Here’s an interesting article about Val Ackerman, the current commissioner of the Big East Conference and the first president of the WNBA (and a former attorney). The article relates her role in the Big East to that of an entrepreneur.

The article is particularly interesting because it tracks her work with the Big East when it was new, similar to a company start-up. The article states: “In 2013, the opportunity to lead The Big East materialized and Ackerman grabbed it, tasked with re-building the conference from scratch. It was essentially a startup, and as most of us know, that means a hell of a lot of work.” Just like any start-up, Ackerman experienced “the joy and pain of taking on a huge new project.”

Indeed, the article states that when Ackerman joined the Big East, “it was after a massive reshuffling of schools and [she was] basically tasked with rebuilding the conference from scratch.” On the “start-up” nature of her job, Ackerman states: “There was a lot to be done—everything from hiring a staff, establishing bank accounts and accounting systems to pay all of our expenses. We had no insurance, we needed to set up a website, set up workplace policies, set up everything. We were hiring and creating while running the everyday operations. “

As a former student-athlete at ND in the Big East, it’s amazing to hear about the rise of the Big East from Ackerman’s perspective, and to read details about how much work went into its launch.

 

We’ve talked about the need for lawyers to put themselves in the shoes of entrepreneurs and understand how to best support them. This article gives the flip side of the story: it discusses how entrepreneurs can think like lawyers to help market their companies. For example, the author (an attorney and marketer) gives the following advice: “Attorneys approach issues from different angles. We know what the opposing counsel will say before he or she says it. It’s all about anticipating someone’s response and preparing a rebuttal beforehand. Content marketers can greatly benefit from this skill, too. That’s why you should promote your content in creative ways.”

In sum, the author states: “Approach future marketing campaigns from an attorney’s point of view. Create worthwhile stories. Adhere to a set schedule. And follow a code of ethics. Improve your content marketing strategy. Think like a lawyer.”

This article discusses “how Airbnb empowers women entrepreneurs.” The article states that “since 2008, women have earned $10 billion by hosting. Female hosts in the U.S. earn an average of $6,600 per year.” These figures are staggering.

Simply being an Airbnb host, however, does not make one an entrepreneur (although, arguably, there is some overlap between the two, such as flexibility and ability to control one’s own schedule).

The most fascinating part of these figures, however, is that “fifty thousand women reported that they used this money to fund businesses or invest in entrepreneurial pursuits, to essentially become entrepreneurs.” Through participation in a fairly unconventional company, then, women can, in-turn, fund their own entrepreneurial endeavors. I would be interested in seeing what percentage of men use their revenue earned as Airbnb hosts to further their own companies.

Finally, adding another layer to the article, Brian Chesky, Airbnb’s co-founder and CEO, also offers insight into Travis Kalanick’s ability to lead Uber in light of controversies that have been discussed in multiple blogs.

While we’ve discussed the externalities of giving aid, this article shows that aid can also have a powerfully positive effect.

Narges Bani Asadi created a Facebook page for UNICEF with a goal of raising $5,000 for Syrian refugees. The amount of aid raised exceeded Narges’s expectations. The article states: “Over the following two weeks, Narges’s plea to ‘Help Syrian Children Under Siege’ was shared and shared, its circles of influence growing exponentially. The majority donated $20. Very few donated $100 or more. Yet by the time the fundraiser ended on December 13, it had been shared more than 500 times, and almost 2,500 people had donated to help Syrian child refugees. Collectively they had raised over $103 thousand.”

Notably, Narges notes that she was confident the money raised for UNICEF would be well spent. States Narges: “It is a very credible brand. And interestingly, I grew up in Iran — I migrated to the United States about 12 years ago. In Iran, I was aware of UNICEF helping kids with education. So I knew that UNICEF is a good organization, and that it’s about children. I knew I can trust UNICEF.”

Perhaps the benefits of aid depend largely on the mission of the organization collecting aid. Ultimately, this article shows the power of social networking and the impact of mobilizing a community in a non-traditional manner.

If you enjoy TED Talks, here are five that are specifically about entrepreneurship and innovation that you may enjoy: http://www.inc.com/melanie-curtin/5-inspiring-ted-talks-for-entrepreneurs.html. I think the first video is particularly interesting, as it emphasizes the “why” of entrepreneurship as opposed to the “what” of entrepreneurship, a message that has appeared in several blogs and in class discussion. While a clear “why” may be most visible for social entrepreneurs, it is also crucial for traditional entrepreneurs.

Here is a very interesting article about 23-year-old Lauren Welch, whose entrepreneurship hopes to change the way that patients in developing nations can access their medical records. Dr. Carlos Atore, Welch’s mentor at University and business partner, informed Welch about the problems with Kenya’s healthcare system. Welch learned that there were “only 2 doctors per 10,000 Kenyans.” “To remedy the problem, she designed a mobile application,” and, through the guidance of Dr. Atore, succeeded in implementing their mobile application in five clinics and a hospital.

States Welch: “This will be the first time a patient in these developing countries will be able to access their medical records in an instant. If it’s a war-torn country and they have to go somewhere else, they’ll have that digital health record in hand to show that provider. At that point, it gives them power of their health care for once.” Her idea caught the attention of MIT, and she hopes the service will only continue to grow.

It is interesting to see how her idea progressed with the help of her business partner. It’s also interesting to consider that her ideas as an undergraduate are entirely her own to grow and implement, yet, if she had been in graduate school receiving a stipend from her research facility, she may not own the rights to her own idea, particularly if it was developed through a program’s mentors. Regardless, this is another example of how a simple solution can help solve a complex problem.

As the image of the “entrepreneur” continues to change, here is an interesting article on the evolution of the “celebrity entrepreneur”: http://tech.co/gina-rodriguez-celebrity-entrepreneur-2017-03. The article nicely outlines the benefits available to celebrities that ease the transition from “celebrity” to “entrepreneur” – such as, for example, their “influence and capital to get the startup ball rolling.” While I think the article is wrong in its conclusion that “celebrities make the best entrepreneurs,” it nonetheless ties into our discussion of the malleability of entrepreneurship and evolving trend of what constitutes entrepreneurship.

In one of our earliest classes, Professor Hollis discussed the student who won an entrepreneurial competition with his simple take on solar powered light. Similarly, this compilation of “Shark Tank” highlights demonstrates that the most successful companies are often an innovative spin on a simple product or service. The “Tipsy Elves” company, for example, has capitalized on the “ugly Christmas sweater” market, and has made a reported $40 million dollars in sales of eccentric clothing items. “Tom & Chee,” a grilled cheese restaurant, has expanded to 14 states, raking in $47 million in sales. Having a new idea on a traditional product or service is still an “entrepreneurial” endeavor, and it’s interesting to see why these Sharks thought it was smart to invest in these particular companies.

Here is an article discussing many of the concepts we have talked about in class. The article starts with a proposition: that “many new competitors in our market are not beating us on quality. They’re beating us first on service and convenience, and then on price. We’re not being out-lawyered in this market. We’re being out-customered.”

This is an interesting concept, and one that clearly parallels what Uber did to the taxi industry. The author first notes that the billable hour is on the decline, with flat rate pricing on the incline. This is where traditional law firms are being beaten on price. The author then notes that online services such as LegalZoom beat typical lawyers on convenience, as they are available 24/7.

Essentially, the author reminds us to focus on the new value propositions of the day: affordability and convenience. I think these two attributes are often lost on lawyers, but should be in the forefront of their mind, considering what the typical consumer values today.

In light of next class’s focus on patents, here is an article guiding entrepreneurs through a three-step process regarding patenting an invention or idea. Although the entire article is helpful, I found the most interesting part to be step 1: “determine if your idea is marketable.” The author asserts that “[a]bout 97 percent of all patents never generate enough revenue to pay for themselves.” This statistic surprised me, and made me think about the issue in a way that I never had before. First, entrepreneurs must engage in a cost-benefit analysis as to whether or not to even file the patent in the first place.

The author also includes several practical tips as to timing. For example, he suggests that entrepreneurs take their time to file their first non-provisional patent, lest they miss something important in their rush to file. I found this to be an interesting perspective, especially considering that the U.S. has switched to first-to-file per the America Invents Act.

Overall, I found this to be a helpful read, bringing an entrepreneurial perspective to the patent application process.