College Develops Venture Capital Program for Engineers

The Notre Dame Horsemen are legendary. So, taking the Four Horsemen name implies a certain level of expectation … a challenge, which was precisely the intention of the students, faculty, and alumni participating in the development of a high-tech entrepreneurial program within the College of Engineering. The Four Horsemen of the 21st century hope to build their own legend.

“There is a real need here ... and a real opportunity,” says Robert M. Dunn, director of the Integrated Engineering and Business Practices program. “Engineers are problem solvers by nature; they create the technologies of tomorrow. Yet, what many young engineers lack as they enter the workplace is an understanding of the entrepreneurial process as it relates to technology.”  The fact is that only a handful of engineering schools offer entrepreneurial programs to their students, while entrepreneurial studies have been a topic in business schools for the last 20 years.

The establishment of an entrepreneurial program and venture fund stemmed from a suggestion made by two alumni: brothers Kevin G. and Timothy J. Connors, both graduates of the Department of Electrical Engineering and both venture capitalists. Although the Connors brothers were already active with the University’s Gigot Center for Entrepreneurial Studies through the Mendoza College of Business (MCOB), their suggestion hinged on the belief that engineering entrepreneurship is a different animal and requires a different approach than business entrepreneurship. They also provided the initial funding to develop the program.

The first and most important step in creating the Four Horsemen Venture Program was the establishment of a student-run organization whose members — undergraduate and graduate students, faculty, and alumni — would meet a minimum of once a month to learn more about the process of vetting and capitalizing innovations. Members would also participate in the assessment of specific projects and commitments to venture funding.

Although there is a significant amount of work to be accomplished regarding the legal structure of the Four Horsemen Venture Fund before operations can begin — such as equity obligations, oversight rights and responsibilities, and technology ownership — Dunn is confident that an appropriate structure can be established and a venture fund operated to the benefit of participating students, faculty, and alumni.

Summer internships, the formation of an advisory network, the recruitment of program participants, development of business plan competitions, creation of new business incubators, establishment of a distinguished leaders lecture series, creation of scholarships, and involvement in entrepreneurial conferences on and off-campus are also planned for the program.

“We’re working to establish the Four Horsemen,” says Dunn. Key needs in the coming year include the continued development of ideas for projects, establishment of a technical advisory board, and creation of a capital fund as a resource for the program and seed money for start-ups who meet the venture fund requirements.

The potential is tremendous and the development stage a particularly exciting time. “Students have already started working with venture capitalists and successful entrepreneurs to write software for a commercial application,” says Timothy Connors.  “They are also working with MBA students from Mendoza College of Business to develop business and marketing plans. But what is most exciting is that, as the students currently participating in the program become alumni, they can return to help the next generation of students, creating a cycle of learning and doing.”

For more information, visit the Signatures article Another Historic Ride Begins.