Booth Beginnings: My Pre-MBA Entrepreneurial Internship

Andrew Edelman is a first year MBA student at Booth from Boston, MA.  He graduated from Davidson College, where he captained the men’s swimming team, and then worked in investment banking and alternative investment management. At Booth, he plans on pursuing concentrations in Entrepreneurship, Finance, and Strategic Management.  He and his wife are expecting their second son any day now and are looking forward to actually being able to sleep again one day in the distant future.  He enjoys keeping up-to-date on the latest tech trends, playing beach volleyball, and trying out local craft breweries. Follow him on Twitter (@AceEdelman)!

Below, Andrew shares his pre-MBA internship experience with a Booth-founded startup. While pre-MBA internships are neither coordinated by Booth nor necessary to successfully make a big career shift, Andrew took advantage of some free time in Chicago this summer to get some entrepreneurship and marketing experience as part of his professional development at Booth.

--Matt

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Immediately after attending Admit Weekend this past April, my mind was made up.  Blown away by the impressive faculty, successful students, and stunning Harper Center facilities, I decided to forever alter my career path and accept my admission to Chicago Booth.  With that choice came the quick realization that it meant leaving my finance job where I had just been promoted and moving my family from Charlotte to Chicago.  However, these were minor sacrifices to make given the endless opportunities Booth offers for someone like me looking to make a big career change from finance to tech.

To give my pregnant wife, two-year old son, and myself time to settle into our new city before Autumn quarter, I decided to resign from my job a little early to move out to the Midwest.  Wanting to spend my summer doing a little more than eating deep dish pizza and drinking Goose Island beer on one of the many gorgeous beaches along Lake Michigan, I began searching for an internship that could broaden my perspective and further enhance my skill set.

I made a connection with Tricia Felice, a rising second-year student at Booth who was participating in the Polsky Center Accelerator Program, which gives ten student teams the opportunity to work on their businesses during the summer in a collaborative and dynamic environment.  Needing help with business development and marketing for her startup, Vintage, Tricia was eager to have an incoming Boothie join her small team.  As an aspiring career switcher hoping to transition from financial services to the tech industry, it was a unique opportunity to work at a startup and begin developing new skills before even going to my first class.

Vintage brings generations together through storytelling by creating professionally edited “vignettes” to capture the best moments and memories of older adults and celebrate their legacies.  I was tasked with leading efforts in “business development,” something with which I had little experience.  In this context, I developed a keen understanding of our target market and created a well-defined product offering.  I also worked on bringing additional exposure to Vintage through online marketing and beat-the-pavement sales tactics.  Part of this exercise involved my first real exposure to search engine optimization (SEO) and Google AdWords, which was a great learning experience.

One of the things I loved most about working for an early stage startup was the opportunity to be intimately involved in shaping the direction of the company.  Throughout the summer, I was able to give my opinion about the business or our approach to a certain task and not only have it be heard, but be influential.  I strongly suspect this is a feeling I will become quite accustomed to during my two years at Booth as there are a plethora of opportunities to generate significant impact, from participating in Management Lab to joining the Graduate Business Council. I was just elected President of the Davis Cohort, so I am looking forward to making an impact on student life as well.

The support these startups received as part of the Polsky Center Accelerator Program was also extremely impressive.  Teams received funding, office space, access to Polsky Center staff, coaching from faculty (including Waverly Deutsch and Bob Rosenberg), and mentorship from alumni entrepreneurs and Chicago-area investors.  My favorite part of the summer program was weekly teach-in sessions with area entrepreneurs, which really showcased Booth’s success developing entrepreneurial talent.  We met in small groups with Matt Maloney (’10), the Founder and CEO of GrubHub, and Jon Morris (’05), the Founder and CEO of Rise Interactive, both of whom started their companies through the New Venture Challenge while at Booth.  We also had access to 1871, the preeminent co-working space in Chicago that provides startups with programming, educational resources, space, and access to a community of like-minded entrepreneurs.

This pre-MBA internship was a rare opportunity to develop my skills in an environment that fostered creativity while jump-starting my Booth experience.  I’m starting classes this week with a strong understanding of the resources available to entrepreneurs on campus, a growing network of current students and alumni, and additional hands-on experience that will contribute to my career aspirations.  Plus, I learned how to navigate via public transit down to Hyde Park—I will be my class’s expert on the differences between the express and local trains!  Overall, in addition to a transformative pre-MBA professional experience, I was able to enjoy a wonderful summer exploring all that Chicago has to offer.

People Are Good At Many Things Yet Choose to Do One Thing

Liz Han has been an active member of DSAC from the very beginning of the school year, assisting us with the campus visit program. She's also very involved in the entrepreneurship and venture capital community at Booth; she was a SeedCon volunteer and approached me with the idea of blogging about the resources at Booth she's found most helpful thus far. First-year students have the opportunity to pursue their passions from Day 1, which Liz describes below.

Dana
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As we progress in our lives and careers, we have to make critical decisions that impact where we live, what we do, and who we are. For many of you, applying to business school is one such decision. It certainly was for me.

I came to Booth to pursue venture capital and entrepreneurship. I felt inspired on my initial visit to Booth as a prospective student. Beyond the beauty of the Harper Center, I had conversations with students that illustrated to me the opportunities and support Booth provides students interested in venture capital and start-ups, ranging from classes such as Commercializing Innovation to labs including the PE / VC Lab to venture capital and start-up competitions.

Case in point, during Admit Weekend, I stopped by the Polsky Center for Entrepreneurship and met with Starr Marcello, Director of Operations for the Center. In an hour-long conversation, she shared with me a glimpse into the Chicago venture capital and entrepreneurial ecosystem, and provided me with resources and contacts in VC and start-ups. This is where my journey began.

Three months later, I was helping a healthcare technology start-up that had been born out of and won the New Venture Challenge in 2011. It was founded by a couple of Booth students who were passionate about helping healthcare professionals make better decisions from symptom to diagnosis. In working with them, I not only gained insight into how start-ups think and operate, but also worked towards developing a clinical decision support tool to help providers more effectively care for patients.

When school started, I joined the D4Lab, an entrepreneurship and design-focused fellowship program dedicated to solving issues in healthcare. The program enables my colleagues and I to combine the scientific method with design principles to tackle one of the biggest problems hospitals face today: the bottleneck of hospital admissions from the Emergency Department (ED). On a weekly basis, I work with an interdisciplinary group of fellows from the medical school and the law school among others to observe healthcare professionals in the ED and other departments at the University of Chicago Medical Center, identify specific, concrete challenges and ultimately develop a solution to improve the flow of patients from the ED into the hospital. In addition, I met with second-year students who had incredible experiences as Associates in Hyde Park Angels, an angel network started by Booth alumni in 2006 that takes on select Booth students as Associates every year to source, evaluate, and close investments in early stage start-ups. After two months during which I applied to the program, conducted a deal review and interviewed with current associates and managing directors, I am excited to be joining HPA as an Associate next quarter.

A venture capitalist shared the title quote with me in describing successful entrepreneurs, and I was struck by its simplicity and relevance. Whether you are an aspiring entrepreneur or a management consultant, this quote applies to all of us. We have many options in terms of where to apply our time and skills and it’s up to each of us to choose. For me, it is to help build ideas into companies that will improve the way we live our lives. And it starts at Booth.

Taking on the New Venture Challenge

Hi everyone,

Happy Friday! Here at Booth we have just completed Finals week (woohoo!) and are getting ready to head off on our Spring Break vacation destinations all over the world. It’s almost a shame to be leaving the 70+ degree and gorgeously sunny days we’ve been having in Chicago over the last week!

In addition to a new blog entry today, we’d are very excited to bring you another Day in the Life - a continuing video series through which Booth's students share with you what the Booth experience is really like. Today, we join Albert for a day as he starts his day with a healthy breakfast, goes to meetings and class at Harper Center, then Kuma's Corner (great burger place) for dinner before finishing the night with a model (an excel model). Check it out here and let us know what you think!

In today’s blog, we check back in with our aspiring entrepreneur, Dana, as she gets ready for Booth’s New Venture Challenge that will take place this spring!

Tina

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Although the spring quarter hasn't even started, I know it will be one of the most exciting and busy of my time at Booth. Why? I will be participating in the New Venture Challenge (NVC), one of the country's best-known MBA business creation competitions. NVC is hosted by the Polsky Center and previous winners have included high-profile start-ups such as Bump and GrubHub. This year has been one for the records: the Polsky Center received 119 applications, 52 of which are advancing to Round 2. Although the final round of the competition is not until May, my team has plenty to do and thankfully, the Polsky Center has incredible resources and contacts for us as we work on our business plan. I will be working on Omakase, an online platform that will bring "underground" dining and supper clubs to a broader base of eager diners.

Both Professor Rudnick and Professor Kaplan teach a course, Special Topics in Entrepreneurship: Developing a Business Plan, for those of us who have progressed to Round 2 of NVC. The course not only allows teams to dedicate additional time to business plans, but allows us to practice our presentation skills and receive feedback from our professors and judges. The lecture portions of the course cover legal issues, sales and marketing, and how to develop a financial plan. My team will be one of the first to present; the Monday we get back from spring break, Team Omakase will deliver our first 15 minute pitch and business overview. In addition to the time spent in class, teams also have appointments scheduled with entrepreneurship professors for additional guidance and leads. Although each member of Team Omakase has an extensive network, I am both very impressed by and gracious for the network that Professor Rudnick has provided us, generating further leads in the restaurant and hospitality industry.

After our final business plans are due in late April, the last few weeks in May leading up to the finals are dedicated to our second presentations. Based on the quality of the presentations and the final business plans, a handful of teams are then selected to present in the finals, where the top teams (as determined by a panel of judges) will win cash prizes.

Personally, I feel as though I have a tremendous deal to learn from the NVC process. I have never had to pitch to investors and have never been part of a team to develop a business plan. Although I have sold tangible goods in the past, it is so much different to sell target consumers on an idea and service in its infancy. And no matter how much sales experience I've had, it's always difficult to hear "no" from a potential client or customer. As an entrepreneur, I believe that selling skills are critical to have and I know that by participating in NVC, I can improve a great deal.

The NVC process has already taught me a great deal about some of the nuances in building a business and the decisions that are required. What are the implications for incorporating as an LLC or C-corp? How much equity is appropriate for each team member to have? How do we go about finding a lawyer who has sufficient experience with start-ups? These may seem like relatively mundane details, but the NVC process thus far has taught me not to overlook these important steps.

If you'd like to see how NVC unfolds over the next few weeks, you can follow the Polsky Center (@polskycenter) on Twitter and search for the official #ChicagoNVC hashtag.

Academics at Booth

Hi everyone!

In this week’s blog and WIWG video, we’re going to talk a bit about the academics at Booth. In our WIWG video, we ask students what their favorite class and/or professor has been so far. And in our blog today, Dana Fortini shares her thoughts on classes and Booth’s class bidding system. Read on to learn more!

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I can’t believe that midterms are over and that it’s time to start selecting courses for the winter quarter; time sure passes quickly!

Here at Booth, we use a system called iBid to bid for and enroll in courses. iBid is a Dutch-auction system where students are given bid points (new full-time students start with 8000 points and accrue 2000 points for each additional course they complete). There are 6 phases of bidding during a bidding cycle, so if you would like to make adjustments to your schedule during the first few rounds, you still have time!

In order to help students better understand how to spend our bid points, there are Course Price History spreadsheets that detail closing prices on a section-by-section basis for past courses. You’ll also hear many students talking about their “Bid Strategy” during the week leading up to the first phase of bidding.

Strategic bidding aside, I feel as though it is important to select a combination of courses that will best prepare me for summer internship opportunities and have a quantitative-qualitative balance. From previous experience, I know that I can feel overwhelmed with three or four very quantitative courses, so I like to add “balance” to my course load by taking at least one management-oriented, people-driven course each quarter.

So now I’ve gotten through the tough part: narrowing down the list of courses I would like to take during winter quarter from 7 to 3. I am dying to take “Building the New Venture”! The course is great for students who would like to start their own businesses. The class focuses on both strategic and tactical issues that arise from entrepreneurial endeavors. Because I would like to enter the New Venture Challenge competition this spring, I believe that Building the New Venture would be great preparation because of the course’s emphasis on building teams and identifying customers. After reviewing the Course Price History spreadsheet, it looks like I’ll have to be a big spender – this course is one of the most expensive at Booth!

I would also like to take my first course to apply towards my International Business concentration, “Managing the Firm in the Global Economy.” If given the opportunity, I would love to have an internship with a wine exporter or distributor in Spain. The course focuses on legal implications and export decision making, amongst other issues that global firms face. If I do end up working abroad, having a working knowledge of how firms make decisions to enter specific markets will be a very useful skill to have.

And last, but certainly not least, my Excel skills could definitely be refined. No matter what functional area of an organization or industry you’re in, strong Excel skills are crucial. I plan to take “Managerial Decision Modeling” in order to better utilize Excel’s analytical tools and to get plenty of hands-on practice before my summer internship.

As you can see, Booth’s academic flexibility definitely helps each student create an individualized program of study that will ultimately allow us to realize our goals. I can’t wait to take my first entrepreneurship class (fingers crossed my bidding strategy proves successful!). Happy bidding!

The Booth Environment (From an "Entrepreneurial perspective")

Today we hear from Dana Fortini, a first year at Booth with a perspective on the Entrepreneurial track. Read on to learn more about Dana!

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Hello Prospective Students!



My name is Dana Fortini and I am a first year student at Booth. I am a born and bred New Yorker, with the exception of a year or so that I have spent in Spain. My undergrad years were spent at NYU Stern, where I graduated with a degree in Finance and Marketing, a minor in Mathematics, and a concentration in Entertainment, Media, and Technology. (Yes, I still managed to have a life!) After graduation, it was off to Protiviti, where I was a financial risk consultant with a range of high-profile clients in the financial services industry. In my heart, I always knew that something more entrepreneurial was my calling. At the beginning of this year, a business development position for a client-services based start-up presented itself, and I quickly seized the opportunity. Then it was off to Spain, where I received a diploma in Spanish proficiency and made contacts for my future business. I came to Booth to acquire a skill set more conducive to entrepreneurial undertakings; my ultimate goal is to start a vinoteca (a wine retail space by day, wine bar by night) in the US that specializes in Iberian products. This summer, I would love to have an internship in the wine and spirits industry, either in operations or marketing/ business development.

I chose Booth due to its academic flexibility and strong reputation in entrepreneurship. Starting a business requires a breadth of skills and knowledge. By taking a spectrum of courses, rather than concentrating in one particular industry or area, I felt I could emerge a more well-rounded businessperson. The Polsky Center for Entrepreneurship was also a huge deciding factor for me. After visiting for a day, they made me feel extremely welcome! The Polsky Center provides a tremendous amount of support for students pursuing entrepreneurship via lab coursework, assistance in finding internships, and the New Venture Challenge. The value of these resources and support systems cannot be overlooked which leads me to the topic of my first post…

The Booth Environment

If I had to pick a single factor that has highlighted my experience at Booth during my first month, it would be how supportive the faculty, my classmates, leaders within student organizations, and Career Services are of my goals.
Before coming to Booth, I certainly raised a few eyebrows with my declaration that I wanted to start my own business, a business with high overhead costs at that. Reponses ran the gamut from “I don’t know if that’s such a good idea” to “Dana, are you crazy? With this economy, you expect people to buy from you?”

It’s not necessarily tangible, but to be immersed in the positive energy and supportive environment within the Booth community have been incredibly motivating. As I’ve been meeting fellow students, I’ve received so many enthusiastic responses and offers of support; some students have even offered to assist me with the New Venture Challenge (NVC), an annual competition through the Polsky Center that allows students to present their business plans, receive feedback from judges and seasoned entrepreneurs, and potentially receive funding to make the plan a reality. Preparing for the NVC has been complementary to my coursework at Booth in that both reinforce and help me better understand all of the requirements of starting and running a business.

I am also extremely appreciative of Career Advisors, the second-year students who have taken time to help get my resume and my elevator pitch in perfect condition. It’s no easy task to refine these two critical elements of the internship search, but I have received a great deal of guidance over the past month. In addition to the formal resume reviews provided by Career Advisors, I have found that many second-years in the student organizations at Booth will also review resumes for first-years. There are also second-year students, who after reviewing my resume, have put me in touch with contacts from their networks. As one second-year said to me: “If you ever need anything, ask.”

Professor Linda Darragh has also been instrumental in my early phase of the networking process at Booth. I first spoke with Professor Darragh at an information session for the Booth Food Business and Agriculture Industry Club. She helped me identify contacts and former mentees that have specialized in importing Spanish goods to the Chicago area. Not only are these contacts excellent resources and leads (and I plan to learn a tremendous deal from them!), but Professor Darragh has encouraged that I update her and keep her aware of my progress. Despite how busy professors are, they have a genuine interest in the career development of their students.

All of the mentorship and assistance I have received over the past month has further strengthened my determination to start my own business. I am surrounded by 1,000+ students and professors who believe in me and genuinely want me to succeed. The environment at Booth: of support, encouragement, and positivity, with students and professors who are ready and eager to help and better refine business ideas, confirms that I am in the right place.