Sterling Partners Investment Thesis Challenge 7.0 (2018) Info
Sterling Partners Investment Thesis Challenge 7.0 (2018) Info Session | November 13, 2017 Welcome & Introductions Chris McGowan General Partner, CJM Ventures Adjunct Professor of Entrepreneurship, Chicago Booth Entrepreneur-in-Residence, Faculty Advisor for SPITC and Oxford-Chicago Global PE Challenge, Polsky Center
Matt Warren, 16 Vice President, Sterling Partners (SPITC title sponsor) Erika Mercer Director of Private Equity and Entrepreneurship Programs, Polsky Center Cerise Miller Senior Program Manager, Polsky Center
Tim ODonnell MBA 18, participated in SPITC last year 2 Challenge Overview Launched in 2011-2012 with the support of Sterling Partners Unique and innovative concept the first challenge of its kind among national MBA programs Three phases spanning several months Phase 1: Students form teams, conceive original investment thesis, and apply. Participants are selected through a competitive application and review process. Phase 2: Selected teams work with mentors at PE firms and Chris McGowan to develop a full investment thesis based on primary research.
Phase 3: Each team formally presents its final investment thesis and execution strategy to its host firm. 3 Phase 1 (Nov-Jan) Learn more about the challenge by visiting the SPITC website (bit.ly/ Booth_SPITC) and meeting with Chris, Erika, or Cerise Build your team 2-5 people; must be current Booth students only Any mix of full-time, part-time, first-year, second-year students Develop your investment thesis proposal Feedback available from Chris McGowan in advance of deadline Submit your application by 12 pm, Monday, January 8, 2018 Participating firms review proposals and select teams
All teams notified of their status by mid-February at the latest 4 Phase 2 (Feb-May) Each team receives a budget of up to $2,500 to support detailed research efforts Selected teams work with assigned mentors at their PE host firms to develop their proposal into a full investment thesis Meetings scheduled on a regular basis to provide progress updates; frequency and timing of meetings arranged with mentor Student teams meet regularly (ideally, bi-weekly) with Chris McGowan, who provides ongoing feedback, coaching, and research support Teams are expected to work diligently and independently to prepare
for the final presentation to their host firm 5 Past Thesis Topics Chosen by Host Firms
Health Care Equipment & Services Software & Services Commercial & Professional Services Consumer Services Diversified Financials Energy Transportation Pharmaceuticals, Biotechnology & Life Sciences Capital Goods Retailing Technology Hardware & Equipment
Utilities 6 Research Resources In addition to the budget and mentorship from host firm mentors and Chris McGowan, teams receive resources from several in-kind sponsors: (to be confirmed) 7 Phase 3 (May) Each team presents its final investment thesis and execution
strategy to members of the host firms partnership or investment committee in late May All teams should practice their final presentation with the SPITC Advisor, Chris McGowan, in advance of their presentation to the host firm Host firms provide venue Firms provide teams with constructive feedback and submit evaluations to the Polsky Center 8 Rewards of Participation Participants have unique opportunity to develop an investment thesis, receive personal mentorship from seasoned PE professionals, and present the thesis to a firms partnership or
investment committee. Host firm provides a $5,000 success fee to any team whose work: 1) significantly advances the knowledge the firm has of the target sector; 2) produces actionable ideas; or 3) produces a thesis the firm would like to pursue further. Additional opportunities to continue working on the thesisincluding internships, consulting positions, etc.would be negotiated outside the scope of this program 9 Ownership of Ideas
Upon awarding the $5,000 success fee, the host firm has an exclusive right to advance the investment thesis for a period of nine months, either independently or with the students' involvement. During this time, students are not allowed to shop their thesis to other firms. However, student teams may always work on their own to further advance their investment thesis; the firm's exclusive right does not prohibit advancement of the research by the student team members themselves. Neither Booth nor the University of Chicago retains any rights to the students work products. 10
2018 Confirmed Firms Expectation is that there will be 7+ host firms Students are asked to familiarize themselves with the profiles of the participating firms before drafting their investment thesis proposal 11 Course Credit SPITC participants may request permission to earn course credit for the challenge through the Private Equity & Venture Capital Lab by contacting Erika Mercer in the Polsky Center Course cannot be audited or taken pass/fail Students may apply to and participate in both SPITC and the PE/VC
Lab (through an internship with a different firm); however, only one course credit will be given Be aware that the PE/VC Lab covers a broad range of topics in PE and VC (not just investment thesis formulation in PE settings) 12 Eligibility SPITC is open to: Chicago Booth students only Both first-year and second-year students Both full-time and part-time students Prior experience in PE/VC not needed to be considered Suggested courses: Entrepreneurial Finance & Private Equity (34101) or Commercializing Innovation (34106)
Students may not contact host firms directly about SPITC without approval of Polsky Center. Doing so is considered an ethical violation and may render student ineligible for challenge. 13 Application Deadline to apply: Monday, January 8, 2018 at 12 p.m. (noon); team applications submitted online, visit bit.ly/SPITCapplication Feedback available from Chris McGowan in advance of deadline Application consists of two parts, both of which are submitted through the online application by the above deadline: Resumes of all team members Investment thesis proposal (approximately 10 slides)
Proposals should summarize the thesis; explain why this particular thesis was selected; introduce the team members; and outline a strategy/milestones for developing the thesis 14 SPITC vs. PE/VC Lab SPITC Team-based mini-internship with firm and Booth faculty Apply via proposal ~4-5 hours / week Can start late February late March Project is more defined; based on
agreed topic PE/VC Lab Individual internship with firm Apply via resume 15-20 hours / week Can start early January late March Project is based on firms needs at the time 15 Program Contacts
Erika Mercer Director of Private Equity and Entrepreneurship Programs erika.mercer @ chicagobooth.edu Chris McGowan Adjunct Professor, Entrepreneur-inResidence, Senior Advisor [email protected] Cerise Miller Senior Program Manager
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