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03 May 2019, 08:00
| FROM Kenan- Flagler Admissions Blog: Students gain first-hand knowledge about venture capital |
 Students participate in UNC Kenan-Flagler’s Venture Capital Investment Competition (VCIC). There is no education like experience. And thanks to global VentureCapital Investment Competition (VCIC), students get it at UNC Kenan-Flagler. “Students play the role of a managing director at a venture firm, structuring term sheets, building a cap chart, and negotiating with founders,” says Hubie Haywood (MD/MBA ’20), a member of UNC Kenan-Flagler’s VCIC team this year. “For anyone interested in venture capital or startups, VCIC is the perfect way to gain the experience that no class can provide.” That is the intention of Patrick Vernon (MBA ’03), clinical associate professor of strategy and entrepreneurship and director of venture initiatives at UNC Kenan-Flagler. He began running the competition while earning his MBA. Created in 1998 for MBAs to learn about venture funding through five events in the U.S., VCIC has evolved into a network of 50 events in 13 countries that includes 78 MBA programs and serves more than 1,200 students annually. “VCIC is valuable to students because it’s real people doing real things,” says Vernon. “Venture capital is a unique industry, one that students don’t easily get access to. Having real startups pitching to students and offering students access to venture capitalists makes for a dynamic and intellectually stimulating event.” The tables are turned, with students playing the role of venture capitalists (VCs) and real-world startups presenting to the “VCs.” The competition judges are venture capitalists who come to VCIC to reconnect with their alma maters, network with other VCs and get a peek at early stage startups as well as bright students. One of those bright students is Nelson Fleming (MBA ’20). With a background in the construction industry, he had no real exposure to startups or venture capital prior to VCIC. “Since being introduced to venture capital and entrepreneurship through the competition, I landed an internship with a venture capital firm in the area and plan to pursue venture capital as a career at some point in the near future,” says Fleming. “It has been by far and away the most valuable learning experience I’ve had to-date as an MBA student.” In 2014, Vernon added an annual undergraduate VCIC and 34 U.S. universities competed in 2019. “There is a lot of demand for undergraduate entrepreneurship classes,” he says. “And while many schools now have entrepreneurship majors, very few have specialized classes in venture capital.” For many undergraduate students, VCIC is the only place they can learn about venture capital. “VCIC offers undergraduates the ability to learn about what is happening today in venture capital through very practical, real experience,” says Vernon. Sunny Sun (BSBA ’20) competed this year on UNC’s team. “VCIC gives a unique and hands-on chance to understand entrepreneurial finance but all transferrable skillsets required are coming from classes I took at Kenan-Flagler Business School, the fantastic guest speakers our professors brought from industry, and essentially all of the best help I received from my professors,” she says. While Sun’s focus is on investment banking and investment management, she says, “VCIC gives me a new lens to evaluate business through an entrepreneurial mindset.” Haywood developed an appreciation for venture capital and the role it plays in commerce. “As someone with little experience in the startup and venture finance world, the VCIC competition offered me and my teammates a crash course,” he says. “We learned on the fly, building a bit more knowledge with every deck, pitch, practice session and round of the competition. Even without taking a single class, I now feel as though I could intern at a venture capital firm because of VCIC.” |
03 May 2019, 09:00
| FROM Kenan- Flagler Admissions Blog: A global shift in entrepreneurship |
 The many journeys of Yusheng Zhang (BSBA ’19) inspired his pioneering research for his honors thesis on the intersection of immigration policy and entrepreneurship. As a UNC Kenan-Flagler GLOBE® Fellow, Zhang’s studies spanned the globe – from Chapel Hill to semesters studying at Copenhagen Business School and the Chinese University of Hong Kong, and expeditions throughout 23 countries. “I am an immigrant who was fortunate enough to receive an education in this country,” says Zhang, who was born in China and moved to the U.S. when he was 10 years old. “My thesis research is both an academic exercise and a personal journey. I wanted to understand what the future holds and where I make an impact in the world.” Zhang shared highlights from his research during a TED-style talk at the Harvard College Project for Asian and International Relations Conference, which was attended by hundreds of young professionals from more than 40 countries. In his presentation, “2…3….1: What I Learned from Entrepreneurs Around the World,” he talked about types of entrepreneurs, indicators of the democratization of people and ideas, and his perspective on the future of his generation. “Two types of entrepreneurs are ‘aspirational’ entrepreneurs and ‘necessity’ entrepreneurs,” says Zhang. “Aspirational entrepreneurs have opportunities in industries that would provide them a very successful life. But they feel compelled to take the risk of entrepreneurship to make life better for people around them and to find a higher sense of purpose through their work.” He cites a woman who built a company in Denmark that makes nutrition bars and teas from moringa, a sustainably farmed, drought-resistant plant from the Philippines. By contrast, necessity entrepreneurs choose entrepreneurship because they need to address dire problems in their own communities or have no other choice to make a living. An example is Sunshine Classrooms, which provides live-streamed lessons to elementary school children in rural China where there is a shortage of schools. Global improvement in government policies, accumulation of capital and exponential growth in standards of living and income throughout the world are the three indicators that have led to what Zhang calls “a tectonic shift” in the global flow of entrepreneurial talent. “There are more options today than ever to set up shop and secure capital,” he says. “It’s also more difficult than ever for policy makers and institutional leaders to retain entrepreneurs.” Zhang examines the reverse brain drain, the phenomenon in which the U.S. is slowly losing market share of the world’s most talented and highly educated people, including entrepreneurs. “These individuals are moving back to their home countries or to other parts of the world after receiving an education in the United States or after a successful career here,” he says. “The pursuit of knowledge and innovation is no longer an exclusive privilege of first-world Western countries.” “This change is a net gain for the world,” says Zhang. “There is a massive diffusion of knowledge and entrepreneurship throughout the world.” He believes that global policy leaders need to acknowledge that they are together in fluid ecosystems. “We need to stop thinking that entrepreneurs moving throughout the world is a zero-sum game,” he says. “We have to start thinking across borders.” Zhang’s perspective is that his generation needs to choose to be the drivers of the tectonic shift in the global flow of entrepreneurial talent. “We need to look out into the world and find those places with welcoming government policy, ample flow of capital, and booming, sustainable growth that align with our values,” he says. “We must choose to be the democratizers of people and ideas.” He says that his college experience changed his perspective on the world. “Honors Carolina, UNC Kenan-Flagler professors such as TedZoller and ChloeGlaeser, and the GLOBE program sparked my interest in entrepreneurship, geography and how the movement of people and ideas shapes the world today and tomorrow,” says Zhang. “Carolina encouraged me to conduct original research for my thesis, a 70-page narrative with data to support my claims. Ted has been very unselfish in offering me his time, expertise in and passion for entrepreneurship, and network to help me tackle this big question on immigration and entrepreneurship.” After graduation, Zhang will spend the summer interning at the Global Entrepreneurship Network in Washington, D.C. before joining EY’s consulting practice in August. He hopes to continue and amplify the dialogue on immigration and entrepreneurship. “I think entrepreneurship is what drives the world forward,” says Zhang. “We need to understand that the more exchange of people and ideas we have globally, the better story we can write for the future.” |
03 May 2019, 10:00
| FROM Kenan- Flagler Admissions Blog: Alex Bertelli’s mission is to keep people safe |
 Alex Bertelli (MBA ’16) is passionate about keeping people safe. Bertelli is CEO of HavenLock Inc., a manufacturer of security technology products. He was inspired to start the company after his Nashville neighbor’s home was robbed. “We knew there had to be a better way to solve the problem of break-ins,” says Bertelli. HavenLock Inc. draws upon the knowledge he developed while serving as a member of the U.S. Army’s Special Operations Forces, piloting helicopters in direct action raids in Iraq and Afghanistan. “I landed in the backyards of the bad guys every night, so our special-ops guys could capture them,” he says. He noticed that insurgents fortified their homes and compounds by welding steel bars at the bottom, middle and top of their doors. That insight inspired HavenLock’s high-tech, floor-based lock system, which is 10 times more effective than a deadbolt, Bertelli says. His experience in the Army – which developed his ability to set goals, offer guidance to others and then “get out of the way and let them go execute” – is a great foundation for his work as CEO. He built on that in UNC Kenan-Flagler’s MBA@UNC online program, which mastering the business skills and knowledge to begin his entrepreneurial journey. “I wanted to go to a top-20 MBA program to extend my network and gain more insight into how companies do business,” says Bertelli. The MBA@UNC program was the perfect fit as he transitioned from the Army to the business world. “Taking two years off from the work world to enroll in a full-time MBA program at that point wouldn’t have been a smart move for me,” he says. “MBA@UNC allowed me to have two amazing experiences – earning my MBA while working for the governor of Tennessee (as the director of business development for the state) – that I would never trade for anything.” Since he started his business in spring 2014 – soon after starting at UNC Kenan-Flagler – he often aligned his coursework with the development of HavenLock. “Ted Zoller also allowed me to do some independent study focused on the business and see if I could catapult it,” says Bertelli. He credits Zoller, T.W. Lewis Clinical Professor of Strategy and Entrepreneurship and director of the Entrepreneurship Center, and Susan Cates (MBA ’98), former executive director of MBA@UNC, for their support. “They were both mentors of mine,” says Bertelli. “They helped me think critically about how to get companies like Terminix, which is my biggest customer, to bite off a huge purchase order and do business with a small company like mine. They helped me with the strategy to get my manufacturing partner, Berkshire Hathaway, to give me a large line of credit so I could buy raw materials.” His MBA studies provided Bertelli with the outlet to speak to thought leaders throughout the university on how to frame his business and determine the go-to-market strategy. “At Kenan-Flagler, I learned how to understand the market; rapidly iterate, prototype and get customer feedback; align strategic partners; and get buy-in from people,” he says.  Alex Bertelli pitches HavenLock to the sharks on “Shark Tank.” Another experience Bertelli benefited from was appearing on “Shark Tank,” a reality TV show in which budding entrepreneurs pitch their ideas to five successful entrepreneurs for potential funding. “In May 2018, I drove seven hours to Chicago from Nashville, stood in line with 4,000 people, pitched for three minutes, got in the car and drove back home,” he says. One week later, he learned HavenLock was chosen to appear the show. “You miss 100 percent of the shots you don’t take,” he says. HavenLock’s appearance became the most talked about episode of the season. “If there’s one thing you gather from our appearance on the show, it’s that we’re not quitters,” he says. “We’re going to do whatever it takes to make our business successful.” In the days after the episode’s broadcast, interest in the company was high. “Our website was inundated with 20,000 views a day, we received tons of sales opportunities, and got new distribution leads all over the world.” While the TV show brought attention to HavenLock, Bertelli and his colleagues quickly returned to nuts and bolts he learned at UNC Kenan-Flagler. “Success takes people, capital, vision and resources from all partners,” he says. “We’re back to the basics of doing our business, which is onboarding new customers and putting product into the homes and classrooms of customers to make them feel safer.” |
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