U. of C.'s Kaplan helps boost entrepreneurs
PRIVATE EQUITY | VC group to honor him with Daley Medal
Probably more than anyone at the University of Chicago's Graduate School of Business, Steve Kaplan has popularized the idea of trying new ideas and markets.
Kaplan, 47, a professor of entrepreneurship and finance, founded the U. of C.'s entrepreneurship program in 1997. That same year, he helped start the school's New Venture Challenge, a business plan competition that, to date, has helped more than 40 startups round up more than $100 million in financing.
(Al Podgorski/Sun-Times file)
In the contest's early years, it would get 20 to 30 applications, Kaplan said. Last year, it received 80, the second highest total ever.
Kaplan takes that as evidence entrepreneurship remains popular, despite the dot-com blowup in 2001.
"It's less expensive to start a company than it has been in the past because of improvements in technology and the use of outsourcing," he said.
An authority on private equity and leveraged buyouts, Kaplan is consistently voted one of the most popular professors in the graduate school.
For his efforts, Kaplan will collect a special dividend Monday night. He'll receive the 2007 Richard J. Daley Medal at the annual dinner of the Illinois Venture Capital Association. The IVCA medal is the only award the Daley family will allow the former mayor's name to be associated with.
Kaplan's award is for his contributions to the Illinois economy. He said local companies that grew from his New Venture challenge include Bobtail Ice Cream Co., GrubHub.com, the PrepMe test preparation service and mobile communications firm LiquidTalk.
He'll be honored with two figures prominent in private equity circles. They are Samuel Guren of Guren Capital and John Willis, managing partner at Willis Stein & Partners.
Guren will receive the 2007 Stanley C. Golder Medal and Willis will be honored with the 2007 Fellows Medal, both in recognition of contributions to the private equity community.
