Research center integrates venture capital and city resources with university research to spur economic development
September 9, 2009
The Center for Urban Entrepreneurship & Economic Development (CUEED) at Rutgers Business School works to transform the economy of urban centers and create wealth in urban communities The Center for Urban Entrepreneurship & Economic Development (CUEED) is the first center of its kind in the nation to integrate venture capital and city resources with university research to study and instigate economic development and entrepreneurship. The center is building upon Rutgers’ historic relationship with the City of Newark and contributing to the city’s revitalization by helping small- and medium-sized companies that are minority-owned and operated.“We want to create wealth in the urban community,” said CUEED Director, dt ogilvie, PhD.“We want people to spend money here, put people in business here, create jobs here. Our model is to transfer business know-how to people trying to make their businesses succeed.”Paul V. Profeta, a New Jersey-based real estate executive, has made this first initiative a reality by partnering with CUEED to establish a not-for-profit equity fund—the Profeta Urban Investment Foundation at Rutgers Business School. The fund allows CUEED to help Newark-based companies within a mile of RBS to attract scarce financing to start businesses in sectors such as retail, arts, and entertainment that will employ Newark’s residents and give the city and its people much-needed services and products. Entrepreneur John Murray receives a check for capital funding from CUEED at the grand opening of his business, The Coffee Cave on Halsey Street in Newark. Left to right - Newark Mayor Cory A. Booker; John Murray; RBS Dean Michael R. Cooper, PhD; Rutgers-Newark Chancellor Steven J. Diner, PhD; CUEED Director dt ogilvie, PhD; and Profeta Urban Investment Foundation President Paul Profeta.Enabled by its corporate, government, and community partnerships, CUEED launched the Entrepreneurship Pioneers Initiative (EPI). Funded by the North Jersey Partners of WIRED through a grant provided by the U.S. Department of Labor Employment and Training Administration, EPI is a robust program that equips first generation entrepreneurs with the training and tools needed to help them grow their businesses. Participants receive extensive training, group and 1-on-1 counseling, networking opportunities, mentoring, and financial guidance. The 50 entrepreneurs have been enthusiastic with the program. “This is exactly what I need right now to get my business going,” said Kermick Santos, who started his business three years ago.Instructor LaTanya Junior lectures emerging entrepreneurs taking part in CUEED’s Entrepreneurship Pioneers Initiative which seeks to grow businesses and create jobs.A MBA concentration in entrepreneurship directed by CUEED’s leadership encourages MBA students to generate new sources of enterprise, develop innovative business ideas, and create new jobs. Graduates will have the skills to launch new businesses, or take on business development and other leadership roles at growth-oriented organizations.“Our deep dive into entrepreneurship combines fostering an entrepreneurial culture wherever you work, whether it be a small firm or large enterprise,” said Susan Gilbert, Executive Director and Associate Dean of the MBA Program. “We want our MBA students to create new sources of wealth, jobs, and revenues in New Jersey and around the world.”CUEED also created the Rutgers Initiative in Social Entrepreneurship (RISE), a program aimed at empowering budding social entrepreneurs on the Rutgers Newark and New Brunswick campuses and in the surrounding communities. Through various activities, students, faculty, and the community are engaged in learning about and using the social entrepreneurship approach.“The research-based CUEED is emerging as a national model for how universities operating in urban areas can facilitate economic development to revitalize cities,” said Rutgers Business School Dean Michael R. Cooper, PhD.Rutgers Business School focuses on delivering the business, science, and technology credentials that global employers demand. With the direction of its world-class research centers like CUEED, Rutgers Business School maintains its standing as a premier business school with a deep commitment to contributing to economic development.ResearchCUEED takes a multidisciplinary and collaborative approach to research by seeking out faculty members at Rutgers and other institutions whose research complements the Center’s focus and by bringing leading scholars to campus for dialogue and collaboration. To assist policy makers through its research and expertise, CUEED hosts seminars and conferences on urban entrepreneurship, green technology ventures and social entrepreneurship.The Center’s research focuses on five areas: Urban Entrepreneurship — job creation, business development, community entrepreneurshipTechnology Entrepreneurship — technology transfer, incubators, leveraging university patents, green businessSocial Entrepreneurship — social problem-solving, social-purpose business, social investmentsInternational Entrepreneurship — institutions and entrepreneurial activity, SME’s and developing nationsEconomic Development – urban institutions and development, economic development and emerging economiesDan Stoll dstoll@business.rutgers.edu
