Friends of Finance Archives - Collins College of Business

Friends of Finance

New Center for Innovation and Entrepreneurship to fund future Tulsa startups

The city of Tulsa has been immersed in efforts to establish itself as a leader in the region for entrepreneurial activity, a goal that is getting a significant boost from a new endeavor in The University of Tulsa’s Collins College of Business.

On Wednesday, TU announced the establishment of the Center for Innovation and Entrepreneurship, with a goal of raising $10 million to help the campus community commercialize intellectual property, create new ventures and attain venture capital funding. The university aims to provide seed capital for the next 100 companies started by TU students, alumni and faculty.

The announcement came during TU’s monthly Friends of Finance luncheon, which supports scholarships for business students.

Left to right: Sean Kouplen, Kathy Taylor, Chris Wright and Scott Asbjornson

The center will be led by Chris Wright, a TU graduate and local entrepreneur with a history of creating new, technology-driven enterprises.

Kathy Taylor, dean of the Collins College of Business, said that 220 TU alumni have started more than 130 companies and raised more than $1.7 billion in venture capital funding during the past decade. “It’s an amazing achievement for these alumni founders and companies,” she said. “But going forward, the Center for Innovation and Entrepreneurship at TU is going to cultivate and seed-fund the next 100 start-ups.”

This focus stems from the fact that of the scores of companies started by TU alumni, only a few are based in Oklahoma. The center is on a mission to change that.

“For the next 100 companies that are started by TU students, faculty and alumni, we are going to be a part of that journey,” Wright said. “We will cultivate those businesses right here on TU’s campus. We’re going to seed-fund these entrepreneurial ventures and keep those businesses and jobs here in Tulsa and in Oklahoma to drive economic development.”

What’s more, there is an appetite among TU students for the school to take a more active role in encouraging startups. A recent survey of TU students revealed:

  • 81% believe TU needs a clear strategy for cultivating innovation
  • 78% believe TU needs to help students and faculty commercialize their innovations
  • 90% believe it’s important for TU to support student entrepreneurship
  • 80% believe it’s important for TU to have a dedicated center to support innovation and entrepreneurship

“The students were clear, the data is clear, and TU and the Collins College of Business are responding by launching the Center for Innovation and Entrepreneurship,” Taylor said.

Initiatives that are part of the center’s launch include:

  • Enhanced curriculum and opportunities – Students will have more opportunities to learn about entrepreneurship and venture capital and develop the skills they need to be successful.
  • Hurricane Venture Fund – Entrepreneurs will have access to funding through our partnership with 46VC, a Tulsa-based venture capital firm. A portion of the fund will also be carved for student-led venture investing.
  • Venture studio/accelerator – The center will develop an on-campus startup accelerator that will involve programming, hands-on support and access to mentorship and capital.
  • Nova Fellows Program – A one-on-one mentorship program to help founders grow their ideas into sustainable businesses.
  • Commercialization support – The center and Hurricane Ventures will work together to commercialize intellectual property and ideas developed within the TU ecosystem.

Wright has been a cofounder or investor in numerous Tulsa-based tech companies including Reliant, Medefy, MeIn3 and Plannly. He has been an adjunct faculty member at TU for more than 10 years, teaching courses in leadership, entrepreneurship, human resources, marketing and research methods.

Wright was a founding member of TYPros and The Forge – Tulsa’s first business incubator program – and has served on numerous professional and advisory boards throughout the Tulsa community.

The Center for Innovation and Entrepreneurship already has secured $500,000 in pledges toward the $10 million goal with $250,000 apiece pledged by Scott Asbjornson (BSBA ’91, MBA ’95) and Regent Bank.

“Regent Bank is so excited to partner with The University of Tulsa on the new TU Center for Innovation and Entrepreneurship. We believe fully in the new venture and tech ecosystem that is exploding here in Tulsa, and we applaud President Brad Carson, Dean Kathy Taylor and Dr. Chris Wright for their vision and boldness to take this exciting step to bridge the gap between brilliant ideas and commercializing them to start up successful businesses. Regent Bank is honored to partner with TU to make this vision a reality, and we will do our part to help this exciting ecosystem continue to flourish,” said Sean Kouplen, bank chairman and CEO.

“When I served as secretary of commerce for the state of Oklahoma, we spent a lot of time studying our state’s most successful companies and what they had in common. With very few exceptions, we learned that these companies started in Oklahoma and decided to stay and grow here. I believe the key to Oklahoma’s economic future is ‘growing our own’ and Regent Bank wants to do our part to help make this happen,” he said.

Asbjornson will chair the center’s advisory board, which comprises a number of representatives from Tulsa’s business and civic communities as well as from the university. The board held its first meeting Wednesday afternoon. Asbjornson, former chief financial offer for Aaon Inc., said he is eager to get started preparing TU students to take the first step in starting their own businesses.

Friends of Finance Featured Speaker

Beverly Carmichael

Collins College of Business also hosted Beverly Carmichael, current Blue Apron board member and formerly of Southwest Airlines, Ticketmaster and Cracker Barrel Old Country Store, during the monthly Friends of Finance luncheon.

Carmichael, a Tulsa resident, attorney and corporate executive, detailed her rise to leadership positions in the business world as well as her views on how companies can be more successful by focusing on their workforce. Business leaders should be open to new ways their employees work, and to pay attention to new technologies, such as artificial intelligence, she said.

Carmichael also noted the strategic importance of committing to diversity, equity and inclusion, saying diverse workforces get better results. “Statistic after statistic say that the more diverse your organization is, the better it will perform,” she said. “That’s easy to understand because you get diverse perspectives you otherwise wouldn’t have.

“If you don’t have diversity, it’s like talking to yourself.”

Please join us for the next Executive Speaker Series event, which features Sid McAnnally, president and chief executive officer of ONE Gas, on March 22, 2023.

Student Investment Fund among Top 25 in the U.S.

An initiative meant to provide exceptional opportunities for undergraduate and graduate students in their study of finance found its beginnings in the fall semester of 1997. Founded by Friends of Finance, The University of Tulsa’s Student Investment Fund (SIF) remains an integral component to the education of students in business and finance and is one of the 25 largest student-managed investment funds in the United States. 

Classroom of students with instructor at the head of class
SIF classroom

In the fall of 2021, the SIF reached an impressive milestone when the fund broke $8 million. Collins College of Business Adjunct Instructor and Senior Vice President and Director of Enterprise Risk Management at BOK Financial Tally Ferguson explained the significance of this milestone by emphasizing the power of compound growth: “The fund started with $300,000 in 1997. We added another $1.8 million in donations over the next 18 years, and we have paid out $1.4 million for scholarships and program building expenses in the past four years.”

In other words, students turned $2.1 million into $8 million in invested funds, plus $1.4 million in cash distributed. “Another significance of the fund’s size,” said Ferguson, “is that it gives us an opportunity to explore different prudent investment strategies within the fund.” Currently, the SIF is focusing on identifying individual stocks projected to outperform their sectors and the overall market. 

The SIF allows students to gain practical experience in financial modeling, portfolio management and fundamental analysis. “Making investment decisions with real consequences and understanding the effects of macroeconomic forces on industries and firms is a unique opportunity for our outstanding students,” said Ferguson. “Students apply financial theories and models in making real investment decisions and manage a real portfolio of financial assets.”

Ferguson became a faculty advisor for the SIF in 2011. Having already been an adjunct instructor, Ferguson enjoyed interacting with TU students and jumped at the chance to become more involved. “The Collins College of Business faculty train students so well,” said Ferguson, “they come well prepared to have meaningful discussions about value, allocation and economic trends.” Ferguson also reported that serving as a TU faculty member has given him unique exposure to potential hires for his team at BOK Financial. Overall, he noted, “SIF is an investment well worth the effort.”

Interested in the experiential learning opportunities for students of business and finance? Check out the Collins College of Business website to learn more!

Investing in winners: TU team takes Investment Portfolio Challenge gold

A team from The University of Tulsa was the first-place winner of the annual Investment Portfolio Challenge, sponsored by Phillips 66. This was the second year in a row that a TU team took home the trophy.

Held virtually on Nov. 18, 2020, seven teams from TU, the University of Arkansas, Oklahoma State University and Northeastern State University competed for prizes of $2,000 and $1,000. Their task was to take a hypothetical $5 million budget and see which team could create the best stock market portfolio.

TU Team 2, comprising Daniel Owens, Kearstin Hilligoss, Kristen Jacobs, Muriel Unseth and James Smith Williams, was victorious. The University of Arkansas’ Team 2 came in second.

“The Investment Portfolio Challenge was a difficult test in managing ambiguity,” said Daniel Owens, a member of the winning team. “The most difficult aspect of the challenge was sifting through all the relevant data and coming up with our own conclusions. This was a valuable opportunity to develop an in-depth economic report, as well as a chance to defend that report to numerous finance professionals.”

Eight women and men in a Zoom screenshot
Left column: Brian Bacher, VP, JPMorgan; Daniel Owens, TU Team 2 / Middle column: Michael Abboud, SVP, Portfolio Manager, Trust Company OK; Adjunct Professor Tally Ferguson; Kristen Jacobs, TU Team 2 / Right column: Muriel Unseth, Kearstin Hilligoss and James Smith Williams, TU Team 2

James Smith Williams, also on TU Team 2, added, “participating in the Investment Portfolio Challenge was a wonderful experience. The challenge helped us to gain a greater insight into the 11 sectors of the U.S. economy. It was an honor to see our hard work pay off.”

Students were asked to submit a video and written report one week prior to the event. On the morning of Nov. 18, each team had 15 minutes during which judges asked them questions about their submissions. The scores were tabulated after the event and the winners were announced during a Friends of Finance virtual gathering.

Another member of TU’s winning team, Kearstin Hilligoss, remarked, “the Investment Portfolio Challenge helped me apply the concepts I am learning in my finance and economics courses to the current market. I was pushed out of my comfort zone and I am thankful for the experience. This competition exemplified how TU students excel when compared to their peers and have promising careers ahead of them.”

“In a classroom setting we typically discuss more traditional investment scenarios where multiple phenomena aren’t occurring at once,” said Kristen Jacobs, also of TU Team 2. “In the challenge, I really enjoyed the qualitative perspective the phenomena, such as a pandemic and the presidential election, brought to our analysis and decision-making.”

The students’ efforts were evaluated by 11 judges from 8 companies: BOKF, Council Oak Wealth Advisors, George Kaiser Family Foundation, JPMorgan Chase, ONEOK, Phillips 66, Trust Company Oklahoma and Williams.

“These events are special to me,” one of the judges, said Michael Abboud of Trust Company Oklahoma. “I remember how hard it was to land a job in this space and, as a result, I’m always looking for ways to help students get a start. Thank you for letting me be a part of the event this year.”

Does the world of investing interest you? TU’s finance program will enable you to perfect your technical skills and hone your management interests.