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Chicago Booth MBA Admissions & Related Blogs 09 Oct 2014, 14:00
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FROM Booth Polsky Center for Entrepreneurship: Recap:
When you’re thinking of an idea, clearly state the problem you’re trying to solve.
In order...
Recap:

  • When you’re thinking of an idea, clearly state the problem you’re trying to solve.
  • In order to identify a problem, you can start by thinking about unmet needs. These needs might be:
    a.       Something that you, yourself, have felt

    b.      Something that someone else has told you about

    c.       Something that you’ve heard about and interests you

  • When you identify an unmet need, it’s important to learn more in order to understand if it’s something that a lot of people think is a need.

  • To better understand the unmet need, it’s important to know the context
    a.       What are the current issues and events?

    b.      What is the industry like? Market size?

    c.       Who are the leaders? Competitors?

    d.      Who are the stakeholders?

    e.      What are people currently doing to solve this problem?

  • In addition to understanding context, you also need to understand who you are solving the problem for. Future E2 sessions (Oct. 30) will go into much more depth on the topic of understanding your users.
  • Spending your time upfront understanding the problem, its context, and the users will save you time, money, and resources in the long run. Therefore, it’s way more important to feel passionate about solving a problem than it is to feel dedicated to your early-stage idea. Your knowledge of the problem and who it affects will help you to come up with 
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Chicago Booth MBA Admissions & Related Blogs 10 Oct 2014, 15:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Essentials Recap: Opportunity Identification: Phase 0


Chicago Booth and UChicago students, faculty, and staff:

Follow this link for a recap of the Oct. 9 Entrepreneurship Essentials (E2) kickoff event, “Opportunity Identification: Phase 0.” It includes a link to the recording of the presentation, key takeaways, upcoming events, and resources to help with next steps.

Please join us for our next E2 event on Tuesday, October 14, where we’ll cover UChicago’s Entrepreneurial Ecosystem.

Contact Jerome Goodrich with questions.

Related articles
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Chicago Booth MBA Admissions & Related Blogs 13 Oct 2014, 10:00
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FROM Booth Polsky Center for Entrepreneurship: Polsky Center News: October 2014


Did you know that…

- Entrepreneurship is now tied as the most popular concentration at Chicago Booth?

- We’re offering a new program, Entrepreneurship Essentials - a series of quick pitches, lectures, workshops, panels, and roundtable discussions - to prepare students for the challenges they will face in the early stages of a new business?

- That we have two new Entrepreneurs-in-Residence this year, to further support and mentor students, faculty, and staff at UChicago?

Click on the photo above to access our October newsletter where you’ll learn more about about these and other new programs and offerings from the Polsky Center this fall!
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Chicago Booth MBA Admissions & Related Blogs 15 Oct 2014, 07:00
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FROM Booth Polsky Center for Entrepreneurship: Yesterday we hosted a lab session as part of Chicago Ideas Week...

Polsky staff members Starr Marcello and Meghan Fisher kick off the Chicago Ideas Week "Innovation at the 21st Century University" lab. (Held in UChicago's new Chicago Innovation Exchange space!)
Breakout topic: What will it take for your university to stay relevant?
Initial Brainstorm: What will happen to the University in the 21st Century?
Breakout topic: If Google and Stanford partner to create a new university model, what would that look like?
Prediction: At "Stoogle U" education will focus on applied learning and the student portfolio will be the new resume.
Final breakout: Think about how your university will compete against the future "Stoogle U". Yesterday we hosted a lab session as part of Chicago Ideas Week at UChicago’s new Chicago Innovation Exchange space. The topic, "Innovation at the 21st Century University" focused on the seismic shifts in technology, the economy and society during the last decade that threaten to disrupt the U.S. higher education landscape in the coming years. The session was facilitated by the IIT Institute of Design and the Polsky Center for Entrepreneurship and Innovation. Participants, who were placed into teams for this interactive lab session, were asked to role play and defend their university model against the competition. They were asked to imagine the university of the future and decide how to compete in this new landscape. Big thanks to all the participants who helped make this session a success!

Check out photos from the lab in this slideshow!
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Chicago Booth MBA Admissions & Related Blogs 21 Oct 2014, 08:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago: October 20-25
Entrepreneurship Events @ UChicago: October 20-25: The Polsky Center invites you to mark your calendar with the many entrepreneurship and private equity events happening on campus in the coming weeks. This week we’re:

Click on the link above or visit the Polsky Center blog and calendar for new additions!
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Chicago Booth MBA Admissions & Related Blogs 23 Oct 2014, 10:00
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FROM Booth Polsky Center for Entrepreneurship: Polsky Center Welcomes optionsXpress founder Jim Gray to Its Roster of Entrepreneurs-in-Residence
We’re pleased to share that Jim Gray, CEO, G-Bar LP, is joining Jason Heltzer, Mark Tebbe, and Chris McGowan as a new entrepreneur-in-residence for the 2014-15 school year. Jim is a businessman and entrepreneur with over 25 years of experience in financial technologies and markets.



Jim Gray, Polsky Center Entrepreneur-in-Residence

In 2001, Jim founded optionsXpress Holdings, Inc., an online options, futures and stock brokerage, which has fundamentally changed how retail investors use exchange-traded derivatives for investing and strategic portfolio management. Charles Schwab acquired optionsXpress in 2011. Currently, Jim is CEO of G-Bar LP, one of the nation’s largest independent options, and futures trading firms.

He has served on the boards of the Children’s Memorial and the Chicago Museum of Science & Industry. He is a member of the Chicagoland Entrepreneurial Center, Chief Executive’s Organization, the Commercial Club, Economic Club of Chicago, the Executives Club, and the Young Presidents Organization. Jim holds a BS in finance and economics from the University of Iowa.

Working with Students

As an EIR, Jim is eager to help any and all University of Chicago students seeking advice in entrepreneurial endeavors and general business pursuits. He aims to help students grow as learners and to add value to their educational experiences. Given his background, Jim can also offer specialized guidance to students interested in finance and proprietary trading.

To make an appointment with Jim, please email him at [email protected].
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Chicago Booth MBA Admissions & Related Blogs 24 Oct 2014, 07:00
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FROM Booth Polsky Center for Entrepreneurship: We’re so excited to partner with the Defense Entrepreneurs...

We’re so excited to partner with the Defense Entrepreneurs Forum and the #ChicagoBooth Armed Forces Group to host @DEFConference today. Proud to support entrepreneurial & innovative military members! #DEF2014 (at Gleacher Center)
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Chicago Booth MBA Admissions & Related Blogs 28 Oct 2014, 13:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago: October 27 - November 1, 2014
Entrepreneurship Events @ UChicago: October 27 - November 1, 2014: The Polsky Center invites you to mark your calendar with the many entrepreneurship and private equity events happening on campus in the coming weeks. This week we’re:

Don’t miss the deadline for the i-Corps Site Program Winter cohort!

Click on the link above or visit the Polsky Center blog and calendar for new additions.
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Chicago Booth MBA Admissions & Related Blogs 28 Oct 2014, 17:00
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FROM Booth Polsky Center for Entrepreneurship: A roomful of ideas… Kicking off the 2015 Edward L. Kaplan,...

A roomful of ideas… Kicking off the 2015 Edward L. Kaplan, ‘71, New Venture Challenge and John Edwardson, ‘72, Social New Venture Challenge! #ChicagoNVC
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Chicago Booth MBA Admissions & Related Blogs 29 Oct 2014, 07:01
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Essentials Recap: Team Building


Chicago Booth and UChicago students, faculty, and staff:

Follow this link for a recap of the October 23 Entrepreneurship Essentials (E2) event, “Team Building” It includes key takeaways, upcoming events, and resources to help with next steps.

Please join us for the next session on Thursday, October 30, where we’ll cover the topic of understanding your users.

Contact Jerome Goodrich with questions.

Related E2 articles
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Chicago Booth MBA Admissions & Related Blogs 03 Nov 2014, 12:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago November 3 - 8, 2014
Entrepreneurship Events @ UChicago November 3 - 8, 2014: Did you know there are more than 15 entrepreneurship, innovation, private equity, and venture capital-related events taking place at UChicago this month? For example:

Check out our event listing for full details and registration information!

Click on the link above or visit the Polsky Center blog and calendar for new additions.
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Chicago Booth MBA Admissions & Related Blogs 04 Nov 2014, 09:00
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FROM Booth Polsky Center for Entrepreneurship: Polsky Center News: November 2014


It’s been an exciting month for entrepreneurial students and alumni!

  • Bryan Johnson, ‘07, announced his new $100M OS Fund
  • Four UChicago companies received Chicago Innovation Awards
  • Nearly 1,000 tickets claimed for a sold-out talk with entrepreneur Peter Thiel
  • Tickets to our annual entrepreneurship conference, Seedcon, went on sale (early bird rates are good through Nov. 8!)
Click on the photo above to access our November newsletter to learn more about these events, and see how you can get involved with the Polsky Center this month!

Related:

Newsletter archivesEvents
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Chicago Booth MBA Admissions & Related Blogs 11 Nov 2014, 11:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago: November 10 - 15, 2014
Entrepreneurship Events @ UChicago: November 10 - 15, 2014: We have a number of exciting events, as well as several program deadlines coming up this week. Check out:

Check out our event listing for full details and registration information!

Click on the link above or visit the Polsky Center blog and calendar for new additions.
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Chicago Booth MBA Admissions & Related Blogs 11 Nov 2014, 18:00
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FROM Booth Polsky Center for Entrepreneurship: Excited to kick off the 4th annual Big Problems, Big Ideas...

Excited to kick off the 4th annual Big Problems, Big Ideas event. Follow #BPBI14 & join the convo!
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Chicago Booth MBA Admissions & Related Blogs 14 Nov 2014, 08:00
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FROM Booth Polsky Center for Entrepreneurship: Thanks for the tasty “office bomb”, @iheartkeenwah!...

Thanks for the tasty “office bomb”, @iheartkeenwah! Students gobbled up your #quinoa snacks and raved for more! #ChicagoBooth #alumni #startup
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Chicago Booth MBA Admissions & Related Blogs 14 Nov 2014, 11:00
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FROM Booth Polsky Center for Entrepreneurship: Delivering Efficiency Inside the OR…There’s an App for That
This fall, the Polsky Center announced the UChicago i-Corps Site Program, which supports university scientists, technologists, and entrepreneurs working to commercialize research and technologies. The program is funded through a three-year grant from the National Science Foundation and focuses on entrepreneurial education and activities for promising early-stage ideas in science, technology, engineering, and mathematics (STEM).Today, we meet ExlpORer, one of the teams participating in the program’s first cohort. Over the fall quarter, the team, run by Dr. Alexander Langerman, assistant professor of surgery and director of the Operative Performance Research Institute, a surgical think tank that studies operating room efficiency and safety at UChicago, participated in-depth workshops, conducted research and fieldwork, and more to help bring their app to life and ultimately help doctors and patient outcomes in the operating room.

Keep reading to learn more about the team and the i-Corps program!



Dr. Alexander Langerman and Dr. Marko Rojnica (left and center) work on refining their customer value proposition for their ExplORer app at an i-Corps Site Program cohort session on November 10.

Dr. Alexander Langerman is on a mission to improve operational efficiency in the operating room. As director of Operative Performance Research Institute (OPRI), the surgical think tank that studies operating room efficiency and safety, this topic is the central focus of his research. Dr. Langerman, a head and neck surgeon, came out of his fellowship inspired to provide excellent care for his patients. He quickly saw an opportunity to address a widespread problem that many surgeons face with managing efficiency in the operating room.

Dr. Langerman imagined: What if there was an app that displayed all the steps of a given procedure along with the surgeon’s specific preferences so that any staff member in the operating room could immediately act like a member of the A-team? The idea for a new app, nicknamed ExplORer, was born. It would create efficiency in the operating room by saving time, reducing costs, and generating surgeon performance analytics.

Inspired to bring his app to life, Dr. Langerman applied to the Innovation Fund and received a grant in support of the project. He partnered with University of Chicago Medical Center colleague Dr. Marko Rojnica, and current Chicago Booth MBA students Jennifer Fried and Raza Jafri. Together, they are one of eight teams enrolled in the UChicago i-Corps Site Program inaugural Fall cohort.

Run by the Polsky Center, the i-Corps program is another great opportunity on campus for university scientists, technologists, and entrepreneurs working to commercialize their research. Participants dedicate time in this 7-week program to go in-depth and understand if their idea has commercial potential to pursue as a business venture. They receive business training, mentorship, access to resources and collaborators, micro-grant funding, and designation as an NSF-funded project.

When asked what has been most valuable about the i-Corps program, Dr. Langerman valued the regimented schedule and remarked, “This is about learning the science of building a business. The one-on-one guidance through the process of refining our value proposition and customer segment has been tremendously helpful.”

As the ExplORer team wraps up their participation in the i-Corps program on November 24, they are finishing up their second generation prototype of their ExplORer app and look forward to pursuing it as a business venture.

Stay tuned for updates on the i-Corps Program!

How to Apply to the i-Corps Program:

If you are working on a project and would like to explore its potential as a viable business, you should apply to the Spring 2015 i-Corps cohort. All UChicago faculty, students, staff, and alumni working on projects related to one of the STEM (Science, Technology, Engineering, and Math) fields are eligible to apply. The application deadline for the Spring 2015 cohort is Thursday, February 12 by 12 p.m.  For more information and to apply online, please visit: icorps.uchicago.edu or contact Meghan Fisher at [email protected].

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Chicago Booth MBA Admissions & Related Blogs 17 Nov 2014, 12:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago November 17 - 22, 2014
Entrepreneurship Events @ UChicago November 17 - 22, 2014: Click the link above to view and register for the many Polsky Center-hosted entrepreneurship and innovation programs and events taking place on campus over the next couple of weeks!

Check out SeedCon, our annual entrepreneurship conference this Friday, November 21 at Venue SIX10 in downtown Chicago. We have an exciting speaker lineup including:

  • Matt Maloney, ’10, founder of GrubHub,
  • two directors from West Coast VC firm Artis Ventures, as well as
  • two top designers from Emergent Design.
Tickets are still available. Follow/use #SeedCon14and join the conversation!
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Chicago Booth MBA Admissions & Related Blogs 20 Nov 2014, 11:00
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FROM Booth Polsky Center for Entrepreneurship: Another “office bomb”?! How fun! Ted Wright,...

Another “office bomb”?! How fun! Ted Wright, ‘00, founder of Fizz, a word of mouth marketing agency, sent us a note (and some gear and books) to thank us for supporting #entrepreneurs like him. #ChicagoBooth
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Chicago Booth MBA Admissions & Related Blogs 24 Nov 2014, 14:00
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FROM Booth Polsky Center for Entrepreneurship: Entrepreneurship Events @ UChicago: November 24 - 29, 2014
Entrepreneurship Events @ UChicago: November 24 - 29, 2014: It’s hard to believe we’re in the home stretch of fall quarter already!

Click the link above to view and register for the many Polsky Center-hosted entrepreneurship and innovation programs and events taking place on campus over the next couple of weeks.

Wishing you all the best for a relaxing Thanksgiving break!
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Chicago Booth MBA Admissions & Related Blogs 26 Nov 2014, 14:00
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FROM Booth Polsky Center for Entrepreneurship: E2 Recap: Understanding Users & Deriving Insights


Chicago Booth and UChicago students, faculty, and staff:

We were fortunate to have the wonderful team at Emergent Design to come in and lead two Entrepreneurship Essentials (E2) Workshops on the topics of “Understanding Users” and “Deriving Insights”. They have kindly provided their presentations for each workshop, which can be viewed and downloaded below.

Please join us for the next session on Wednesday, December 3, where we’ll host a panel discussion at the CIE on the topic, “Do you need a Technical/Business Cofounder?”. Sign up here.

Contact Jerome Goodrich with questions.

Related E2 articles
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