University of North Carolina at Chapel Hill
IN-2: Innovation 2

Carolina has developed new courses and degree programs in entrepreneurial studies, started incubators for business enterprises and social entrepreneurs, and hosted venture capital competitions to encourage students to find innovative, sustainable approaches to global challenges.

Seeing opportunity where others see only problems is the mindset of an innovator and entrepreneur. By encouraging a culture that allows everyone on campus to unlock his or her creative potential to advance the social good, Carolina is establishing the foundation for a 21st century university. Fostering market-based and social entrepreneurship has the potential to solve global problems and generate economic activity while preparing students for career paths that do not yet exist.

Carolina is:
• Building a vision and framework for systematic innovation and entrepreneurship
• Strengthening the culture of innovation at UNC
• Providing courses and resources that support aspiring entrepreneurs

Notable progress to date includes an increase in entrepreneurial studies and multiple new incubators and venture competitions.

STUDIES

Minor in Entrepreneurship
The minor in entrepreneurship is an interdisciplinary program housed in the economics department. The minor equips students with the skills needed to launch successful ventures in social, commercial, sports, scientific, and artistic endeavors. Last year 300 students applied for 100 spots. Professor Jim Johnson leads the social entrepreneurship track and focuses on ventures with positive impacts and benefits to primarily under-served communities.

To expose more students to the principles of innovation an Introduction to Entrepreneurship (ECON 125) class was taught for the first time in fall 2012. Instructors included former Chancellor Holden Thorp, Entrepreneur-in-Residence Buck Goldstein, and former economics Chair John Akin. The course attracted 300 students who heard from a wide variety of prominent risk takers. As part of the class, student teams developed ideas for business start-ups and the top four projects were recognized during the final class. The leading vote getter was RecomPence, a venture that would allow students to donate small amounts of money to their favorite charity each time they swiped their UNC One Cards.

Center for Entrepreneurial Studies
Since 1997, the Kenan-Flagler Business School ‘s Center for Entrepreneurial Studies has offered resources and mentors to students, staff, and faculty in one of the nation's most vibrant entrepreneurial hotspots, Research Triangle Park. More than 20 MBA electives incorporate aspects of entrepreneurship. For non-business students, a networking and workshop series introduces the concepts of venture capital and business planning.

Launch the Venture
Launch the Venture is a series of three, half-semester modules providing intensive assistance to teams of budding entrepreneurs. Accepted student, staff, or faculty teams analyze the feasibility of their ideas and develop pitching, networking, and team-building skills. In the second segment, teams create their business model, develop a marketing and sales strategy, and formulate implementation and management plans. If the plan is deemed good enough, the team is invited to enroll in the third module on financing. Funding sources, financial projections, and exit strategies are explored as teams refine their pitches to potential investors.

COMPETITIONS

The Sustainable Venture Capital Investment Competition is an annual contest among eight of the nation’s top MBA programs and sponsored by the Net Impact Club at UNC. Participating students learn how venture capital firms view and analyze entrepreneurship and sustainability. Teams from the Kenan-Flagler Business School won the competition in 2011 and 2012.

The Carolina Challenge is a business and social venture competition that promotes entrepreneurship. Each challenge team must include at least one UNC student, faculty, or staff member. Finalists present their plans to a panel of judges comprised of successful entrepreneurs and business people as well as community and university leaders. The competition is segmented into four tracks, one of which focuses on social and environmental missions.

INCUBATORS

Providing spaces to gather, brainstorm, access advice, and prepare concepts for market is the role of the incubators and collaboration spaces sprouting both on and off campus.

Incubator: Creating University Born Entrepreneurs (CUBE)
Clients: Students, alumni, faculty with ideas for combating social injustices
Description:
• $10-$15 million endowment being raised by Campus Y.
• Social-entrepreneur and mentor-in-residence
• Interdisciplinary support and networking opportunities

Incubator: 1789 (Named for the year UNC opened)
Clients: Early-stage business ventures
Description:
• Free work space, networking, and mentorship
• Legal, accounting and public relations counseling

Incubator: Launch@Chapel Hill
Clients: Advanced business ventures ready to seek funding
Description:
• Business and entrepreneurial mentors from the Kenan-Flagler Business School
• Legal, accounting, and IT assistance