Michigan Tech College of Business Newsblog

Tag: entrepreneurship

Huskies Win at Michigan Collegiate Startup Challenge

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Winners of the Michigan Collegiate Startup Challenge pose with their checks
Jordan Craven (bottom, center) and Rourke (top, left)

By Jessie Stapleton, Shannon Rinkinen

On Friday, November 11, four Huskies representing three teams pitched their business ideas at Michigan State University during the Michigan Collegiate Startup Challenge (MCSC), competing for more than $12,000 in cash prizes. MCSC is Michigan’s university-level business model competition specifically designed for student entrepreneurs across the state. The second-annual MCSC, sponsored by the Michigan Economic Development Corporation, fosters entrepreneurship by encouraging commercialization of ideas.

Twenty semifinalists representing nine schools pitched their ideas, including the following Michigan Tech teams:

Craven took first place, winning $5,000, for Tall and Small Designs, a retailer software service providing form-fitting mockups of online clothing products for consumers. Sylvain, of Integrated Molecular Innovations, an electrochemical biosensor for at-home detection of T4 thyroid levels, earned fourth place, netting $1,000.

Students spent the first portion of the day pitching their ideas to judges. Ten startups were selected to move to the finalist showcase round.

Hosted by Michigan State, the pitch competition was a collaboration between Central Michigan University, Eastern Michigan University, Ferris State University, Kendall College of Art and Design, Grand Valley State University, Michigan State University, Michigan Technological University, Mid-Michigan College, Northern Michigan University, and Wayne State University.

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, business analytics, construction management, economics, engineering management, finance, management, management 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.

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Tech Student Entrepreneur Advances in Global Pitch Competition

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MTU student Ali Dabas and Rourke Sylvain posing with a large check
Rourke Sylvain, pictured right, earlier this year with fellow Tech student, Ali Dabas.

From an applicant pool of 600 students, Rourke Sylvain, president of Michigan Tech’s chapter of the Collegiate Entrepreneurs’ Organization (CEO), is among the 100 participants selected to compete in the 39th Annual Global Pitch Competition hosted by the University of Tampa. Over the next month, Rourke, who is a graduate student pursuing biomedical engineering, will create a four-phase online investor pitch deck—the problem, the solution, a business model, and a video pitch.

Twenty semifinalists will move on to present their ideas live at the Global Conference in Chicago, Illinois, to be held October 28-30. The highly selective conference and competition promises to “Frame Your Future” with an assembly of some of the brightest minds in collegiate entrepreneurship.

Founded in 1983, CEO has a global network of more than 250 college and university chapters, and supports and inspires the growth and development of students seeking to be entrepreneurial. Michigan Tech’s chapter of CEO was established last year, and the environment in the College of Business (COB) is rich for tech-savvy innovation.

“Rourke’s opportunity is a reflection of the advancements we can make when STEM intersects with business.”

Jon Leinonen, COB faculty member who advises CEO at Tech

Rourke is advancing Integrated Molecular Innovations LLC, an enterprise centered on his research on electrochemical biosensors. His end goal is to develop a device that can remotely monitor thyroid hormones in patients. According to Rourke’s research, more than 3 million people are diagnosed with hypothyroidism every year. Many lived with symptoms for years pre-diagnosis, and most don’t find a stable medication regimen for another year or more. He says the current testing protocol requires patients to travel to a medical provider’s office or a central clinical laboratory every few months to have blood drawn and tested. Rourke’s device will allow for home testing, resulting in a richer data set for physicians and faster diagnosis and symptom relief.

MTU student Rourke standing near podium
Rourke aims to improve the wellbeing of people living with hypothyroidism.

Rourke’s pitch must include value proposition, customer discovery, product-market fit, investment requirements, and customer pain points. Much of his entrepreneurial training has come through his participation in Husky Innovate, a series of events, workshops, and resources designed to guide students through key phases of innovation and business development.

MTU student Rourke on stage pitching his enterprise
Through his involvement in Husky Innovate, Rourke has already gained pitching experience and success on campus and beyond.

Earlier this year, Rourke saw significant success when he was selected to pitch during TCNewTech’s University Showcase, part of Michigan Tech’s Grand Traverse region initiative. During Central Michigan University’s New Venture Competition, Rouke and fellow biomedical engineering student Ali Dabas earned second place in the “High-Tech, High-Growth” category, with a prize of $5,000 in seed money. 

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, business analytics, construction management, economics, engineering management, finance, management, management 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.

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Collegiate DECA at MTU: Reactivated and Ready to Go!

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(Photo: Left to right: Jaylen Body, Madelyn Carey, Rachel Weyenberg, Lexi Dembrowski, Katie Draves, Madison Mattila, Zach Hooper, and Sammy Perrone)

By Jaylen Body, Michigan Tech management student and DECA club president

After a five-year hiatus, Collegiate DECA has been reactivated on the campus of Michigan Technological University, and members are gearing up to hit the road for their first State Career Development Conference February 4-6.

Collegiate DECA is a program that prepares emerging leaders in the areas of finance, marketing, hospitality, management, and entrepreneurship. It’s for students interested in not just problem solving, but business problem solving. Participants engage in competitive events where they’re faced with business problems reflective of real-life situations in industry, and are challenged to develop innovative solutions before presenting their ideas to industry professionals. In addition to competitions, students can dive into Collegiate DECA challenges, like the Stock Market Game or the Virtual Case Simulation—an interactive, browser-based simulation allowing students to take charge of a virtual business environment.

This month, members of MTU DECA, advised by Jenny Apriesnig, assistant professor of economics, are preparing to attend the State Career Development Conference in Kalamazoo, Michigan, where six Huskies will participate in individual and team competitive events. To kick off preparations, the group invited College of Business accounting and DECA alumna Katie Draves to inspire current members.

Detailing her experiences, Draves credits DECA for being an organization that has “something for everyone,” explaining that no matter the area of study, DECA is an organization anyone can get involved in.

Speaking on the career benefits of being in DECA, she promises students that they’ll learn to be well rounded and prepared for different situations, and will gain exposure to valuable networking opportunities.

When asked for tips and advice on how members participating in the state conference can succeed, Draves says, “Get to know your strengths and weaknesses,” but most importantly, she encourages students to learn from their unique experiences while competing.

“Get to know your strengths and weaknesses.”

Katie Draves, Michigan Tech alumna

Thinking about the upcoming opportunity, first-year marketing student Sammy Perrone says: “I hope to make connections, build relationships, and gain knowledge and skills that will help me build a foundation for my college and career endeavors.”

“I hope to make connections, build relationships, and gain knowledge and skills that will help me build a foundation for my college and career endeavors.”

Sammy Perrone, Michigan Tech marketing student

Michigan Tech Collegiate DECA welcomes new members of all majors. The group is a good fit for students looking to get involved in a professional organization that applies classroom material to real business problems. Follow along on Instagram @mtu_deca.

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, construction management, economics, engineering management, finance, management, management 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.

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Innovators in Industry: Entrepreneurship, Startups, and Venture Capital

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This fall, Michigan Technological University launched Innovators in Industry: a project connecting current Huskies with Tech alumni who are industry experts, leaders, and influencers.

The initial three-part series concludes at 7 p.m. (Eastern) on Monday, November 8 with a session titled, “Entrepreneurship, Startups, and Venture Capital.”

Featured alumni for the session are Kanwal Rekhi ’69, managing director of Inventus Capital Partners, John Rockwell ’79, president, CEO, and director of Accelergy Corp., Chang Park ’73, president, CEO, and founder of Universal Remote Control, Inc., and Rebecca Ufkes ’87, president of Ufkes Holdings.

Dean Johnson, dean of the College of Business, will moderate the session, which will welcome virtual and in-person attendees. Featured alumni will make short presentations with time for Q&A from the audience.

Organized by the Office of Advancement and Alumni Engagement, Innovators in Industry aims to give students direct access to industry leaders to help shape their paths. Future plans for the program include on-location student visits to industry hubs.

All Michigan Tech students, faculty, and staff are invited to join on Zoom (no advance registration required).

Kanwal Rekhi

Kanwal Rekhi is the managing director of California-based firm Inventus Capital Partners. He earned an MS in Electrical Engineering from Michigan Tech in 1969 before achieving honorary doctor of engineering status from the University in 1997. During his undergraduate years, Rekhi studied electrical engineering at IIT-Bombay.

Kanwal Rekhi jumped from engineering to business startups in 1980 by co-founding Excelan, becoming the first Silicon Valley Indo-American founder and CEO to take a venture-backed company public on the NASDAQ in 1987.

Rekhi then became a high-profile Venture Angel while co-founding and leading The Indus Entrepreneurs into the largest global mentoring network for Indian entrepreneurs in Silicon Valley and around the world.

He co-invested in and founded Inventus in 2007 to institutionalize high-conviction, early-stage help to build category-defining companies. At Inventus, Rekhi has led the investments or been on the boards of Poshmark, StatX, Sierra Atlantic, Intellivision, GenWi, Espresso Logic, and has actively mentored the founders of redBus. 

He was also the first investor behind both Raju and BV as they founded and built their successful enterprises in the Bay Area.

Michigan Tech Awards, Achievements, and Involvement:

  • Melvin Calvin Award of Distinction 
  • Rekhi Innovation Challenge Founder
  • Distinguished Alumni Award 
  • Board of Control Silver Medal

“The first step is the hardest.”

Rekhi
John Rockwell

John Rockwell is the president, CEO, and director of Accelergy Corporation, producer of low-carbon synthetic transportation fuels, headquartered in Houston, Texas. After earning a bachelor’s degree in business administration from Michigan Tech in 1979, Rockwell was selected as a member of the US Junior National Hockey Team and the US Select Team that won the Spengler Cup. Rockwell went on to earn his MBA from the University of Minnesota in 1982.

It wasn’t until after he joined 3M’s business development wing that Rockwell discovered his talent for building companies and commercializing technology. He has spent a quarter-century funding, developing, and managing more than 20 companies across clean-tech sectors, including fuels, materials, supply chain, storage, solar, and smart-grid technologies.

Rockwell previously served as founder and managing director of Element Partners, an $800 million venture-capital and private-equity firm focused on “cleantech” investments. Prior to Element, he was a partner for nearly a decade at Advent International Corporation, now a $30 billion global private-equity firm.

Before Advent, Rockwell spent seven years at Materia Ventures Associates, investing in and managing early-stage companies focused on commercializing applications of advanced materials technologies. Before their successful mergers, he also served as CEO of Luxar Corporation, a manufacturer of CO2 lasers for the medical market, and as president of SSC, Inc., a manufacturer of high-performance ceramic-oxide materials used in superconductors, fuel cells, and catalysts. 

Michigan Tech Awards, Achievements, and Involvement:

  • Distinguished Alumni Award
  • College of Business Academy
  • College of Business External Advisory Board
  • Sports Hall of Fame

“I spend my time on the things that are important to me; family first, then business, then community.”

Rockwell
Chang Park

Chang Park is the president, CEO, and founder of Universal Remote Control, Inc., based in New York. Park came to the United States as a teenager with just $200 to his name. He earned bachelor’s degrees in electrical engineering and business administration from Michigan Tech in 1973 and a master’s in business administration from the Wharton School at the University of Pennsylvania in 1979. 

In his first job after graduation, Park worked for an engineering consulting firm in Philadelphia, designing and reviewing mass-transit systems. He later joined J.P. Morgan, working in international finance.

Guided by his entrepreneurial spirit, Park started a business in his sister’s garage that provided jobs for impoverished youth in Korea. He steadily expanded the organization, and has been developing and marketing remote controls and home-automation products for more than two decades.

He chairs the Chang K. Park Foundation, an organization that supports human rights, the elimination of poverty and hunger, the implementation of political reform, and economic justice. Park is also a member of the national governing board of Common Cause, a public-interest organization in Washington DC; the board at the Union Theological Seminary in New York; and Bread for the World.

Michigan Tech Awards, Achievements, and Involvement:

  • Electrical and Computer Engineering Academy
  • Commencement Speaker (2011)
  • Honorary Doctorate of Philosophy
  • CEDIA Lifetime Achievement Award
  • Society of Women Engineers

“We live in an extraordinary time that offers great opportunities.”

Park
Rebecca Ufkes

Rebecca Ufkes is the president of Ufkes Holdings. Ufkes earned a BS in Mechanical Engineering from Michigan Tech in 1987 and her MBA from The Citadel in 1994. Currently residing in Sullivans Island, South Carolina, Ufkes co-founded UEC Electronics with her husband in 1995. The company began with five other employees in a warehouse. As engineers with abilities to improve design and processes, the team quickly increased their client base while applying principles of efficiency and innovation to their strategic management and growth.

By 2001, UEC’s work was being well-rooted in the commercial/industrial sector, and the partners set their sights on opportunities within the Department of Defense. Through their diligence and vision, UEC won a lucrative client providing the US Marines with a portable power system called GREENS (Ground Renewable Expeditionary Network System), which gave troops operational-power generation without the vulnerabilities of diesel dependability.

Ufkes and UEC were recognized by Inc. Magazine as being the fastest-growing manufacturer in South Carolina. She was awarded as “Champion of Change” by President Obama’s administration for creating jobs while saving resources.

Michigan Tech Awards, Achievements, and Involvement:

  • Presidential Council of Alumnae
  • Society of Women Engineers
  • Alpha Delta Alpha

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, construction management, economics, engineering management, finance, management, management 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.

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2020 Bob Mark Business Model Competition Winners

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The 2020 Bob Mark Business Model Competition was held January 29.  Eighteen students making up 13 teams pitched business models to advance their innovation. Community members and judges from across campus and the community selected the winners and provided the teams with feedback.

Student stands on stage during business plan competition
Jacob Soter is currently pursuing a TechMBA®

The winners of the 2020 Bob Mark Business Model Competition:

  • First Prize, $2,000—Kyra Pratley, POWERPENDANTS
  • Second Prize, $1,000—Jake Soter, SwimSmart Technologies
  • Third Prize, $500—J. Harrison Shields, Shields Technologies
  • Honorable Mention, $250—Samerender Hanumantharao & Stephanie Bule, Bio-Synt
  • Honorable Mention, $250—Allysa Meinburg, Haley Papineau, Sadat Yang, AAA Prosthetic Ankle
  • Audience Favorite, $250—Allysa Meinburg, Haley Papineau, Sadat Yang, AAA Prosthetic Ankle
  • MTEC SmartZone Breakout Innovation Award, ($1,000 Reimbursable expenses toward business development)—Ranit Karmakar

This event is a tribute to the late Bob Mark, professor of practice in the College of Business who started the Elevator Pitch Competition at Michigan Tech. The competition recognizes his entrepreneurial spirit and its continuation at Michigan Tech.

The 2020 Bob Mark Business Model Competition was hosted by Husky Innovate, a collaboration between Pavlis Honors College, the Michigan Tech College of Business, and the Office of Innovation and Commercialization. Husky Innovate is Michigan Tech’s resource hub for innovation and entrepreneurship, and offers workshops, competitions, NSF I-Corps training, a speaker series, and co-hosts the Silicon Valley Experience.

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