Broad College | Annual Report 2023

2023 ANNUAL REPORT

BROAD FACULTY IN THE NEWS

Insights from Marla McGraw , director of career management in the college’s Russell Palmer Career Management Center, were featured in a Wall Street Journal report on soft skills being taught to new graduates and how companies can help them transition into the workforce.

ENTREPRENEURSHIP AND INNOVATION

ENTREPRENEUR LARRY BELL GIVES BACK The Bell’s Brewery founder and former owner gave $200,000 to the School of Hospitality Business to create the Larry J. Bell Support Fund for Beverage Education.

Entrepreneurship and innovation remain a steady focus for the college and a strategic theme in which we can feel a great sense of pride. This year, we embraced opportunities to grow — without losing sight of our vision to deliver the best experiences for our students.

THIS YEAR, MORE THAN $200,000 IN SCHOLARSHIPS WAS AWARDED TO STUDENT ENTREPRENEURS AT MSU.

WELCOMING A NEW LEADER Laurel Ofstein joined the Burgess Institute for Entrepreneurship and Innovation as faculty director and associate professor in the Department of Management at the start of the academic year. With a background in consulting and a passion for social entrepreneurship — doing well by doing good — Ofstein has been able to apply her expertise to deepen our impact. “We believe here at Michigan State that developing an entrepreneurial mindset is critical, whether you start a new venture or whether you go on to be innovative within a more traditional setting of a corporate career,” she said. Ofstein was featured on Season 6 of the Broad Matters podcast , talking about her background, research interests, and vision for entrepreneurship at the university. Under her leadership, the Burgess Institute is setting out to measure how Spartans are developing an entrepreneurial mindset through the coursework and initiatives offered in the college and across campus. CELEBRATING STARTUPS Also new this year, the Burgess Institute hosted the first annual Venture Summit , which saw over 300 attendees come together in September to celebrate 10 years of venture creation in the co-working and incubator space MSU Hatch. Since 2016, over 1,000 students have engaged with the Burgess Institute’s entrepreneurship programming, starting more than 800 companies at the MSU Hatch. Those companies have gone on to raise more than $160,000,000 in funding to fuel their startups’ growth.

LEGACY OF SUCCESS Through these growth opportunities, one thing remains unchanged: our legacy of success. Since 2018, MSU has consistently been recognized as a leader in entrepreneurship education, ranking among the top 25 programs in the nation. And the entrepreneurship minor, which began in 2016, continues to be one of the fastest growing and largest minors at the university, with nearly 800 students currently enrolled. This year, 460 students entered the discovery and launch phases and 26 startups were officially launched. Topping it off, more than $200,000 in student scholarships was awarded. With each of these efforts, entrepreneurship and innovation are solidified as foundational elements of the Spartan experience. Our work helps students — tomorrow’s leaders — explore new ideas, collaborate to find solutions, and inspire the future of business.

“This annual conference will offer attendees access to thought leaders within the entrepreneurial space and networking opportunities, all while showcasing student startups and inventions,” said Paul Jaques , managing director of venture creation at the Burgess Institute, who leads the team that established the MSU Hatch. The event featured speakers, a student business showcase, tours of the entrepreneurship spaces on and off campus, and a reception honoring student scholarship recipients. We believe here at Michigan State that developing an entrepreneurial mindset is critical, whether you start a new venture or whether you go on to be innovative within a more traditional setting of a corporate career.” LAUREL OFSTEIN

EXPLORE MORE CONTENT ON ENTREPRENEURSHIP AND INNOVATION

broad.msu.edu/ eship-23

INVESTING IN MIDWEST- BASED STARTUPS

WINNING BUSINESS IDEAS

Through the MSU Student Venture Capital Fund, students made recommendations for pre-seed investments in five startups across industries like gaming, agriculture, health care, and sports equipment.

At the fifth annual Burgess New Venture Challenge, business ideas pitched by Broad students were recognized with second place and social impact prizes.