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Entrepreneurship Annual Report 2017 - 2018


A Collective Effort

Letter from the Senior Vice Provost

Entrepreneurship has always been at the core of NC

As I look toward the future, I believe we have built a

State’s DNA. It is the embodiment of “Think and Do” -

solid foundation that will enable us to expand our efforts

the translation of ideas and innovations into new products

to promote and support entrepreneurship across the

and services, creating new jobs and driving the economic

university.

growth of our state. We’re working on new initiatives to enhance co-curricular In November 2017, we officially launched NC

support through hands-on learning opportunities, as well

State Entrepreneurship, an alliance of almost 20

as planning for the August launch of the Undergraduate

entrepreneurship programs and units. This partnership

Certificate in Interdisciplinary Entrepreneurship. This

extends across disciplines, bringing students from diverse

certificate will allow any undergraduate student at NC

majors together to focus on entrepreneurial development.

State the opportunity to learn about entrepreneurship

This model, coupled with the many public and private

across at least 3 disciplines of their choosing and have a

partnerships throughout the Triangle entrepreneurial

transcript designation of the efforts.

ecosystem, makes NC State innovative in its approach to fostering an entrepreneurial campus.

I hope you will take time to read about the programs and units that make up NC State Entrepreneurship, as well as

As a result, the Princeton Review ranked NC State the #19 undergraduate entrepreneurship program in the country. NC State Entrepreneurship has accomplished a great

the inspirational stories of entrepreneurship that capture NC State’s “Think and Do” spirit.

Dr. Tom Miller Senior Vice Provost, Academic Outreach and Entrepreneurship

deal in just one year, from the launch of its virtual home (entrepreneurship.ncsu.edu) to its inclusion in the university’s implementation plan for “The Pathway to the

Megan Greer

Future,” which states that NC State will “promote a culture

Assistant Vice Provost; Managing Director, NC State Entrepreneurship

of entrepreneurship in support of NC State students, faculty, staff and alumni.”

Lewis Sheats Assistant Vice Provost; Executive Director, NC State Entrepreneurship Clinic

1 | NC State Entrepreneurship Annual Report, 2017-2018


NC State Entrepreneurship Annual Report 2017-2018 About NC State Entrepreneurship supports, promotes and advances a culture

TABLE OF CONTENTS

3

Extraordinary Results

A timeline of the extraordinary results of the 2017-2018 academic year.

of entrepreneurship throughout the university community by providing resources, fostering collaboration and enhancing communication in support of NC State students, faculty and staff.

5 9 12

Academic Innovations

Learn how faculty are building an entrepreneurial mindset in the classroom.

Co-Curricular Growth

A packed co-curricular schedule of programming provides ample opportunities.

Continued Support

Support doesn’t stop at graduation. Learn about alumni and community support.

Ph: 919.513.3676 Web: entrepreneurship.ncsu.edu Social: @NCStateENT

NC State Entrepreneurship Annual Report, 2017-2018 | 2


Year in Review Extraordinary Results AUGUST 2017

2017- 2018 academic year started. 68 residents moved into the Albright Entrepreneurs Village. Entrepalooza drew a crowd of over 1,200 attendees.

SEPTEMBER 2017

OCTOBER 2017

NC State celebrated Global Entrepreneurship Week. The Princeton Review ranked NC State as the #19 best undergraduate program for entrepreneurs.

Students visited NYC startups as part of NC State Entrepreneurship’s annual fall break trip.

NOVEMBER 2017

NC State Entrepreneurship launched new website and social media channels.

DECEMBER 2017

Albright Entrepreneurs Village residents visited startups in Chicago.

148 students competed in the 2018 Make-a-Thon, a 3-day sustainability challenge.

The Wolfpack Investor Network made its largest capital investment to date, a $17.6 million capital raise for NC State startup Tethis.

JANUARY 2018

NC State Entrepreneurship Clinic is recognized for Innovation in Co-Curricular Education at the 2018 USASBE conference. FEBRUARY 2018

175 ventures entered the 2018 Lulu eGames, NC State’s annual startup competition. MARCH 2018

Sixteen students traveled to Silicon Valley to experience the startup scene in the Bay Area. This was the 15th year of the trip.

The ACC announced NC State will host the 2019 ACC InVenture Prize competition. APRIL 2018

The winners of the 2018 Lulu eGames were announced at the Lulu eGames LIVE on April 5.

Alumna Leigh-Kathryn Bonner is recognized by INC Magazine as one of the 30 most inspiring entrepreneurs under 30. MAY 2018

The Engineering Entrepreneurs Program celebrated 25 years at NC State.

3 | NC State Entrepreneurship Annual Report, 2017-2018


# 19 Undergraduate Entrepreneurship Program 2018 Princeton Review Best Colleges for Entrepreneurs


ACADEMIC INNOVATIONS An Entrepreneurial Mindset Building an entrepreneurial mindset begins in the

Learn More >

Agribusiness Entrepreneurship Program

>

Arts Entrepreneurship Minor

>

Engineering Entrepreneurs Program

>

Fashion and Textile Management

classroom. Students across all academic disciplines have the opportunity to explore entrepreneurship through NC State’s many academic offerings. Over the past year, faculty worked to create innovation throughout entrepreneurship education curriculum.

Entrepreneurship and New Product Development Read more about the academic highlights from the 2017-2018 year.

>

Poole College of Management Technology Commercialization and Entrepreneurship Program

> 5 | NC State Entrepreneurship Annual Report, 2017-2018

NC State Entrepreneurship Clinic (eClinic)


Academic Innovations Continued

Agribusiness Entrepreneurship The NC State Agribusiness Entrepreneurship Program gives students an unparalleled opportunity to engage in real-world business development. An initiative of the College of Agriculture and Life Sciences (CALS) Department of Agricultural and Resource Economics and the Poole College of Management, the Agribusiness Entrepreneurship Program serves as a concentration for agribusiness management students and a minor for students in other majors who are interested in entrepreneurship as applied to agriculture. Based on a hands-on learning process involving entrepreneurs, startups and interdisciplinary teams in a clinical setting, students learn how to look at new ideas and figure out the steps necessary to commercialize them. The program’s first cohort contained 30 agribusiness students. Two businesses have been launched from the program, with three more expected to develop.

Arts Entrepreneurship Minor The NC State Arts Entrepreneurship Minor is one of three entrepreneurship-related minors offered at NC State. The program helps emerging arts entrepreneurs leverage a broad knowledge base to create successful arts ventures. Designed using an innovative classroom experience with a focus on informed decision-making, the curriculum is the most comprehensive arts entrepreneurship program in the country. The minor is a three-semester sequence of five courses: > EMA 365: Foundation in Arts Entrepreneurship

Dan Cece is a graduate of the College of Humanities and Social Sciences and received his minor in Arts Entrepreneurship. Upon graduation, Dan took the skills he learned in the minor and applied them to his career as a musician.

> EMA 370: Practical Arts Entrepreneurship > EMA 375: Understanding the Arts Economies

Dan’s band, Krosis, is described as “modern death

> EMA 430: Capstone Experience in Arts Entrepreneurship

metal with a twist.” The group is signed with

> Advised Elective In the 2017-2018 academic year, the program served 430 students.

Unique Leader Records and secured a number of 2018 summer tour slots. Their first full length album Solem Vatem was released on March 9, 2018.

NC State Entrepreneurship Annual Report, 2017-2018 | 6


Academic Innovations Continued

Engineering Entrepreneurs Program The Engineering Entrepreneurs Program (EEP) is an alternative to senior design, providing fully immersive, multi-disciplinary simulation learning. The program requires students to choose and solve an engineering problem by forming an entrepreneurial venture and inventing a new product to fulfill that solution. EEP consists of three courses: > ECE 383: Introduction to Entrepreneurship and New Product Development > ECE 482: Engineering Entrepreneurship and New Product Development I > ECE 483: Engineering Entrepreneurship and New Product Development II The 2017-2018 year was special for the EEP, as the program celebrated its 25 year anniversary. Alumni, current students and entrepreneurship supporters gathered in May to celebrate the program’s innovation over the past 25 years. During the celebration, attendees were asked to submit quotes about why the Engineering Entrepreneurs Program is important: > “EEP matters because it provided me with the tools to not only strengthen my engineering skills, but also expand my horizons when it comes to entrepreneurship. EEP made me learn by taking action and experiencing [entrepreneurship] first hand. I will forever treasure that experience and draw from it.” > “EEP matters because it fosters the experiments of today to become the

EEP Team Competes at ACC InVenture Prize Chemios is a revolutionary cloud laboratory that makes chemistry research more efficient, accessible and affordable. The EEP team was selected as a finalist at the 2018 ACC InVenture Prize competition in Atlanta. It was NC State’s first time advancing to the finals. NC State has also been selected to host the 2018 and 2019 ACC InVenture Prize competitions.

solutions of tomorrow.” > “EEP matters because it helps college students immerse themselves in entrepreneurship in an environment that promotes success.”

Fashion and Textile Management Entrepreneurship & New Product Development Offered by the College of Textiles, FTM 310 Entrepreneurship and New Product Development helps students develop critical thinking skills for the textile entrepreneurial mindset. In the course, teams exercise entrepreneurial thinking skills to develop innovative textile products and write a business plan to take those new products to market. In the 2017-2018 year: > 150 students completed the course

> 30 business plans were created

> 150 entrepreneurs were interviewed

> 30 guest speakers presented

Additionally, papers from the program were presented in Corfu, Greece; Bled, Slovenia; and Santa Fe, New Mexico.

7 | NC State Entrepreneurship Annual Report, 2017-2018


Academic Innovations Continued

Technology Entrepreneurship and Commercialization Program The Technology Entrepreneurship and Commercialization curriculum provides graduate students from management and other disciplines across campus the opportunity to engage in all stages of company formation and growth. Each year students launch exciting high-growth startups. The program offers two tracks: Technology Commercialization (TEC) and Entrepreneurship (ENTR). In the 2017-2018 academic year, the program expanded foundational course offerings to serve over 60 graduate students, doubling the previous capacity. For the 2018 Lulu eGames, the program worked with every principal investigator in the Daugherty Endowment category. Student teams won nearly $24,000 in the annual startup competition.

NC State Entrepreneurship Clinic (eClinic) The NC State Entrepreneurship Clinic (eClinic) integrates research, teaching and real-world experiences. Inspired by the university hospital teaching model, the eClinic acts as a classroom for experiential learning and a locus of interaction between the university and area startups. Students work in diverse teams and act as consultants to entrepreneurialfocused partner companies. Since the eClinic launched, it has served 608 students who have worked with 279 partner company projects. The program received the “2018 Excellence in Co-Curricular Innovation”award from the United States Association for Small Business and Entrepreneurship

ACADEMICS BY THE NUMBERS

2,000+

Undergraduates enrolled in entrepreneurship courses

(USASBE).

5,600+ Credit hours delivered

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Faculty members teaching entrepreneurship courses A team of eClinic students worked with PVH Corp, the parent company of leading fashion brands Tommy Hilfiger, Calvin Klein, Speedo and more. The students had the opportunity to fly to New York to pitch their work to the heads of the corporation’s innovation arm. Their pitch was

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Colleges offering entrepreneurship courses

so successful, they were invited back to pitch directly to the president.

NC State Entrepreneurship Annual Report, 2017-2018 | 8


CO-CURRICULAR GROWTH Growing the Culture NC State’s co-curricular offerings are designed to

Learn More >

Albright Entrepreneurs Village

>

Entrepreneurship Garage (eGarage)

>

Entrepalooza

complement the learning happening in the classroom. A packed schedule connects students, alumni and industrious members of the community — all with a clear focus on developing the next generation of entrepreneurial thinkers and doers. > Learn more about the co-curricular growth that

Poole College of Management Business Sustainability Collaborative

occurred at NC State over the 2017-2018 academic year.

9 | NC State Entrepreneurship Annual Report, 2017-2018

>

Social Entrepreneurship and Innovation


Co-Curricular Growth Continued

Albright Entrepreneurs Village The Albright Entrepreneurs Village, located on Centennial Campus, is NC State’s living and learning community for student entrepreneurs. The Village provides sophomores and above the opportunity to experience entrepreneurship on and off campus. The Village population continues to increase -- during the 2017-2018 academic year, the Village grew by 92 percent. The cohort represents all 10 academic colleges at NC State. The program was also selected to present at the 2018 Entrepreneurship LivingLearning Community Roundtable in Salt Lake City and the Deshpande symposium in June 2018.

Trashr, a student team comprised of Village residents, won $5,500 in the 2018 Lulu eGames. The team started the venture at the Make-a-Thon and has continued to build partnerships across campus, including receiving investment from the NC State Sustainability Fund. The group’s aim is to improve dumpster collection for institutional groups and to create more sustainable college campuses.

Entrepreneurship Garage (eGarage) The Entrepreneurship Garage (eGarage) is NC State’s venture creation and prototyping space for student entrepreneurs. Located in Innovation Hall on Centennial Campus, the eGarage offers physical space and programming to over 810 current members. Laura Wyker, a graduate student in the College of Design, benefited from the eGarage’s training and resources. These opportunities helped affirm her products were a viable business. With coaching from the staff, she decided to enter the 2018 Lulu eGames. Her venture, Wyker Designs, placed first in the Arts Venture category of the competition. “Competing in the Lulu eGames was a challenge, but one that I’m glad that I undertook,” said Wyker. “It really helped me to verbalize and clarify my ideas. The entire process helped me with reflection and it was extremely validating.”

NC State Entrepreneurship Annual Report, 2017-2018 | 10


Co-Curricular Growth Continued

Entrepalooza Entrepalooza, NC State’s annual entrepreneurship and innovation festival brought huge crowds in 2017, with more than 1,200 attendees. Attendees enjoyed the interactive displays highlighting NC State’s entrepreneurship programs, alumni companies and Triangle entrepreneurship resources. The event ended with the Minute to Pitch It competition. The winning team, Car-in-Touch, won $1,000 based on the audience vote.

Poole College of Management Business Sustainability Collaborative The Poole College of Management Business Sustainability Collaborative (BSC) is an academic learning initiative that connects students, faculty and the business community through experiential learning, career development, academic and applied research and partnership opportunities. BSC works to develop leaders who can apply research, technology and critical thinking to drive and measure sustainable business practices. In the 2017-2018 academic year, the BSC B-Clinic worked on 12 experiential learning projects, bringing together 52 interdisciplinary students to help local companies drive social and environmental impact.

Female founders led the way at the 2018 Lulu eGames. Women represented 91 percent of the leadership teams for the top three ventures in the Social and Environmental Impact category of the competition. The category is hosted by the Poole College of Management Business Sustainability Collaborative (BSC).

Social Entrepreneurship and Innovation The NC State Social Entrepreneurship and Innovation program, hosted through the Institute for Nonprofits, engages students to educate and empower in new methodologies to improve the human condition. In the fall, the program launched the Social Innovation Fellows. Eighty seven students, ranging from freshman to PhD, applied and 30 students from 9 academic colleges were selected. Students worked to solve real-world problems and were supported with educational opportunities, including 9 innovation labs, 12 skills labs and many hours of mentorship from the program’s brain trust. Additionally, six students in the program were provided with full scholarship support to attend national conferences, impact retreats and/or global experiences.

11 | NC State Entrepreneurship Annual Report, 2017-2018


CONTINUED SUPPORT Reaching the Community NC State Entrepreneurship resources extend beyond

Learn More >

Alumni Entrepreneurs

>

Apex Friendship High School Outreach

>

Entrepreneur Initiative for Food (EI4F)

>

NC State Office of Technology Commercialization

current students. Faculty/staff, alumni and the greater entrepreneurship community can all benefit from the university’s support and resources. Learn more about the programs that offer continued support to faculty, alumni and Raleigh area entrepreneurship community.

and New Ventures >

Wolfpack Investor Network

NC State Entrepreneurship Annual Report, 2017-2018 | 12


Continued Support Continued

Alumni Entrepreneurs The Alumni Entrepreneurs is the fast growing affinity group in the NC State Alumni Association. The group currently consists of 1,056 members. During the 2017-2018 academic year, over 450 people attended events hosted by the Alumni Entrepreneurs group. Events included happy hours, networking events, startup showcases and more. The group is supported by the NC State Alumni Association, NC State Entrepreneurship and the Office of Technology Commercialization and New Ventures and is chaired by engaged alumni entrepreneurs.

NC State alumni Hersh Tapadia and Jeremy Freeman founded Allstacks, a platform that quantifies productivity of a team’s software engineering, delivering engineering managers visibility into team performance. The company was recently accepted into Techstars Austin class of 2018, a three month mentorship-driven accelerator. Tapadia was a founding member of the Alumni Entrepreneurs network.

Apex Friendship High School Outreach Apex Friendship High School teacher Dan Jackson collaborated with the Kenan Institute for ETS Associate Director Raj Narayan to develop the Applied Synergies Partnership (ASaP) Entrepreneurship Leadership Program focused on developing entrepreneurial analytical skills in high school students. The result of this effort is an experiential entrepreneurial pedagogical model aligned with the NC Standard course of study, which culminated through the DECA State competition. Of the 24 teams that participated, 18 teams competed at the state competition and 13 teams were invited to the international competition in Atlanta, GA. Moreover, 100 percent of the students who participated in the program in 2017 and took the state-mandated end-of-course-assessment met or exceeded the test proficiency levels with an average score of 90 in contrast to the state average of 74 percent. The Kenan Institute also hosted students to visits including the Hunt Library, Poole College of Management, HQ Raleigh, Albright Village, Entrepreneurship Garage and NC State Entrepreneurship Clinic. Kenan Institute support helped some of the students in financial need attend the international competition in Atlanta and Institute support was leveraged with additional support from the Wake County Public School system, Hutchinson Law, West Cary Wellness, Apex Imports and Bovenizer.

13 | NC State Entrepreneurship Annual Report, 2017-2018


Continued Support Continued

Entrepreneur Initiative for Food (EI4F) The Entrepreneur Initiative for Food (EI4F) provides startup assistance for new or established food-based businesses. The group provided process recommendations for 460 products, hosted four training courses for regulatory agencies and two training courses for entrepreneurs in the 2017-2018 academic year. EI4F has worked with many popular Raleigh restaurants and food products including Clyde Coopers BBQ, Cloisters Honey, Nellino’s Sauce, Cackalacky, La Brava hot sauce and more.

NC State Office of Technology Commercialization and New Ventures The Office of Technology Commercialization and New Ventures (OTCNV) plays a crucial role in the university’s startup ecosystem by protecting and promoting university research discoveries and intellectual property, working with and guiding industry partners, and promoting the acceleration of startups. NC State’s I-Corps Site has completed two cohorts, with 19 teams participating and over 559 customer interviews completed by the participating teams. The Chancellor’s Innovation Fund (CIF) has granted $2.6M to 40 projects, which have attracted $33M in external development funds. Funded projects have generated 15 startup companies, 20 license agreements, and more than $1M in licensing revenue.

Wolfpack Investor Network (WIN) The Wolfpack Investor Network (WIN is an angel investing platform that brings together entrepreneurial NC State alumni to support businesses with a connection to the university. In the 2017-2018 academic year, WIN made seven investments in NC State-affiliated startups. Those investments totaled over $5.2 million.

Tethis began in 2013 as a spinout of technology developed at NC State. Tethis has gone on to discover, advance and patent new and innovative ways to transform plant-derived feedstocks into performance polymers that are used in a wide range of applications and industries. WIN recently participated in a $17.6 million capital raise for the company – WIN’s largest investment in a single venture.

NC State Entrepreneurship Annual Report, 2017-2018 | 14


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