Dean Elliott's Perspective of Hillside
Hillside Ventures is a new experiential learning program following a long tradition of innovation and entrepreneurship in the School of Business. The program provides our students with the opportunity to engage with young companies in evaluating them, and occasionally investing in them. I say occasionally because we know that there are many entities seeking funding, but only a few are actually ready to receive it and put it to use.
Our alumni include many who are themselves entrepreneurs or venture capitalists and anxious to help our students. Their help comes as advisors, speakers, mentors and often as funders. We are well on the way to attracting a million dollars dedicated to supporting Hillside Ventures. Some of the money will support research and the learning program, some will be available for early, small investments in promising companies and some will be available for follow-on, deeper investment in the most promising opportunities as they evolve.
This effort is supported by an academic program that started in fall 2020 with seven students studying with professors Greg Reilly and David Noble in a three-credit course titled “Student-Managed Venture Fund.” This spring there are 15 students and curriculum development for a series of courses is underway. Greg leads the Management Department that houses most of our entrepreneurship research and teaching. David is a faculty member in Management but more importantly, is the Director of the Werth Institute for Entrepreneurship and Innovation. As the program evolves there will be additional engagement with faculty in finance, accounting and OPIM.
The foundations for this moment are decades old. In the ’90s, the Wolff Family founded the Wolff Chair, now held by Professor Timothy Folta, and the Wolff business plan competition. In the early 2000s, we created the Student Managed Fund (SMF) in Storrs. With help from Denis Nayden, head of GE Capital, we also launched the Edgelab experiential learning program in Stamford. Subsequently, the State of Connecticut funded the Connecticut Center for Entrepreneurship and Innovation (CCEI). With leadership from Timothy Folta, Jen Murphy and Michelle Cote, CCEI has grown to provide multiple programs for our students and has attracted NSF funding. A decade ago alumnus Keith Fox brought the Innovation Quest Program(IQ) to UConn. It challenges students and faculty across the University to bring ideas and prototypes forward to compete for funding. Keith has been a constant voice on behalf of young entrepreneurs and companies and the program has had strong leadership from Professor Rich Dino of the Management Department. A decade in it is gratifying to see the growing number of IQ success stories that have become functioning companies that are supporting their entrepreneurial founders. Many have enjoyed significant liquidity events. Today our School of Business students find themselves counseling clients of the Small Business Development Center, working as interns with entrepreneurial companies, starting companies and engaging in many related endeavors.
In this brief history, a couple of features stand out. Our alumni have been consistent allies. They have devoted time, money, energy and enthusiasm to our programs. Because of two decades of investment and leadership, when Peter Werth looked at UConn he saw an entrepreneurial vision worthy of additional investment. A few years later, his investment is the cornerstone of our continuing growth, and the new Hillside Ventures experiential learning program is the next step for our students.
I have watched our students immerse themselves in the SMF and in doing so distinguish themselves as highly motivated, knowledgeable representatives of UConn who earn excellent professional positions and then distinguish themselves in their new roles. They are passionate and prepared.
The student venture fund will provide another avenue for similar preparation. The world is changing. Public markets are half of what they were a decade ago, and resources are being repositioned into private markets where this Hillside Ventures will focus. We are changing our academic courses to ensure that students understand these dynamics and are ready for the new environment. We have found that our alumni base remains as passionate as always, but increasingly includes alumni with deep professional experience in private equity and venture capital. They are passionate about these opportunities and eager to welcome our students into deeper study and knowledge of this emerging space.
This whole concept is about preparing our programs and our students for the new environment and I am excited to stress that the student venture fund is but the tip of the iceberg. Happily, there are many other exciting changes underway at the UConn School of Business. Stay tuned.
John Elliott, Dean