Robert H. Smith School of Business - University of Maryland, College Park

A few years ago it seemed start-up companies were everywhere, from dotcoms to microbrews to magazines. Everyone had an idea, and funding for new business models seemed limitless. Today, while the amount of VC capital poured into private entrepreneurial companies is $2 billion higher than it was in 1998, many entrepreneurs are working harder to achieve their dream of building businesses. In this climate, having the right skills for turning a business plan into a company is paramount. At the Smith School of Business, students are presented with a wealth of opportunities for learning to navigate the stages of a start-up.

Smith students gain knowledge through entrepreneurship courses such as Technology Entrepreneurship, New Venture Finance, New Venture Creation, Venture Capital, Strategic Growth for Emerging Ventures, International Entrepreneurship, and Social Entrepreneurship, while speakers at the Smith School have included Todd Krasnow, Co-founder of Staples; Founder and CEO of Zoots, and Errol Unikel, Founder of Unicorn Partners. Students can also participate in Smith's business plan competition, the largest in the Greater Washington, D.C. Metropolitan Area, in which winners receive seed money for launching their new venture. Both the Entrepreneurship Club (eClub) and the New Markets Growth (NMG) Fund provide hands-on experience on opposite sides of start-up financing: developing the new online Smith Store as part of the eClub and managing venture capital through the NMG Fund. (See below for more information on the eClub and NMG Fund).

Unique to the Smith School is the Dingman Center for Entrepreneurship, a resource dedicated to facilitating, supporting and encouraging new enterprise growth. One of the oldest original entrepreneur centers in the country, the Dingman Center has established itself as a national catalyst for entrepreneurship. Through the Dingman Center, Smith MBAs have the opportunity each summer to apply their business expertise to boost the entrepreneurial success of vital and diverse businesses in the region via the Dingman Entrepreneurial Internship Program. The internship program allows students to gain experience that pays off in the job search or in their own new ventures. In addition, the Entrepreneurship Department at the Smith School researches entrepreneurial activity in all of its many forms, and uses the knowledge gained from that research to teach people to become better entrepreneurs. Contributors to the department's mission include entrepreneurs, investors and Smith faculty.

Couple these prospects and resources with a network of more than 30,000 graduates worldwide, and 127 full-time and 70 part-time faculty members, it's no surprise that Entrepreneur magazine places the Smith School #3 nationwide in rankings based on a survey of alumni, and #5 nationwide in rankings based on a survey of peers (program directors). Additionally, recently the Financial Times ranked the Smith School #7 in Entrepreneurship worldwide and The Wall Street Journal ranked the Smith School #8 for students' entrepreneurial skills.

ClubFocus: Entrepreneurship Club

The mission of the Entrepreneurship Club is two-fold: to assist graduate students pursuing careers in either the entrepreneurial sector or venture capital industry, and to provide education and aid to students creating businesses of their own.

One of the big events for the eClub is the Venture Capital Investment Competition (VCIC), the only national competition that puts MBA students in the hot seat as simulated venture capitalists with a pool of mock money to distribute to real local start-up businesses. The eClub and the Dingman Center coordinate Smith's team selection by running a local version of the VCIC. This year, the eClub sponsored its first panel at InForum (a business technology conference run by Smith students) on the state of start-up technology companies in the current economy. In addition, the eClub hosts informational sessions, such as one on the Kaufmann Fellowship program, given by Jonathan Perl, a partner at Boulder Ventures. Other events include a social entrepreneurship/venture roundtable jointly coordinated with NetImpact, as well as guest lecturers and happy hours.

The New Markets Growth Fund (NMG) is a $20 million private for-profit venture capital fund that makes equity investments and provides operational assistance to both early-stage ventures and small- to mid-sized growth companies located in the Greater Baltimore-Washington and Northern Virginia Area. Its objective is to invest in and build successful, high-growth, sustainable companies. Each year, nine Smith MBA students act as associates for the NMG Fund (the Fund is a separate entity from the Smith School and has no legal connection).

The NMG Fund seeks situations where either start-ups or more mature companies can commercialize innovative products and processes into domestic and foreign markets. The NMG Fund typically invests between $100,000 and $1.5 million, in companies with strong management teams, high-growth potential and defensible market positions. Where appropriate, the NMG Fund is willing to play a lead role, which may include providing operational assistance to promising opportunities prior to making an investment decision. Post-investment, the NMG Fund cultivates long-lasting and meaningful relationships with management teams through professional services, active board participation and mentoring. The NMG Fund's management team has experience in cross-border transactions and a range of industries expertise, including IT and telecom services, software, outsourced business services, manufacturing, and direct marketing.

Admissions Tips: Getting a jumpstart on your homework!

Frequently visitors to Smith ask our current students their thoughts on preparing for the MBA program. The constant response? "Take a "quant" course!" Summer School is a tough sell - pouring over textbooks with the smell of BBQ sauce wafting by… but the investment is a good one, and the payoff can be seen in high academic marks. Students who have never had finance, accounting or statistics can really benefit from a six-week, undergraduate-level quantitative course prior to the fast-paced Fall term of MBA students.

Some students will be required to take Calculus prior to the start of the program (they have been notified in their admissions decision), and this is condition of their admissions. For all students - the time invested in a quantitative course can serve as either a refresher to theory, introduction to conceptual framework or both. Taking an undergraduate course at a community college could be the most cost-effective way to benefit from this preparation.

Smith offers a Math Boot Camp (boots not included!) as an option for reviewing quantitative fundamentals just before Orientation. The Class of 2004 felt this was very helpful and a great way to transition back to the classroom. But for students needing more in-depth study - a course over the summer could make the difference between an "A" and a "B" come report card time!

From the mouths of students - some of our first-years agree:
"I had a math prerequisite and took a Stats correspondence course, which has been invaluable during my first year. Stats is fundamental to many of the basic theories taught in the core curriculum and having a good understanding of the basics of statistics gave me a head-start in many courses."
--Brian Dotson, MBA 2004

"For non-business majors, it would be very helpful to take preliminary financial accounting, finance or statistics."
--Randy Daems, MBA 2004

"I took a community college elementary stats course, and that definitely helped me get through 630 here. If I hadn't, I'd have struggled during the middle third of the semester due to the pace of the class. So I was very glad that I spent the time and money this past summer on stats. In fact, I wish I'd also been able to take accounting, but Stats conflicted with Accounting."
--Evanthe Sophocleus, MBA 2004

"I took an Introductory Accounting course at my local community college prior to coming to Smith. I had just finished 5 years of service in the Army and I had never taken any business classes as an undergrad. I chose accounting because I thought it would prepare me for taking business classes in the fall and warm me up for going back to school. I am very glad that I did, I did not realize how difficult I would find it to get back into the rhythm of doing homework and reading textbooks. The math camp is great, and the Smith Professors are fantastic, but the chance to relearn the tricks to doing homework and reading textbooks was very beneficial. I felt very comfortable once classes started and I have no regrets that I gave up a little bit of fun in the sun to prepare myself for business school."
--Alex Frum, 2004

Hometown: Pasadena, California
Undergrad institution: St. John’s College, Annapolis, MD
Undergrad major: B.A. in Liberal Arts
Previous work experience: Captain of Alaskan salmon commercial fishing vessel; Programmer at BoxerLearning.com
Concentration: Entrepreneurship

Dominic Crapuchettes

My dream has always been to start a company, and I viewed an MBA as the practical means for achieving my goal. In making the decision about a program, I choose Smith because of its great reputation in both entrepreneurship and technology. I later learned I had received a scholarship through the Dingman Center for Entrepreneurship, making my decision even easier. In fact, my work with the Dingman Center has been one of the most valuable aspects of my education, as I learned about how to attract venture capital. I have now raised half of the money I need to start my company - with a puzzle game as the first product - by this summer. Another valuable aspect of the Smith program is the tremendous support I have received from my fellow Smith students, who are an essential part of my valuable network. For example, four of my classmates are helping with my company business plan as part of our 'New Venture Creation' class, and the Marketing Club sponsored a focus group designed to assist with branding issues. With the support of the Smith school, the company should have its first print run of Cluzzle.com some time this summer. And if I have my way, it will soon become the next hot new craze!

	Hometown: I grew up in West Palm Beach, FL but have been living in Washington, DC since beginning my undergraduate studies. Undergrad Institution: George Washington University Undergrad Major: BA in Psychology Previous work experience: I have worked in the non-profit sector and as a consultant with Accenture. Summer Internship: Goldman Sachs - IT, Summer Associate
Jennifer Durrence
I chose Smith because it is a top tier program with a focus on technology. Smith provided the opportunity for me to develop and refine my business acumen through classes that offered real world experiences such as the New Markets Growth Fund, student-organized conferences that brought industry leaders to campus, and a diverse and truly international student body. As an associate on the New Markets Growth Fund, I had an exceptional learning experience in the venture capital industry. I performed due diligence on real businesses and had the opportunity to interact with venture capitalists and entrepreneurs as well as gain an understanding of the field of community development venture capital.