INSTITUTE OF ENTREPRENEURIAL LEADERSHIP 2015 · PDF fileINSTITUTE FOR ENTREPRENEURIAL LEADESHIP TOC ... Blue Ocean strategies, ... from Heritage Bank and the Keiretsu Forum,

IEL

INSTITUTE OF ENTREPRENEURIAL

LEADERSHIP2015

U P D AT E

IEL

925.969.3525 I [email protected] I jfku.edu/iel

INSTITUTE FOR ENTREPRENEURIAL LEADERSHIP TOC

ABOUT IEL ................................................................................ 2

IEL PROGRAMS ........................................................................ 3

IEL PARTICIPANTS .................................................................. 6

IEL GRADUATES’ BUSINESS RESULTS ................................ 7

2015 ENTREPRENEURS OF THE YEAR ................................ 8

E2 PITCH CONTEST WINNERS ............................................ 9

IEL CLASS OF 2015 ENTREPRENEURS .............................. 10

THE FUTURE ......................................................................... 14

IEL BOARD OF LEADERS ..................................................... 15

GRATITUDE ........................................................................... 16

OUR ASK ................................................................................. 18

DATA METHODOLOGY & DISCLAIMERS ....................... 19

T A B L E O F C O N T E N T S

IEL


1INSTITUTE FOR ENTREPRENEURIAL LEADERSHIP

ENTREPRENEURSHIP IS ALIVE AND WELL.Since 2011, the Institute of Entrepreneurial Leadership (IEL) at John F. Kennedy University has been developing the capacity of entrepreneurs to grow their businesses. Participants start our programs with an abundance of passion. They leave our programs with confidence, skills, and perspectives that give them a far greater chance of turning their passion into a sustainable enterprise. We are delighted to participate in this transformation. It is infectious and fuels us to continuously pursue the dream of expanding, innovating, and growing IEL so that we can continue this rewarding mission.

It is with great pride that I present to you this annual update on our progress. This document includes data about our impact and stories about our graduates’ entrepreneurial journeys. Our hope is that you also will be inspired to continue believing in entrepreneurship and in our entrepreneurs. Your contributions make it possible to realize the dream of our founder, Dr. Raul Deju, to ensure that entrepreneurs from all walks of life are given the opportunity to pursue their entrepreneurial journey.

IEL Mission: Empower passionate entrepreneurs to achieve extraordinary results.

IEL



ABOUTThe Institute of Entrepreneurial Leadership (IEL) at John F. Kennedy University is a Growth Accelerator, offering practical entrepreneurship programs focused on one thing: the start or growth of the participant’s business. The Institute was founded by Dr. Raul Deju, a Cuban immigrant and subsequent C-level executive in several Fortune 500 companies, in 2011.

Each cohort of entrepreneurs is led through a structured program tailored to the needs of that cohort. Each entrepreneur’s journey is further supported through individualized, one-on-one personal learning experiences created through mentoring.

John F. Kennedy University has been providing higher education to adult undergraduate and graduate students who want to change the quality and depth of their own lives since 1964. JFK University is accredited by the Western Association of Schools and Colleges. Approximately 1,300 students are enrolled in a diverse group of degree and certificate programs at the University. JFK University is an affiliate of the National University System, a network of nonprofit education institutions, uniquely aligned to connect a diverse population of students to innovative educational programs. The National University System includes National University, one of the largest nonprofit universities in California.

Precision® EntrepreneurshipA structured program tailored to the needs of each cohort and individualized through personal learning experiences.

IEL



PROGRAMSWe open our doors to ALL entrepreneurs with programs designed to benefit entreprenuers in any stage of development – including those who are not affiliated with JFK University. Some are in the throes of starting a company, while others currently own a business and need to change course or catalyze the growth of their business.

Our Growth Acceleration Program includes onsite and virtual programs for Bay Area entrepreneurs and can be customized for larger groups.

ENTREPRENEURIAL PROGRAM

Our 12-unit undergraduate Advanced Certificate in Entrepreneurship program - is best suited for those interested in launching a business and early stage entrepreneurs. The program provides basic instruction and personal learning experiences through mentoring. Participants explore every aspect of growing their business – from product positioning and differentiation to marketing, finances, and more. The program also includes no-cost access to basic legal services through our partnership with the JFK University College of Law.

IEL offers on-site and online programs for all entrepreneurs with special programs for veteran-, minority-, and women-owned businesses.

CUSTOM PROGRAMS FOR SUPPLIER DEVELOPMENT: MINORITY-, WOMEN-, AND VETERAN-OWNED BUSINESSES

We offer custom programs that are tailored to the needs of sponsoring corporate Supplier Diversity and Development programs. Typically, these programs are anchored around core entrepreneurial topics but may also include sponsor-specific elements. Core topics include proper approaches to pitching a service or product, Blue Ocean strategies, marketing, developing a financial story, and professionalism.

VETERAN- AND DISABLED-OWNED BUSINESSES

Our Operation Hand Salute program is specifically tailored to founders/CEOs who are service-disabled veterans. This program provides the entrepreneurial foundations that – when combined with their military experiences – can energize veterans to rethink their business assumptions and propel growth.

WOMEN AND MINORITY OWNED BUSINESSES

A second program, Business Reshaping, is tailored to women- and minority-owned businesses. This program is aimed directly at accelerating the growth of existing companies that currently (or prospectively) sell services and products to large enterprises.

IEL



PROGRAMS(CONT’D)

COMMUNITY OUTREACH PROGRAM

In addition to our structured programs, we support entrepreneurial activities in our community. Each year, our staff attend more than 60 events, personally engaging with nearly 2,000 individuals.

Beginning in 2015, we established two meetups – gatherings of like-minded people connected through meetup.com – to connect with entrepreneurs and tech-minded individuals in the region (or community). Educational and networking events designed to bring entrepreneurs together are held on a monthly basis.

We also conduct our E2 (Emerging Entrepreneur) pitch contests three times a year. These events are free to the presenters and to the audience, giving entrepreneurs the opportunity to hone their pitch in front of a panel of supportive judges representing experienced angel investors, business executives, and entrepreneurs.

IEL has been an incredible experience for me as an entrepreneur/business owner. The instructors and staff experience level within the program are second to none.

Dave Guerra - Puente TechnologyIEL Operation Hand Salute Participant



PARTICIPANTSIEL

IEL



PARTICIPANTSEntrepreneurs are unique people. Their restlessness, their energy, and their ability to move forward in the face of unknown risks or outcomes separate them from those who pursue employment.

When we meet the entrepreneurs who are interested in our programs, self-identification as an entrepreneur isn’t enough. We press hard to understand their passion for their idea and their desire to learn and grow.

ALUMNI PROFILE

The entrepreneurs who have completed our programs are our greatest asset. These men and women from across the nation are adding jobs and contributing to their local communities in positive ways. Many are ambassadors for IEL and often tell others about the positive impact their IEL experience has had on their business. To date, we have served entrepreneurs in 22 states across the U.S.

But geographic diversity is only one dimension of this extraordinary group of people. While Silicon Valley only recently took up the banner for diversity of gender and ethnicity amongst its start-ups, IEL has a long history of engaging diverse entrepreneurs. To date, 76% of all of our participants lead minority-, women-, or veteran-owned businesses.

IEL participants come from 22 states with businesses in a wide range of industries.

Seventy-six percent lead women-, minority-, or disabled veteran-owned businesses.

IEL



PARTICIPANTS’ BUSINESS RESULTSOUR MEASURES

Many business accelerators similar to IEL are content with simply measuring the number of participants that complete their program. We go beyond traditional measures.

Our participants are asked to report their business results both revenue and employees – to us for four years after they complete our programs. These simple measures help us answer the question: “are these entrepreneurs growing their businesses?” Our participants reported $1.7 billion in total revenue and the employment of 4,048 people in 2015. In addition, the average age of companies is 11 years old and median company revenues are $3.4 million.

RECOGNITION BY OTHERS

We are not the only ones recognizing the significant work of our participants. Two of these companies are among the top 50 women-led businesses in the U.S. A service-disabled veteran who completed our veteran-focused program was named “Vetrepreneur of the Year” by the National Veteran-Owned Businesses Association and the Small Business Administration. We have businesses on the Inc 5000 and the inaugural Entrepreneur 360 lists. Many others have been awarded top honors for their growth, innovation, and best places to work.

Compared to the U.S. national economy that is growing at around 2%, IEL businesses are collectively outperforming the economy by a remarkable 400%.

THE FOLLOWING IS A SUMMARY OF SELF-REPORTED DATA OF 117 PAST IEL

PARTICIPANTS WHO COMPLETED A VOLUNTARY SURVEY IN 2014 AND 2015.*

REVENUE

YOY GROWTH

2014ACTUAL

$1.57BILLION

3,551

2015EST. ACTUAL

$1.70BILLION

+9% +11%

3,892

2016FORECAST

$1.89BILLION

4,692EMPLOYEES

* The data has not been validated by IEL or any other independent auditing process.

IEL



ENTREPRENEURS OF THE YEAR – 2015At our Annual Entrepreneurial Awards event in May 2015, we honored people in the IEL community for their entrepreneurial spirit and achievements. Entrepreneurs succeed because they solve challenging problems, laying the foundation for new opportunities. And when they succeed, they inspire others to continue the journey.

KENNETH E. BEHRING FAMILYGLOBAL ENTREPRENEUR OF THE YEAR

An entrepreneurial family dedicated to making a difference. We recognized and applauded their global efforts to bring more than one million wheelchairs to those in need, provide leadership to our schools, and preserve our collective social and natural history.

DR. RAUL DEJU, PHD – FOUNDER AND FORMER DIRECTOR, IELTHE CHUCK SMITH AWARD FOR LIFETIME ENTREPRENEURIAL ACHIEVEMENT

Successful businessman, author, scholar, and founder of the Institute of Entrepreneurial Leadership. We honored Dr. Deju’s vision to create the IEL – giving aspiring entrepreneurs a chance to develop the tools they need to be successful.

BEATRIZ MANETTA, FOUNDER AND CEO – ARGENT ASSOCIATESEMERGING ENTREPRENEUR AWARD

Founder and CEO of Argent Associates and IEL Business Reshaping graduate 2013. Betty started her business in her home in 1998. We acknowledged her for leading the nationwide fast-growing logistics, warehousing, and real-time information business she created.

WILL MARTINEZ, FOUNDER AND CEO – NANOTECH BIOMACHINESEMERGING ENTREPRENEUR AWARD

Founder and CEO of Nanotech Biomachines and IEL graduate 2012. Will ventured to Colorado in 1999 to study engineering from his home in Peru. His company is pioneering the development of next generation therapies that will make cancer treatments more affordable and save lives.

PHYLLIS NEWHOUSE, FOUNDER AND CEO – XTREME SOLUTIONSRECIPIENT OF AN IEL EMERGING ENTREPRENEUR AWARD

Founder and CEO of Xtreme Solutions, Inc. and IEL Operation Hand Salute graduate 2012. After retiring from the Army, Phyllis started her company in 2002. This cyber security and solutions business now employs more than 190 people in 20 states.

IEL



E2 PITCH CONTEST WINNERSAs the result of a generous grant from Chevron Corporation and additional support from Heritage Bank and the Keiretsu Forum, IEL began holding an annual series of “E2” (Emerging Entrepreneur) pitch contests.

In 2014-2015, we held three E2 pitch contests, culminating with a final round in May. In the final round, winners of each preliminary contest were invited to pitch to the IEL supporters and partners gathered at the IEL annual awards luncheon.

Here are the winners of our E2 Pitch Contests in 2015.

FIRST PLACE - INSTAFLORISTCARLO MATTEUCCI, FOUNDER AND CEO

InstaFlorist brings happiness to people who wish to show their love through flowers, by sending personalized, high-quality arrangements using their exclusive flower grid template technology.

SECOND PLACE – SOSU SAUCESLISA MURPHY, FOUNDER AND CHIEF SAUCE MAKER

SoSu Sauces has created a line of Sriracha inspired sauces and condiments that will add amazing pizzazz to your meals. Sosu prides itself on sourcing and production practices that are sustainable and socially responsible.

THIRD PLACE – UNIQUE BIOMETRICSNITHIN KUMAR, FOUNDER AND CEO

Unique Biometrics has created optimized iris recognition algorithms and technology that is integrated into security systems and extensively used by the US armed forces and intelligence agencies.

IEL



2015 ENTREPRENEURSThree entrepreneurs exemplify the IEL participants of 2015. Each of their stories illuminates how entrepreneurs come from different walks of life and how every journey is unique. And while many experience similar business challenges, each entrepreneur’s approach to overcoming the odds is particular to their business, experiences, and capabilities.

DAN GORMAN – AVENIDA SUITES, INC.TAMPA, FLORIDAIEL OPERATION HAND SALUTE, 2015

JEN TURNER – CALIFORNIA CRYSTALCONCORD, CALIFORNIAIEL ADVANCED CERTIFICATE IN ENTREPRENEURSHIP, 2015

JOHN KRAUSE – BIG HOUSE BEANSBAY POINT, CALIFORNIAIEL ADVANCED CERTIFICATE IN ENTREPRENEURSHIP, 2015

IEL



Q: What missing piece did you see in the market that motivated you to pursue your company?

A: Actually, when I started the business, I didn’t even know it was an industry. We started it to make a bit of extra income by renting out a single condo that we had purchased and furnished to fellow service members who were on a temporary duty assignment. We only discovered it was a huge industry from the high demand after renting our first one, which resulted in the addition of several more condos just a few months later.

I soon learned that the market was controlled by a few very large companies, and we found that these companies were lacking in the customer service expertise. We saw this as an opportunity to grow by providing one-on-one customer service. Our motto is, “temporary housing one guest at a time,” and our goal is to treat each and every guest as if they were our only guest.

…IEL is truly involved, engaged, and remains invested in the success of their participants long after the class is over…

Q: How has your experience with the IEL impacted your business?

A: My experience with IEL has been very positive. While I have done many of the exercises before, never have I had the opportunity to do them with a great team to provide relevant, timely, and real world feedback. The whole process has helped open my eyes to some things I certainly need to improve upon as we continue to grow and expand. The support has been extremely helpful and the offer of continued support when needed from the entire team is greatly appreciated. It tells me they are truly involved, engaged, and remain invested in the success of their participants long after the class is over. Not many people or institutions are like this from my experience.

2015 ENTREPRENEURS (CONT’D)

DAN GORMAN – AVENIDA SUITES, INC.TAMPA, FLORIDAIEL OPERATION HAND SALUTE, 2015

IEL



Q: What motivated you to pursue your own company?

A: I worked for a small glass decorating company that was doing about $2 million in business annually. When the owner died suddenly, our manufacturer reached out to ask if I would help start a new company, seeing a potential void in their sales. I decided to try it and here I am four years later.

Q: What would the early-stage business world be like, if there were no resources like the IEL to help entrepreneurs? How would it be more difficult?

A: I knew nothing about business, entrepreneurship, or where to start. I really didn’t know anyone that was running a business like mine. I had no support system. After being accepted into the IEL program, I was no longer alone. I was given the tools I so desperately needed. So, without resources like the IEL, the feeling of being in over your head would be a very difficult first hurdle to get over.

What helped with that feeling of isolation was the [IEL] mentorship. These mentors had been where I was and had succeeded anyway!

Q: What are some difficulties that are often overlooked when it comes to starting a company? Did the IEL provide help with any unexpected difficulties?

A: One of the biggest difficulties in starting a company is that you have no idea what you don’t know. The challenges for someone like me with no business experience are significant. My business is unique, which made me think I had no one to advise me.

The mentoring offered at the IEL helped me overcome the feelings of isolation from operating such a unique company. They taught me about those other nuances of running a business that I didn’t even know I didn’t know! I’ve said before that when I landed at the doors of the IEL, I felt as if I’d won the lottery. To this day, I feel like one of the luckiest people on the planet because of the IEL.


JEN TURNER – CALIFORNIA CRYSTALCONCORD, CALIFORNIAIEL ADVANCED CERTIFICATE IN ENTREPRENEURSHIP, 2015

IEL



Q: You have a rather interesting journey that led to Big House Beans. Do you think it‘s important for people to know a company’s story?

A: I believe that companies who are transparent with their identity, their journey, and what they stand for will have a far greater impact than a company that is just a label sitting on a shelf somewhere. I want to be transparent in the way that we use coffee to reach overlooked people and strive to create opportunities for them. I believe that coffee roasting is an often overlooked art. I want to perfect that art, combine it with my heart for people, and see how the worlds can collide.

Q: What resources are available to those who have recently started a business?

A: Trial and error is the greatest lesson in business. The most valuable resource in a program like the IEL is that you learn about the trials and errors of all the other people in the program. Hearing these stories gives you the confidence to go forward as a trail blazer with the knowledge that you will learn from your failures.

The people [at the IEL] will always see problems that you don’t see..have the experience to offer insight to solve the problems you do see, all while introducing you to new ways of thinking.

Q: What are some difficulties that are often overlooked when it comes to starting a company? Did the IEL provide help with any unexpected difficulties?

A: Some common difficulties are a lack of business planning, being underfunded, not reaching new customers at a sustainable rate, and being understaffed. The IEL program has a ton of information that can help in a lot of ways. The people there will always see problems that you don’t see, and they have the experience to offer insight to solve the problems you do see, all while introducing you to new ways of thinking.


JOHN KRAUSE – BIG HOUSE BEANSBAY POINT, CALIFORNIAIEL ADVANCED CERTIFICATE IN ENTREPRENEURSHIP, 2015

IEL



THE FUTUREWhile IEL has accomplished a lot in a very short amount of time, there is much more we can do to increase our impact and further our mission.

First and foremost, we plan to continue the successful programs we already offer and increase the number of participants in each cohort. As we are currently configured, we can easily impact 50% more entrepreneurs by taking advantage of our existing capacity. Secondly, we plan to invest our focus and incremental resources into two additional initiatives.

• TAILORED OFFERINGS FOR DIVERSE SUPPLIERS INCLUDING VETERAN- AND MINORITY-OWNED BUSINESSES

• CONTINUING EDUCATION ON-DEMAND OPTIONS

• INCREASED PARTICIPANTS IN OUR EXISTING PROGRAMS

• MORE ONLINE OFFERINGS

TAILORED OFFERINGS FOR VETS

Through a generous grant from Wells Fargo, we will be developing a series of online programs that are specifically tailored to the needs of veterans as they start or develop a business. Using the best available techniques to engage online participants, these offerings will always include the personal one-on-one learning experiences created through mentoring. Our goal is to reach veterans wherever they are, particularly if they do not have access to entrepreneurial support systems in their community.

RELOCATION

In 2016 we will be relocating our operations to the John F. Kennedy University campus in Pleasant Hill. From this new base, we will have the opportunity to integrate entrepreneurship into an increasing number of JFK University degree and certificate programs.

Having the support from the IEL team helped to validate my decision and inspired me to keep moving forward with establishing my organization and fulfilling my dream.

ChyRace Brown - Collective Creativity, Inc.IEL Advanced Certificate in Entrepreneurship Graduate

IEL



A.P. GUJRALVICE PRESIDENTWELLS FARGO

DINA FINTAIEL DIRECTORJFK UNIVERSITY

RON LEONECITY COUNCIL MEMBER (FORMER MAYOR)CITY OF CONCORD

MICHAEL GRANEY-MULHOLLANDDEAN, COLLEGE OF UNDERGRADUATE STUDIESJFK UNIVERSITY

JILL OSURPRESIDENTGOLDLINE BRANDS AND ZEAL WINE GROUP

AMEIN PUNJANICOOAMERIT FLEET SOLUTIONS

LARRY ROCKWELLPARTNERDONAHUE FITZGERALD LLP

JENNIFER SCHNEIDERMANNVICE PRESIDENTPRAXIS GROUP-MORGAN STANLEY

ANNE MARIE TAYLORVICE PRESIDENT OF ADVANCEMENTJFK UNIVERSITY

CHRISTY TAYLORPARTNERMARKETING & STRATEGY CONSULTANT

ROGER WERNEDEPUTY DIRECTORLAWRENCE LIVERMORE NATIONAL LABORATORY

TIM WHITEVICE PRESIDENTHERITAGE BANK OF COMMERCE

BILL WIERSMAAUTHOR AND BUSINESS CONSULTANTWIERSMA & ASSOCIATES

RANDY WILLIAMSFOUNDER/CEOKEIRETSU FORUM

BOARD OF LEADERSWe are grateful to our Board of Leaders for their insights, leadership, and continuous support. Many of these individuals have been guiding IEL since its inception and IEL has thrived as a result of their wisdom.

IEL



GRATITUDEWe could not do what we do without the efforts of some very special people and visionary institutions. We are thankful for all of the support we received throughout 2015 from these individuals and organizations.

SPONSORS

IEL received a major lift in the early days due to the willingness of some key corporate and individual contributions. Chevron stepped forward with a significant founding grant. Wells Fargo Bank, Heritage Bank, AT&T, the City of Concord, and IEL Founder Dr. Deju and his business associates also provided much-needed funding for the early endeavors of the Institute. The Praxis Group at Morgan Stanley, Virgin Unite, and many of our early sponsors continue to support us through the years. Additionally, we receive generous, in-kind support from the Keiretsu Forum and the Donahue Fitzgerald law firm.

IEL’s existence today can be directly attributed to these generous contributions. Thank you for your belief and confidence in our mission.

BOARD OF LEADERS

Our Board of Leaders is a tireless group of successful business executives, entrepreneurs, and community leaders. They give freely of their time and their wisdom, ensuring that IEL has access to some of the best advice and know-how as it navigates the challenges of growing a Business Accelerator. We thank them for all they do to see IEL thrive.

COMMUNITY

IEL has benefitted enormously from the strong commitment made by the City of Concord. From helping IEL get established at its current location to introductions and publicity, the City has overwhelmed us with their support. Many other organizations in the state, county, and cities have also aided us. We partner with them to support entrepreneurship programs and ensure that entrepreneurs have the resources they need. Thank you all!

PROGRAM PARTICIPANTS

Our entrepreneurs are our inspiration. Stories of the challenges they’ve overcome and the successes they’ve experienced are the ingredients we use to help prepare subsequent generations of entrepreneurs. We appreciate their evangelism of the IEL programs, their financial contributions, and their spirit.

The collective efforts of sponsors, our experienced Board of Leaders, community organizations, program participants, JFK University, and our super-talented staff power IEL into the future.

IEL



REFER AN ENTREPRENEUR

Our best entrepreneurs are often referred to us by past participants and people who have been associated with IEL over the years. If you know of an entrepreneur who is passionate about growing or starting their business, please refer them to us. Send us the contact info of the aspiring entrepreneur and we’ll take it from there!

VOLUNTEER

We can always use an extra set of hands. We look for guest lecturers, lead mentors, mentors with specific expertise, and judges for our pitch contests. Have a special talent you’d like to share with entrepreneurs? Let us know!

INFORM US

We’re always looking for great resources and innovative ideas. Tell us about events or resources that entrepreneurs might want to know about. If you hear of successful programs elsewhere that we can bring to our community, let us know that too!

DONATE

We do our best to ensure that every deserving entrepreneur gets the support and attention they need to be successful. Your tax-deductible donations help provide the resources needed to do just that. From scholarships to guest speakers and program development costs, your dollars will make a difference. If you’d like to contribute, mail your contribution to:

IEL at John F. Kennedy University100 Ellinwood Way Pleasant Hill, CA 94523-4817

FOLLOW & SHARE

We’re new to social media and we’d love to grow our connections. Follow us on Facebook and Twitter and let your friends know about us as well.

Twitter:

@IELEntrepreneur

Facebook:

www.facebook.com/InstituteofEntrepreneurialLeadership/

OUR ASKIEL is part of the local and national landscape supporting entrepreneurs. We exist to serve the entrepreneurial community and be a positive force in the creation of successful enterprises powered by passionate entrepreneurs. But we can’t do it alone. Here are five ways you can support our entrepreneurs and make a difference.

IEL



SELF-REPORTED

The business results data in this update are from a voluntary survey. The data is aggregated from past participants self-reported business results. No independent verification or validation of these self-reported amounts has been made by IEL, though judgment has been used to remove data that was thought not to be reliable.

RESPONSES

The graduate business results data represents 117 separate companies that responded to our requests for information and supplied both 2014 and 2015 data. Two-thirds of the responders had revenues and one-third were still in the formation stages or had not yet formed a company – at least one or more companies from each cohort provided data.

COMPARABLE DATA

Results of companies that provided both 2014 and 2015 data were included so that the year-to-year comparison could be made. Three of the companies included in the 2014/15 results did not provide a forecast for 2016.

PARTICIPANT SELECTION

In any Business Accelerator or Incubation program, admissions practices can significantly influence the outcomes. At IEL, we screen prospective participants for their commitment to developing a sustainable business, their previous business experience, and their willingness to do the work. The business results are, in some measure, a reflection of this selectivity, though the ability to always select great companies is not an exact science. Accordingly, year to year results may reflect which entrepreneurs and businesses we admitted to our programs.

IEL EFFECT

We acknowledge that a business development program of any kind cannot take sole or even primary credit for the success (or failure) of its participants. Growing a company is a complex endeavor with many internal and external variables. If, however, our participants collectively grow relative to their respective past results and grow faster than the economy, it seems reasonable to attribute some portion of that success to the augmented knowledge and practical advice obtained through the IEL programs.

ANNUAL REPORT COMPARABILITY

Each year, we undertake to collect data from past participants. However, each year, the data set used in the annual update is likely different than the year before. The factors that influence this change are:

• The inclusion of data from recent past participants in the current annual update. Their data was not present in the prior year.

• The number of responses to our request for information each year and the specific companies that do or do not respond.

• Company and individual transitions. For example, an individual that transitions his/her business to another company or simply transfers leadership, no longer has access to the results of that company.

Additionally, we changed our methodology for calculating employees vs. prior annual updates. Previously revenue was used to calculate the number of employees in each firm using publicly available information about the relationship between employees and revenues as tracked by the Census Bureau and Bureau of Labor Statistics. In 2015 we asked our participating companies to self-report their employee counts. This change in methodology revealed that, in the aggregate, these companies are much more efficient than the average: they generate more revenue per employee than the Census Bureau/BLS statistics show. As a result, IEL businesses need fewer employees than we previously calculated and reported based on revenues.

DATA METHODOLOGY & DISCLAIMERS

IEL

INSTITUTE OF ENTREPRENEURIAL LEADERSHIP

100 Ellinwood Way Pleasant Hill, CA 94523-4817

(925) 969-3525

[email protected]

www.jfku.edu/iel

STAFF

Dina Finta, Director

Nicole Olazabal, Assistant Director of Outreach

Leila Malherbe, Administrative Assistant

FOLLOW US

www.facebook.com/InstituteofEntrepreneurialLeadership/

@IELEntrepreneur

Documents

INSTITUTE OF ENTREPRENEURIAL LEADERSHIP 2015 · PDF fileINSTITUTE FOR ENTREPRENEURIAL LEADESHIP TOC ... Blue Ocean strategies, ... from Heritage Bank and the Keiretsu Forum,