B AT T E N I N S T I T U T E
YEAR IN REVIEW
2019—20
mative Transformative
Batten Institute
Mission
To challenge every Darden student to fulfill their entrepreneurial potential through transformative learning experiences and groundbreaking research in entrepreneurship, innovation and technology.
C A|T T EBNA TI TNESNT I ITNUST TEI T U T E B
Strategic Priorities
1.
Advance Thought Leadership and PathBreaking Research
2.
Support WorldClass Education and Transformational Learning
3.
Enable Experiences that Empower, Inspire and Connect
4.
Promote Mission Integrity, Operational Excellence and Exceptional Talent
BATTEN INSTITUTE
|
1
From the Executive Director
A
S THE 2019-20 ACADEMIC YEAR drew to a close, we were barely four months into COVID-19, and like everyone else, we were bracing for the rigors – and uncertainties – that lay ahead. And yet, even in those early days of the pandemic, we embraced an unflappable, “we-can-do-this” attitude, taking unpredictability in stride and steadfastly supporting Darden’s mission to deliver transformative learning experiences and groundbreaking research. So, when considered in its totality, 2019-20 was a period of remarkable achievement and growth for the Batten Institute. Consider just a few examples of Batten’s impact last year: INTERNSHIPS
45
SCHOLARSHIPS
13 VENTURES
16 MENTORS
100 2 |
BATTEN INSTITUTE
Following a tumultuous period of rescinded offers and truncated internships, the Batten Institute supported 45 subsidized summer MBA internships with startups and early-stage ventures. Amid the uncertainty of last year’s MBA admissions cycle, we awarded 13 MBA scholarships in entrepreneurship, innovation and technology through our prestigious Batten Scholars Program. Following a competitive selection process attracting 34 applications, we invited 16 high-potential venture teams to participate in our six-month, intensive venture program, delivered entirely in a virtual format. With renewed vigor, we relaunched our network of industry experts and seasoned entrepreneurs, to support Darden students working on entrepreneurial projects and new ventures.
RESEARCH GRANTS
6
SPECIAL ISSUE
1
IDEAS TO ACTION
28
ONLINE EVENTS
15
Through our Faculty Research Grants Program, we provided funding for six new scholarly projects in 2019-20, addressing cutting-edge issues in entrepreneurship, innovation and technology. A leading academic publication, Small Business Economics: An Entrepreneurship Journal, devoted the entirety of its spring issue to effectuation, a theory of entrepreneurship pioneered by Professor and Batten Faculty Fellow Saras D. Sarasvathy. The Batten team produced 28 Darden Ideas to Action articles and podcasts to highlight lessons from faculty research and thought leadership. Just as Darden made a major pivot to online delivery, we similarly transitioned all Batten-led programs to be virtual following the onset of COVID-19, resulting in 15 new online webinars or events.
Batten Institute programs rely on the contributions of many, and we are grateful to the faculty, staff, alumni and friends who have given so generously of their time and talent to make them successful. We are proud to be part of such an extraordinary community during this harrowing time. There has likely never been a greater need for responsible leadership, and this is surely why we all remain so deeply committed to Darden. With gratitude,
SEAN D. CARR (MBA ’03; PH.D. ’13) EXECUTIVE DIRECTOR BATTEN INSTITUTE ASSISTANT PROFESSOR OF BUSINESS ADMINISTRATION UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS
BATTEN INSTITUTE
|
3
Table of Contents Mission Strategic Priorities From the Executive Director
36
Alumni News
Fact Sheet
Team
40
38
Financials 39
Research 6 FACULTY SUPPORT 7 PUBLICATIONS AND AWARDS 9 INITIATIVES 12 IDEAS TO ACTION
Experience 22
13
Education 14 SCHOLARSHIPS 15 COURSES 17
INTERNSHIPS 23
WORKSHOPS 18
NETWORKING 24
STUDENT CLUBS 19
EVENTS 25
COMPETITIONS 20
STARTUPS 28
ONLINE 21
FEATURE
RESEARCH
EDUCATION
EXPERIENCE
Effectuation Pioneer Receives Global Legacy Impact Award P. 11
Research WE SUPPORT THE DEVELOPMENT OF
entrepreneurial leaders at Darden through rigorous and relevant research in entrepreneurship, innovation and technology, which aims to impact business practice and policy. To achieve this objective, we offer major initiatives and programs to support faculty, publications and events. IN THIS SECTION
FACULTY SUPPORT 7 PUBLICATIONS AND AWARDS 9 INITIATIVES 12 IDEAS TO ACTION 13
Research FACULTY SUPPORT
Batten Faculty Fellows
Raul Chao
Each year, we sponsor Darden faculty whose teaching and scholarship predominantly address topics in entrepreneurship, innovation and technology.
Edward D. Hess
Associate Professor of Business Administration
Professor of Business Administration and Batten Executive-in-Residence
RESEARCH INTERESTS: Innovation, New Product Development, Technology Commercialization, R&D Portfolio Management, Organization Design and Incentives, Complex Adaptive Systems
RESEARCH INTERESTS: Organic Growth, Innovation & Learning, Mindsets, Behaviors & Processes, High Performance Organizations, Values-Based Leadership
Alex Cowan
Timothy M. Laseter
General Faculty, Technology and Operations Management
Professor of Practice, Technology and Operations Management
RESEARCH INTERESTS: Product Design, Agile Methodologies, Lean Methodologies, Entrepreneurship, Intrapreneurship & Innovation
RESEARCH INTERESTS: Operations Strategy, Supply Chain Management, Internet Retailing, Strategic Sourcing, E-Marketplaces, Supplier Innovation, Competitive Cost Analysis
Gregory B. Fairchild Isidore Horween Research Associate Professor of Business Administration; Associate Dean for Washington, D.C. Area Initiatives; Academic Director of Public Policy and Entrepreneurship RESEARCH INTERESTS: Entrepreneurship, Business Strategy, Business Ethics, Leadership
Michael Lenox Tayloe Murphy Professor of Business Administration; Senior Associate Dean and Chief Strategy Officer RESEARCH INTERESTS: Business Strategy, Innovation & Entrepreneurship, Corporate Venture Capital, Corporate Environmental Sustainability
John W. Glynn Jr.
Jeanne M. Liedtka
MacAvoy Professor of Business Administration RESEARCH INTERESTS: Biotechnology, Computer Industry, Telecommunications, Venture Capital
United Technologies Corporation Professor of Business Administration; Senior Associate Dean for Degree Programs RESEARCH INTERESTS: Leading Growth, Design Thinking, Corporate Innovation
Continued on next page
BATTEN INSTITUTE
|
7
Research FACULTY SUPPORT
( CONTI NU E D)
Batten Faculty Fellows Continued
Elena Loutskina Professor of Business Administration; Peter M. Grant II Bicentennial Foundation Chair in Business Administration RESEARCH INTERESTS: Banking and Securitization, Corporate Finance, Venture Capital and Innovation, Earnings Management
Saras D. Sarasvathy Paul M. Hammaker Professor of Business Administration; Jamuna Raghavan Chair Professor in Entrepreneurship, Indian Institute of Management, Bangalore RESEARCH INTERESTS: Entrepreneurship, Cognitive Science, Behavioral Economics
Sankaran Venkataraman MasterCard Professor of Business Administration; Senior Associate Dean for Faculty and Research RESEARCH INTERESTS: Entrepreneurial Opportunity, Business Strategy, Corporate Strategy, Corporate Venturing, New Venture Creation and Financing, Regional Development, Entrepreneurship Education, Managing Growth
Rajkumar Venkatesan Ronald Trzcinski Professor of Business Administration RESEARCH INTERESTS: Customer Relationship Management, Marketing Metrics, Marketing Analytics
Ting Xu Assistant Professor of Business Administration RESEARCH INTERESTS: Entrepreneurial Finance, FinTech and the Governance of Closely Held Firms
8 |
BATTEN INSTITUTE
Batten Faculty Research Grants Our faculty research grant program serves to advance the frontier of knowledge through scholarly research in the domains of entrepreneurship, innovation and technology. Any tenured or tenure-track faculty member at Darden from any academic area may submit a proposal as the principal investigator which is then evaluated by a committee of senior faculty and Batten Institute leadership.
2019-20 Grant Recipients
“Innovative Outcomes in the Context of Conflicting Stakeholder Interests” Bobby Parmar, Associate Professor of Business Administration Helet Botha, Postdoctoral Fellow “Entrepreneurial Imprinting: Founder Responses to Conflict in New Ventures” Jim Detert, Professor of Business Administration Gabrielle Adams, Assistant Professor, UVA Frank Batten School of Leadership and Public Policy Erin Frey, Postdoctoral Fellow Eliana Crosina, Assistant Professor of Entrepreneurship, Babson College Andrew Corbett, Paul T. Babson Distinguished Professor of Entrepreneurial Studies and Division Chair, Entrepreneurship, Babson College “Marginalized Entrepreneurs Navigating Resource-Constrained Ecosystems: A Case Study of Detroit, MI” Morela Hernandez, Associate Professor of Business Administration Courtney McCluney, Postdoctoral Researcher, jointly appointed at the Darden School of Business and Center for ASPIRE at the School of Nursing Tomeka Carroll, Fellow, University of Virginia Convergent Behavioral Science Initiative “The (Illusive) Power of Your DNA: The Risks and Rewards of New Technology” Tami Kim, Assistant Professor of Business Administration Luca Cian, Assistant Professor of Business Administration Evan Bruno, Ph.D. Candidate Gabrielle Adams, Assistant Professor, UVA Frank Batten School of Leadership and Public Policy “Assessing the Impact of Design Thinking; Book on ‘The Social Technology of Design Thinking’” Jeanne Liedtka, United Technologies Corporation Professor of Business Administration “Contracting with the Crowd: How Do Entrepreneurs Choose Crowdfunding Contracts” Ting Xu, Assistant Professor of Business Administration Song Ma, Assistant Professor of Finance, Yale School of Management Florian Ederer, Assistant Professor of Finance, Yale School of Management
Research PUBLICATIONS AND AWARDS
Batten-Affiliated Publications
Papers/Articles Alsos, G. A., Clausen, T. H., Mauer, R., Read, S., & Sarasvathy, S. D. (2019). “Effectual Exchange: From Entrepreneurship to the Disciplines and Beyond.” Small Business Economics, 1–15. Basole, R. C., Park, H., & Chao, R. O. (2019). “Visual Analysis of Venture Similarity in Entrepreneurial Ecosystems.” IEEE Transactions on Engineering Management, 66(4), 568–582. Barbee, G.E.L. (2019). “Turn your passion into an innovative business,” strategy + business. Cortés, K. R., Demyanyk, Y., Li, L., Loutskina, E., & Strahan, P. E. (2020). “Stress Tests and Small Business Lending.” Journal of Financial Economics, 136(1), 260–279. Fairchild, G. B., Kim, Y., Juelfs, M. E., & Betru, A. (2020). “Good Money after Bad? The Comparative Efficiency of Minority Depository Institutions.” Journal of Developmental Entrepreneurship: JDE, 25(01), 2050002. Gilje, E. P., Loutskina, E., & Murphy, D. (2020). “Drilling and Debt.” The Journal of Finance, 75(3), 1287– 1325. Jeanne, O., & Korinek, A. (2020). “Macroprudential Regulation Versus Mopping up after the Crash.” The Review of Economic Studies, 87(3), 1470–1497.
Following is a sample of publications that were authored by Batten-affiliated faculty, fellows and staff during the 2019-20 academic year. These publications address emerging topics in entrepreneurship, innovation and technology:
Lenox, M. (August 14, 2019). “No industry will be impacted by climate change worse than agriculture,” The Hill. Liedtka, J., & Kaplan, S. (2019). “How Design Thinking Opens New Frontiers for Strategy Development.” Strategy & Leadership, 47(2), 3–10. Liedtka, J., Sheikh, A., Gilmer, C., Kupetz, M., & Wilcox, L. (2020). “The Use of Design Thinking in the U.S. Federal Government.” Public Performance & Management Review, 43(1), 157–179. Liedtka, J. (2020). Putting Technology in Its Place: Design Thinking’s Social Technology at Work. California Management Review, 62(2), 53–83. Demyanyk, Y., Loutskina, E., and Murphy, D. (2019). “Fiscal Stimulus and Consumer Debt,” Review of Economics and Statistics. Vol 101, Issue 4. Hernandez, M., Raveendhran, R., Weingarten, E., & Barnett, M. (2019). “How Algorithms Can Diversify the Startup Pool.” MIT Sloan Management Review, 61(1), 71–78. Griffin, D., Li, K., and Xu, T. (2019). “Board Gender Diversity and Corporate Innovation,” Journal of Financial and Quantitative Analysis.
Jones, J., York, J. G., Vedula, S., Conger, M., & Lenox, M. (2019). “The Collective Construction of Green Building: Industry Transition Toward Environmentally Beneficial Practices.” Academy of Management Perspectives, 33(4), 425–449. Prashantham, S., Kumar, K., Bhagavatula, S., & Sarasvathy, S. D. (2019). “Effectuation, Network-Building and Internationalisation Speed.” International Small Business Journal: Researching Entrepreneurship, 37(1), 3–21. Sarasvathy, S. D. (2019). “Continuing Conversations With Herb Simon: In Memoriam of Sciences of the Artificial.” Projectics / Proyectica / Projectique, n°24(3), 57–66. Sarasvathy, S. D., Forster, W., & Ramesh, A. (2020). “From Goldilocks to Gump: Entrepreneurial Mechanisms for Everyday Entrepreneurs.” Revista de Empreendedorismo E Gestão de Pequenas Empresas, 9(1), 189. Xu, T. (2019). “Do Excess Control Rights Benefit Creditors? Evidence from Dual-Class Firms,” Journal of Financial and Quantitative Analysis. Zhang, Y., Cui, L., Zhang, G., Sarasvathy, S. D., & Anusha, R. (2019). “An Exploratory Study of Antecedents of Entrepreneurial Decision-Making Logics: The Role of Self-Efficacy, Optimism, and Perspective Taking.” Emerging Markets Finance and Trade, 55(4), 781–794.
BATTEN INSTITUTE
|
9
Research PUBLICATIONS AND AWARDS
( CONTI NU E D)
Books
Faculty Awards
Edward D. Hess and Katherine Ludwig (Berrett Koehler Publishers, 2020, paperback edition). Humility Is the New Smart: Rethinking Human Excellence in the Smart Machine Age.
Saras D. Sarasvathy, Nicholas Dew, Sankaran Venkataraman (editor). (Routledge, 2020). Shaping Entrepreneurship Research: Made, as well as Found (first edition).
Journal of Business Venturing
The Batten Institute supports the Journal of Business Venturing, the premier scholarly journal devoted to entrepreneurship and innovation. JBV is ranked by the Social Science Citation Index as one of the world’s most influential management journals. From 1995 to 2009, Professor Sankaran “Venkat” Venkataraman served as editor-in-chief. The current managing editor is Batten-sponsored Darden researcher Sarasa Subramony.
Awards Can Business Save the Earth? (Stanford University Press, 2018), authored by Professor Michael Lenox and Aaron Chatterji, received the Bronze Medal in the 2020 Axiom Business Book Awards for the Philanthropy/Nonprofit/Sustainability category.
10
|
BATTEN INSTITUTE
Professor Saras D. Sarasvathy received the 2019 Legacy Impact Award from the Global Consortium of Entrepreneurship Centers in Stockholm, Sweden, which recognized her trailblazing research on the nature of entrepreneurial expertise.
Research
Effectuation Pioneer Receives Global Legacy Impact Award University of Virginia Darden School of Business Professor Saras D. Sarasvathy received the Legacy Impact Award from the Global Consortium of Entrepreneurship Centers (GCEC) at the organization’s annual conference in Stockholm in September of 2019 for her research on effectuation, a framework for thought and action used by expert entrepreneurs to build successful ventures. Sarasvathy is the sixth person in the GCEC’s history to receive the Legacy Impact Award. The five principles of effectuation,
first described in Sarasvathy’s seminal 2001 paper, “Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency,” proved to be enormously empowering to a generation of entrepreneurs, providing easy-to-understand tools to navigate the uncertainty of the venture creation environment. Today, a range of business leaders and entrepreneurs credit Sarasvathy with providing them with the intellectual underpinning to found and grow thriving enterprises.
The research also took hold in academia, spurring a thriving sector of entrepreneurial study across the world, with dedicated effectuation courses of study at universities and incubators from Denmark to Pakistan. The Society for Effectual Action, an online portal for entrepreneurship educators to share research and teaching material, supports more than 400 educators. Sarasvathy’s award-winning 2011 book, Effectual Entrepreneurship, has been translated into six languages.
BATTEN INSTITUTE
|
11
Research INITIATIVES
Business Innovation and Climate Change Initiative Launched in May 2017, the Business Innovation and Climate Change Initiative informs dialogue on the role of innovation in addressing climate change. Based on the work of Professor Michael Lenox and Batten Senior Research Associate Rebecca Duff, this multidimensional project seeks to engage a diverse set of stakeholders from business, nonprofit, government and academic arenas through: Research: exploring the opportunities to decarbonize key industry sectors by 2060 with the goal of limiting global warming below 2 degrees Celsius, avoiding significant disruptions to the global economy.
Stakeholder Discussions: bringing together senior
executives and decision makers from diverse industries to address issues related to climate change and identify opportunities to catalyze clean technology innovation and adoption.
Education: preparing Darden School students for the clean technology future. Top: Darden School Dean Scott Beardsley welcomes attendees to Climate Cap: The Global MBA Summit on Climate, Capital, & Business. Bottom: Panelists and attendees gather after a session at Climate Cap.
Student Events: hosting ClimateCAP: The Global MBA Summit (February 2020).
In the third quarter of 2020, the initiative spearheaded a new course for Darden students, the Business and Sustainability Elective, which aims to familiarize students with key environmental sustainability challenges and enable them to think critically and creatively about the role of business in contributing to the development of a sustainable society. darden.virginia.edu/innovation-climate
Design@Darden Initiative
Effectual Thinking & Action Initiative
Design@Darden aims to enrich the global conversation and application of design thinking to business and society. Built upon the foundational design-thinking research of Professor Jeanne Liedtka, the Initiative supports courses, student clubs and experiences, faculty research and outreach through the Design@Darden website, among other venues. designatdarden.org
The Effectual Thinking & Action Initiative supports the dissemination of the groundbreaking form of entrepreneurial thinking known as effectuation, developed by Professor Saras Sarasvathy. The Society for Effectual Action (SEA), spearheaded by Professor Saras Sarasvathy, is a global society advancing effectual action for entrepreneurs from all industries. effectuation.org
12
|
BATTEN INSTITUTE
Research
Contributions to Darden Ideas to Action “Navigating Digital Disruption, Part 2: Q&A With Darden Professor Michael Lenox” [Insights from Michael Lenox; Written by Gosia Glinska, 10 September 2019] “Fact or Fiction? Debunking the Founder Myth” [Insights from David Touve; Written by Gosia Glinska, 12 September 2019] “Reimagining Agriculture: A Q&A With Beanstalk Farm” [Insights from Jack Ross and Mike Ross; Interviewed by Rebecca Duff, 19 September 2019] “Startup Survival and the Power of Place” [Insights from Siddarth Vedula; Written by Asif Mehedi, 10 October 2019] “Lean Hospitals? How Lessons From Manufacturing Can Improve Health Care” [Insights from Elliott N. Weiss; Written by Gosia Glinska, 29 October 2019]
“Companies Innovate More When Their Boards Include Women” [Insights from Ting Xu; Written by Asif Mehedi, 30 January 2020] “Communications in the Time of the Coronavirus: Lessons for Leaders” [Insights from June West and Steve Soltis; Written by Gosia Glinska, 14 April 2020] “Communicating Corporate Action on Climate Change: Q&A With Joanna Price, Sr. Vice President, Public Affairs and Communications, at CocaCola” [Insights from June West; Written by Gosia Glinska, 22 April 2020]
“Fortune 100 CEOs: What We Can Learn From Their Stories About Making It to the Top” [Insights from Kimberly A. Whitler, 16 January 2020] “Disruptive Technologies and the Fight Against Climate Change” [Insights from Michael Lenox, 18 February 2020]
“Entrepreneurship in China: The Rise of Female Billionaires” [Insights from Ming-Jer Chen; Written by Gosia Glinska, 27 May 2020]
“Why You’re Probably Hiring the Wrong People” [Insights from Sean Martin, 7 April 2020]
“Job Protection and Entrepreneurship: The Case of Parental Leave in Canada” [Insights from Ting Xu; Written by Asif Mehedi, 9 June 2020]
“Bias-Busting Algorithms: Can AI Help VCS Diversify Their Deals?” [Insights from Morela Hernandez and Roshni Raveendhran; Written by Gosia Glinska, 14 November 2019]
“Leveraging Uncertainty During the Pandemic: Lessons from Expert Entrepreneurs” [Insights from Saras D. Sarasvathy; Written by Gosia Glinska, 16 June 2020]
“The Rise of Social Robots: How AI Can Help Us Flourish” [Insights from Roshni Raveendhran and Cynthia Breazeal; Written by Gosia Glinska, 7 January 2020]
“Is Covid-19 Accelerating Automation? Lessons for the Advent of AI” [Insights from Anton Korinek, Daron Acemoglu, Diane Coyle and Joseph Stiglitz; Written by Gosia Glinska, 30 June 2020]
“Closing the Gender Gap in VC Funding” [Insights from Elena Loutskina and Saras D. Sarasvathy; Written by Gosia Glinska, 23 January 2020]
“The High Stakes of the CEO as Public Face of Your Company” [Insights from June West and Steve Soltis, 10 December 2019]
“Rethinking U.S. Health Care in a Post-Pandemic Future” [Insights from Dennie Kim; Written by Gosia Glinska, 7 May 2020]
“How is Technology Transforming Humanity? Q&A With Darden Professor Roshni Raveendhran” [Insights from Roshni Raveendhran; Written by Gosia Glinska, 31 October 2019]
“On Words: Disruption and Climate Change? They Are Connected” [by Michael Lenox, 9 January 2020]
Ideas to Action Podcasts
[Interviews by Sean Carr, Executive Director, Batten Institute]
“Leading Through Crisis: Lessons From Past U.S. Presidents” [Insights from Robert F. Bruner, 13 April 2020] “Small Business and the Fight to Survive the COVID-19 Pandemic” [Insights from Gregory Fairchild, 4 May 2020] “Seeking Trust and Meaning: Consumers and Brands During (and After) COVID-19” [Insights from Lalin Anik, 28 May 2020] “Black Lives Matter and Business: A Defining Moment?” [Insights from Laura Morgan Roberts, 24 June 2020]
“Post-Covid: An Opportunity for a Greener Future” [Insights from Michael Lenox; Written by Rebecca Duff, 1 July 2020] “What Can Operations Management Teach Us About the COVID-19 Crisis?” [Insights from Elliott Weiss; Written by Gosia Glinska, 23 July 2020]
BATTEN INSTITUTE
|
13
RESEARCH
EDUCATION
EXPERIENCE
Education WE SUPPORT WORLD-CLASS EDUCATION AND
experiential learning for students, alumni and others in our community who aspire to grow as entrepreneurial leaders. To achieve this, we offer scholarships, courses, workshops, online offerings and competitions, as well as assistance for Darden student clubs active in entrepreneurship, innovation and technology. IN THIS SECTION
SCHOLARSHIPS 15 COURSES 17 WORKSHOPS 18 STUDENT CLUBS 19 COMPETITIONS 20 ONLINE 21
Education SCHOLARSHIPS
Batten Scholars
During the 2019–20 academic year, we supported 13 scholarships for members of the Class of 2021, a portion of more than $1.5 million for Darden MBAs in entrepreneurship, innovation and technology. Beginning with students entering in this academic year, the Batten Scholarships were relaunched as a competitive, application-based program with a set of additional benefits for awardees beyond tuition support.
Darden Class of 2021
Megan Bailey Batten Entrepreneurship Scholar
Whit Hunter Batten Entrepreneurship Scholar
Luis Celada
Shockley Nunnery
Batten Technology Scholar
Batten Innovation Scholar
Purvaj Dharia
Will Shepherdson
Batten Entrepreneurship Scholar
Batten Technology Scholar
Sofia (Sophie) Eckrich
Alexander Zorychta
Batten Entrepreneurship Scholar
Batten Entrepreneurship Scholar
Prabhat Gusain Batten Entrepreneurship Scholar
13 scholarships awarded to Darden MBA students
BATTEN INSTITUTE
|
15
Education SCHOLARSHIPS (CONTINUED)
Other Entrepreneurial Scholarships
In addition to direct support from the Batten Institute, other scholarships are awarded by the Darden School for MBAs with outstanding potential in entrepreneurial thinking and pursuits:
William Wooding Sihler Scholarship
Lee R. Johnston Scholarship
Kenneth Nahigian Memorial Scholarship
Three scholarships were awarded for a total of more than $100,000.
One scholarship was awarded in the amount of $21,000.
One scholarship was awarded in the amount of $14,000.
This scholarship was established in 1998 by alumni, faculty and friends of Darden and the family of Professor Lee Johnston. The scholarship honors one of Darden’s great professors who served students, executives and fellow faculty members for 33 years. Professor Johnston was a founding faculty member of Darden; the first director of the doctoral program; and a professor of finance, small business and entrepreneurship courses. The scholarship is awarded to Second Year students with a special interest in entrepreneurship.
This scholarship was established in 1981 by family, alumni and friends of Ken Nahigian (MBA ’67) as a memorial. Nahigian served as class president at Darden and went on to become a highly successful and promising entrepreneur in real estate investment and management. This scholarship is awarded to a Second Year Darden student who demonstrates outstanding entrepreneurial capabilities and promise of building a business career centering on those capabilities. Where possible, financial need will also be taken into account.
Established in 2000 by alumni of the Darden School in recognition of Professor Bill Sihler’s dedication to students and learning, up to four Sihler Scholarships will be made without regard to need to candidates accepted for admission to the MBA program whose academic record is above average and who have demonstrated entrepreneurial spirit.
OVER
$1.5 Million in Scholarships for entrepreneurship, innovation and technology
16 |
BATTEN INSTITUTE
William F. and Joyce A. Richmond Entrepreneurial Leadership Scholarship One scholarship was awarded for more than $22,000. This scholarship was established in 2001 by William F. Richmond (MBA ’76). The scholarship is awarded to students who have demonstrated academic excellence and an interest in entrepreneurship.
Education
36 MBA courses in entrepreneurship, innovation and technology COURSES
We directly and indirectly support a wide array of curricular offerings in entrepreneurship, innovation and technology at Darden. In the 2019–20 academic year, the following courses were available at Darden:
8268
Leadership and Innovation in Education
8280
Introduction to Business Law
8290
Venture Capital
8439
Leadership and Cultures of Trust and Innovation
8453
Entrepreneurial Finance and Private Equity
8459
Innovation and Design Experience
8464
Hot Topics in Marketing
8466
Emerging Topics in Technology and Operations Management
8468
Organic Growth: A Challenge for Public Companies
8496
Data Science in Business
8497
Impact Investing
8500C
Solutions and Innovations in Health Care
8500D
Marketing Technology Products
8500IVS
Innovating Value for Stakeholders: The Case of Fintech
8500YY
Venture Velocity
8500ZZT
Due Diligence in Seed Funds
8500ZTZ
Due Diligence in Seed Funds, Part II
Course #
Course Title
7500
Innovation, Design, and Entrepreneurship in Action
8509
Tactical Topics for Entrepreneurship Through Acquisition
7600
Data Analysis and Optimization
8632
Software Design
7618
Effectual Entrepreneurship
8633
Software Development
8012
Deviant Marketing
8636
Digital Product Management
8022
Transforming Societies
8638
8033
Digital Marketing
Artificial Intelligence and the Future of Work
8106
Acquisition of Closely Held Enterprises
8640
Digital Capstone
8130
Prototyping and Product Development
8758
Strategy in the Digital Age
Hot Topics in Analytics
8989
Critical and Creative Thinking in Business
Starting New Ventures
8999
Darden Venturing Project / Independent Study
8180 8210
BATTEN INSTITUTE
|
17
Education
32
workshops WORKSHOPS
We support workshops that improve student performance in competitions, introduce students to new concepts, and afford students experiential learning opportunities in entrepreneurship, innovation and technology. The following were offered in 2019–20: Startup Academy is a pre-matriculation program we host for all interested graduate students across the University of Virginia that introduces key business concepts such as design thinking, customer discovery, and hypothesis-driven experimentation. In 2019-20, registrants included more than 80 graduate students from Darden’s MBA and EMBA programs, the UVA School of Education, the UVA School of Data Science, the UVA School of Law and UVA’s Frank Batten School of Leadership and Public Policy. We are pleased to partner with PhD+ Startup, a seminar series about entrepreneurship and commercialization developed specifically for Ph.D. candidates and post-docs across the University of Virginia. The PhD+ Startup series is offered as part of PhD Plus, an initiative of the Office of Graduate and Postdoctoral Affairs at UVA. Venture Capital Bootcamp The Venture Capital Bootcamp — which was held in January 2020 at UVA Darden DC Metro and the offices of Cooley LLC in Reston, Virginia, this year — is an annual two-day workshop for students who are interested in pursuing opportunities in venture capital and entrepreneurship and focuses on providing students with a basic understanding of early stage investing.
18 |
BATTEN INSTITUTE
Badge Stone, WTC Investments, Session – Entrepreneurship Through Acquisition 22 August 2019 Venture Capital Industry and Career Talk John Glynn, Founder & CEO, Glynn Capital Management 10 September 2019 Startup Seminar Co-hosted by the Entrepreneurship and Venture Capital Club David Touve, Senior Director, Batten Institute September–November 2019 Acquiring Small Businesses with Broadtree Partners Co-hosted by the Entrepreneurship and Venture Capital Club 16 September 2019 Female Entrepreneurship Panel Co-hosted by the Entrepreneurship and Venture Capital Club and Graduate Women in Business Moderator: Jade Palomino (MBA ’20), co-founder, Slay Beauty Pass Panelists: Kristina Loftus (MBA ’17), co-founder, Rhoback; Kim Diaz (MBA ’19), founder, oneTILT; Kelly Bonilla (MBA ’20), co-founder, Slay Beauty Pass; and Rachel Breuhaus (MBA ’15), founder and former CEO, Cassimir Club 16 September 2019
Entrepreneurship Through Acquisition (EVC Week Offering) Co-hosted by the Entrepreneurship and Venture Capital Club W. Shannon Jones, Managing Partner & Founder, Halstatt Legacy Partners 17 September 2019 The Venture Capitalist’s Playbook: Journey into Venture Co-hosted by the Entrepreneurship and Venture Capital Club Moderator: Aaron Fernstrom, Director, Mayo Center for Asset Management Panelists: Gene Riechers, Venture Partner, Sands Capital Ventures; Scott Caras (MBA ’13), Managing Director, Breakaway Ventures; and Brett Andersen (Col ’14), Manager | Investor, Bullish 18 September 2019 Concept Competition Workshop: Brainstorming With Charles “Chic” Thompson 19 September 2019 Startup, Entrepreneurship Through Acquisition and Venture Capital Internships Session 23 September 2019 Catalyst Accelerator Speaker: Halo Top Doug Bouton, co-Founder, Halo Top 30 September 2019 “What’s the E-Cup?” Workshop David Touve, Senior Director, Batten Institute 3 October 2019 Beyond Spreadsheets: R for MBAs Asif Mehedi, Associate Director, Batten Institute 3 October 2019
Venturing Projects (x): Enhanced Support for Second Year Venturing Projects Jason Brewster, Director, Batten Institute 8 October 2019 Advanced Manufacturing and Emerging Technologies Gavin Garner, Associate Professor and Director, Master of Engineering Program, UVA School of Engineering and Applied Science 24 October 2019 Tech Club Lunch & Learn: AI Effects on the Macro Economy Darden Professor Anton Korinek 29 October 2019 Discovery Competition Workshop: Intro to Effectuation of UVA Student Founders 30 October 2019 Venture Capital Bootcamp Held at UVA Darden DC Metro and the offices of Cooley LLC in Reston, Virginia 9-11 January 2020 E-Cup Idea Workshop Damon DeVito, Darden Faculty 27 January 2020 Tech Club Lunch & Learn: The Future of Digital Integrity Co-hosted by the Entrepreneurship and Venture Capital Club Mandeep Dhillon (MBA ’96, Law ’00), Integrity Product Manager, Facebook 4 February 2020 Intro to Python Workshop 24 February 2020
Entrepreneurs Only Networking Event Co-hosted by the Entrepreneurship and Venture Capital Club 25 February 2020 Startup Seminar: The Investor Thesis 26 February 2020 Tech Club Workshop: Intro to Tableau Co-hosted by the Consulting Club 2 March 2020 Launch! Competition Workshop: Pitch Perfect David Touve, Senior Director, Batten Institute 23 March 2020 (virtual) Workshop: Intro to Tableau 3 April 2020 (virtual) What’s Next: Building Momentum After E-Cup and Graduation Panel of past E-Cup participants and alumni 23 April 2020 (virtual) The Future of Food Brett Bohl (MBA ’09), Managing Director, Techstars Farm to Fork Accelerator and Founder, Syndicate Fund 23 April 2020 (virtual) “Making Sense of an Upside-Down World”: VC and Entrepreneurship During and After Crisis Jonathan Ebinger (MBA ’93) and Sean Foote (MBA ’93), co-founders of Transform Capital 30 April 2020 (virtual)
Education
Support for 9 Student Clubs STUDENT CLUBS
Student interest in entrepreneurship, innovation and technology is exploding, and that’s reflected in the wide range of our students’ industry, professional and affinity clubs that undertake activities that support the development of entrepreneurial leaders. Therefore, we are pleased to provide a variety of financial and logistical assistance to the following Darden clubs for their events and programs in 2019-20: Entrepreneurship and Venture Capital Club 110 members
Data Science Club 52 members
FinTech Club 45 members
Technology Club 185 members
Business Innovation & Design Club 140 members
Net Impact Club 100 members
Darden School of Brew 43 members
Wine & Cuisine Club 166 members
Events co-hosted with clubs: Female Entrepreneurship Panel Co-hosted by the Entrepreneurship and Venture Capital Club and Graduate Women in Business Moderator: Jade Palomino (MBA ’20), cofounder, Slay Beauty Pass Panelists: Kristina Loftus (MBA ’17), co-founder, Rhoback; Kim Diaz (MBA ’19), founder, oneTILT; Kelly Bonilla (MBA ’20), co-founder, Slay Beauty Pass; and Rachel Breuhaus (MBA ’15), founder and former CEO, Cassimir Club 16 September 2019 Entrepreneurship Through Acquisition (EVC Week Offering) Co-hosted by the Entrepreneurship and Venture Capital Club W. Shannon Jones, Managing Partner & Founder, Halstatt Legacy Partners 17 September 2019 The Venture Capitalist’s Playbook: Journey into Venture Co-hosted by the Entrepreneurship and Venture Capital Club Moderator: Aaron Fernstrom, Director, Mayo Center for Asset Management Panelists: Gene Riechers, Venture Partner, Sands Capital Ventures; Scott Caras (MBA ’13), Managing Director, Breakaway Ventures; and Brett Andersen (Col ’14), Manager | Investor, Bullish 18 September 2019 Tech Club Lunch & Learn: AI Effects on the Macro Economy Professor Anton Korinek 29 October 2019 Entrepreneurs Only Networking Event Co-hosted by the Entrepreneurship and Venture Capital Club 25 February 2020
Retail & Luxury Goods Club 43 members
Tech Club Workshop: Intro to Tableau Co-hosted by the Consulting Club 2 March 2020
BATTEN INSTITUTE
|
19
Education 6 pan-university entrepreneurship competitions
389 students
awarding more than
$500,000
in grants and investments
competed in the 2019 University Entrepreneurship Competition
COMPETITIONS
University of Virginia Entrepreneurship Cup The Batten Institute is a founding member of the pan-University team that develops and delivers the University of Virginia Entrepreneurship Cup (E-Cup), an annual competition that seeks to enrich the entrepreneurial community by encouraging students to pursue new ventures with the potential to address unmet needs and solve social and economic problems. The competition is open to any student in the UVA community from all 12 schools at the University.
The E-Cup is a series of events that occur across the academic year, consisting of the following three stages: Concept Competition: $25,000 in total awards
UVA's Entrepreneurship Cup trophy
Students are encouraged to come up with out-of-the box ideas that could be translated into compelling projects. Competitions are held along five tracks: • Health Care Services & Technologies • Social Entrepreneurship • Consumer/Business-to-Business • Science/Technology/Innovation • UVA Wise
Discovery Competition: $25,000 in total awards
Centered on the principles of effectuation with customer and product development, in this second stage of the competition, students demonstrate they have taken steps to “de-risk” their idea.
Launch! Competition: $45,000 in total awards
In the final phase of competition, students provide evidence of real customer and stakeholder demand and a vision for how the venture could become a sustainable business or nonprofit.
Darden Strategic Competition Initiative We also support student travel to attend strategic competitions in the areas of entrepreneurship and innovation. In 2019–20, the institute sponsored 11 students to attend design, pitch and investment competitions across the U.S. prior to the COVID-19 pandemic.
The team from Darden won second place in the annual Venture Capital Investment Competition hosted by the University of North Carolina’s Kenan-Flagler School of Business.
20
|
BATTEN INSTITUTE
Education ONLINE
ONLINE COURSES
Many of Darden’s most powerful and popular online courses have been developed and delivered by faculty affiliated with and supported by the Batten Institute. Following is a sample of the offerings available during the 2019-20 academic year:
Darden Executive Education Offerings
Single Courses on Coursera
Masters of Science in Business Analytics Courses (hybrid format, asynchronous and real-time) • Leadership I: Management Communications • Leadership II: Strategy Consulting • Leadership III: Digital Design • Leadership IV: Software Applications • Leadership V: Managing with Agile • Feedback/Management Communications • Managing Information for Analytics • Strategic Data Analytics for Leaders • Design Thinking for Innovative Business Problem Solving
• Advanced Business Strategy • Artificial Intelligence in Marketing* • Continuous Delivery & DevOps • Customer-Centric IT Strategy • Design Thinking for Innovation • Design Thinking for the Greater Good: Innovation in the Social Sector • Digital Product Management: Modern Fundamentals • Digital Transformation • Grow to Greatness: Smart Growth for Private Businesses, Part I • Grow to Greatness: Smart Growth for Private Businesses, Part II • Innovating with the Business Model Canvas • Marketing Analytics • فحملا راكفألا ةغايص ّ ِ( راكتبالا ىلع ةزDesign Thinking for Innovation in Arabic) • ( ةمدقتملا لامعألا ةيجيتارتسإAdvanced Business Strategy in Arabic) • ( يمقرلا لّوحتلاDigital Transformation in Arabic)
Design Thinking and Innovation Specialization (Professor Jeanne Liedtka) • Design Thinking, Part 1: Insights to Inspiration • Design Thinking, Part 2: Ideas to Action • Creating the Innovative Workplace • Discovery Tools • Design Thinking Workshop
Specialization Courses on Coursera Agile Development Specialization • Agile Analytics* • Agile Meets Design Thinking • Running Product Design Sprints • Managing an Agile Team • Hypothesis-Driven Development • Agile Development in Practice • Business Strategy Specialization • Advanced Business Strategy • Business Growth Strategy • Business Strategy in Practice • Foundations of Business Strategy • Strategic Planning and Execution
Coding for Designers, Managers and Entrepreneurs* • Coding for Designers, Managers and Entrepreneurs, Part I* • Coding for Designers, Managers and Entrepreneurs, Part II* • Coding for Designers, Managers and Entrepreneurs, Part III*
Digital Product Management Specialization • Digital Product Management • Agile Meets Design Thinking • Hypothesis-Driven Development • Agile Analytics
50 online courses in entrepreneurship, innovation and technology, with more than 700k students
* New offering in 2019-20
BATTEN INSTITUTE
|
21
FEATURE RESEARCH
EDUCATION
EXPERIENCE
VentureLab Goes Virtual P. 29
Experience WE OFFER A PORTFOLIO
of internship experiences, networking programs, events and startup resources that enable us to empower, inspire and connect entrepreneurial leaders.
IN THIS SECTION
INTERNSHIPS 23 NETWORKING 24 EVENTS 25 STARTUPS 28
Experience INTERNSHIPS
Internships
To help our students secure highly competitive and rare internship opportunities with early-stage ventures, we are proud to offer a unique pair of programs that provide support, selection, funding and mentorship for those committed to acquiring operational experience with a startup while they are at Darden.
Batten Technology Venture Fellowship
Batten Venture Internship Program
The Batten Technology Venture Fellows program offers Darden students an intensive, operational experience with early-stage technology ventures during a 10-week fellowship. The purpose of this program is to embed Darden MBAs in high-potential, high-growth ventures, giving them hands-on project experience; mentorship and coaching; a rich network of connections and contacts; and the inspiration to follow an entrepreneurial path after Darden.
This program provides Darden students the opportunity to pursue summer internships with startups. In addition, students may choose to work for search funds, recent grads conducting a search, or their portfolio companies. Students gain the experience of working for a startup or closely held enterprise, and the ventures benefit from having access to talented Darden MBA students for the summer. To promote and support student involvement with these firms, Batten Institute provides a matching stipend to supplement a student’s summer salary, if the venture meets certain criteria.
Program sponsors for 2019-20 included: BlueRun Ventures (Menlo Park, CA) Glynn Capital Management (Menlo Park, CA) Greenspring Associates (Owings Mills, MD and Palo Alto, CA) KEC Ventures (New York, NY) 2020 Fellows: Michael Bojanski Anagram (formerly Patch), KEC Ventures
Amanda Gex Grove Collaborative, Glynn Capital Management
Program sponsors for 2019-20 included: Acessa Health Alton Lane Bharat Innovation Fund BrightSpec e-notice Fin Venture Capital Ground Control Limited’s Evergreen Fund Honey Mama’s Lend-Grow Madison Energy Investment Novo Vista PostMatrix Bioscience LLC Sonnest, Inc. Tech Dynamism Thinkful Tradeswell UVA LVG Seed Fund
Afton Partners Atmospheric Plasma Solutions Botanical Designs LLC Cerillo EnPower, Inc. Fonbank Hava, Inc. Icarus Medical Lore Systems, Inc. MURAL PERC Coffee ReGelTec Sunny Day Fund, Inc. Tellus App, Inc. Three Notch’d Brewing Company Trancendent Willy
BATTEN INSTITUTE
|
23
Experience NETWORKING
Darden Connect Darden Connect is a multi-day, immersive program for select MBA students interested in entrepreneurship and venture capital careers who demonstrate a commitment to pursuing opportunities in venture during or immediately after their Darden education. The program offers unique connections to key individuals, companies and organizations active in venture communities across the United States, establishing a network of founders and investors that students can begin to cultivate prior to graduation. Since 2018, four Darden Connect cohorts have completed the program, offered in the San Francisco Bay Area and Austin, Texas. Bay Area Connect – 21-23 October 2019 Speakers and Hosts: Jonathan Becher, San Jose Sharks Andy Bugas (MBA ’86), Radar Partners David Burke (Com ’88, Law ’93), Makena Capital Management Kevin Compton, Radar Partners Jonathan Ebinger (MBA ’93), BlueRun Ventures Cathy Friedman (MBA ’86), independent consultant Jackie Glynn (MBA ’93), Glynn Capital Management John Glynn (Law ’65), Glynn Capital Management Whitney Hagan (MBA ’18), VSCO John Kollins, Satsuma Pharmaceuticals Doug Mackenzie, Radar Partners Larry Lenhart, Playground Ventures Greg Lutze, VSCO Tim Kunihiro, Rippleworks Jerry Nemorin (MBA ’08), LendStreet Charlie O’Connell (MBA ’08), Frisco Brandy John Shaughnessy (MBA ’07), LiveRamp Katy Shields, VSCO Emily Westerhold, VSCO Jeff Yasuda, Feed.FM
Batten Salon Dinners Batten Salon Dinners are small, curated alumni-student gatherings, where leaders in technology, entrepreneurship, innovation and venture capital are joined by Darden student cohorts outside Charlottesville. In 2019–20, Batten Salon Dinners were concurrent with Bay Area Connect and included Darden alumni as well as leaders in ventures from across the UVA network.
24 |
BATTEN INSTITUTE
Charlottesville Entrepreneurs and Espresso We sponsor this popular, monthly gathering for local entrepreneurs in which both a seasoned entrepreneur and the founder of a new venture share their experiences over coffee.
San Francisco Bay Area Leadership We support Darden’s strategic commitment to California’s San Francisco Bay Area, the world’s global hub of innovation and technology, through a full-time presence in San Francisco. Under the leadership of Robyn Swift, Batten’s director of strategic initiatives, we aim to accelerate entrepreneurial talent at Darden through programs for students, faculty and staff, built upon connections with companies, business leaders and the robust network of UVA alumni in the Bay Area.
Robyn Swift, Batten’s Director of Strategic Initiatives
Experience EVENTS
Lorrana Scarpioni, CEO, Beliive, presents a keynote address at the Psychology of Technology Conference in November 2019.
Southeast Entrepreneurship Through Acquisition (SEETA) Conference
Psychology of Technology Conference
6-7 September 2019 Duke Fuqua School of Business
The Psychology of Technology Institute partnered with the Batten Institute to convene the fourth annual New Directions in Research on the Psychology of Technology Conference. Professor Roshni Raveendhran led the conference, which brought together eminent scholars, industry experts and policymakers to reflect on critical challenges and unique opportunities emerging from technologies such as automation, artificial intelligence and algorithmic decision-making to promote better understanding of the human-technology relationship.
The Batten Institute co-sponsored the SEETA Conference with Duke Fuqua School of Business and the UNC Kenan-Flagler Business School to educate, encourage and equip current students and recent MBA graduates in pursuit of the acquisition and operation of a small or mid-sized business.
8-9 November 2019 UVA Darden Sands Family Grounds, greater Washington, D.C.
Keynote speakers included: Cynthia Breazeal, Professor of Media Arts and Sciences and Associate Director, MIT Media Lab Arthur (Skip) Lupia, Head of the Directorate for Social, Behavioral and Economic Science, National Science Foundation Lorrana Scarpioni, CEO, Beliive
BATTEN INSTITUTE
|
25
Experience EVENTS (CONTINUED)
ClimateCAP: The Global MBA Summit on Climate, Capital and Business 21–22 February 2020 Darden School of Business Organized by the Batten Institute through our Business and Climate Change Initiative, Darden hosted ClimateCAP, drawing more than 170 MBA students from 24 different business schools, as well as many Darden alumni and professors. The aim of the event was to help MBAs gain a deeper understanding of how climate change is shaping industries and markets; where the biggest financial and operational risks lie; and what promising innovation and entrepreneurship opportunities are emerging. Darden faculty speakers included: Professors Mike Lenox, Ed Freeman, Pedro Matos, Morela Hernandez and June West. The program was developed in partnership with Duke, Penn, Harvard, Stanford, Yale, MIT, London Business School, Michigan, Cornell, UNC, NYU, Georgia Tech, Northwestern, Texas-Austin and Georgetown. Financial support was provided by Carrier Corp., Dominion Energy, Corning and Apex Clean Energy. Keynote speakers included: Scott Price (MBA/MA ’90), Chief Strategy and Transformation Officer, UPS Wendy Srnic, Ph.D., leader of integrated field science, Corteva Agriscience Mark Kaye, CFO, Moody’s Brad Sparks, Director, The Prince of Wales’s Accounting for Sustainability, US CFO Leadership Network Bruno Sarda, President, CDP North America Matt Arnold, Managing Director and Global Head of Sustainable Finance, JP Morgan Chase
ClimateCAP drew more than 170 MBA students from 24 business schools Top image: (Left to right) Professor Pedro Matos; Bruno Sarda, president, CDP North America; and Matt Arnold, managing director and global head of sustainable finance, JP Morgan Chase.
26
|
BATTEN INSTITUTE
Experience
Batten Presents Created in response to the pandemic, Batten Presents is a new, virtual speaker series introduced in spring 2020 and hosted by the Batten Institute’s director of strategic initiatives, Robyn Swift. The series features industry leaders, experts and entrepreneurs who discuss their career paths, present-day roles, and perspectives on business. All Darden students were invited to attend each session, which included an interview and live Q&A. Select sessions were also available to UVA alumni. Batten Presents in 2019-20 included: The Future of Food Brett Bohl (MBA ’09), Managing Director, Techstars Farm to Fork Accelerator and Founder, Syndicate Fund 23 April 2020 (virtual) “Making Sense of an Upside-Down World”: VC and Entrepreneurship During and After Crisis Jonathan Ebinger (MBA ’93) and Sean Foote (MBA ’93), co-founders of Transform Capital 30 April 2020 (virtual) Effectuation Part I Professor Saras Sarasvathy 22 May 2020 Effectuation Part II: Art of the Ask Professor Saras Sarasvathy and Doug Lebda (EMBA ’14), Founder and CEO of LendingTree 9 June 2020 Leveraging Uncertainty: Lead Like an Entrepreneur Professor Saras Sarasvathy and David Touve, Batten Institute Senior Director 8 July 2020
BATTEN INSTITUTE
|
27
Experience STARTUPS
Startups
In 2019-20 we introduced a comprehensive suite of new programs tailored to meet the varied needs of Darden’s current and prospective entrepreneurs. Highlights included opportunities to engage with our extensive alumni network, receive academic credit for entrepreneurial projects, and apply for venture funding from our competitive incubator and accelerator programs.
NEW! IN 2019–20
NEW! IN 2019–20
Venture L(a)UNCH Meetup Venture L(a)UNCH, hosted by venture programs director, Jason Brewster, is a weekly lunch meetup for Darden student founders and faculty, funders, mentors and advisers. Participants are encouraged to present unmet needs related to their venture and to discuss how the group can help.
Venturing Projects (x) Through VP(x), the Batten Institute provides select Darden students and UVA alumni with enhanced support for developing ideas for new ventures. Darden students can pursue their own venture through an independent study format. Support includes: • Proposal development assistance, including establishing meaningful learning objectives and measurable outcomes • Assistance selecting a faculty advisor • Regular milestone coaching and ongoing check-ins • Feedback on deliverables • Mentorship for validating, iterating and advancing the venture project, consistent with academic requirements
NEW! IN 2019–20
Venture Mentors and Advisers Program (vMAP) vMAP facilitates connections between industry experts and student entrepreneurs currently participating in our venture programs. The mentors and advisers volunteer to support students and early-stage startups by sharing their industry expertise, business knowledge, and other resources, as appropriate. The range of their backgrounds is extensive, covering industries such as biotech, big data and business analytics, artificial intelligence, clean and smart energy fintech, agriculture, product manufacturing, transportation, and retail.
More than 100 industry experts served as mentors and advisers
28
|
BATTEN INSTITUTE
Experience
VentureLab Goes Virtual
VentureLab Incubator shifted to an entirely virtual curriculum and coaching in the COVID-19 pandemic during summer 2020. The new approach featured a robust slate of instruction via video calls and online webinars with Darden faculty, including Professors Raul Chao, Damon DeVito, Yael Grushka-Cockayne, Saras Sarasvathy and June West, along with industry experts, such as Doug Lebda (EMBA ’14), founder and CEO of Lending Tree. In addition, for the first time, all speaker and workshop sessions were made freely available to current Darden students and alumni in order to complement their opportunities for lifelong learning.
VentureLab Incubator
Since its first cohort in 2000, VentureLab, an early-stage venture program, has provided nearly $1.5 million in grants to upwards of 275 companies, supporting nearly 450 founding team members. VentureLab welcomes applications from any team with at least one founder who is a current student, faculty, or staff member at UVA, including College at Wise, or is an alumnus/alumna from the past three years.
VentureLab Benefits: Up to $7,500 in non-dilutive grant funding for each venture Additional supplemental support, up to $5,000, available for current Darden students (founder/co-founder) selected for the program Dedicated workspace during the summer residency (June through August) Regular workshops, online resources and special events Legal support (e.g., incorporation, operating agreements) Mentorship and advisory support from experienced founders and industry experts Access to community and connections Immersion in the principles of effectuation Eligibility to apply for the Kathryne Carr Award for Entrepreneurial Excellence Potential for investment consideration by the UVA LVG Seed Fund
BATTEN INSTITUTE
|
29
Experience STARTUPS (CONTINUED)
2020 VentureLab Teams
Arbitrage, founded by Jasmanet Chahal (Col ’21), Mihir Tandon (Col ’21), Sai Samayamanthula (Col ’20), Aditya Sorot (Col ’21) and Pramod Grama (Col ’21), aims to become a sustainable fashion brand and the premier destination for college students to buy their clothing.
30
|
DoubleThink News, founded by Jeffrey Tan (Engr ’20) (Engr ’23), Hao Liu (Engr ’20), and Johnny Wong (Engr ’21), is a platform for today’s news readers to discover and identify different viewpoints about trending news topics.
Pick-Me-Up, founded by Sasha Duckworth (Col ’21), Emily Smith and Kurien Thomas (Batten ’21), is a mental health first-aid kit that equips stressed people with wellness items and mindfulness exercises.
Q-Rayt, founded by Srikar Gullapalli (MBA ’20), enables universities to build digital lifelong learning communities around their knowledge assets, with Reddit-like social engagement.
Rise Energy Systems, founded by Matthew Miller (Engr ’21) creates ground-based, remotely deployed solar panels that allow energy to be generated in underutilized areas such as driveways and parking lots.
SergoMED, founded by Kevin Chang (Engr ’20), Vincent Sciortino (Engr ’20), and Vikram Seshadri (Engr ’20), is developing an auxiliary medical device to mitigate musculoskeletal overuse injuries associated with operating endoscopes during colonoscopy.
TACK was founded by Stephen Joy (MBA ’20) and Alexander Spencer (MBA ’20) with the idea of simplifying money transfers where we need it most. We provide a digital platform for traditionally cash transactions like tips and donations.
Transfoam, founded by Alec Brewer (Engr ’21), Simonne Guenette (Col ’22), and Kobe Rogers (Col ’21), tackles multiple ends of the plastic problem by upcycling waste styrene to produce PHBs.
BATTEN INSTITUTE
Experience
PERC, founded by Alan Fischer (MBA ’20), is building the South’s leading craft coffee brand focusing on community-oriented cafes and empowering wholesale relationships.
Qwerty, founded by Devansh Agarwal (Col ’20) and Nikhil Saraf, is a platform where students can connect, request and share lecture notes directly with their peers in the same class.
SHA D OWD O C ShadowDoc, founded by Nitin Tiwari (Res ’20) and Benjamin Tran (Med ’20), connects high school and college students with medical professionals to arrange shadowing experiences in a variety of specialties.
Piaz, founded by Saule Kassengaliyeva (MBA ’20), offers flavorpacked dumplings inspired by recipes of female refugees and immigrants who want to share their heritage with eaters across the U.S.
RevArt, founded by Patti Pan (MBA ’20), Vivian Song, Michael Song (MBA ’20), Jiacheng Li (MBA ’21), and Wen Zhang (MBA ’21), is a professional art resource service platform connecting commercial brands or business owners with artists and art IP rights.
Shelf Life, founded by Jack Hermann (Engr ’21), Anisha Sharma (Engr ’21), and Andrew Wheatley (Engr ’21), is developing two vacuum drawers that can replace standard refrigerator shelf drawers to drastically increase the shelf life of your produce.
WORM WORK S VisitAble, founded by Joe Jamison (Col ’19), increases disability etiquette, helps businesses become mobility-friendly, and offers a database for mobility-related information.
Worm Works, founded by George Ardura (Engr ’23) and Taylor Kamhong (Col ’21) is a large-scale vermicomposting operation that utilizes biodegradable waste to synthesize high-quality fertilizer.
BATTEN INSTITUTE
|
31
Experience STARTUPS (CONTINUED)
“Third & Main” in downtown Charlottesville houses Catalyst on the second floor.
Catalyst Accelerator Catalyst is a long-format accelerator program, providing early-stage startups in Central Virginia with nine months of program support, including: $20,000 in grant funding, workspace, monthly programming, staff, a large network of founders and industry experts, and access to nearly $50,000 in additional resources. The program is a multi-stakeholder initiative, thanks to funding from and a collaboration among a range of public and private organizations in Central Virginia: Virginia’s Growth and Opportunity Initiative (GO Virginia), Central Virginia’s Partnership for Economic Development the Batten Institute, as well as the economic development offices of the City of Charlottesville, Albemarle County and the University of Virginia.
32
|
BATTEN INSTITUTE
Experience
2019–20 Catalyst Participants BEATDiabetes, founded by Susan Blank, catalyzes behavioral change, improves health, and lowers costs in populations with Type 2 diabetes through the use of clinically proven mobile technology solutions, with a special focus on underserved populations that face barriers to care. Brave Virtual Worlds, founded by William Kodama, Dhyey Parikh, Pranav Sridhar, and Evan Magnusson, is a hardware company that has developed a resistive exoskeleton worn with current virtual reality headsets to simulate touch and physical interaction in VR. CardBoard Live, founded by Wilson Hunter and James Hsu, creates multi-platform interactive live stream experiences for esports and hobby games. The experiences revolutionize live streaming with integrated ecommerce and AI-powered game analysis. DataClassroom, founded by Dr. Aaron Reedy, lets students and teachers in grades 6-12 engage with data through a web app that makes graphing and statistics easy and fun. Icarus Medical, founded by Dave Johnson, is introducing a new class of knee brace called a “tri-compartment unloader.” The Icarus brace helps people with knee pain stay active by unloading significant weight from the knee.
Lytos Technologies, founded Bryan Berger and Evan Eckersley, aims to empower growers, restore crop yields, and ensure consumer health through development of green, enzymatic, broad spectrum biofungicides for preand post-harvest protection of high-value crops. Metallum3D, founded by Nelson Zambrana, is a metal 3D printing service that utilizes low-cost, high-performance 3D printing equipment to provide affordable access to metal 3D printing. Northshea, founded by Charity Dinko and Felix Sam, is an all-natural and sustainable shea butter based cosmetic line that functions to relieve dry skin while alleviating poverty. Scanoptix, founded by Dr. Arjun Dirghangi, is an intelligent medical diagnostic device and platform that automates and augments in-exam medical imaging by doctors, enhancing quality, efficiency and billing. Slay, founded by Kelly Bonilla and Jade Palamino, is the most affordable and flexible beauty membership ever. A ClassPass for beauty, Slay lets consumers seamlessly book appointments at salons.
Kathryne Carr Award for Entrepreneurial Excellence The Kathryne Carr Award for Entrepreneurial Excellence, named for Kathryne Carr, the director of the Batten Institute’s incubator program when it was housed in the Lyons W. Brown III Innovation Laboratory (“i. Lab”), recognizes the entrepreneur(s) whose venture demonstrates the greatest potential for commercial success and whose founder/team best embodies magnetic, selfless leadership. 2020 Award Recipient CardBoard Live, founded by Wilson Hunter and James Hsu, creates multi-platform interactive live stream experiences for esports and hobby games. The experiences revolutionize live streaming with integrated ecommerce and AI-powered game analysis.
BATTEN INSTITUTE
|
33
Experience ALUMNI FOUNDERS DATA
DARDEN ALUMNI VENTURES OPERATE ALL OV ER THE WORLD ACROSS DIVERSE INDUSTRIES
VENTURE STAGE
MONEY RAISED (USD)
Seed
100 M 582 M 1,060 M 1,365 M 987 M 4,094 M
Early Stage Venture Late Stage Venture
Fundraising for ventures started by Darden alumni spiked to $1.683 billion in 2019, thanks in large part to the success of Udaan, an Indian-based startup co-founded by Vaibhav Gupta (MBA ’08).
Private Equity Unknown Total
$1,683M
$1700 M $1600 M $1500 M $1400 M $1300 M $1200 M $1100 M $1000 M $900 M $800 M $700 M
$621M
$600 M $500 M
$403M
$400 M
$310M
$300 M $200 M $100 M
$62M
$60M
2011
2012
$119M
$128M
2013
2014
$320M $190M
$0 M
34
|
BATTEN INSTITUTE
2015
2016
2017
2018
2019
2020
Experience TOP COMPANIES BY EQUITY RAISED Company
Founders
Equity Funding
Founded
Business
Year Founded
(USD)
Discovery Midstream
Drew Chambers (MBA ’11), Steven Meisel
1,000 M
Dallas, Texas
Discovery Midstream is a provider of oil and natural gas gathering and natural gas processing services.
2016
Udaan
Amod Malviya, Sujeet Kumar, Vaibhav Gupta (MBA ’08)
900 M
Bangalore, Karnataka, India
Udaan is a B2B trade platform that brings manufacturers, traders, retailers and wholesalers into a single platform.
2016
Connect Midstream
Brandon Webster, Chad Cagle, Zach Gray (MBA ’11)
300 M
Edmond, Oklahoma
A provider of a full suite of midstream services.
2017
CANbridge Pharmaceuticals
James Xue (MBA ’02)
181 M
Beijing, China
CANbridge Pharmaceuticals is a bio-pharmaceutical company accelerating development and commercialization of specialty healthcare.
2012
Compare.com
Andrew Rose (MBA ’03)
175 M
Glen Allen, Virginia
Real, unbiased car insurance quotes and side-by-side comparisons help you find the best value on car insurance.
2013
EdgeConneX
Edmund Wilson (MBA ’02)
122 M
Herndon, Virginia
EdgeConneX delivers innovative edge infrastructure solutions.
2009
Mettle Midstream
Drew Bredthauer, Matthew Innamorati (MBA ’11)
100 M
Dallas, Texas
Mettle Midstream Partners is a Dallas-based independent midstream company serving producers operating in unconventional shale plays.
2018
Ankura Consulting Group
Roger Carlile (GEMBA '16)
100 M
Washington, District of Columbia
Ankura Consulting Group is a business advisory and expert services firm.
2014
Satsuma Pharmaceuticals
John Kollins (MBA '89)
74 M
South San Francisco, California
Satsuma Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in developing a novel therapeutic product.
2016
X4 Pharmaceuticals
Henri Termeer (MBA ’73), Keith Flaherty, Renato Skerlj, Richard Peters
64 M
Cambridge, Massachusetts
X4 Pharmaceuticals a clinical-stage oncology company developing best-in-class oral small molecule CXCR4 antagonists for the treatment.
2014
PUBLICLY LISTED COMPANIES Company
Founders
IPO Year
Headquarters
Business
Year Founded
Colfax Corporation
Philip Knisely (MBA ’78)
2008
Richmond, Virginia
Colfax provides industrial pumps and other fluid-handling equipment, including pumps for diesel engines, crude oil transfers and marines.
1995
LendingTree
Douglas Lebda (EMBA ’14), Jamey Bennett
2008
Charlotte, North Carolina
LendingTree is an online lending exchange that connects consumers with multiple lenders who compete for their business.
1998
Diffusion Pharmaceuticals
David G. Kalergis (MBA ’80), John L. Gainer
2016
Charlottesville, Virginia
Diffusion Pharmaceuticals develops small-molecule therapeutics for treating life-threatening medical conditions.
2001
Stemgent
Ian Ratcliffe (MBA ’94)
2013
Cambridge, Massachusetts
Stemgent is a provider of reagents, services and training for scientists who study cellular reprogramming (iPS cells).
2007
Adial Pharmaceuticals
Bankole Johnson, William Stilley (MBA ’97)
2018
Charlottesville, Virginia
Adial Pharmaceuticals develops prescription medications for addiction and related disorders.
2010
Neofect
Hoyoung Ban, Scott Kim (MBA ’11), Young Choi
2018
San Francisco, California
Neofect develops innovative home exercise devices and software for stroke survivors' fast recovery and rehabilitation.
2010
Precipio Diagnostics
A. Zaki Sabet, Ilan Danieli (MBA ’00)
2000
New Haven, Connecticut Precipio Diagnostics is a cancer diagnostics reference laboratory delivering advanced diagnostics, advice and personalized medicine.
2011
Enviva Partners
John Keppler (MBA ’02)
2015
Bethesda, Maryland
Enviva Partners is the world's largest producer of sustainable wood pellets.
2013
Satsuma Pharmaceuticals
John Kollins (MBA ’89)
2019
South San Francisco, California
Satsuma Pharmaceuticals is a clinical-stage biopharmaceutical 2016 company engaged in developing a novel therapeutic product.
BATTEN INSTITUTE
|
35
Alumni News
12/6/19
12/26/19
Venture Capitalists Raise Unique Fund With Profit and Purpose to Benefit UVA, Darden
Alumna’s Venture Named Startup of the Year
Jonathan Ebinger (MBA ’93) and Sean Foote (MBA ’93) have created Transform Capital, a fund to invest in late-stage venture deals with a promise to donate their “carry” — the profit earned on a future deal — to UVA and the Darden School.
Amanda Joseph’s (MBA ’19) travel-planning platform has been named an “MBA startup to look out for” and the 2020 MBA startup of the year by the MBA-focused publication BusinessBecause.
2/13/20
4/7/20
Power of Love: New Business Shows Darden Boosts More Than Just Grads
UVA Darden Grads’ Rhoback Apparel Company Shifts Focus to ‘Victory Mask’ Production
Darden Partners Brittany Schmid and Katy Doar met while their husbands attended Darden and went on to found The Bunny Hive — a boutique social studio located in suburban Atlanta for parents and their children offering “grownup and me” classes designed for kids ages 0 to 3 years.
Rhoback, the line of stylish activewear owned and operated by Matt (MBA ’16) and Kristina Loftus (MBA ’17), has temporarily shifted much of its production from performance polo shirts, Q-Zip pullovers and performance T-shirts to face masks intended to stop the transmission of COVID-19.
36
|
BATTEN INSTITUTE
Alumni News
5/12/20
5/12/20
Dreams of Dumplings and Craft Beer Power UVA Darden Class of 2020 Student
2 UVA Darden Class of 2020 MBAs Working on At-Home Colon Cancer Screenings
Encouraged by Darden Professors Saras Sarasvathy and Damon DeVito, Saule Kassengaliyeva (MBA ’20) launched Piaz LLC, making and selling dumplings intended to pair perfectly with beer and tell the story of the culture from which they emerged.
For two years, Dr. Taison Bell (MBA ’20) and Timothy Harvey (MBA ’20) juggled the Darden Executive MBA program while getting their company, Owl Peak Labs, up and running. Its first product is an imaging pill that can scan a patient’s gastrointestinal tract for polyps or other early signs of colon cancer.
6/2/20
6/15/20
UVA Darden Grads Launch Natural Beauty Products Line, Empower Women of Color
Cheese, Please: Shark Tank Investors Wanted a Bite of Darden Grad’s Cheese Biz
Allison Shimamoto (MBA ’19) founded Oemi Botanicals, a “nutrition-forward” natural beauty product company when she realized that there was a tremendous need for natural products designed to work with Type 4 curly hair.
David Scharfman (MBA ’16) came on the show seeking a $500,000 investment for 5 percent of the equity in Just the Cheese, his company that produces bars that mimic the crunchy cheese from a grilled cheese sandwich that melts into the pan.
Find more at news.darden.virginia.edu/topic/entrepreneurship-and-innovation BATTEN INSTITUTE
|
37
Team
Administration
Sean Carr
Gayle Noble
Executive Director and Office Manager Assistant Professor B.A., Northwestern University; M.S., Columbia University; MBA, University of Virginia Darden School of Business; Ph.D., University of Virginia
Derry Wade
Debbie White
Director of Communications and Outreach
Director of Finance and Operations B.A., University of Virginia; M.A., George Washington University
A.B., Smith College; M.A., University of Virginia
Education
Experience
Madelyn Taylor
MJ Dougherty Toms
Jason Brewster
Sandra McCutcheon
Robyn Swift
David Touve
Assistant Director, Student Programs
Director, Education and Experiential Learning
Director, Venture Programs
Assistant Director, Venture Programs
Director of Strategic Initiatives
Senior Director, Ventures
B.A., Austin College: M.S., Stanford University
B.A., University of Maryland University College, Europe; M.A., University of Texas, San Antonio
(based in San Francisco, CA)
B.A., Northwestern University; MBA, Australian Graduate School of Management; Ph.D., Vanderbilt University
B.S., James Madison University
B.A., Williams College; MBA, Yale University
Research
Mary Andrews
Rebecca Duff
Program Operations and Special Projects Manager
Senior Research Associate
B.S., James Madison University; M.Ed. William & Mary
38
|
B.S., Mary Washington College; M.S., Johns Hopkins University
BATTEN INSTITUTE
Malgorzata “Gosia” Glinska Associate Director, Research Impact B.A., University of Gdansk, Poland; M.A., Boston University; M.F.A., University of Virginia
Asif Mehedi Associate Director, Research and Faculty Support B.B.A., University of Dhaka; MBA, University of Virginia Darden School of Business
B.A., University of Virginia
Financials
Administration & Outreach $716,029
11% Faculty Salaries $2,058,559
32%
12
%
2019–20
Education & Experiential Learning $768,543
O PERATING BUD G ET
6,461,751
$
11%
Ventures $687,648
12% Research & Ideas $773,942
22% Scholarships $1,457,030
FINANCIAL RESOURCES for supporting entrepreneurship, innovation and technology at Darden are provided through a restricted endowment first established by Frank Batten Sr. and the Batten family in 1999, with subsequent contributions from alumni and friends of Darden.
BATTEN INSTITUTE
|
39
Fact Sheet
Endowment
$135.9 million (as of 30 June 2020)
Restricted, endowed funds that support entrepreneurship and innovation through faculty, research, scholarships, courses, cocurriculars, competitions, internships and venture programs. ADMINISTERED BY: Batten Institute
Faculty
20 Darden faculty
Tenure- and non-tenure-track faculty fellows or grant recipients supported by the Batten Institute. ANNUAL FUNDING: $2.5 million in faculty support
Staff
14 full-time Darden staff
Full-time staff supporting faculty research, student education, and venture programs in entrepreneurship, innovation and technology. LOCATIONS: Charlottesville, San Francisco
Scholarships
13 MBA awards
Two-year MBA merit scholarships in entrepreneurship, innovation and technology.
Courses
36 MBA electives
TOTAL ENROLLMENTS:
Cocurriculars
32 non-credit programs
Short programs, workshops, bootcamps and field experiences (many are university-wide). TOTAL # PARTICIPANTS: 950 students
Internships
45 subsidized summer MBA jobs with startups and VCs
Programs supporting MBA summer internships with startups, VCs, or early-stage technology ventures. TOTAL FUNDING PROVIDED: $113,000 in stipends
UVA E-Cup
$95,000 in awards
Annual, three-part series of pan-university venture competitions TOTAL # PARTICIPANTS: 296 students TOTAL UVA SCHOOLS PARTICIPATING: 12
Venture Incubator
16 early-stage teams (pan-university)
Darden’s Batten Institute operates and funds the longest-running early-stage venture program in the Commonwealth, serving UVA-affiliated teams (i.e., students, staff, faculty) and those with no University affiliation. Teams receive grants, legal support, dedicated workspace, workshops, mentorship and additional resources.
655 students
% MBAS ENROLLED:
72% all MBAs
2000 GRANT SUPPORT PER TEAM: $5,000+ 275 ventures TOTAL # FOUNDERS: 500 founders TOTAL FUNDING PROVIDED: $1.5 million TOTAL INVESTMENT RAISED: $250 million FIRST YEAR OF OPERATION: TOTAL # COMPANIES:
Venture Accelerator
10 high-growth teams (pan-university)
In Fall 2019, the Batten Institute will launch a new accelerator program in partnership with the UVA Office of Economic Development, GO Virginia, the City of Charlottesville and Albemarle County. Select, high-potential startups in the region receive $20,000 in grants, mentorship, workspace and programming, along with access to $50,000 in additional resources. FIRST YEAR OF OPERATION: GRANT SUPPORT PER TEAM:
40
|
BATTEN INSTITUTE
2019 EARLY-STAGE COMPANIES: 10 annually $20,000
Transformation/Luna Moth, 2018 By Christy Baker, owner of Pigment and Good Bones Paint; member of the 2014 i.Lab Incubator cohort Acrylic paint on drywall, 120 x 150 inches (10 x 12 ½ feet) Following a national search for a muralist who could creatively represent our unique mission, the Batten Institute commissioned this mural from artist Christy Baker for our offices at Darden. In her words, “Luna Moth represents the mystery and unexpected wonder of transformation.”
Batten Institute Darden School of Business University of Virginia P.O. Box 6550 Charlottesville, VA 22906-6550 Batten@darden.virginia.edu batten.institute