Category: Entrepreneurship

Second-Gen Involvement = Sweet Success(ion) for Family Business

strawberries
Following a bountiful strawberry season, Heidi’s will bring sweet cherries and blueberries to market. (Image courtesy Heidi’s Farmstand and Bakery)

Second-generation family businesses play a crucial role in family-owned enterprises’ stability and growth. As highlighted in the Harvard Business Review, the second generation can make or break a family business’s future. While they inherit a legacy, they also face extraordinary challenges, such as managing relationships, implementing changes, and establishing their own identity. Research from the Smith Family Business Initiative at Cornell emphasizes that only about 30 percent of family businesses survive into the second generation. This brings to focus the importance of effective succession planning. Second-generation family business leaders can create a lasting and prosperous tradition by leveraging their inherited wisdom and adapting to market changes. 

Ivy Stoller in front of Husky statue
Ivy Stoller ’23 celebrates earning her Michigan Tech degree. (Image courtesy Ivy Stoller)

As a native Michigander, Ivy Stoller was born in downstate Lowell and made the trip up north to Houghton to pursue her education. Ivy graduated from Michigan Tech with a Bachelor of Science in Accounting, concentrating in data analytics, in the spring of 2023. During her time at MTU, Ivy was active in various clubs and student organizations. She participated in Kappa Sigma Iota (KSI Accounting Club) and was a member of the Volunteer Income Tax Assistance (VITA) program helping with tax returns for fellow MTU students and local community members. Additionally, Ivy was a member of Beta Gamma Sigma, an honor society for business students. Beyond academic achievements, Ivy cherished her time at Michigan Tech as a period of personal growth and building lifelong friendships. 

Ivy’s family owns a business called Heidi’s Farmstand & Bakery located on 30 acres in southern Lowell. The family farm was founded in 1949 with many functions: raising cattle, running a dairy operation, and growing corn, soybeans, and wheat. Its business operations were started in 2006 by Ivy’s parents in collaboration with her mom’s brother. Later in 2007, the business was sold to Ivy’s twin uncles. Now, since Ivy has graduated, the family plans on changing it to a joint venture between the uncles, Ivy, and at least one of her siblings. 

Research Q&A with Elham Asgari

Elham Asgari
Asgari is an assistant professor of management and entrepreneurship at Michigan Tech.

Elham (Ellie) Asgari, the Charles C. and John G. Gates Professor in Entrepreneurship and Innovation, is at the leading edge of entrepreneurship research, studying the formula of success in this high-stakes sector of business. Last month, Dr. Asgari was selected as a recipient of the Jackson Center for Teaching and Learning Instructional Award for Innovative or Out-of-Class Teaching. Asgari’s selection was based on her innovative teaching strategies, including use of crowdfunding campaigns to help Huskies gauge startup interest, and working with students individually to help them prepare for regional and global investment pitches. During the 2022-23 academic year, Michigan Tech student teams collected $67,000 in pitch prize money.

Elham Asgari Selected for Deans’ Teaching Showcase

Elham (Ellie) Asgari, assistant professor of management and entrepreneurship, poses in the library
Elham Asgari

Dean Johnson, dean of the Michigan Tech College of Business (COB), has selected Elham (Ellie) Asgari, assistant professor of management and entrepreneurship, as the featured instructor this week in the Deans’ Teaching Showcase.

Asgari will be recognized at an end-of-term luncheon with other spring showcase members and is a candidate for the next CTL Instructional Award Series.

Asgari is being recognized for innovative in-class teaching methods including a crowdfunding campaign where students gauge interest for their start-ups while simultaneously attracting resources; using customer discovery to help students assess start-up potential; connecting students with MTEC SmartZone mentors; advising students in writing SBIR/STTR proposals to attract funding; and working one-to-one with students preparing them for regional and global investment pitches.

“Dr. Asgari brings the role of Gates Professorship in Entrepreneurship and Innovation to life in and out of the classroom. The above-and-beyond effort mentoring students preparing for dozens of pitch competitions is apparent in the results—students earning top awards and prize dollars,” said Johnson.

“The above-and-beyond effort mentoring students preparing for dozens of pitch competitions is apparent in the results—students earning top awards and prize dollars.”

Dean Johnson, dean, Michigan Tech College of Business

From e-pitch opportunities to on-campus traditions like the Bob Mark Business Model Competition to Central Michigan University’s New Venture Competition, Asgari’s work supporting entrepreneurially minded students has resulted in renewed motivation among students, helping them make positive impacts in the campus community and around the world.

Asgari offers the Social Impact Award as part of the Bob Mark event, recognizing students’ societal impacts. In addition, a portion of Asgari’s professorship funding is directed toward sponsoring the New Venture Competition awards, bringing goodwill and collaboration to the University.

Mentoring students in I-Corps workshops and guiding them in applying for I-Corps National Science Foundation grants is also a priority for Asgari. The process assesses market potential of new technological developments and has been successfully awarded to an MTU student.

New to campus is the Collegiate Entrepreneurs’ Organization (CEO), a student organization which Asgari serves as an advisor and supports students to attend the CEO Global Conference, where one Husky made it to the top 25 of 600 applicants. In 2022, Asgari also helped launch and execute COB’s Summer Youth Program—”Be Your Own Boss.”

For her impact with hands-on entrepreneurial education at Michigan Tech and beyond, the College of Business is honored to recognize Elham Asgari in the Deans’ Teaching Showcase.

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accountingbusiness analyticsconstruction managementeconomicsengineering managementfinancemanagementmanagement information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.

2023 Bob Mark Business Model Pitch Competition Winners

Three students stand with certificates

By Eugene Brown Agyei (Husky Innovate), Shannon Rinkinen (COB)

On Jan. 19, eleven Michigan Technological University students across disciplines pitched their business models to a panel of judges comprised of faculty and business professionals. In it’s sixteenth year, the business pitch competition is a tribute to the late College of Business Professor of Practice Bob Mark and helps nurture Michigan Tech’s entrepreneurial spirit. The tradition is a highlight of Innovation Week activities.

In the end, Bayle Golden (master’s in engineering management) emerged as the top award winner with SafeROW, a startup focused on solving child abductions. Golden also earned the Social Impact Award, sponsored by Elham Asgari, assistant professor of management and entrepreneurship in the College of Business.

Presenting Tall and Small Designs, an innovation for finding the right clothing fit, was Jordan Craven (management information systems), who earned second prize as well as Audience Favorite and Breakout Innovation Award, sponsored by the MTEC SmartZone and the Michigan Economic Development Corporation.

Third prize went to Asia Motta (engineering management) with the Droplet, a device to keep houseplants alive.

Ideas spanning health, education, and sustainable power generation were also pitched by Huskies.

Business Model Awards

Presented by the College of Business with thanks to sponsors Rick and Jo Berquist, and Dan and Jane Green for sponsoring the Audience Favorite award.

  • First Prize—Bayle Golden with SafeROW ($2,000)
  • Second Prize—Jordan Craven with Tall and Small Designs ($1,000)
  • Third Prize—Asia Motta with The Droplet ($500)
  • Honorable Mention—Rehab (Ruby) Alhajjar with The Water Solution ($250)
  • Audience Favorite—Jordan Craven with Tall and Small Designs ($250)

Social Impact Award

Sponsored and presented by Gates Professor Elham Asgari, College of Business.

  • Winner—Bayle Golden with SafeROW ($1,000)

Breakout Innovation Award

Presented by Patrick Visser, chief commercial officer, MTEC SmartZone.
Sponsored by MTEC SmartZone and Michigan Economic Development Corporation.

  • Winner—Jordan Craven with Tall and Small Designs ($1,000)

Special Thanks

Special thanks to those who dedicated time and resources to make the competition a success.

Sponsors:

  • Dean Johnson, dean, College of Business
  • Elham Asgari, Gates Professor, College of Business
  • Rick and Jo Berquist
  • Dan and Jane Green
  • MTEC SmartZone and the Michigan Economic Development Corporation

Judges:

  • Jay Meldrum, executive director, Keweenaw Research Center; MTU liaison to the Grand Traverse Area
  • Eric Roberts, MTU alumnus; executive director, 20Fathoms
  • Elham Asgari, Gates Professor, College of Business
  • Dan Green, MTU alumnus and entrepreneur; principal, BlackFin Group
  • Adrienne Minerick, professor of chemical engineering; affiliated professor of biomedical engineering; president, American Society for Engineering Education
  • Patrick Visser, chief commercialization officer, MTEC SmartZone
  • Michael Cleveland, P.E. and MTU alumnus; mentor in residence at Michigan Tech
  • Lawrence W. Staley, MTU alumnus; director of engineering (retired 2019), Parker Hannifin Corporation

Visit the Husky Innovate Events page for upcoming opportunities.

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accountingbusiness analyticsconstruction managementeconomicsengineering managementfinancemanagementmanagement information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.