CREATE THE FUTURE
Georgetown Entrepreneurship Annual Report 2021–2022 | 1 Letter from Jeff Reid 2 Our Team and Advisory Group 3 STUDENT FORMATION Events Rocket Pitch 4 Bark Tank 5 Georgetown Entrepreneurship Challenge 6 Plan-It Earth Ideathon 8 Paul (B’67) and Carol Hill Speaker Series .................................................... 8 Mentorship Entrepreneurs in Residence and Entrepreneurs on Call 9 Chalk Talks 9 Career Georgetown Startup Interns .................................................................... 10 Venture Fellows 11 Startup Career Fair 11 Academics Entrepreneurship Minor 12 Entrepreneurship Fellows 12 Student Organizations Georgetown Ventures 13 MBA Entrepreneurship and Venture Capital Club 13 Venture Capital Investment Competition 14 Additional Support Summer Launch Incubator ..................................................................... 15 Kramer Fellowships 16 Startup Stipend 16 THOUGHT LEADERSHIP New Faces 17 Research and Scholarship 18 Global Consortium of Entrepreneurship Centers Webinars 19 SERVICE AND ENGAGEMENT Venture Lab 20 Georgetown Startup Accelerator 21 Hacking for Defense and Diplomacy 22 Pivot Program 23 TABLE OF CONTENTS
JEFF REID Founding Director, Georgetown Entrepreneurship Professor of the Practice, McDonough School of Business
As we reflect on a year of ongoing change and disruption, the notion of entrepreneurship for the common good has never been more critical for the future of our business landscape. Supported by our Jesuit values, Georgetown Entrepreneurship has championed common good as a way to harness the power of innovation to solve the world’s toughest challenges.
Our diverse community has never failed to rise to the occasion to support one another, promote social justice, and help create positive change. That’s why I’m proud to present our 2021–2022 Annual Report, a testament to what our inclusive community has achieved as we pave the way for a new chapter at Georgetown Entrepreneurship.
With support from university leaders and generous donors, we have reframed our strategic initiatives into three new pillars: student formation, thought leadership, and service and engagement. We are proud to have reached new levels of achievement in these areas by:
• Ramping up robust student engagement with over 3,900 student interactions through expanded mentoring and co-curricular opportunities, coursework, and pitch competitions.
• Supporting the growth of over 50 alumni-owned ventures through our programming at the Venture Lab, Georgetown Startup Accelerator, Bark Tank, Summer Launch Incubator, Angel Investment Network, and Entrepreneurship Alliance Pitch Competition.
• Offering dynamic collaboration with alumni through the Georgetown Angel Investment Network and our partners in the Georgetown Entrepreneurship Alliance, resulting in investments for over 15 alumni-led companies.
• Impacting communities beyond Georgetown University with programs such as the Plan-It Earth Ideathon for climate change solutions, solving national diplomacy challenges for United States government agencies through the Hacking for Defense and Diplomacy course, and through expanded programming to engage our Washington, D.C., and alumni communities.
Above all, we continue to make important strides in our mission to inspire an entrepreneurial mindset in every student that comes to the Hilltop. The continued success of our efforts is dependent on engagement, leadership, and support from our broader community. We thank you for your contributions to Georgetown Entrepreneurship, and we hope you’ll join us on the Hilltop soon.
Instilling an entrepreneurial mindset in every student through curricular, co-curricular, and experiential learning opportunities.
Elevating academic research and expertise focused on purpose-driven innovation and entrepreneurship.
SERVICE AND ENGAGEMENT
Leveraging the power of entrepreneurship to serve the common good in the broader Georgetown community, the greater Washington, D.C., ecosystem, and the world beyond.
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OUR TEAM AND ADVISORY GROUP
Founding Director and Professor of the Practice of Entrepreneurship
Gerry George Director and Tamsen and Michael Brown (B’94) Family Professor of Entrepreneurship and Innovation
Ben Zimmerman (MBA’19) Managing Director
Senior Advisor and Professor of the Practice of Entrepreneurship
Executive Director, Georgetown Pivot Program
Callie Jacobs (SCS’25) Assistant Director, Georgetown Venture Lab
Program Manager, Experiential Education
Ted Leonsis (C’77, P’14, P’15) Founder, Chairman, and CEO, Monumental Sports & Entertainment
BOARD VICE CHAIR
Doug Knopper (MBA’85) Co-Founder and CEO, FreeWheel TV
Melissa Akkaway (B’01) Partner, Block 16 Hospitality
Laura Ferris Anderson (I’89, MBA’97, MPP’97) Chair, Revieve
Joe Baker (C’98) Founder, Yee-Haw Brewing and Ole Smoky Moonshine Distillery
Doug Bouton (C’07) Founder and CEO, Gatsby Chocolate; CEO, Halo Top International
Michael Brown (B’94) General Partner, Battery Ventures
Michelle D. Freeman (P’13) Chairman and President, Carl M. Freeman Foundation
Arun Gupta Venture Partner, Columbia Capital
Nicolas Jammet (B’07) Co-founder and Co-CEO, Sweetgreen
Elizabeth Leahy (C’91, P’21, P’24) Founder and Managing Partner, Purple Sage Ventures
Zachary Leonsis (MBA’15) President of Media & New Enterprises, Monumental Sports & Entertainment
Arthur Minson (B’92) Managing Partner, 715 Capital Ventures
Jonathan Neman (B’07) Co-founder and Co-CEO, Sweetgreen
Michael O’Neil (L/MBA’02) Founder and CEO, Get Well Network
Neel Premkumar (B’02) Founder and CEO, Dyla Brands
David Roux Managing Partner, BayPine
Nathaniel Ru (B’07) Co-founder and Co-CEO, Sweetgreen
Patrick Sheridan (MBA’09) Founder and CEO, Modus Create
William C. Sonneborn (B’92) Senior Director, International Finance Corporation
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Held in both the fall and spring semesters, Rocket Pitch offers a low-stakes platform for student entrepreneurs leading earlystage ventures. Undergraduate and graduate students pitch their ideas for up to $4,500 in total prize money, potentially boosting new startups by building a minimum viable product and acquiring customers. More than 80 undergraduate and graduate students came out to pitch at the two events.
Across both semesters, 70% of participants identified as either a member of a minority community and/or as female.
$9,000 Total prize money awarded ($4,500 Fall / $4,500 Spring)
FALL ROCKET PITCH:
First Place: Josiah Keilson (MBA’23), Ryan Melcher (MBA’23), Johanna Walsh (MBA’23) Jubilee is an insurance product for elders with preventative technology software and education.
Second Place: Annie Glassie (SCS’22) SeaWatch is a crowdsourced app that enables users to report illegal and unregulated fishing.
People’s Choice Award: Mackenzie Loy (MBA/ MPP’22), Samuel Winer (MBA’23) The New Majority connects underrepresented founders to angel investors and everyday investors.
Eisenberg Prize: Kevin Boodram (C’21) Serenity offers gig-based landscaping services.
Cindy Groves Entrepreneurship for the Common Good Prize: Rnad Salaita (SFS’22) CareForHer links women seeking affordable childcare in Jordan with workplaces that offer daycare.
SPRING ROCKET PITCH:
First Place: Carolyn Nice (SCS’23) Nice Moves is an app tracking boxes in a moving truck.
Second Place: Russell Tuchman (MBA’22), Michael Pollinger (MBA’22), Adrian Baker-Kang (MBA’22)
Rebuildee is an app that aids in rebuilding homes after a disaster.
People’s Choice Award: Jordynn Jenkins (C’24) Love Kits On-the-Go provides kits that people can hand out to individuals experiencing homelessness.
Eisenberg Prize: Tereza Yerimyan (MBA’23) Kapi matches startups with manufacturers.
Cindy Groves Entrepreneurship for the Common Good Prize: Victor Asemota (C’22) Dreame is a mental health service providing inspirational content, life coaching, and merchandise.
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EVENTS FALL SPRING
The Bark Tank Leonsis Family Entrepreneurship Prize is Georgetown University’s premier pitch event, which is held each fall semester. Eligible startups led by undergraduate and graduate students pass through preliminary nominations and screening before eight promising ventures are selected to participate in Bark Tank. All ventures receive a share of the $100,000 prize in cash prizes (generously donated by the Leonsis family) to help them scale. During the event itself, the Leonsis family was so impressed with the entrepreneurs, they gifted an additional $50,000 in prize money, which allowed for two first prize winners.
Since Bark Tank’s inception six years ago, the awarded ventures have raised more than $220M and created more than 730 jobs.
Total prize money awarded to 50 different ventures over the past six years.
“ Bark Tank forced me to get in the room and talk about my passion – helping veterans and military spouses. Not only did the competitions help focus my business plan, but they also allowed me to meet people in my industry and entrepreneurs in Washington, D.C., who have been invaluable to Chow. We used our prize winnings to fund 700 meals for homeless veterans, which resulted in 90 training hours for veterans and military spouses from our food truck.”
—Jordan Foley (L’21) Chow Corp
First Place: Alli Cavasino (MBA’22), Natalie Poston (MBA’21)
Joylet is a baby gear rental platform that gives parents flexibility, savings, and reliability.
First Place: Rory Brogan (MBA’22)
STAFM Technologies is developing a novel electric motor to revolutionize the automotive, aviation, and industrial verticals.
Second Place: Gracey Owen (B’22)
Compost’d offers an in-home compost receptacle to make composting accessible, equitable, and easy.
Second Place: Jordan Foley (L’21), Charles Magovern, Abi Quackenboss-Karpf (SCS’21)
Chow Corp. uses food trucks to help train veterans and military spouses in the culinary arts as they pursue a pathway to business ownership.
Elliot Mack (SFS’22), Younes Al Akhir
DAIGON helps League of Legends players through a discord server that tracks its member’s in-game positivity to foster healthier competitiveness.
Tara Gupta (MBA’23)
Map-Collective is a carbon tracking and supply chain transparency platform.
Bek Akhmedov (MBA’23), Kenny Gabel (MBA’23), Chike Nwankwo (MBA’23)
Bellavent is a platform where couples post their wedding needs and qualified vendors submit proposals.
Emily Owen (G’21), Maxwell Zhang (SFS’21), Shirley Hu (B’23)
Bibti offers a mobile-based application that matches women travel buddies to minimize the risk of sexual harassment.
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GEORGETOWN ENTREPRENEURSHIP CHALLENGE
Georgetown Entrepreneurship Challenge (GEC) is Georgetown Entrepreneurship’s biggest pitch competition tournament of the year, attracting the widest array of individuals across Georgetown’s various schools. Additionally, it is our signature end-of-the-year event with 10 preliminary rounds and over 50 teams participating. Despite having to pivot to a virtual event for the GEC finals, the pitch competition saw an 11% increase in overall participants from 2021 and finalists received $36,000 to launch and grow their businesses.
“ All of the different pitch competitions and programming offered alongside my entrepreneurship classes helped shape and develop Homemade in DC, The New Majority, and me as a founder. Over the past two years, I participated in the Covid Design Challenge, Rocket Pitch, the Georgetown Entrepreneurship Challenge, the Summer Launch Incubator, and Bark Tank, in addition to multiple courses during my MBA program. Thank you to Georgetown Entrepreneurship for all of the support throughout the years and in the future.”
8 SCHOOLS REPRESENTED
—Mackenzie Loy (MBA/MPP’22)
Total prize money awarded ($18,500 Graduate / $17,500 Undergraduate)
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46 McDonough School of Business
5 School of Continuing Studies 1 Georgetown Law
18 Walsh School of Foreign
3 Georgetown University Qatar 8 Graduate School of Arts &
4 College of Arts & Sciences
“The GEC was an amazing platform for us to present our idea of solving rental housing issues in the United States. By far the biggest pitch competition at Georgetown, GEC gave us the opportunity to work on developing our idea into a complete pitch deck through feedback from investors, entrepreneurs, and mentors. Winning the competition helped us build relationships with other participants and startups and exposed us to the greater Georgetown Entrepreneurship community.”
First Place ($10,000):
CoSignMe, Nii Annan (MBA’23), Edson Perez (MBA’23), Melvin Salinas (MBA’23), Rishu Raj Singh (MBA’23)
A service that facilitates deposits paid by international students to landlords.
Second Place and People’s Choice Award ($4,500): The New Majority, Mackenzie Loy (MBA/MPP’22), Sam Winer (MBA’22), Lucas Turner-Owens (MBA’22)
A crowdfunding platform that connects underrepresented founders and social impact startups to everyday investors.
First Place ($10,000):
Mercor, Brendan Foody (B’25), Surya Midha (SFS’25), Ryan Abdallah (B’25)
A software platform combining United States-based product teams and elite India-based tech leads.
Second Place ($2,500): Chestr, Besart Copa (SFS’22)
A chrome extension and app that lets users save online and monitor discounts.
Undergraduate Student Entrepreneur of the Year: Gracey Owen (B’22)
Graduate Student Entrepreneur of the Year: Alli Cavisano (MBA’22)
Entrepreneurship Faculty Excellence Award: Mike Malloy (G’12), vice president at Malloy Industries and adjunct professor at Georgetown McDonough; Khuram Zaman, CEO of Fifth Tribe and adjunct professor at Georgetown McDonough
Outstanding Entrepreneurial Leadership Award: Kate Gilles (B’23); Eric Young, assistant dean of the MBA Career Center; Megan Nguyen (SFS’22); and David Lange (MBA’23), program manager for experiential learning at Georgetown Entrepreneurship
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—Nii Annan (MBA’23)
PLAN-IT EARTH IDEATHON
In collaboration with the Global Social Innovation Lab and Georgetown Entrepreneurship, undergraduate students led the third annual Plan-It Earth Ideathon featuring ideation and pitches on climate innovation. Students had the opportunity to connect with mentors from various interdisciplinary backgrounds and gain constructive feedback on how to pitch ideas and generate entrepreneurial solutions to environmental challenges for a chance to win a total of $10,000 in prize money.
Plan-It Earth had the pleasure to invite five mentors, two speakers, and three judges for this year’s competition:
• Christian Wagner, Assistant Teaching Professor and Advisor, Global Engagement at Georgetown University
• Samantha Panchevre (SFS’19), Finance Research Specialist, Gartner; Co-founder, Plan-It Earth; Policy Chair, Georgetown University Student Association’s Sustainability Initiative; and Organizer, Georgetown University’s Fossil Free campaign
• Kevin Murphy, President and CEO, J.E. Austin Associates, Inc.
• Mayo Floro, Technical Assistance Specialist, U.S. International Development Finance Corporation
• Benjamin Simmons-Talep (G’19), COO, SweetFlexx
First place ($5,000):
The Post, Sarina Tajuddin (NHS’23)
An on-campus restaurant that provides food from local farms and composting service for students, who in exchange get a discount on their food. The compost is then sold to local farms, who then provide discounted local produce to the restaurant.
Second place ($3,000): Bima, Anne Poulos (SFS’25), Xinglan “Steven” Shi (G’23), Fareeda Abdulkareem (G’22), Ronnie Sullivan (G’21)
A micro-insurance app for smallholder farmers in developing countries that insures farmers against extreme weather conditions and includes sustainable agricultural tips to increase resilience to climate change.
Third place ($2,000): Greenways, Goutham Yegappan (G’23), Jeetwan Tripathy (G’23), Sravya Pailla, Juanfer Gomez (G’23)
A digital platform that promotes users’ awareness of individual environmental impact through providing data and financial savings from sustainable activities.
PAUL (B’67) AND CAROL HILL SPEAKER SERIES
Thanks to the Hill family, Georgetown Entrepreneurship annually hosts the Distinguished Entrepreneur Speaker Series, through which world-class leaders and experts share their insights with the Georgetown community. This year, we had the pleasure of hosting Seth Goldman, the co-founder of PLNT Burger, CEO of Eat the Change, co-founder of Honest Tea, and chair of the board at Beyond Meat, to speak on his experience founding and growing companies that improve human and environmental health. Having devoted his entrepreneurial career to sustainability, food equity, and health, he demonstrated how mission-driven businesses can be powerful agents for positive change. Previous speakers include:
• Doug Bouton (C’07), co-founder of Halo Top
• Sir Richard Branson, founder of the Virgin Group
• Carlos Ghosn, chairman and CEO of Nissan-Renault Alliance
• Sallie Krawcheck, CEO and co-founder of Ellevest
• Jonathan Neman (B’07), Nicolas Jammet (B’07), and Nathaniel Ru (B’07), founders of Sweetgreen
• Ben Weiss, founder of Bai Brands
• Muhammad Yunus, 2006 Nobel Peace Prize winner
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ENTREPRENEURS IN RESIDENCE AND EXPERTS ON CALL
Entrepreneurs in Residence (EiRs) and our network of Experts on Call (EoCs) are experienced professionals who connect Georgetown undergraduate and graduate students, as well as alumni, to the real world of entrepreneurship. Students and alumni meet with EiRs to discuss the trajectories of their own ventures and student organizations, seek mentorship opportunities, and explore their entrepreneurial goals. EiRs come from a variety of backgrounds, from social impact startups to venture financing, and from nearly every industry sector.
In addition, we have 25 EoCs who are managed by our colleagues in the Georgetown Entrepreneurship Alliance, our alumni affinity group for entrepreneurship. These industryspecific specialists are available to advise our students and alumni on an appointment basis, and they met with 320 students, alumni, and faculty over the past academic year.
“ The EiR program at Georgetown is as enriching for the EiRs as it is for the students and alumni entrepreneurs. The students and alumni are bright and innovative, which keeps the EiRs on their toes and makes them want to go the extra mile to help them learn quickly and meet their goals.”
Howard Eisenberg, founder and former president, EuroSort Inc.
HOURS WITH STUDENTS
Chalk Talks, which are held in person or over Zoom every Tuesday evening, are drop-in mentorship hours for Georgetown students, alumni, faculty, and staff. Any Hoya can speak with our EiRs about their business ideas, career paths, and other topics. Students interested in startup advising make up the majority of students who attend Chalk Talks.
COMMON ACTIVITIES DURING CHALK TALKS
• Startup advising
• Sharing big ideas
• Career advising
404 Private Mentorship
108 Working on a Georgetown Entrepreneurship Project
55 Office Hours
39 Chalk Talks
15 Working with Student Organizations
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STUDENT FORMATION | MENTORSHIP
Six Chalk Talks held virtually with Georgetown University in Qatar
GEORGETOWN STARTUP INTERNS
Georgetown Startup Interns (GSI) helps startups and high-growth companies find talented undergraduate Hoyas from all majors and class years. The program features three components to create a holistic learning experience: a part-time paid internship; online skills workshops; and leadership coaching. Three-credit graduate-level (UNXD 590) and undergraduate-level (UNXD 290) courses are offered in conjunction with this program. Now in its sixth semester, GSI has helped dozens of companies connect with over 100 students.
Each month, students spend 40 hours immersed in work at their internship, eight hours completing skills modules, four hours of reflection and synthesis on their experiences, and one hour of leadership coaching.
“ This was one of the few classes that taught me how to actually perform in a work environment. The course also was properly timed, as I was able to implement what I was learning into my internship.”
Maximilian Goetz (BGA’24), intern at Limber Health
“ UrbanStems was my first formal internship, so learning how to network and conduct informational interviews gave me the confidence I needed on the job. GSI was one of the best experiences I had at Georgetown.”
Yukta Gutta (C’23)
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STUDENT FORMATION | CAREER
• Business Development • Communications • Content Creation • Data Analysis • Design • Operations • Policy
Technology 2021: 38 students 2022: 62 students Spring 7 8 Summer 18 22 Fall 13 32
The Georgetown Venture Fellows program is a year-long apprenticeship in venture capital or private equity firms. Originally a program for MBA students, the Venture Fellows program expanded in 2020 to include undergraduate students. Participating students have a full-time summer experience bookended by part-time work during the spring and fall semesters, with the rare opportunity to gain behind-the-scenes experience in venture capital or private equity, which can lead to career opportunities. Firms also benefit from the contributions of talented Georgetown students.
“I thoroughly enjoyed my time at TDF Ventures, and I was fortunate to have hands-on experience evaluating hundreds of pitches and startups. My Venture Fellowship strongly motivated me to consider venture capital as a future profession and taught me invaluable skills I will take with me for the rest of my career. I cannot recommend the fellowship enough.”
STARTUP CAREER FAIR
In 2022, Georgetown Entrepreneurship hosted its fifth annual Startup Career Fair to help Hoyas connect with high-growth startups in Washington, D.C. The Startup Career Fair strives to bring Hoyas and startups together and help our students consider career paths outside the typical finance, consulting, and government routes.
200 STUDENT PARTICIPANTS
including OxiWear, NurseWallet, Notedd, and Renewal Mill
(up from 22 in 2021 and 19 in 2020)
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—Matteo Palacardo (B’22), TDF Ventures
MBAS 2022 2021 2020 2019 2018 2017 2016 2015 # Firms 25 14 12 7 9 9 11 9 # Applications 205 176 114 86 91 118 147 54 # MBA Fellows 13 16 10 6 3 4 4 5 «
In 2022, the Ventures Fellows program had 17 MBA and undergraduate fellows with over 250 applications.
61 STUDENTS ENROLLED
22 Graduates in 2022
After receiving student feedback indicating that nearly 60% of students are interested in pursuing studies in entrepreneurship, Georgetown McDonough created the Entrepreneurship Minor for business students. The minor comprises 12 credits which help develop skills such as customer discovery, critical reasoning, and entrepreneurial decision-making. Students enrolled in the minor also are encouraged to participate in Georgetown Entrepreneurship’s many co-curricular activities.
• MGMT 220: Foundations of Entrepreneurship
• MGMT 224: Launching Entrepreneurial Ventures
• MGMT 229: Managing Entrepreneurial Ventures
• Compete in the Georgetown Entrepreneurship Challenge Pitch Competition or another similar competition
13 GRADUATES IN 2022
The Entrepreneurship Fellows program was created for non-McDonough undergraduates interested in pursuing entrepreneurship in an academic setting. Open to students in the College of Arts & Sciences, Walsh School of Foreign Service, and the School of Nursing and Health Sciences, students gain equal access to McDonough entrepreneurship courses and develop an entrepreneurial mindset.
• ACCT 101: Introduction to Financial Accounting, or a course in computer science/coding or financial management may be accepted as a substitute
• MGMT 220: Foundations of Entrepreneurship
• MGMT 224: Launching Entrepreneurial Ventures
16 STUDENTS ENROLLED
• MGMT 229: Managing Entrepreneurial Ventures
• Compete in the Georgetown Entrepreneurship Challenge Pitch Competition or another similar competition
• ECON 416: Market Design
• FINC 265: Private Equity
• GBUS 491: C-Lab Startup Studio
• GBUS 492: Law, Business, and Entrepreneurship
• MARK 239: Practicum in Developing New Products
• MGMT 277: Imagination and Creativity
• OPIM 256: Digital Technologies & Analytics
• SOCI 168: Social Entrepreneurship
• STIA 305: Science Technology in the Global Arena
• STRT 295: Implementing the Entrepreneurial Plan
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13 College of Arts & Sciences
2 Walsh School of Foreign Service 1 School of Nursing and Health Sciences STUDENT FORMATION | ACADEMICS
Student organizations are crucial for spreading Georgetown Entrepreneurship’s mission. Students meet to host speakers and social events, pitch competitions, mentor startups, share knowledge, and more. Organizations are available across all degree programs.
Georgetown Ventures is a student-run startup accelerator that provides undergraduate entrepreneurs with funding, consulting services, and mentorship. They offer the LaunchPad program, which works with early-stage ventures to turn ideas into minimum viable products, and the Venture Accelerator, which helps scale advanced startups.
60 STUDENTS INVOLVED
10 in the LaunchPad program
17 in the Venture Accelerator
7 in Creative Marketing
9 in Student Leadership
7 in General Events
21 STARTUPS PROVIDED CONSULTING SERVICES
MBA ENTREPRENEURSHIP AND VENTURE CAPITAL CLUB
As a career, social, and educational club, the MBA Entrepreneurship and Venture Capital Club runs programming that addresses each of these areas. Programs include a Career Day, Career Trek, educational workshops, InSITE Fellows, and the Venture Capital Investment Competition.
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STUDENT FORMATION | STUDENT ORGANIZATIONS
VENTURE CAPITAL INVESTMENT COMPETITION
Georgetown’s undergraduate and graduate teams participate in the Global Venture Capital Investment Competition (VCIC), which is the largest venture capital competition in the world. In VCIC, students play the role of venture capitalists who must evaluate startup companies and present investment strategies to VC judges.
In 2022, the VCIC undergraduate team was the first ever all-woman Georgetown team to compete in the global finals. The team included Erin Connery (B’24), Kate Gilles (B’23), Betsy Ratliffe (SFS’23), Tian Shi (C’22), and Sydney Yin (SFS’22), and their coach, Sarah Zulkosky (MBA’14), a Georgetown Entrepreneurship Expert on Call whose team won the global championship title in 2013.
“ Through this competition, I am able to apply my skills as an entrepreneur and my conversations with VCs to a real-world setting, which has completely changed my career perspectives. I’ve decided to pivot from being an entrepreneur to a career in VC, which has led to three internships with VC funds and two full-time offers to join the industry.”
Tian Shi (C’22)
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55 PARTICIPANTS 25 Undergraduate 30 Graduate TEAM GLOBAL RANKINGS UNDERGRADUATE 1st 2013, 2014, and 2021 2nd 3rd 2021 2012 1st 2013, 2015, 2017, and 2019 MBA
SUMMER LAUNCH INCUBATOR
The Summer Launch Incubator (SLI) is a startup incubator program for Georgetown students interested in launching a new venture. Students work full time during the month of June to build out their new business with help from seasoned entrepreneurs and Georgetown mentors, and they receive a $2,000 stipend. The program culminates in a showcase event where students share their businesses with the Georgetown community.
6 McDonough School of Business
3 School of Continuing Studies
2 Law School
1 McCourt School of Public Policy
1 College of Arts & Sciences
1 Graduate School of Arts & Sciences
• Blyss: Stanford Maison Jr. (B’23)
• Crypteach: Aditya Shah (B’23)
• EVOLVED Homes: S. Lovey Parker (SCS’23)
• Inbound Inc.: Thomas Stone (L’23)
• Lucio: Victoria Gomes-Boronat (G’22)
• Rave Me Away: Charles Beauchamp Hinnant (SCS’23)
• Red Hulk Logistics / DBA Nice Move: Caroline Nice (SCS’23)
• REMEFY Technology LLC: Juan Zabala (SCS’23)
• Reservoir: Julian Oquendo (MBA’23) and James Azar (MBA’23)
• The New Majority: Mackenzie Loy (MBA/MPP’22), Lucas Turner-Owens (MBA’22)
• Wellfed Market: Elizabeth Saunders (C’24)
As a pilot to their company Reservoir, Julian Oquendo (MBA’23) and James Azar (MBA’23) created an NFT to recognize the resiliency and strength of Georgetown McDonough’s undergraduate Class of 2020 – a first-of-its-kind gift to be issued by a university. The digital coin was launched on Polygon, which is a proof-of-stake blockchain dedicated to environmental sustainability, and was transferred to the graduates’ digital wallets on commencement day.
“We wanted to help the Undergraduate Program create a gift that has greater utility beyond the physical usage of a class coin. This was a great way to combine our knowledge and capabilities in this space, pilot this idea of using digital credentials in university settings, and recognize the Class of 2020 for their accomplishments at Georgetown,” said Oquendo.
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STUDENT FORMATION | ADDITIONAL SUPPORT
KRAMER ENTREPRENEURSHIP FELLOWSHIP
The Kramer Fellowship is made possible by the generosity of Tivia and Richard Kramer (P’22). Tivia Kramer is a former senior credit officer at a major Japanese bank who presently is active in numerous charities and community efforts including Greenwich Hospital, Lenox Hill Hospital, and the Kennedy Center. Richard Kramer is chairman of the board of the Republic Family of Companies, whose primary focus is the development, management, and ownership of investmentgrade real estate. He has been a managing general partner, co-managing partner, or general partner of more than 100 real estate partnerships and has more than 40 years of experience in the acquisition, development, and management of over $7 billion dollars in real estate projects throughout the country.
• MBA applicants who have backgrounds in entrepreneurship and have entrepreneurially-minded intentions after graduation are considered for the fellowship.
• As part of the fellowship, each student receives a $20,000 per year scholarship for a total of $40,000.
KRAMER FELLOW SPOTLIGHT
Tara Gupta (MBA’22), founder and CEO at Map-Collective, founder and president of Anamakos, Bark Tank Leonsis Prize Finalist ‘21
• Forbes 30 Under 30 Recipient 2022, Energy Category
• Forbes Next 1000 2021 Recipient
• RISD Alumni Emerging Leader 2022
Total money distributed to eight different fellows
13 STUDENT AWARDEES
The Startup Stipend program helps graduating seniors pursue entrepreneurship opportunities without worrying about student loan debts. Students interested in starting a company of their own but who are hesitant to do so because of student loan debt are encouraged to apply to this program. The stipend is different from a traditional scholarship because it is periodic; the program provides funding to cover regular monthly loan payments for up to two years. In addition to the stipend, Georgetown Entrepreneurship offers mentoring, programming, and networking opportunities to ensure the recipient has the best support in starting a company.
$2,000–$20k Average award depending on circumstances
$100k+ Total money awarded in the past five years
This year’s recipient is Alliyah Harold (C’20), whose business Birth of a Nation Birthing Center seeks to increase access to equitable and affordable maternal care for marginalized communities.
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Georgetown McDonough recently welcomed globally-recognized scholar Gerry George, Tamsen and Michael Brown (B’94) Family Professor of Entrepreneurship and Innovation, as our new academic leader of Georgetown Entrepreneurship. With his leadership, we hope to expand our efforts with an even greater emphasis on entrepreneurship for the common good.
We also welcomed several new faculty members with an emphasis on entrepreneurship research and scholarship:
Eliot Sherman joins us as an assistant professor of management, after having taught at the London Business School with a Ph.D. from the University of California, Berkeley. His research explores organizational impediments to the success of women’s careers, as well as aspects of career mobility.
Rachel Pacheco (C’04) joins us as a teaching assistant professor of management, after previously serving as a lecturer in the management department at The Wharton School of the University of Pennsylvania. Pacheco also earned her Ph.D. from The Wharton School. Her research includes studies of firm alliances and organizational management in complex environments.
Shye Gilad (EMBA’12) is a longtime adjunct professor and executive in residence at Georgetown McDonough who recently joined the management department as a professor of the practice in entrepreneurship. He is the co-founder of Creating Lift Leadership and ProJet Aviation. He served for many years as an airline pilot.
Kunyuan Qiao is a visiting research fellow with a Ph.D. from Cornell University. His research primarily focuses on entrepreneurship and macro-organizational behavior from a nexus of history, institutions, and other organization-theoretical perspectives.
TAMSEN AND MICHAEL (B’94) BROWN FAMILY ENDOWED CHAIR IN ENTREPRENEURSHIP AND INNOVATION FUND
Thanks to a generous $3 million gift from Michael Brown (B’94) and his wife, Tamsen Caruso Brown, Georgetown McDonough established the Tamsen and Michael Brown Family Endowed Chair in Entrepreneurship and Innovation Fund to support a faculty chair position to strengthen interdisciplinary connections and bridge the scholarship and practical application of entrepreneurship. In 2021, Gerry George was named the Brown Family Chair. An additional $250,000 gift creates the Tamsen and Michael Brown Family Current Use Entrepreneurship Fund in the McDonough School of Business to support the operations and programming of the Georgetown Entrepreneurship.
Thomas Fewer is a postdoctoral fellow with Georgetown Entrepreneurship. He received his Ph.D. from Drexel University. His research focuses on public and private sector collaborations for the public good, organizing for grand societal challenges, and business and politics.
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RESEARCH AND SCHOLARSHIP
As the “Great Resignation” continues — with some 38 million workers leaving their jobs behind in 2021 amid the pandemic — Gerry George thinks the concept of purpose might hold the key for employers to reverse the trend.
That’s the topic of Georgetown McDonough’s management professor’s latest paper, “Purpose in the For-Profit Firm: A Review and Framework for Management Research,” published in the Journal of Management in January 2021 alongside co-authors
Martin R. Haas, Anita M. McGahan, Simon J.D. Schillebeeckx, and Paul Tracey.
“There was a lot of anecdotal evidence that says, ‘If you have purpose,
Gerry George; Martine R. Haas; Havovi Joshi; Anita M. McGahan; Paul Tracey. Handbook on the Business of Sustainability: The Organization, Implementation, and Practice of Sustainable Growth. Edward Elgar, 2022.
people find meaning,’” said George. The next step is looking for empirical evidence to answer specific questions. “‘How do I better frame purpose? How do I embed purpose within the culture? And then how do I get the benefits of that and share those benefits?’ What is important now from an academic perspective is to really create that framework for understanding how that evidence matters.”
In the paper, George and his coauthors develop a six-point framework for future scholarship, including factors such as internal and external drivers; framing, in terms of mission and vision, values, and narratives; formalizing and realizing; and institutional context.
Simon J. D. Schillebeeckx, Yimin Lin, and Gerry George. “Innovation In Dynamic Knowledge Landscapes: Using Topic Modelling To Map Inventive Activity And Its Implications For Financial Performance.” Innovation: Organization & Management (April 2022)
Gerry George and Simon J.D. Schillebeeckx. “Digital Transformation, Sustainability, and Purpose In the Multinational Enterprise.” Journal of World Business (April 2022)
Gerry George, Ryan K. Merrill, and Simon J.D. Schillebeeckx. “Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change
and Sustainable Development.” Entrepreneurship Theory and Practice (September 2021)
Trenton Alma Williams, Eric Yanfei Zhao, Scott Sonenshein, Deniz Ucbasaran, and Gerry George. “Breaking Boundaries To Creatively Generate Value: The Role of Resourcefulness In Entrepreneurship.” Journal of Business Venturing (September 2021)
Gerry George, Ryan K. Merrill And Simon J. D. Schillebeeckx. “Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change and Sustainable Development.” Entrepreneurship Theory and Practice (September 2021)
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Full article featured in the Spring 2022 Georgetown Business Magazine.
PROFESSORS DEVELOP A FRAMEWORK FOR ONE OF THE MOST TALKED ABOUT BUT ILL-DEFINED CONCEPTS IN MODERN BUSINESS
“If you have purpose, people find meaning.”
GLOBAL CONSORTIUM OF ENTREPRENEURSHIP CENTERS: VIRTUAL CONNECTIONS
Since 2020, Jeff Reid has moderated a series of monthly webinars in partnership with the Global Consortium of Entrepreneurship Centers. The webinars consistently attract hundreds of university-based entrepreneurship center directors who share best practices and learn from one another. Reid also serves on the group’s executive board of the Global Consortium of Entrepreneurship Centers.
VENTURE LAB HOSTS AUSTRIAN DELEGATION TO DISCUSS ENTREPRENEURSHIP IN HIGHER EDUCATION
On September 16, 2021, Georgetown Entrepreneurship hosted a delegation of government and business leaders from Austria, led by Heinz Faussmann, the Austrian Federal Minister for Education, Science, and Research. Members of the Georgetown Venture Lab and Georgetown Entrepreneurship faculty joined in a dialogue around the topic of “Innovation and Entrepreneurship in Higher Education” and how government policy can support entrepreneurship.
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The Georgetown Venture Lab is a dedicated workspace for full-time alumni entrepreneurs to launch and grow their businesses with support from the Georgetown Entrepreneurship network. Recently relocated to a WeWork facility near the Georgetown Law Center on 200 Massachusetts Avenue NW, alumni entrepreneurs have the unique opportunity to grow their business alongside fellow peers in addition to numerous membership benefits, such as one-onone entrepreneurship coaching and community building events, as well as private pitch events with the Georgetown Angel Investment Network. The Venture Lab features the Hoyapreneur Hall of Fame, celebrating Hoya entrepreneurs and their company products.
“Our company would probably not exist today without the Georgetown Venture Lab. As a sole founder with little business experience, the entrepreneurship journey felt isolating and scary before I joined the lab. In the lab I am supported by a community of entrepreneurs and have access to so many wonderful resources that make the journey so much easier.”
Rachel Rush-Marlowe (MPP’16), Founder of ResearchEd
Since October 2018, the Venture Lab has welcomed 105 alumni ventures as members of its physical co-working space and/or as participants of the Georgetown Startup Accelerator.
$500M+ 775+ invested in Venture Lab companies raised jobs created
The Georgetown Venture Lab is supported by Ted Leonsis (C’77, P’14, P’15), a longtime entrepreneur and investor who is the founder, majority owner, chairman, and CEO of Monumental Sports & Entertainment; his wife, Lynn; his son, Zachary (MBA’15), president of media and new enterprises of Monumental Sports & Entertainment and general manager of Monumental Sports Network; and his daughter, Elle (C’14), digital marketing director of SnagFilms, Inc.
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SERVICE AND ENGAGEMENT
GEORGETOWN STARTUP ACCELERATOR
Georgetown Startup Accelerator (GSA) is a virtual nine-week program that brings together Georgetown alumni entrepreneurs in early-stage startups with experienced mentors, peers, and experts to accelerate their business progress. Participating members and companies:
1) work with experienced mentors; 2) set growth metrics; 3) attend weekly workshops;
4) learn alongside alumni peer entrepreneurs; and 5) showcase the company to the Georgetown community.
“The GSA was instrumental in getting Skye off the ground. The workshops focus on what every entrepreneur should know and the connections and mentorship have been unforgettable.”
Gabe Chen, Tony Lin (C’14), and Jess Wolfe, co-founders of Skye Coaching
“ As a result of the GSA, I gained valuable advisors, landed a big chain retailer, and secured strategic investment for my business.”
—Tory Pratt (SFS’11), founder of Pratt Standard
“ The GSA was transformational for my startup. The network and training received through the program really helped my business get to the next stage of growth.”
—Alexa Fernandez (MBA/MPP’05), founder of Chili Maven
DEMO DAY ATTENDEES
Over 275 members of the Georgetown community, including friends, family, students, investors, and partners, attended Demo Day to support the GSA cohort and learn more about their business ventures.
EXAMPLES OF WEEKLY ACTIVITIES / WORKSHOPS
Each weekly workshop is hosted by an expert from the Georgetown network of mentors, alumni, and faculty. Programming focuses on critical areas to building a business, such as:
• Baselining and goal setting
• Product-market fit and customer feedback
• Leading and building successful teams
• Sales and generating demand
• Business of running a business
• Fundraising and investing
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HACKING FOR DEFENSE AND DIPLOMACY
Also known as H4D, this innovative curriculum is led by Shye Gilad (EMBA’12), professor of the practice at Georgetown McDonough. H4D is a Department of Defense-sponsored course that applies the Lean Startup methodology to real-life problems affecting national security. Over the course of a single semester, teams of students conduct interviews with beneficiaries and subject matter experts to better understand the problem and ultimately develop a solution.
H4D is open to all Georgetown graduate students and any graduate students from the D.C. Consortium of Universities.
PROJECT SPOTLIGHT: TEAM MAGNETO
DEPARTMENT OF DEFENSE
Electromagnetic Spectrum Operations
Cross Functional Team
Infantry units and radio operators need a way to practice identifying and responding to electromagnetic spectrum jamming in order to remain effective in communication-compromised environments.
Beneficiary Discovery Interviews: 61
Team Magneto received the Common Mission Project Impact Fund grant, which supports their work in developing a prototype beyond the classroom. They are currently working to create 10-20 prototypes of the In-Line Jamming Simulator to get the product in the hands of end-users for further feedback.
“ This was the most rewarding class I took at Georgetown. The entire project was an incredibly challenging experience, and I look forward to pursuing our solution with the Department of Defense beyond the course.”
Nick Edwards (MSFS’20)
During H4D, student teams select from an existing set of problems provided by the Department of State, explore a host of technological solutions, and discover the challenges of deploying those solutions. Students address problems ranging from cybersecurity to fraudulent documents to international sanctions to climate change. The following problems were addressed in the spring 2021 cohort:
Cyber-physical Attacks: Airport security personnel need an assessment of the physical vulnerabilities of their airports in order to protect critical infrastructure without compromising aviation safety and security.
Border Security Detection Capability Metrics: The Department of State Office of Export Control Cooperation needs improved metrics for border security detection capability and training course optimizations in order to better assess and target actual vulnerabilities at air, sea, and land ports of entry.
Understanding Global Warming as an International Security Priority: The Department of State Office of Export Control Cooperation needs an understanding of, and a strategy to address, the most critical technologies that contribute to climate change in order to alleviate their global impact.
“ The Hacking for Defense and Diplomacy course brings value to both the problem sponsors and for the students who are taking the course. The students are able to create impact before they have actually graduated.”
Mack von Mehren (G’22)
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The Georgetown University Pivot Program is a custom certificate in business and entrepreneurship, designed specifically for individuals returning to the community from incarceration. The program’s goal is to allow fellows to access career and professional opportunities that would otherwise be out of reach while also changing the perception of people with a prior conviction. Supported by Georgetown Entrepreneurship and the Prisons and Justice Initiative, the program combines classroom training in business, entrepreneurship, and leadership with subsidized internships at local businesses and nonprofits. Throughout the program, Pivot Fellows receive a weekly stipend, funded by a grant from the D.C. Department of Employment Services.
The entrepreneurial mindset is deeply embedded within the Pivot curriculum. Each Pivot Fellow goes through the process of identifying a problem or opportunity, understanding how to create value for a user or stakeholder, and identifying a potential business model. Those with the most advanced ideas are eligible to present at the Pivot Pitch Competition, a highlight of the program year. Ultimately we see Pivot Program graduates as agents of change within the community, fulfilling their personal career ambitions and creating opportunities for others through business enterprises of their own.
Employers who have embraced our mission and have supported Pivot graduates include the Charles County Department of Health, Deloitte, DICK’s Sporting Goods, Farmers Restaurant Group, the Justice Policy Initiative, LINK Strategic Partners, the Vera Institute of Justice, as well as many other businesses and nonprofits.
37% Self-employed or pursuing entrepreneurship
returning citizens have graduated from the Pivot Program
Georgetown Entrepreneurship Annual Report 2021–2022 | 23
Thank you to our donors who show such tremendous support as we build upon our mission to help our students and community realize their entrepreneurial potential.
We are deeply grateful.
24 | Georgetown Entrepreneurship Annual Report 2021–2022
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