoral fellows.

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−− CROSBY by Mollie Bu

−− Entrepreneurship and Venture Capital

−− Guesthouses

−− Impact Investing

−− Inspiring Capital

−− FinTech −− Darden Technology

CONCE PT COMPE TITION

−− Data Science

$25,000 in total awards

−− Business Innovation & Design (DBID)

Students are encouraged to come up with out-of-the-box ideas that could be translated into compelling projects, and competitions are held along five tracks: −− Health Care Services & Technologies −− Social Entrepreneurship −− Consumer/ Business-to-Business −− Science/Technology/ Innovation −− UVA-Wise DISCOVE RY COMPE TITION

$25,000 in total awards Centered on the principles of effectuation with customer and product development, in this second stage of the competition students demonstrate they have taken steps to “de-risk” their idea.

LAUNCH! COMPE TITION

University of Virginia Entrepreneurship Cup

connects with several others on specific events.

$50,000 in total awards The final phase of competition in which students provide evidence of real customer and/ or stakeholder demand, and a vision for how the venture could become a sustainable business or nonprofit.

Student Clubs The Batten Institute partners with student-led organizations that seek to foster entrepreneurship, innovation and technology at Darden as well as

−− Net Impact −− Darden School of Brew −− Wine & Cuisine −− Retail & Luxury Goods

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students served as interns at

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companies Internships and Fellowships 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). During the summer of 2018, 21 students served as interns in 19 companies.

2018 B VIP C O M PA N IES A N D O R G A N IZ ATIO N S

−− Alton Lane −− Apex Clean Energy −− Assembly Brands −− Astraea −− Beam Therapeutic −− Bluestone Analytics −− Cavion, Inc

−− Dash Nine LLC −− iCadenza −− Kabbage −− Lendstreet Financial −− PsiKick −− SineWave Ventures −− Touchstone Research −− Treecap −− UVA Licensing and Ventures Group −− Seed Fund Technology Venture Fellowship Now in its second year, this unique program offers Darden students an intensive, operational experience with early stage technology ventures during a 10week 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.

PRO G R A M SPO N SO R S

−− Jonathan Ebinger (MBA ’93), general partner, BlueRun Ventures −− John Glynn (Law ’65), founder, Glynn Capital Management −− Jeff Parkinson (MBA ’10), co-founder and managing partner, KEC 2018 FEL L OW S

−− Kristen Podwika (Class of 2019) Gooten, KEC Ventures −− Mary Julia Keller (Class of 2019) Rhumbix, Glynn Capital Management −− Marcelo Costa de Sousa (Class of 2019) Kabbage, BlueRun Ventures

E ducation and e xperiential learning

Technology Venture Fellows Kristen Podwicka, Mary Julia Keller, Marcelo Costa de Sousa (Class of 2019) L TO R :

University of Virginia Entrepreneurship Cup First place winners of the UVA E-Cup’s Launch!

Competition, Erik Quigg and Fritz Steuer, founders of Soteria Transporters and fourth-year aerospace engineering majors at the University, are flanked by the second and third place winners.

C EN TER :

Batten Scholars Dinner Sean Carr, executive director of the Batten Institute, welcomes attendees at the Batten Scholars Dinner.

Entrepreneurship and Venture Capital Club Pitch Competition Third place winner, Keyabo: Kyle Collins (MBA ’18) First place winner, Mail Chomp: Andrew More (MBA ’18) R IG H T: Second place winner, eCerts: Michael Brophy (Class of 2019) L EFT:

CENTER:

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DARDEN ROADMAP: Entrepreneurship, Innovation and Technology

PRE ARRIVAL

Year 1: Core

Batten Scholars Program Startup Academy i.Lab Incubator Program

ONGOING

Year 2: Electives

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ENTREPRENEURSHIP Starting New Ventures Entrepreneurial Finance & PE Due Diligence in Seed Funds Venture Velocity Growing the Smaller Enterprise Acquisition of Closely Held Enterprises Venture Capital Tactical Topics for Entrepreneurship Through Acquisition Entrepreneur’s Guide to Business Structures & Capital Formation

E ducation and e xperiential learning

QUARTER 1-3 EVC Week West Coast Tech Trek Bay Area CONNECT Venture Capital Bootcamp

QUARTER 4: ELECTIVES Innovation, Design and Entrepreneurship in Action (IDEA) Effectual Entrepreneurship

SUMMER Technology Venture Fellows Program Batten Venture Internship Program Incubator Program Startup Grant Program

Workshops|Networking Events|UVA Entrepreneurship Cup|Darden Venture Lab Student Clubs: Entrepreneurship/VC, FinTech, Design, Impact Investing and Data Science

INNOVATION Innovation and Design Experience

DATA ANALYTICS AND TECHNOLOGY

Systems Thinking and Design

Data Analysis and Optimization

Developing New Products and Services

Data Science in Business

Leadership and Cultures of Trust and Innovation

Software Development

Creativity and Design Thinking

Software Design Digital Product Management Digital Marketing Emerging Topics in Technology & Operations Management Hot Topics in Analytics Applied Digital Innovation

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Erika Herz Director, Research and Intellectual Capital

The Batten Institute supports high-impact research that addresses questions at the heart of entrepreneurship, innovation and technology.

Institute-supported scholarship is both rigorous and relevant, intended to inform current business practice and policy.

To achieve these objectives, the Batten Institute has programs for faculty, research grants, fellowships, conferences, publications and events.

Research & Ideas 14

YEAR IN REVIEW 2017–18

Batten-Sponsored Faculty Each year, the Batten Institute sponsors a number of Darden faculty whose teaching and scholarship predominantly address topics in entrepreneurship, innovation and technology. Faculty sponsored by the Institute in the 2017-18 academic year were:

Jeremy Hutchison-Krupat

Saras D. Sarasvathy

Associate Professor of Business Administration

Paul M. Hammaker Professor of Business Administration; Jamuna Raghavan Chair Professor in Entrepreneurship, Indian Institute of Management, Bangalore

R ESEA R C H IN TER ESTS:

Innovation, New Product Development, Incentives and Organization Design

R ESEA R C H IN TER ESTS:

Entrepreneurship, Cognitive Science, Behavioral Economics

2017

Raul Chao Associate Professor of Business Administration RE SE ARCH INTE RE STS :

Innovation, New Product Development, Technology Commercialization, R&D Portfolio Management, Organization Design and Incentives, Complex Adaptive Systems

Michael Lenox Tayloe Murphy Professor of Business Administration; Senior Associate Dean and Chief Strategy Officer R ESEA R C H IN TER ESTS:

Business Strategy, Innovation & Entrepreneurship, Corporate Venture Capital, Corporate Environmental Sustainability

Edward D. Hess Professor of Business Administration and Batten Executive-in-Residence RE SE ARCH INTE RE STS :

Organic Growth, Innovation & Learning; Mindsets, Behaviors & Processes; High Performance Organizations; ValuesBased Leadership

BATTEN IN ST I T U T E

Academy of Management’s Foundational Paper Award: “Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency,”

by Professor Saras Sarasvathy, published in 2001 in the Academy of Management Review.

Sankaran “Venkat” Venkataraman

Jeanne M. Liedtka United Technologies Corporation Professor of Business Administration R ESEA R C H IN TER ESTS:

Leading Growth, Design Thinking, Corporate Innovation

MasterCard Professor of Business Administration; Senior Associate Dean for Faculty and Research R ESEA R C H IN TER ESTS:

Entrepreneurial Opportunity, Business Strategy, Corporate Strategy, Corporate Venturing, New Venture Creation and Financing, Regional Development, Entrepreneurship Education, Managing Growth

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Batten Research Grants Each year, the Batten Institute solicits proposals from any University of Virginia faculty member pursuing scholarly research in entrepreneurship, innovation and technology.

The following projects were awarded support in 2017–18: Natasha Foutz Associate Professor, McIntire School of Commerce “Experiential Design of New Products with Optimal Intermissions” Edward D. Hess Professor of Business Administration and Batten Executive-in-Residence, Darden School “Handbook of Innovation Behaviors and online course — Excelling at Innovation and Leading Innovation Teams” Tim Kraft Assistant Professor of Business Administration, Darden School “The Role of Supply Chain Visibility, Technology and Trust in Social Responsibility Communications” Jeanne Liedtka United Technologies Corporation Professor of Business Administration, Darden School “Design Thinking Research for Practitioner-Oriented Publications”

Pedro Matos

Waverly Ding

Konstantinos Stouras

John G. Macfarlane Family Chair and Professor of Business Administration and Academic Director of Richard A. Mayo Center for Asset Management, Darden School

Associate Professor of Management and Organization, University of Maryland Robert H. Smith School of Business

Postdoctoral Research Fellow

“Developing an International Dataset on Corporate Innovation” Sophie Osotimehin Assistant Professor of Economics, College of Arts & Sciences “Entrepreneurship and Innovation in Aging Economies”

Batten Research Fellows The Batten Research Fellows Program brings prominent and highpotential thought leaders to the Darden School of Business to engage with faculty and stimulate the intellectual life of the community. Since 1999, the institute has supported more than 80 experts and promising pioneers generating new knowledge in the areas of entrepreneurship and innovation. The Batten Research Fellows in the 2017–18 academic year were: Elena Kulchina Topic: “Founders’ Impact in Their Firms after Founding and Understanding What Functional Roles Entrepreneurs Take in Their Firms” RE SE ARCH INTE RE STS:

Foreign and Domestic Entrepreneurship, Management of Entrepreneurial Startups and Multinational Ventures, and Location Choice.

(Ph.D. in Strategic Management, University of Toronto)

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Topic: “Differential Effect of Entrepreneurship Experience on Men and Women’s Job Searches” R ESEA R C H IN TER ESTS:

High-tech Entrepreneurship and Strategy, Knowledge Transfer between Universities and Industrial Firms, and the U.S. Biotech Industry.

Assistant Professor of Operations Management, UCD Michael Smurfit Business School Topic: “Visualizing the Startup Genome” (Ph.D. in Operations Management, INSEAD)

Batten-Sponsored Publications Books

(MBA and Ph.D. in Business, University of Chicago) Andy Wu Topic: “Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners” R ESEA R C H IN TER ESTS:

Organizational Structure as a Capability for the Acquisition and Utilization of Human, Financial and Social Capital in Technology-Focused Entrepreneurial Ventures.

Design Thinking for the Greater Good: Innovation in the Social Sector Jeanne Liedtka, Randy Salzman and Daisy Azer (Columbia University Press: 2017)

(M.S. and Ph.D. in Applied Economics, University of Pennsylvania Wharton School of Business) Xiaojin (Jim) Liu Postdoctoral Research Fellow R ESEA R C H IN TER ESTS:

Innovation and Technology Management for Sustainable and Responsible Operations Management; and Empirical and Computation Methods with Statistics, Econometrics and Data Analytics.

Can Business Save the Earth?: Innovating Our Way to Sustainability Michael Lenox and Aaron Chatterji (Stanford University Press: 2018)

(M.Phil. in Logistics and Maritime Studies, Hong Kong Polytechnic University; Ph.D., Supply Chain and Operations, University of Minnesota)

research and ideas

Articles Chao, R. and Lenox, M. (2018) “Toward a Unified Model of Innovation and Competitive Dynamics.” Journal of Enterprise Transformation.

Forthcoming.

Hutchison-Krupat, J. (2017) “Communication, Incentives, and the Execution of a RESEARCH Strategic Initiative.”

Management Science.

Forthcoming.

“Fostering Global Innovation in a Developing Economy: Lessons from India” (February 2018) “Path to 2060: Decarbonizing the Electric Utility Industry” (August 2018) 7

30 2

Volume 30, Issue 2, March 2015

ISSN 0883-9026

(contents continued from outside front cover)

Ethnic matching in the U.S. venture capital market

Joel A.C. Baum and Brian S. Silverman

Corrigendum to “Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups” [J. Bus. Ventur. 19 (2004) 411–436]

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

“Driving Digital Transformation: New Mindsets, Cultures, Skills and Behaviors” (August 2017) “Path to 2060: Decarbonizing the Automobile Industry” (December 2017)

BATTEN IN ST I T U T E

ELSEVIER

Lyon, T.P. and Lenox, M., et al, (2018). “CSR Needs CPR: Corporate Sustainability and Politics.”

California Management Review.

Pages 185 – 356

York, J., Vedula, S. and Lenox, M. (2018) “It’s Not Easy Building Green: The Intersection of Private and Public Institutions in the Adoption of Voluntary Certification Standards.”

Academy of Management Journal. Forthcoming.

Volume 30, Issue 2, March 2015

Townsend, D., Hunt, R., Sarasvathy, S.D. and McMullen, J. (2018) “Knowledge Problems and Entrepreneurial Action.”

Academy of Management Annals. Forthcoming.

JOURNAL OF BUSINESS VENTURING

Ola Bengtsson and David H. Hsu

A Journal Dedicated to Entrepreneurship

Phillip H. Kim, Kyle C. Longest, and Stephen Lippmann

The tortoise versus the hare: Progress and business viability differences between conventional and leisure-based founders

Federico Munari and Laura Toschi

Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?

Christos Kolympiris, Nicholas Kalaitzandonakes, and Douglas Miller

Location choice of academic entrepreneurs: Evidence from the US biotechnology industry

Dawn R. DeTienne, Alexander McKelvie, and Gaylen N. Chandler

Making sense of entrepreneurial exit strategies: A typology and test

Helene Ahl and Teresa Nelson

How policy positions women entrepreneurs: A comparative analysis of state discourse in Sweden and the United States

David M. Townsend and Lowell W. Busenitz

Turning water into wine? Exploring the role of dynamic capabilities in early-stage capitalization processes

Zhujun Ding, Kevin Au, and Flora Chiang

Social trust and angel investors' decisions: A multilevel analysis across nations

Sandip Basu, Arvin Sahaym, Michael D. Howard, and Warren Boeker

Parent inheritance, founder expertise, and venture strategy: Determinants of new venture knowledge impact

(contents continued on outside back cover)

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 editor-in-chief; the current managing editor is Darden researcher Sarasa Subramony.

“Research and Relevance” Podcasts “Decarbonizing the Automobile Industry” (28 November 2017) with Rebecca Duff and Professor Michael Lenox.

“Declining Business Dynamism and Entrepreneurship in the U.S.: Behind the Numbers” (7 March 2018) Sean Carr interviews Professor John Haltiwanger from the University of Maryland and the National Bureau of Economic Research.

“Decarbonizing the Electric Utility Industry” (18 April 2018) Rebecca Duff and Professor Michael Lenox speak with Devin Welch of Sun Tribe Solar and Erik Haug of Apex Clean Energy.

Business Innovation and Climate Change Initiative Launched in May 2017, Darden’s Business Innovation and Climate Change Initiative informs the 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 other UVA schools, organized two Sustainability Innovators’ Roundtables and the Jefferson Innovation Summit during 2017–18, in addition to producing reports, briefings, podcasts, a policy playbook and hosting webinars.

Summit The Business Innovation and Climate Change Initiative hosted the 2018 Jefferson Innovation Summit, held on 22 February at the Carnegie Institution for Science in Washington, D.C., bringing together corporate leaders, entrepreneurs, nonprofit leaders, government officials, policy experts, academics and federal regulators for in-depth dialogue and workshop sessions that informed a “policy playbook” to encourage cleantech innovation across multiple industry sectors. Delegates debated and ideated solutions that led to six actions proposed in the playbook, ranging from creating a national clean energy bank to building the utility of the future.

Roundtables The Business Innovation and Climate Change Initiative sponsored the Sustainability Innovators’ Roundtables, a series of seminar-style, interactive discussions that brought together senior innovation executives from leading companies for conversations facilitated

by Darden’s top scholars in innovation. The purpose of the roundtables is to share best practices and discuss common challenges related to business and public policy innovation to tackle climate change and sustainability issues.

Policy Playbook The Policy Playbook, geared for policymakers, business and nonprofit leaders, highlighted the following: 1) Launch a National Moonshot on Clean Technology.

2) Create a National Cleantech Bank.

3) Establish Early Stage Investment Programs for Underserved Regions.

4) Build the Utility of the Future.

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5) Declare a New Deal for Clean Technology.

opportunity zones under the federal Tax Cuts and Jobs Act of 2017. The initiative is expected to spur economic development in these census tracts by providing substantial tax incentives to investors.

6) Educate the Public on the Need for Clean Technology.

Reports, Briefings, Podcasts and Webinars The Business Innovation and Climate Change Initiative included several in-depth research reports produced in 2017–18, exploring technology innovation and the drivers behind market disruption needed to decarbonize the American economy. Each report was accompanied by an NPR-style podcast and webinar.

BATTEN BRIEFING DEC 2017

IMPROVING THE WORLD THROUGH ENTREPRENEURSHIP AND INNOVATION

PATH TO 2060: Decarbonizing the Automobile Industry The Future is Electric and it’s Complicated

T

CONTRIBUTORS Rebecca Duff

he transportation sector accounts for a quarter of U.S. greenhouse gas emis-

sions.1 Electrification of this sector is underway and there is reason to believe that we can decarbonize the automobile industry by 2060. How long will it

take and what levers can be pulled to help facilitate the transition from fossil fuels to

Researcher, Batten Institute for

electric technologies? What role have innovation and regulation played in electrify-

Entrepreneurship and Innovation

ing automobiles, and what role might they play in the future?

UVA Darden School of Business duffr@darden.virginia.edu

This Batten Briefing summarizes the key findings from our report titled Path to 2060:

Michael Lenox

Decarbonizing the Automobile Industry. In the report, we look at the evolution

Professor of Business

of electric vehicles and the policies and market conditions that paved the way for

UVA Darden School of Business

their adoption. We evaluate current electric vehicle technologies and the influence of

lenoxm@darden.virginia.edu

autonomous driving, identifying the levers to support continued movement toward

Laura Longhine

industry decarbonization.

Writer

Technology Efficiency

Market Penetration

Competitiveness

2030

2030

2030

20

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%

EV 00

Ne Sa w les

60

20

20

Co le Offermp inganies EV

100

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20 <1 00 % EV Mo % Av de of ail ls ab

2050

2010

10

0

The Shakeout: industry consolidation, businesses are eliminated or acquired through competiton.

206

00

2050

0%

14

60

20

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10

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00

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201

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20

1%

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10

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7%

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201

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6%

9

5 2

20

%

40

20

250

10

20

24%

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20

350

20

Path to 2060: Decarbonizing the Automobile Industry: The Future is Electric and it’s Complicated Michael J. Lenox and Rebecca Duff (November 2017) Path to 2060: Decarbonizing the Electric Utility Industry: The Future is Bright and Tailwinds are Strong for Renewables Michael J. Lenox and Rebecca Duff (May 2018)

18

Cities Innovating Tomorrow’s Entrepreneurial Ecosystems (CIT.ee) Initiative Cities Innovating Tomorrow’s Entrepreneurial Ecosystems (CIT.ee) is a research initiative seeking to understand the drivers of entrepreneurial ecosystems in American cities and what impact such ecosystems have on 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.

Entrepreneurial Readiness Index CIT.ee researchers developed an Entrepreneurial Readiness Index, ranking all 1907 census tracts in the Commonwealth of Virginia, measuring more than 20 components of entrepreneurial potential, from the percentage of the population with a high school diploma to the number of breweries and wineries within 10 miles.

The index was prepared to support Virginia policymakers in their selection of 212 economically distressed but entrepreneurially promising census tracts, which they nominated as

citee.darden.virginia.edu

70+ Scholars

Academic Conferences 9th Annual Global Entrepreneurship and Innovation Research Conference

Batten Institute Research Fellow Po-Hsuan Hsu. Darden Professors Michael Lenox, Pedro Matos and Ting Xu served as session chairs and discussants. Keynote speakers at the conference included Karl Ulrich and David Hsu of the Wharton School at the University of Pennsylvania, who invited attendees to explore ideas that help companies manage the risks associated with disruptive innovation. The 2019 conference will be hosted by Darden at the Sands Family Grounds in Rosslyn, Virginia.

attendees from

21 countries

5th Annual Effectuation Conference

In partnership with the University of Cambridge Judge Business School and the University of Hong Kong Faculty of Business and Economics (HKU), the Batten Institute co-hosted the 9th annual Global Entrepreneurship and Innovation Research Conference in Hong Kong on 9–10 May. More than 70 researchers from four continents convened at HKU’s Cyberport Campus for an event that paired seasoned scholars with junior faculty. Conference co-chairs included Darden Professor Jeremy Hutchison-Krupat, Cambridge Judge Professor and Batten Fellow Stelios Kavadias, and HKU Professor and

The 5th annual Effectuation Conference brought together scholars from 21 countries on six continents from 31 May–4 June to explore effectuation, the influential and accessible framework for entrepreneurial action introduced by Professor Saras Sarasvathy. The conference was held in the United States for the first time by co-hosts Sarasvathy, Stuart Read of Willamette University, and David Lingelbach and Tiago Ratinho of the University of Baltimore.

During the proceedings, LendingTree founder and CEO Doug Lebda (EMBA ’14) provided the keynote, detailing his entrepreneurial journey before, during and after Darden, and explaining how he seeks to keep an

research and ideas

entrepreneurial spirit alive at a large publicly-traded company.

Global Innovators Roundtable The Global Innovators’ Roundtable is a series of seminar-style discussions hosted around the world by the Batten Institute. The roundtable convenes senior innovation executives from leading companies for conversations facilitated

by Darden’s top scholars in innovation and technology. The purpose of the roundtable is to share best practices and discuss common challenges of business innovation in an intimate, interactive forum. To ensure openness and candor, participants are selected from among noncompeting firms and diverse industrial sectors.

Düsseldorf, Germany “Driving Successful Digital Transformation: New Mindsets, Cultures, Skills, and Behaviors” 19–20 October 2017 Joint Roundtable with Interdisziplinäres Gremium Digitale Transformation (IGDT) Facilitated by Professor Sankaran “Venkat” Venkataraman and Professor Edward D. Hess Mumbai, India “Driving Breakthrough Innovation: Leaders vs.

Followers” 7 November 2017 Facilitated by Professor Rajkumar Venkatesan

350+

alumni, prospective students and executives Darden Ideas to Action Events At Darden Ideas to Action events, highly acclaimed scholars and practitioners from the Darden community engage alumni and other professionals in a series of discussions about the roles of entrepreneurship, innovation and technology in business and society.

“The Venture Capital Startup Funding Myth: Learn How Expert Entrepreneurs Fund Their Ventures” Yale Club of New York City 25 September 2017 “Design Thinking for the Greater Good” with Professor Jeanne Liedtka Minneapolis, Minnesota 28 September 2017

“Design Thinking for the Greater Good” with Professor Jeanne Liedtka Amazon Headquarters, Seattle, Washington 2 October 2017 “The Principles of Effectuation” with Professor Saras Sarasvathy W Hotel, Washington, D.C. 12 October 2017 “Design Thinking for the Greater Good” with Professor Jeanne Liedtka and Randy Salzman UVA Open Grounds 4 April 2018 “Unlocking Value Through Values: How Impact Investing Spurs Innovation to Improve Society” with Ross Baird and Professor Elena Loutskina UVA Darden Sands Family Grounds, Rosslyn, Virginia 11 April 2018

BATTEN IN ST I T U T E

Tom Tom Founders Festival Darden, through the Batten Institute and the W.L. Lyons Brown III Innovation Lab (i.Lab) at UVA, has been a founding supporter of this weeklong festival of ideas and culture that takes place in Charlottesville, Virginia. In 2018, Darden’s support for the festival’s summit programming included: “Developing Microenterprise to Employ Adults with Autism,” a community workshop moderated by Jason Brewster, i.Lab Incubator Director.

“Leading the Energy Revolution,” a multiday programming track, including a master class led by Professor Michael Lenox, author of the book, Can Business Save the Earth?: Innovating Our Way to Sustainability.

“Access to Capital and the Startup Ecosystem,” an intensive series of workshops, roundtables and showcases, connecting investors and entrepreneurs with the resources to start and scale ventures. Professor Greg Fairchild moderated the keynote with Jerry Nemorin (MBA ’08) of Lendstreet, Ross Baird of Village Capital and Peter Jackson of IDEO on “Fighting Inequity with Finance.”

“Data and Trends for Ecosystem Developers,” a roundtable discussion moderated by Batten Institute Executive Director Sean Carr, examined the tools available for entrepreneurial ecosystem development across the country.

19

5th Annual Effectuation Conference Doug Lebda (EMBA ’14) gives the Effectuation Conference keynote. R I G H T : Professor Saras Sarasvathy and A B OVE : Stuart Read, cohosts of the Effectuation Conference, participate in sessions.

M I D D L E LEF T :

Jefferson Innovation Summit Delegates to the summit, held in Washington, D.C., participate in a dialogue (N E A R R IG H T ) and one of several workshops (FAR R I G H T ) that informed a “policy playbook” on climate change.

20

research and ideas

Tom Tom Founders Festival Professor Greg Fairchild (above, left) moderates the keynote, “Fighting Inequity with Finance,” with Ross Baird, Peter Jackson and Jerry Nemorin (MBA ’08) (not pictured).

B ELOW: Panelists discuss, “Data and Trends for Ecosystem Developers,” a roundtable discussion moderated by Batten Institute Executive Director Sean Carr.

AB OV E:

BATTEN IN ST I T U T E

Darden Ideas to Action Events Professor Jeanne Liedtka discusses her book, Design Thinking For the Greater Good, at Amazon’s Headquarters in Seattle, Washington.

B EL OW R IG H T: Professor Michael Lenox discusses his book, Can Business Save the Earth?, at the Asia Society in Hong Kong.

B EL OW L EFT:

21

Applied Innovation & New Ventures 22

YEAR IN REVIEW 2017â&#x20AC;&#x201C;18

Programs and Outreach

The Batten Institute provides a range of programs, people, spaces and other resources to support innovators and entrepreneurs on and beyond the Grounds of the University of Virginia. Our programs include the summer incubator program — now entering its 19th year of operation — alongside new programs such as Darden Venture Lab and Catalyst. Our people include not only our team, David Touve, Jason Brewster, and Sandra McCutcheon, but also our more than 100 mentors.

Our places include the W.L. Lyons Brown III Innovation Laboratory (or i.Lab) on Nash Drive, alongside new space at Third and Main on Charlottesville’s downtown mall.

Through various programs and outreach efforts, our team hosts or facilitates over 100 events, workshops and seminars each year for local, regional and global participants.

These include: UVA students for a 3D printing workshop; founders from Latin America and Tibet for a pitch workshop; biotech executives for networking; brainstorming sessions for the UVA football program; economic development officers from across the state to share best practices; and high school and middle school students learning about effectuation and prototyping.

100+ events, workshops, and seminars

Summer Incubator Open to the UVA and greater Charlottesville community, this program annually provides 2025 early stage (i.e., prototype in development) startups with a 10-week bootcamp from June to August, dedicated workspace, mentorship, up to $10,000 in grant support, legal help and a community of founders.

Darden Venture Lab

David Touve Senior Director, i.Lab at UVA

BATTEN IN ST I T U T E

Launched in the fall of 2018, Darden Venture Lab provides support during the academic year to Darden students working on active and growing startups by providing dedicated workspace, grant support, ($2,500 fall/spring), mentorship and expert-led workshops.

23

Catalyst

Impact & Awards

Catalyst is a nine-month accelerator program, September through May, and economicdevelopment initiative to support a cohort of high-potential (i.e., post-prototype and scalable) startups in the Charlottesville area, while also providing networking and programming open to the community-at-large.

Since 2000, our applied innovation and new venture efforts have had the following results:

PhD+ Startup Seminar A UVA-wide seminar series on entrepreneurship and commercialization for Ph.D. candidates and postdocs from across Grounds, the PhD+ Startup program is offered as part of PhD Plus, an initiative of UVA’s Office of Graduate and Postdoctoral Affairs.

Outreach The i.Lab team provides support for and partners with faculty and staff across Grounds; universities and colleges state-wide (e.g., VT, VCU, GMU, JMU, W&M); and local, regional and global organizations such as the UVA Office of Economic Development, Charlottesville Business Innovation Council, Community Investment Collaborative, Darden Center for Global Initiatives, City of Charlottesville, Albemarle County, Presidential Precinct, US State Department, VirginiaBio, Center for Innovative Technologies, UVA Tibet Center, SEAS Spark and Tom Tom Festival.

25k

$

Award

24

−− Supported more than 250 companies and 450 founders; −− Provided nearly $1.5 million in grants to these teams; −− Participating teams have raised upwards of $150 million in equity capital and over $250 million across all forms of capital (i.e., equity, grants, debt, etc.); −− In some cases, more than 100 jobs are created by each new venture cohort.

Kathryne Carr Award for Entrepreneurial Excellence Beanstalk Farms founders Michael Ross and his brother Jack Ross, a 2017 graduate of UVA’s School of Engineering and Applied Sciences, received the 2018 Kathryne Carr Award for Entrepreneurial Excellence.

Beanstalk develops and manages indoor, vertical, autonomous farms, and then sells the produce they grow to customers such as grocery stores.

The $25,000 award, named for the inaugural director of the i.Lab Incubator program, is presented annually to the i.Lab entrepreneur whose venture demonstrates the greatest potential for commercial success and whose founders embody Kathy Carr’s leadership, energy and grit.

Tom Tom Founders Festival In 2017–18, the i.Lab sponsored several events

hosted by the Tom Tom Founders Festival: −− TO M TO B ER FEST , a fall festival that includes a regional TechMixer featuring several i.Lab ventures. −− C ROW D FU N D ED PITC H N IG H T at the spring Founders Festival, an annual communityfocused, entrepreneurial competition sponsored by the i.Lab at UVA that has spun off dozens of diverse, local businesses since its launch in 2012. −− YO U TH SU M M IT , which brings together high school students and educators with entrepreneurs and civic leaders to share inspirational stories from the young entrepreneurs, and collaborate on problemsolving competitions.

2018 Cohort Highlights K2 Dental Arts, co-founded

by Philip Kim, Area Maos, and Dwight Emerine, made Inc. magazine’s list (#373) of the 5,000 fastest growing companies in the U.S. Lendstreet, founded by Jerry Nemorin (MBA ’08), was featured in Forbes as one of the FinTech companies closing the banking gap and raised $7 million in Series A funding led by Prudential Financial and Radical Impact, alongside $110 million in debt financing from Prudential Financial and Community Investment Management.

Contraline, co-founded by Kevin Eisenfrats and John Herr, was mentioned in a Time Magazine article asking the question, “Are we finally ready for the male pill?”

PAKA Apparel raised $345,000 through a Kickstarter campaign, and was featured in UVA Today and Cville Tomorrow.

501 Auctions made the INC 5,000 list of fast-growing companies and was acquired by Community Brands.

Suz Somersall, founder of Kira Kira, was selected as one of the Top 100 creative people of 2017

by Fast Company, and featured in Salon.

Agrospheres participated in a U.S. House of Representatives Small Business Sub-Committee meeting on high-tech agriculture and raised a seed round of funding.

Beanstalk Farms, cofounded by Jack Ross (Engr ’17) and Michael Ross, participated in Y Combinator’s winter cohort and was included in a Techcrunch article covering the 64 startups unveiled at YC’s Demo Day. The Babylon Micro-Farms team, Alexander Olesen, Will Graham, Sam Korn, and Graham Smith, won first place and $10,000 in the Dominion Energy Innovation Center’s 2018 pitch competition and raised a seed round.

Rhoback, co-founded by Kristina Loftus (MBA ’17) and Matthew Loftus (MBA ’16), was featured on FOX News for their partnership with the American Humane Society and their recent support on Instagram from Chevy Chase. Rhoback was also featured in Golf Digest as an up-andcoming clothing brand.

A pplied innovation and new ventures

2018 Incubator Program Ventures Art for the Heart, co-founded by Emma Hitchcock and Zadie Lacey, is an organization that holds art workshops for homeless residents of the Charlottesville community. There is a lack of positive connection between the homeless and housed residents of Charlottesville, and Art for the Heart is working to bridge those gaps through art.

DataClassroom, founded

by Aaron Reedy (Grad ’18), is a web app that allows teachers to grow data intuition in students from Grade 6–12. It is the first data-analysis software platform built for teachers and kids to meet the demands of the Next Generation Science Standards. DataClassroom teaches basic skills for data science and statistical analysis while helping today’s schools prepare students for the data driven world of tomorrow. geedunk, founded by Lyon McCandless (Com ’12), makes delicious and healthy snack options that are environmentally sustainable. We do this by using ingredients such as cricket powder, which is packed with protein, vitamins, minerals and fiber, while only needing a small amount of resources to grow. The company is based in Norfolk, Virginia, home to the world’s largest naval base, where we employ military spouses who experience a 25 percent unemployment rate.

BATTEN IN ST I T U T E

I.LAB INCUBATOR (SINCE 2000):

250+ companies, 450+ founders­ 1.5M+ direct grant support $

250M+ capital raised $

(I.E., EQUITY, GRANTS, DEBT),

150M+ in equity

$

(NESTED CIRCLES)

50-100+ new jobs created annually 105 individual venture mentors in 2017–18

HeatSight, founded by Alexander Sarris (Engr ’18), is developing compact thermal imaging goggles for use in a variety of areas such as law enforcement, military or utilities.

Kartini Chocolate, founded by Nagea Delaya (MBA ’18) and Ana Maria Chamorro (MBA ’18), is a premium bean-tobar chocolate company that offers the unique indulgence of Indonesian chocolate while satisfying your cravings for real chocolate and real purpose. It is the only craft chocolate made with beans responsibly sourced from Indonesian farmers, adds no artificial flavoring and also redistributes profits to empower women in Indonesia. Kartini Chocolate’s current repertoire include 80 percent dark Bali chocolate and 70 percent dark Papua chocolate.

MAP Sports, founded by Chris Hulleman and Yoi Tibbetts (both Faculty, UVA) with Kenn Barron and Evan Nesterak, helps sports organizations measure and improve the psychological mindsets essential to high performance and well-being. Current clients include the U.S. Soccer Federation and the Junior Tennis Championship Center.

MIST, founded by Alexander Singh (Engr ’19) and Rohit Rustagi (Engr ’19), stands at the forefront of innovative medical design into the field of minimally invasive spinal surgery technology. MIST focuses

design around addressing the root causes of disease rather than the symptoms, and is currently developing a spinal implant to treat scoliosis in adolescent patients.

Murray B. Company, founded by Margaret Murray Bloom, is the creator of the Murray Belt, the bag and pocket alternative that grants instant access to essential items. The Murray Belt’s unique design is worn snugly around the torso and provides a customized solution when pockets, purses or other traditional bags are an inconvenience. Consisting of a universal Belt Base and interchangeable Stations designed to hold core items, Murray Belts empower users to simplify their belongings, keep their hands free and fully engage in their experience.

NeuroView, founded by Omar Uribe (Med ’18) and Dr. Mark McDonald, a faculty member of the UVA School of Medicine’s neurology department, uses artificial intelligence to provide on-demand neurologic expertise that informs clinical decisionmaking.

Pampered Teacher, founded by Jason and Megan Panek, recognizes the hard work of teachers around the country by offering gift boxes for purchase online and delivering them straight to their homes or classrooms. Boxes are carefully curated to

25

feature unique and useful items that teachers will love, with an emphasis on products from small businesses and artisans.

PurPics, founded by Aneesh Dhawan (Col ’20) and Victor Layne (Col ’20), connects brands with Gen Z consumers over a social cause, unlocking the influencing potential of the everyday person while driving and tracking meaningful engagement on social media.

Simili, founded by Liz Heinberg, makes group dining decisions easy.

First, Simili suggests restaurants that are most likely to please everyone, based on the tastes of all individuals in the group, using weighted preferences and an algorithm to maximize group happiness. Then, Simili facilitates a vote.

Voila — decision made.

RecruitRef, founded by Van Hatchell (MBA ’18), is an online platform that enables high school athletes to showcase their athletic and academic achievements in order to earn a college athletic scholarship. Athlete profiles, freely accessible to coaches, include an athlete’s grades, test scores and videos of the athlete competing, and athletes have access to a suite of analytics and marketing tools to track their progress recruiting and promote their profile.

Shakti International, founded by Janie Hammaker (Col ’18), Shafat Khan (Col ’19), Malvika Jain (Com ’19) and Raghav Savara (Col ’20), is an apparel brand that partners with women’s stitching centers within rural villages in India to empower women and facilitate economic development. The venture connects stitching centers to customers in the United States and provides responsibly sourced clothing options for customers. Shakti currently sell palazzos, Indian-style flowy pants known for their bright colors and comfortable fit.

26

Soteria Kestrel, founded

by Fritz Steuer (Engr ’18) and Erik Quigg (Engr ’18), builds the next generation in neonatal transport incubators. The Kestrel is a new kind of transport using cutting-edge technologies in a unique combination that offers the best protection and access of any transport on the market. The Kestrel’s unparalleled protection from brain damage and external stressors will save thousands of our smallest citizens.

Thicket, founded by Rebecca Perea-Kane (Grad ’15), makes minimal jewelry inspired by the natural world. Each piece is made by hand from castings of botanical samples using traditional metalsmithing and sustainable, recycled fine metals.

Tsampa Tsnacks, founded

by Chenam Barshee (Batten ’18) and Sogyel Lhungay (MBA ’18), is a Tibetan-inspired packaged food brand that promotes mindfulness in daily life.

Single Baked Sweets, founded by Melissa Stefaniak (Class of 2019), provides singleserve, bake-at-home desserts that come with all the premeasured wet and dry ingredients needed to make an allnatural, homemade treat for one.

Viable Ventures, founded

by Mark Seymour, Greg Pitsenberger, Andy Rod and Ethan Long, is a social impact project with the mission of providing meaningful employment for adults with autism.

Comprised of small, selfsustaining businesses, Viable Ventures is designed to turn the unique skills, abilities and interests of people with autism into fulfilling vocational opportunities.

Because having a job is more than just a paycheck.

Vicarious Ventures, founded by Darius Nabors, uses the most recent

360-degree photo and video technology to take students on virtual field trips of national parks and historic sites.

Whipped Cream LLC, founded by Cordell and Christina Fortune produces its own line of all natural skin care products named SheaMango. Whipped to perfection, SheaMango is made of eight of the finest oils and butters that each contribute to the wellness of your skin. Your skin is the largest organ on your body; take care of it with SheaMango.

Yogi, founded by Gautam Kanumuru (Engr ’15) and Chad Becker (Engr ’15), is a virtual investment assistant targeted for casual investors. Yogi educates investors on how to make informed decisions and provides tailored insights to users.

All the information is there; Yogi helps make sense of it.

ZippyZen LLC, founded by John and Dawn Cleveland, developed ZippyMeals software, a customized, allinclusive, online software solution for managing nonprofit Meals on Wheels offices. Customers can now schedule their meal recipients and volunteer drivers seamlessly in one place, reducing the staff time required to manage their operations at a cost savings. Among other features, ZippyMeals uses modern mapping services to generate efficient delivery routes and provide automated directions.

A pplied innovation and new ventures

Pitch Day i.Lab ventures showcased their products and services during a celebration of the summer incubator program in August 2018.

Programs and Outreach Local K-12 students participate in the E-STEAM conference sponsored by the Batten Institute.

Pitch Day Kathryne Carr Award for Entrepreneurial Excellence Jack Ross (Engr â&#x20AC;&#x2122;17) and Michael Ross, founders of Beanstalk Farms, received the 2018 Kathryne Carr Award.

BATTEN IN ST I T U T E

27

LEADERSHIP TEAM Administration

Sean Carr

Gayle Noble

Robyn Swift

Derry Wade

Debbie White

Mary Andrews

Executive Director and Assistant Professor

Office Manager

Director of West Coast Initiatives (based in San Francisco, CA)

Director of Communications and Outreach

Director of Operations

Program Operations and Special Projects Manager

B.A., Northwestern University; M.S., Columbia University; MBA, University of Virginia Darden School of Business; Ph.D., University of Virginia

B.A., University of Virginia

A.B., Smith College; M.A., University of Virginia

B.A., University of Virginia; M.A., George Washington University

Education & Experiential Learning

Applied Innovation & New Ventures

MJ Dougherty Toms

Madelyn Taylor

David Touve

Jason Brewster

Sandra McCutcheon

Director, Education and Experiential Learning

Assistant Director, Student Programs

Senior Director, i.Lab at UVA

Incubator Program Director

Assistant Director, i.Lab Programs

B.S., James Madison University

B.A., Northwestern University; MBA, Australian Graduate School of Management; Ph.D., Vanderbilt University

B.A., Austin College: M.S., Stanford University

B.A. University of Maryland University College, Europe; M.A. University of Texas, San Antonio

B.A., Williams College; MBA, Yale University

B.S., James Madison University; M.Ed. William & Mary

Research & Ideas Elisabeth Ivaniw Jones Writer (based in Washington, D.C.) B.A., St. John’s University; M.A., The Catholic University of America Erika Herz

Rebecca Duff

Director of Research and Intellectual Capital

Senior Research Associate

B.A., Wellesley College; MBA, University of Virginia Darden School of Business

28

B.S., Mary Washington College; M.S. Johns Hopkins University

Asif Mehedi

Young Kim

Associate Director

Senior Research Associate

Statistician (based in Washington, D.C.)

B.A., University of Gdansk, Poland; M.A., Boston University; M.F.A., University of Virginia

B.B.A., University of Dhaka; MBA, University of Virginia Darden School of Business

B.S. and M.S., University of Virginia

Malgorzata “Gosia” Glinska

YEAR IN REVIEW 2017–18

FINANCIAL SUMMARY dministration A $1,151,000

Faculty Salaries $1,745,870

17%

26 % 2017â&#x20AC;&#x201C;18 Operating Budget

$6,764,550

Education & Experiential Learning $748,720

13%

19

%

Research & Ideas $1,306,930

11

%

Applied Innovation & New Ventures $863,450

14% Scholarships $948,580

FINANCIAL RESOURCES for supporting entrepreneurship, innovation and technology at Darden are provided through a restricted endowment first established by Frank Batten Sr. and the Batten family in 1999, with subsequent contributions from alumni and friends of Darden.

As of 30 June 2017, the market value of the endowment, administered through the Darden School Foundation, was approximately $130 million. The proceeds drawn from this endowment for the 2018 fiscal year, excluding fees, was more than $6.76 million.

BATTEN IN ST I T U T E

29

Batten Institute for Entrepreneurship and Innovation

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