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SOURCE University of Chicago Booth School of Business
Six student-designed companies acquired, two merge to expand reach
CHICAGO, Oct. 1, 2013 /PRNewswire/ -- It has been a big year for start-ups with ties to the University of Chicago Booth School of Business.
Eight student businesses built and developed with guidance and resources from Chicago Booth's Polsky Center for Entrepreneurship and Innovation have been involved in mergers and acquisitions this year, the most recent of which was last week's $800 million acquisition of Braintree by PayPal.
On Sept. 26, eBay, the parent company of PayPal, announced it was acquiring Braintree, which helps process mobile payments. Founded by Booth alumnus Bryan Johnson, '07, Braintree was the winner of the Polsky Center's 2007 Edward L. Kaplan, '71, New Venture Challenge, the premier startup program at Chicago Booth that helps students turn entrepreneurial ideas into viable businesses.
"Our rigorous analytical and iterative process helps the students create viable business models," says Ellen Rudnick, executive director of the Polsky Center and clinical professor of entrepreneurship at Chicago Booth. "The process, coupled with our strong network of resources, is truly valuable to these aspiring entrepreneurs."
Other New Venture Challenge winners and Booth startups involved in mergers or acquisitions over the past year are:
"The Polsky Center provides a unique and extremely productive process for creating successful businesses," said Professor Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and founding faculty member of the New Venture Challenge class.
The process starts with the vetting of the idea and then students work to develop a business model by giving presentations, getting feedback, and making adjustments as they work toward launching viable and potentially profitable startups, according to Kaplan.
"The New Venture Challenge begins with our terrific students. We systematically introduce the students to our network of mentors. We establish tight deadlines that create a sense of urgency and it pays off."
Susan Guibert (773) 702-9232
Ethan Grove (773) 834-5161
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