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2010-2011 Annual Report


Message From the Executive Director I am pleased to share with you the annual report for the Levy-Rosenblum Institute for Entrepreneurship (LRI). The students, faculty, and staff associated with the LRI are proud to be a focal point for interaction between Tulane University and the community. Through various LRI initiatives, interdisciplinary teams of students work on a wide variety of for-profit and non profit initiatives that involve them in early stage businesses, family-owned businesses, K-12 education, public health, research commercialization, and nonprofit social entrepreneurship ventures. The LRI not only coordinates the undergraduate and graduate concentrations in entrepreneurial studies, but it also provides numerous experiential learning opportunities for students that lead to skill building internships and ultimate job placement upon graduation. The success of the LRI in fulfilling its mission was again recognized by the Princeton Review which ranked the LRI 14th out of over 2,000 programs surveyed nationally. The LRI teaches students the principles of Dr. John B. Elstrott Conscious Capitalism when pursuing for-profit ventures. These principles include leaders who share a mission driven focus inspired by the potential higher purpose of the venture. Decision making is consistent with organizational core values and adheres to the principles of long term sustainability while focusing on the optimization of the alignment of all stakeholders. The LRI is also a key participant in the overall Tulane University Social Innovation and Social Entrepreneurship initiative, which has the goal of offering all students an opportunity to learn about and engage in ventures with a Social Entrepreneurship focus. Such ventures are either for-profit or non profit, but have a driving purpose of addressing an unmet need or resolving a problem through systemic change in the social, community, business or environmental spheres. I am currently working with faculty from across the University to design the undergraduate major in Social Innovation and Social Entrepreneurship, which if approved will be offered to students starting in the Fall 2012 term.

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Levy-Rosenblum Institute for Entrepreneurship I am also currently working on both the transition team and the search committee to find an Executive Director for the Cowen Institute for Public Education Initiatives. The Cowen Institute seeks to inform and influence the process of improving K-12 public education in New Orleans with quality information and applied research, particularly in the areas of system operations, accountability, and governance. I am also serving on a advisory team that is working to establish a teaching kitchen in New Orleans that will educate Tulane medical students in nutrition and healthy eating. As Chairman of the Board of Whole Foods Market, healthy eating and nutrition are topics of special concern to me. I started at Tulane in 1982, and over the years have learned so much from my students. It has been especially inspiring to me and reinforced my belief in the power of conscious capitalism to do good in the world and to see students increasingly embrace the principles of Conscious Capitalism and Social Entrepreneurship over the years. I believe it is time for me to stand aside and have someone younger work with the fine staff at the LRI to build on the work we have done. Lastly, It is with much pride and a sense of sadness that I announce that I will step down as Executive Director of the LRI effective June 30, 2012. I plan to continue to serve Tulane, the Freeman School, and LRI as a teacher and student advisor, and with alumni relations. I will gladly keep you abreast of the goings on at LRI as the transition takes place over the next several months. At the LRI, our goal is to free the entrepreneurial spirit for the good in all our students. I know you will enjoy reading about the many ways the LRI fulfills this challenging and worthwhile mission.

Regards,

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Our Mission:

The Levy-Rosenblum Institute for Entrepreneurship (LRI) trains and inspires entrepreneurs through coursework, community service projects, and internships. As a division of the A.B. Freeman School of Business at Tulane University, the LRI provides students with the opportunity to work with experienced faculty members, network with business leaders from across the country, and participate in student-based organizations that provide a training ground for business development. In addition, the LRI coordinates joint academic, government and business initiatives that stimulate private enterprise and regional economic growth. It also contributes to regional and economic development by assisting the corporate and family business communities in identifying and exploring business issues through shared learning experiences. 5


Table of Contents Section 1: Entrepreneurial Studies Section 2: Faculty Section 3: Our Students

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Student Internships Community Engagement

Student Organizations Section 4: Business Plan Competitions

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Tulane Business Plan Competition Domain Companies Competition

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Section 5: Entrepreneurs of the Year

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Section 6: Tulane Family Business Center

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Section 7: Partnerships

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Section 8: Giving to the LRI

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Levy-Rosenblum Institute Entrepreneurial Studies

The academic branch of the Levy-Rosenblum Institute for Entrepreneurship strives to form new enterprise-creators in alliance with the A.B. Freeman School of Business. LRI associated faculty teach courses both in the undergraduate and graduate levels.

Entrepreneurship Specialization Courses Include: New Venture Planning Corporate & Cooperative Strategy Environment, Society & Capitalism Management of Technology & Innovation Strategic Consulting

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Rodolfo Aguilar – Adjunct Professor, Real Estate Development Linda Baynham - Adjunct Professor Albert Cannella - Koerner Chair in Business Adrienne Colella - McFarland Chair in Business Organizational Behavior Cynthia Devers – Adjunct Professor Sherif Ebrahim – Adjunct Professor, Strategy in Entrepreneurship John Elstrott – Clinical Professor, Entrepreneurship Alexander Forst – Adjunct Professor, Strategy in Entrepreneurship Karen Foust – Clinical Professor, Accounting Christian Gavin – Adjunct Professor Mauricio González – Clinical Professor, Management Robert Hansen - Francis Martin Chair in Business Jeremy Hunnewell - Adjunct Professor Ana Iglesias – Assistant Professor, Management Lai Lei – Assistant Professor, Organizational Behavior

Aguilar

Gonzalez

Baynham

Hansen

Slepstov

Cannella

Colella

Devers

Hunnewell

Iglesias

Lei

Smith

Spindt

Sujan

World Class 8


Ebrahim

Elstrott

Madero

Maurer

McCusker

Sujan

Watzke

Wilson

Forst

Foust

Gavin

Moreau

Pulitzer

Emily Madero – Adjunct Professor, Strategy and Entrepreneurship Ralph Maurer - Visiting Assistant Professor, Management Christopher McCusker - Colleen and George McCullough Professor of Business Robert Moreau – Adjunct Professor, Strategy in Entrepreneurship Sidney Pulitzer – Adjunct Professor, Strategy & Entrepreneurship Alexander Slepstov - Assistant Professor, Strategy and Entrepreneurship Eric Smith - Clinical Finance Professor and Associate Director of the Tulane Energy Institute Paul Spindt - Keehn Berry Chair of Banking and Finance Harish Sujan – Freeman Chair of Business Marketing Mita Sujan - Malcolm S. Woldenberg Chair of Marketing Gerard Watzke – Associate Professor of Management Michael Wilson - Professor of Practice Strategy and Entrepreneurship Michael Yest – Professor of Practice, Finance

Yest

Faculty 9


Ralph Maurer, PhD

Dr. Ralph Maurer has been working with the LRI this past year in developing long term goals for the department and serving as the new Director of the Tulane Family Business Center. Maurer has been instrumental in providing guidance on further leveraging the prestigious ranking the MBA Entrepreneurship program received in September. He is also serving as Visiting Assistant Professor of Strategy & Entrepreneurship and Strategy Director of the LRI. Dr. Maurer teaches Competition & Strategy and New Venture Planning to MBA students.. He has recently founded Elstrott, Maurer & Hunewell, LLC (EMH), a management consulting firm in New Orleans, with Jeremy Hunnewell and John Elstrott. Maurer received his PhD in Strategy and Organizations from Stanford University.

Albert Canella, PhD 10

Maurer presented “Strategy As A Process�, to members of the Tulane Family Business Center on January 18th.

Strategic Thinking


“New Orleans has fast become the hub for young entrepreneurs and new ideas. The LRI continues to take on the charge of fostering entrepreneurial synergy here at Tulane.� Dr. Albert Cannella, Earl P. and Ethel B. Koerner Chair of Strategy and Entrepreneurship

Bert Cannella joined the Freeman School in July 2007 as the Earl P. and Ethel B. Koerner Chair in Strategy and Entrepreneurship. Since earning his PhD from Columbia University in 1991, Cannella has published more than 30 referred articles and delivered more than 40 refereed presentations on topics including corporate governance, entrepreneurship, knowledge creation, competitive dynamics, executive compensation, executive labor markets and related subjects. Dr. Cannella's upcoming publications involve topics such as how family companies differ from lone-founder companies, how executives are affected by IPOs, and competitive dynamics in the global auto industry. Dr. Cannella has been instrumental in building the doctoral program in management at Tulane. He also teaches undergraduate classes in strategic management, research methods, and entrepreneurship.

Dr. Albert Cannella, PhD

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Our Students 12


Chris Williams, MBA’11

“I chose to pursue an MBA to give myself a competitive edge in today’s job market. With plans to live and work in New Orleans after school, I felt a Freeman MBA would provide me a pathway that I may have otherwise missed if I chose to attend school elsewhere. Once I became closely involved with the LevyRosenblum Institute, I knew that I couldn’t have made a better choice. Through my work as President of the Tulane Entrepreneurs Association, I was able to see the real impact that the Levy-Rosenblum Institute and Tulane Family Business Center (FBC) has on the New Orleans business community. The FBC is involved with some of the most innovative family firms from around in the region. Through networking and my involvement with LRI programs, I was proud to accept a full-time position with Barriere Construction Co., one of New Orleans’ most successful family-owned businesses. Leaving my family business in my home state of South Carolina was difficult, but entering into a 4th generation New Orleans family business was an opportunity I was thrilled to take. “

Lauren Spangler came to the LRI as a freshmen from Tulane Newcomb College. Lauren has lived in Mexico and Japan for a combined six years and is fluent in Spanish. These unique skill sets prove to be invaluable asset to an Institute that services a diverse student population. As a clerical assistant at the LRI, Lauren aids in numerous tasks and administrative duties around the office. Along with gathering work experience, she has successfully acquired and established a wide range of communication and organizational skills essential for managing any type of business. She has also learned how to plan and smoothly execute departmental events, such as the Annual Council of Entrepreneurs Awards Gala, the Tulane Family Business Forum, the Tulane Business Plan Competition and the Tulane Family Business Wealth Management Seminar.

“ Working at the LRI has given me a front row seat to the world of entrepreneurship. It is exciting to see students and members of the New Orleans community walk in the door with just an idea and walk away with resources and plans to bring their dreams to fruition.”

Laura White

Lauren Spangler, TC’14 13


Aaron Burch, PMBA ’13 Prior to enrolling at Tulane, Aaron worked with a professional Women’s Soccer team start-up based in San Francisco where he worked as the league’s Operations Manager. He is pursuing an MBA in Finance and Energy and plans to pursue a career in emerging energy technologies upon graduation. The LRI has benefitted from Aaron’s financial expertise as he has been working with IN Exchange, a fair trade store on campus, to oversee the stores financials and to develop cost cutting strategies to ensure the store’s long-term sustainability.

Lauren Spangler, TC’14 Lauren spent this past spring working with every aspect of the LevyRosenblum Institute programs which include the Family Business Wealth Management Seminar, the Council of Entrepreneurs Gala and the annual Tulane Business Plan Competition. Lauren will continue her role this year as administrative support.

Jennifer Urrego, MBA ‘11 Jennifer is a recent MBA graduate and worked last year with the Tulane Entrepreneurs Association and on the Tulane Business Plan Competition. She also founded and served as president of the Tulane Sports Business Association (TSBA), which focused on connecting business students with career opportunities in sports. She partnered with the N.O. Hornets to provide special projects for TSBA members. She currently works as a business consultant for GoodWork Network, a non profit business development organization.

Laura White, TC ‘12 Laura has been involved with the LRI for the past two years. She has a passion for social entrepreneurship and has spearheaded a number of projects campus-wide through Tulane University’s Social Entrepreneurship Initiatives. Also as a team member of the TUchangemakers, Laura has spent time working on social innovation learning assessments and developing academic programming for social entrepreneurship. In addition, she has been working with the LRI to produce a handbook for student entrepreneurs.

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LRI Interns

Kim Thompson, MBA 12 Kim is a returning MBA student who worked to help IN Exchange develop a comprehensive marketing plan, which included implementing social media and analyzing weekly sales reports, and determining benchmarks for sales growth and profitability by evaluating financial statements from the previous three years. Other projects Kim has worked on included examining the MBA curriculum as it pertains to ethics and social responsibility and growing the NetIMPACT chapter.

Chris Williams, MBA ‘11 Chris, a recent MBA graduate, served as president of the Tulane Entrepreneurs Association (TEA) where he managed all of the organizations activities. This included the TEA speakers series, PitchNOLA, the Tulane Business Plan Competition, and fundraising, in which he and other TEA officers secured more than $55,000. Chris was also the recipient of the 2011 Tulane Student Leader in Entrepreneurship. He currently works for Barriere Construction, a fourth generation family- owned business, as a Project Manager.


TABA Community Service Project Throughout the year, Freeman students engage in community service projects to meet some of the challenges of small businesses and non profits from around the state. As part of Tulane's culture to provide opportunities for students to give back through service learning, the Levy-Rosenblum Institute matches Freeman School students with requested projects from the community. Pictured top left: Rashida Ferdinand talks with neighborhood residents.

Pictured above Noah Jason Lewis, MBA’11, FCG Advisor Rosalind Butler, and Ryan Porcelli, MBA ‘11 sample homemade preserves at the Sankofa Market in the Lower 9th ward.

Sankofa Market- Founded by Executive Director Rashida Ferdinand, the Sankofa Market is a healthy alternative for bringing fresh produce to residents living in the Lower 9th ward. Sankofa also serves as a hub for local vendors and entrepreneurs to sell their wares. The Freeman Consulting Group has been working closely with Sankofa on formalizing a strategic plan to ensure the organization’s sustainability.

Freeman MBA Students Give Back- Community service is integrated early on during the academic career of all Freeman students. Students engage in meaningful projects that impact lives, transforms neighborhoods and leaves their community a better place to work and live. 15


The Levy-Rosenblum Institute provides guidance to some of the Freeman School’s most dynamic and innovative student-based organizations.

2011 TEA Officers - Standing: Chris Williams, Ruth Yomtoubian, Emily Roberts Seated: Cathy LaCorte, Sophia Zarate and Kurt Gerwitz.

FCG

TEA The Tulane Entrepreneurs’ Association (TEA) actively seeks to promote “purpose-driven” entrepreneurial activity at Tulane and within the local community. TEA’s team of motivated members do so by organizing a speaker series, coordinating workshops, and hosting the Annual Tulane Business Plan Competition. These extensive set of programs expose TEA members to the networks and resources necessary to be an entrepreneur and add value to their overall academic experience. www.tea.tulane.edu

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The Freeman Consulting Group (FCG) provides business consulting to local organizations on a nonfee basis. The mission of the Freeman Consulting Group is to offer experiential learning opportunities to Tulane University's graduate and undergraduate business students. The FCG partners with small businesses and non profits from across the country to help address their most critical challenges and to ensure that they can secure lasting results. The FCG seeks to create positive change in its members, our clients, and our city. www.tulane.edu/~fcg/

Student Organizations


2010 Final Round Judges Pathostat Team Members: Xenia Kachur (left) and Dr. Lauren Lebeau (right)

The Tulane Entrepreneurs’ Association (TEA), in conjunction with the LevyRosenblum Institute, hosted the 11th Annual Tulane Business Plan Competition on April 8th. The competition drew 76 submissions for a first place cash award of $50,000. The focus of each year’s competition is on “conscious capitalism”, which uses entrepreneurial principles to address social problems.

2011 Tulane Business Competition Judges

The Tulane Business Plan competition is the first competition in the country to incorporate “conscious capitalism” principles as part of its requirements for entry. Student team applications came from universities from across the globe for a chance at the top prize.

and Dr. Lauren Lebeau. Patho, is a patentpending medical device technology for use during cancer surgery which enables a surgical oncology team to precisely excise and assess cancerous tissue.

The 2011 competition winner was Pathostat, which was presented by the University of Arizona team members Xenia Kachur

www.tulanebusinessplancompetition.com.

To learn more about the Tulane Business Plan Competition go to:

2011 Tulane Business Plan Competition

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Tulane Business Plan Competition 2011 Statistics: 100 Judges 76 Total Teams 50 Universities 21 Tulane Teams 5 Countries 5 Continents The Tulane Business Plan Competition is as diversely rich in ideas as it is in the student teams that participate. On the far left Skip Wilson ,MBA “11 demonstrates Surround Sound Accompaniment software, which will provide musicians with an online platform to download music, an orchestral accompaniment and performance notes.

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2011 Tulane Business Plan Winner- Pathostat


Matt Schwartz and Chris Papamichael , founders of Domain Companies, partnered with the Levy-Rosenblum Institute for Entrepreneurship to create the Domain Companies New Orleans Entrepreneur Challenge.

Thanks to a generous $20,000 gift from the real estate and management firm, students competed to present the best idea for creating economic impact in the

Greater New Orleans area. This year’s competition winner was Drop the Chalk, led by team members Jen Schnidman Medberry and Eric Gallagher, MBA ‘12.

Pictured from left are: Matt Schwartz (Domain Companies, Megan Peck (TEA), Jen Medberry (Drop the Chalk), Emily Roberts (TEA), Eric Gallagher (Drop the Chalk) and Chris Papamichael (Domain Companies).

Drop the Chalk tracks student performance on specific skills, highlighting those skills that have been mastered and those that still need work. The team was presented a check at the Tulane Council of Entrepreneur’s Gala on April 8th.

Domain Companies Competition

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Entrepreneurs of the Year Phyllis Cassidy is Executive Director and founder of Good Work Network, a non profit micro-enterprise development organization serving the greater New Orleans area. Good Work Network has provided educational programs, technical assistance, back office support, capital access assistance, and market access services to over 2,000 minority and women owned community based businesses in the New Orleans area since 2001.

Ms. Cassidy was honored Entrepreneur of the Year.

as the

2011 Tulane

Social

Pictured from left, Mr. Albert Lepage and Dr. John Elstrott

Mr. Albert Lepage, chairman of Lepage Bakeries, was the 2011 recipient of the Tulane Distinguished Entrepreneurs of the Year Award and Ms. Phyllis Cassidy, Executive Director of Good Works Network received the 2011 Tulane Social Entrepreneur of the Year. Lepage and Cassidy were honored at the 2011 Tulane Council of Entrepreneurs Award Gala held April 8th, at the Audubon Tea Room. Born and raised in Auburn, Maine, Mr. Lepage attended local schools and graduated from Hebron Academy. He was awarded a BA in history from Villanova University and received an MBA from Tulane University. Immediately upon graduation, he joined the family business baking company in 1971, and served as vicepresident and treasurer. Mr. Lepage now serves as President and Chairman of Lepage Bakeries, which was founded in 1903.

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Phyllis Cassidy speaks at Tulane Council of Entrepreneurs Gala

The Distinguished Entrepreneur of the Year Award was established to honor individuals who exemplify true entrepreneurial spirit and philanthropic generosity, while the Social Entrepreneur of the Year Award recognizes individuals dedicated to improving the community through entrepreneurial initiatives.






Tulane Family Business Center The mission of the Family Business Center is to provide the best in family business education, resources and practices to address the issues and challenges that family businesses must overcome to grow and prosper from one generation to the next.

The Villere family received the 2011 Outstanding Family Enterprise Award

The Tulane Family Business Center offers:

• • • • • •

(3) half day Forums Annual Wealth Management Seminar Annual Outstanding Family Enterprise Award Peer Affinity Group Sessions Professional Consultation Peter W. Callais Resource and Media Library

Sandy Villere III , George Young, George Villere and Sandy Villere II of St. Denis Villere Company, a third generation investment management firm.

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“Here at the LRI, we pride ourselves in our ability to cultivate strong business and community partnerships that have become vital resources for our students” Lina Alfieri Stern, MBA ‘97 Director, Levy-Rosenblum Institute

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Partnerships

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Thank You to Our Donors Jon & Meredith Angrist Michael Atwater Mr. & Mrs. Robert H. Autenreith Barriere Construction Linda Bayham Richard Blum Paul Breslow Buquet Distributing Co., Inc. Joe Cannizaro Brian Cooney Lynne Cooney Jeremy and Pan Crigler Domain Companies J. Ollie Edmunds John and Patty Elstrott Owen Jones Jr. Rachael Kansas

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Michael Krupa Ben Louviere Terrance McCarthy Robert Mouton Bridgett and Amith Nagarajan Jacquelyn Obert Christopher O’Brien Lacey Orr-McCafferty John Rassier Eleni Roumel Joanna Sternberg The Frank Stewart Foundation Margie Villere Western Healthcare/dva Efficens Ruth Yomtoubian


Fiscal Year 2010-2011

Entrepreneurship and Social Entrepreneurship Internships, Pro bono projects, Non Profit placements

Total Sources: $454,304

Giving to the LRI

Total Uses: $454,304

With an endowment that yields less than 20% of our budget, the Levy-Rosenblum Institute is charged with raising the remainder of its funding through company sponsorships and individual contributions. So that the LRI can continue to substantially impact the community and grow our programs and breadth of service, we encourage you to support the Institute with a monetary gift to further enhance our efforts. A donation of $1,500 or more will qualify you for membership in the Morton A. Aldrich Society, named after the Freeman School’s first dean and established in 1984 to recognize the generosity of alumni and friends who donate $1,500 or more within a single year to the School. While we encourage you to join the Aldrich Society, gifts of any amount are always appreciated and your contribution is completely tax deductible. To make a contribution to the Levy-Rosenblum Institute, please go to http://www.freeman.tulane.edu/giving/ select the “Donate Now” button and under the drop-down menu entitled “I would like to support,” choose the Levy- Rosenblum Institute.

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The LRI Team

For more information on LRI programs please call (504) 865-5306 Pictured left to right: Lina Alfieri Stern, John Elstrott, Terry McGuckin, Ralph Maurer and Rosalind Butler

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Levy-Rosenblum Institute for Entrepreneurship

Goldring/Woldenberg Hall I
 7 McAlister, Suite 401
 New Orleans, LA 70118 Phone: 504-865-5306

Visit www.lri.tulane.edu

Executive Director: John Elstrott Director: Lina Alfieri Stern FBC Director: Ralph Maurer FBC Assistant Director: Rosalind Butler Executive Secretary: Terry McGuckin


2010-11 Annual Report