Professor Bruce Bachenheimer

Print and Internet - 2012-2013

These start-ups represent a new asset class for individual investors, allowing them to diversify and participate in a potentially lucrative sector of the market, says Bruce Bachenheimer, director of the Entrepreneurship Lab and professor at Pace University in New York.

 

"You could lose your entire investment quickly," warns Bachenheimer.

Crowdfunding for investors

December 1, 2013

By Sheryl Nance-Nash

To provide perspectives on entrepreneurial opportunities abroad, we spoke with Bruce Bachenheimer, clinical professor of management and director of the entrepreneurship laboratory at Pace University in New York, and Katie Davies, senior director of consulting services for High Street Partners, which provides consulting services for international business expansion and operations. Bachenheimer set the stage for our discussion with a parable: “Most who visit an emerging country with high poverty rates only see people with no shoes. Entrepreneurs see an opportunity to sell shoes.” Bachenheimer knows what he is talking about. He went to Australia on a scholarship in 1999 to get his MBA and started a business in his spare time. That business – Stock Central Australia – quickly became the third-largest finance site in Australia and was valued at US$1 million after just one year. He also left his job on Wall Street to sail the Caribbean for a few years, found a partner on the island of Trinidad and started another business importing teak lumber to the United States.

We asked Bachenheimer what the best start-up opportunities are for Americans. “I see a couple of different paths to success for young Americans thinking about starting a business in a new country,” he said. “The first one – and the largest opportunity – is leveraging family or other connections you have in your new country. Very often Americans return to their country of origin or a country where they have spent a lot of time and built up a network of connections. Most often, they set up a business they can bring from the U.S. that does not exist in that country. The second opportunity is what I call ‘opportunistic entrepreneurship.’ I happened to be in Trinidad while sailing the Caribbean and saw an opportunity that had great potential. It turned out to be a great business. The third opportunity is the intentional or deliberate path. For example, China is huge and growing, which is attracting many entrepreneurs who see great potential for new businesses.”

We asked Bachenheimer what the best start-up opportunities are for Americans. “I see a couple of different paths to success for young Americans thinking about starting a business in a new country,” he said. “The first one – and the largest opportunity – is leveraging family or other connections you have in your new country. Very often Americans return to their country of origin or a country where they have spent a lot of time and built up a network of connections. Most often, they set up a business they can bring from the U.S. that does not exist in that country. The second opportunity is what I call ‘opportunistic entrepreneurship.’ I happened to be in Trinidad while sailing the Caribbean and saw an opportunity that had great potential. It turned out to be a great business. The third opportunity is the intentional or deliberate path. For example, China is huge and growing, which is attracting many entrepreneurs who see great potential for new businesses.”

Bachenheimer says that young American entrepreneurs are not moving abroad because of the lack of opportunities at home, but rather are satisfying their desire for an adventure, to experience new cultures and have a chance to live in another country.

Bachenheimer pegs the average age of tech entrepreneurs at 39 and agrees that technology businesses are generally U.S.-based and interested primarily in expanding into new global markets. “International entrepreneurs are definitely younger, free to travel and take risks,” he said. “Those entrepreneurs expanding into other countries, though, tend to be a little older because they have already set up businesses in the U.S. and have the money to expand into new markets.”

 

Which countries are best for entrepreneurs? Bachenheimer says the United Kingdom, Chile, Ireland, Canada, Australia and New Zealand all have aggressive entrepreneurial programs.

How can young American entrepreneurs improve their chance of start-up success? “I would highly recommend that they do their homework,” Bachenheimer says. “What are the country’s immigration laws as they pertain to working and starting a business? What are the employment rules? What are the tax rules? Do your due diligence thoroughly.”

Young American Entrepreneurs Abroad

November 25, 2013

The Entrepreneurship Lab (eLab) at Pace University’s Lubin School of Business in New York City also has been pursuing interdisciplinary relationships. The center was opened in 2012, and it intends to support the school’s entrepreneurship classes by offering services and events, and to bring together Pace’s schools of arts and sciences, education computer science, business, and health. When speaking to BizEd, the director of the eLab, Bruce Bachenheimer, observed that the eLab has worked with students who wanted to develop new educational technologies to teach STEM subjects to high school students, and nursing students who want to develop mobile apps.

MBA Entrepreneurship Centers Reaching Out To More Students November 5, 2013

Pace University officially opened the doors to its Entrepreneurship Lab (aka, E-Lab) last night, and there to cut the ribbon was Professor Bruce Bachenheimer, who was named the lab’s first director.

 

“It takes innovation and entrepreneurship to develop things that are meaningful,” Bachenheimer tells us over the phone.

 

“We don’t measure our metrics by how many students launch businesses,” Bachenheimer says. “It’s the ability to come up with new and creative solutions to problems, and the ability to add value in a unique and innovative way.”

 

To spur innovation, Bachenheimer and his E-Lab will provide students with workspace for creative thinking, in addition to access to workshops, guest speakers, roundtable discussions, and networking events involving members of the entrepreneurial community.

 

“If you’re looking at very good innovators, they have to be young enough so that their minds are not so rigid in the way things are and the way things should be,” says Bachenheimer. “But they also need to have enough knowledge, skills, and abilities to find and solve problems.”

 

To mold a mind into innovative shape, college students need an “experiential education.”

 

“You need to train people to think differently, and if there are specific skills they don’t have, let them know how to get those resources,” Bachenheimer says. “Hopefully, the Entrepreneurship Lab is one of them.”

Pace University’s Entrepreneurship Lab Will Train People To Think Differently

February 17, 2012
By Will Wei

The lab’s director, Bruce Bachenheimer, who also organizes the Pace Business Plan Competition and Pitch Contest, said he’d gotten a call from a nursing students asking if she could apply for the lab, hopefully to find a collaborator for a piece of health-care software or an app.

New York Gets New Start-up Lab

February 17, 2012
By Christine Lagorio

The lab will include space for students to conference with investors, a studio for them to work and a large meeting room for speakers. Bruce Bachenheimer, the director of the lab and a professor at Lubin, says he plans to reach out to some of the thousand-plus Pace-area alums who self identify as entrepreneurs to be potential guests.

 

“This will be very student focused,” Mr. Bachenheimer said. “It's important for me to see how the students are using the lab and what is providing them with the most value.”

 

In fact, Mr. Bachenheimer says he has seen an increase in student interest in entrepreneurship in recent years. He blames this on the economy and the high unemployment rate. Students see creating their own companies as a safer route.

 

“They also want to make something meaningful and create something,” he said.

Pace University launches entrepreneur lab

February 15, 2012
By
Emily Laermer

But before would-be self-employed moguls get started, they need to look realistically at what they’re hoping to accomplish, said Bruce Bachenheimer, a professor of management and Director of Entrepreneurship at Pace University.

 

“Do you have a real strategy?  A lot of people in this bad economy see home-based as a way to be employed, fill a gap on the resume or whatever,” he said. “But it’s not as easy as it appears.”

 

EXPERT ADVICE To start a home-based business:

 

SET REALISTIC GOALS “To launch a business does take capital, time and money, and always twice as much as you think,” says Pace University’s Bruce Bachenheimer

 

FIND A MENTOR Talk to people who have started home-based businesses, join entrepreneur and small business groups, and get feedback about start-ups. “Smart entrepreneurs surround themselves with even smarter experts,” said Bachenheimer.

 

HINK SALES A lot of people have a romantic vision that working at home means making your own hours and making money.  But the reality is, no matter what you’re offering , you need someone to buy it.  “Entrepreneurs are optimistic by nature, but don’t confuse passion and stubbornness.  You need someone to actually open up their wallet and want,” said Bachenheimer.

 

BE HONEST WITH YOURSELF Not everyone is cut out to be an entrepreneur. “The best are risk-takers confident in themselves and their ideas,” Bachenheimer says.

Bouncing back: Laid-off NYers get fresh start with home businesses

February 6, 2012
By
Fran Golden

MO.com interviews entrepreneurs from all walks, across all industries, and from around the world. Below are seven questions MO asked Pace Professor Bruce Bachenheimer; a brief bio and his responses and available at http://www.mo.com/Bruce-Bachenheimer-Pace-University.

MO: Where does your passion for entrepreneurship come from? Who or what were your early influences or inspirations?

 

MO: How do you foster creativity and innovation in your students? Is creativity something that we’re born with or can it be taught and developed?

 

MO: Have you had any mentors during the course of your career?

 

MO: Why do you think that the field social entrepreneurship has recently exploded? Why are people looking for more meaningful ways to carve out a career and how will this trend impact the start-up landscape?

 

MO: You’re in constant contact with bright, young innovators. What aspects of teaching and mentoring are most inspiring for you? On the flip side, are there any aspects of your job that you find specifically challenging?

 

MO: What is the most important piece of advice you have for those looking to start a business?

“Live Deliberately”

March 9, 2012
By MO

Pace University’s new Entrepreneurship Lab, known as the E-Lab, now has a CEO –  it’s professor Bruce Bachenheimer of Chappaqua. A clinical professor of management at Pace, Bachenheimer is now also the director of the E-Lab. It is available to all Pace students, in New York City and in Pleasantville.

Bachenheimer will advise all aspiring student entrepreneurs, in everything from accounting and computer science to law and the performing arts.

He came up with the idea for the annual Pace Pitch Contest and Business Plan Competition, which he introduced in 2004, just after joining the Lubin School of Business faculty.

“The Entrepreneurship Lab aims to foster an entrepreneurial mindset – a way of thinking and acting that focuses on developing new ways to solve problems and create value,” said Bachenheimer. “These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of professional careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.”

Bachenheimer began his career as a Wall Street trader, and then took several years off to sail through the Caribbean to South America. After that, he launched an importing business and then moved into high-tech forensic science before joining Pace.

Bachenheimer now runs E-Lab

February 24, 2012
By Editorial Staff

After banking deregulation took off in the 1990s, it became "exciting and sexy to say you were working on Wall Street," says Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace University. Money and prestige helped lure top academic talent, including mathematicians and computer scientists, to hedge funds.

But that has changed, beginning with 2008 and the financial meltdown. "The perception of working on Wall Street went from positive to negative," Bachenheimer says. Wall Street reached its latest low this week when a Goldman Sachs executive resigned and publicly excoriated the company's ethics in a New York Times op-ed.

Meanwhile, places like Silicon Valley, Boston, and other hotbeds of high tech suddenly look like the most attractive places to be. With the recent spate of Web-company IPOs, technology startups are also potentially a faster ticket to wealth than Wall Street, where bonuses fell 14 percent last year, continuing a multi-year slide.

"Perceptions of desirability are very important in entrepreneurship. [Technologists] want to go where the action is and want to be doing cool stuff," says Bachenheimer.

Wall Street's Search for Innovation

March 16, 2012
By Erik Sherman

“Professor Bruce Bachenheimer is ideally suited to lead the E-Labs and grow the program,” continued Braun. “Bruce’s relationships throughout the New York City venture community and beyond will be an important building block as we seek to further enhance our standing and access to professionals in the field.”

Bachenheimer is a member of the board of directors and past chairman of the MIT Enterprise Forum of New York City and has served on the organization’s Global Board. Bachenheimer also serves on the board of directors and advisors of LeadAmerica and has served as a consultant to the NYC Department of Small Services and the New York City Economic Development Corp. He founded Annapolis Maritime Corp. and co-founded StockCentral Australia. “The Entrepreneurship Lab aims to foster an entrepreneurial mindset– a way of thinking and acting that focuses on developing new ways to solve problems and create value,” said Bachenheimer, who rdafted the initial proposal of the E-Lab. “These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of professional careers given today’s hyper– competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.”

Pace to Encourage Entrepreneurship

April 2012 (Volume 7, Issue 3, Page 15)

Since Wall Street's profits and prestige have slumped, the best and the brightest are looking elsewhere for jobs, making it harder to lure promising recruits. Bruce Bachenheimer, director of entrepreneurship at Pace University, told Technology Review that in the 1990s it was "exciting and sexy to say you were working on Wall Street."  But that's changed. Those formerly positive perceptions have flipped 180 degrees.

FinTech Innovation Lab Makes Wall Street Sexy Again

March 19, 2012

Pace University:

Bruce Bachenheimer, 50, was promoted to director of the university’s entrepreneurship lab. He will continue as clinical professor of management. He was previously program director of entrepreneurship at the Lubin School of Business.

Executive Moves

April 1, 2012

One of the latest manifestations of the trend: the February launch, by Pace University’s Lubin School of Business, of an entrepreneurship lab that aims to facilitate collaborations between students in schools as diverse as nursing and business.

“The idea is that it will involve all Pace students and faculty from all the schools,” said Bruce Bachenheimer, director of the lab and of the Lubin’s entrepreneurship program. “We’re stressing an interdisciplinary, hands-on experience to find new ways to solve difficult problems.”

When it comes to harder stuff, such as the ability to recognize opportunities, Pace and other schools use case studies, brainstorming lessons and other exercises to nurture that skill.

“It’s kind of like teaching music or painting,” explained Mr. Bachenheimer.

Pitch Contests have also proved to be a great way to network and meet investors. The most recent contest at Pace drew an audience of 400, including venture capitalists, angel investors and bankers, said Mr. Bachenheimer.

And by one definition, entrepreneurship training doesn’t have to result in a business launch to be successful. If a person is trained to size up opportunities and take initiatives, and he and his employer have an edge, said Mr. Bachenheimer.

“The nature of the work is changing dramatically,” he said. “There’s no more ‘Give me a job and tell me what to do.’”

Colleges become startup factories

April 22, 2012

4. Does the experience add value?

While working between undergraduate and graduate school certainly has its benefits, make sure you're not working just to work and that you're gaining experience that will add value to your education. "As far as the type of work a potential applicant should look for, the bottom line is how well that experience will enable you to add value to the classroom experience and contribute to group assignments," says Bruce Bachenheimer, clinical professor of management at Pace University's Lubin School of Business in New York.

Should you work between undergrad and grad school?

May 9, 2012
By
Debra Auerbach

Pace University has simultaneously opened two Entrepreneurship Labs (E-Labs) on its campuses in Lower

Manhattan and Pleasantville, New York. E-Lab’s first director will be Bruce Bachenheimer of Pace’s Lubin School of Business.

News

May/June 2012

Is the private incubator model right for your startup? They both have their pros and cons, but incubators backed by major companies may aid your development into a seasoned entrepreneur at a faster rate, says Bruce Bachenheimer, director of entrepreneurship at Pace University’s Lubin School of Business. "They all bring something unique and different and there certainly are a lot of benefits to the different approaches," he adds. "One thing that the Foundry does that’s special is creating the mindset of an entrepreneur primarily as opposed to just counting the number of startup companies they create."

At College Pitch Contests, Giant Companies Are Listening

May 22, 2012

GO BEYOND THE BUSINESS PLAN.

Planning carefully before launching a new business is not limited to preparing a business plan, says Bruce Bachenheimer, clinical professor of management and director of the Entrepreneurship Lab at Pace University in New York City. “While preparing a business plan is generally a valuable exercise, there are other ways to plan carefully,” he says. Bachenheimer recommends three planning methods.

  • The Apprentice Model: gaining direct industry experience, as the founders of Tender Greens did.

  • The Hired-Gun Approach: partnering with experts who have in-depth knowledge and experience.

  • The Ultra-Lean School of Hard Knocks Tactic: figuring out a way to rapidly test and refine your model at a very reasonable cost.

If you don't commit to in-depth preparation, launching a new business can be a very expensive lesson in the value of planning. Bachenheimer asks: “Would you enter a high-stakes poker tournament without knowing the game, assuming that you'll figure it out as you go?”

KNOW THE MARKET.

Ask questions, conduct research or gain experience to help you learn your market inside and out, including the key suppliers, distributors, competitors and customers, Bachenheimer says. “You also have to really understand the critical metrics of your market, whether it's as simple as sales per square foot and inventory turnover, or an esoteric measure in a highly specialized niche market,” he says.

ESTABLISH CASH RESOURCES.

To determine how much cash you'll need, develop a cash-flow statement that estimates your expenses and income. Be sure to include appropriate expense levels by researching actual business costs rather than estimating based on your personal experience as a retail consumer. “For instance, you can host your personal website with unlimited bandwidth for $9.95 a month, but operating a commercial website may cost hundreds or thousands of dollars a month,” Pace University's Bachenheimer says.

6 Steps to a Successful Start

Summer 2012
By Nancy Mann Jackson

“NYC digital tech entrepreneurship has had such an impact in NYC on job creation,” said Bruce Bachenheimer, board member for the Enterprise Forum and entrepreneurship director for Pace University.  “In fact NYC is now in the number two spot for VC and angel investment, according to National Venture Capital Association PricewaterhouseCoopers Money Tree survey. While the whole economy is stagnating, NYC companies have received millions in funding.  While we have lagged the nation out of recoveries in the past, we are now ahead — this shows the impact of digital media has had.”

He says that one way to be successful is to be part of the NY entrepreneurial ecosystem. “Get engaged, involved, and look for support because there are a lot of resources and other companies that want to help. Build straight in the eco-system so that we can make sure this isn’t a bubble, but that it’s something that can last.”

MITEF/NYTECH Digital Discussion: Failure Is Liberating, Wild Success Is Exhilarating

June 20, 2012
By
Lauren Keyson

Bruce Bachenheimer

Director of Entrepreneurship, Pace University’s Lubin School of Business

New York, NY

 

The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything

by Guy Kawasaki

It’s a really fun, easy read — and a very broad book for entrepreneurs starting everything.

Must Read Books to Fuel Your Summer — And Your Startup

July 13, 2012
By
Lauren Cannon

“Market behavior is usually difficult to predict, but it is nothing more than two kinds of emotional control - fear and greed." Pace University, USA Lubin Business School Professor Bruce Bachenheimer pointed out to reporters.

Looking forward to the "negative": the possibility of significant increase of the EFSF rating downgrades

July 26, 2012
By
Ye Hui Jue

A beneficial crisis

Paradoxically, the financial crisis of 2008 contributed to the technology boom in New York, according to Bruce Bachenheimer, management professor and director of an entrepreneurship program at Pace University in New York.

"A lot of programmers, engineers and quantitative analysis of cracks met at Silicon Alley after losing their jobs on Wall Street" he said during a meeting. "Wall Street has suddenly ceased to monopolize all the talent. It must be said also that it has become sexier to say that working in Silicon Alley rather than Wall Street. This is something that the mayor understands."

"It is not enough to say dot-com"

"It is not enough to say dot-com to raise money," says Bruce Bachenheimer, a professor at Pace University. "The" venture capitalists "watch the revenues and profits. And what startups are doing well in New York is using existing technology and apply it where it can respond to real needs."

Technology businesses by the thousands in New York

July 23, 2012

By Richard Hetu

Analysts believe that the more stringent financial regulation led to many companies to be discouraged by the public market. Pace University Lubin Business School Professor Bruce Bachenheimer said to this reporter: "Due to a series of financial regulatory requirements in the Sarbanes-Oxley Act and other strict rules for operating in the public market, many enterprises do not want to do an IPO at this time, choosing instead a more private and conservative trade sale."

The four major banks sigh: America's financial industry fears layoffs

July 23, 2012
By
Ye Hui Jue

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Bruce Bachenheimer, clinical professor of management at Pace University, told the Jewish Standard that he took his MBA students to play FreshBiz last March at Hive at 55, a co-working space in Lower Manhattan.

“We all enjoyed the experience and found it quite insightful,” he said. “While the board game itself is quite well thought out, I believe the real value of the game lies in the facilitators — those coaching players during the game and, more importantly, conducting the debriefing afterward. The game itself is a very good tool, but not in and of itself — the ‘brilliance’ lies in the abilities of those conducting the exercise.”

How to succeed in business – play games

July 27, 2012
By
Abigail Klein Leichman

A THREAT TO VCS

They also question crowd funding's viability, predicting, for example, that communicating with hundreds of mom-and-pop investors—and being second-guessed by them—will turn off many entrepreneurs, not to mention VCs, when the entrepreneurs attempt to attract later rounds of traditional funding. Unsophisticated investors are more likely to buy shares based on exaggerated valuations, the argument goes. To invest in a later round, more savvy angels or venture capitalists would insist on lowering the valuation—which would incur the wrath of the original shareholders. They argue, too, that entrepreneurs who work with amateur investors will miss out on the advice, networking opportunities and tough love provided by VCs and angels, not to mention the stamp of approval a venture investment confers.

"They give you a huge amount of help finding top talent," said Bruce Bachenheimer, director of the entrepreneurship program at Pace University's Lubin School of Business. "[With crowd funders] if anything, you'll spend all day on the phone with Aunt Jenny."

Funding draws on crowd

July 29, 2012
By
Steve Garmhausen

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"The bursting of the tech bubble collapsed the original Silicon Alley, established between 1996 and 2001", explained Bruce Bachenheimer, Director of Entrepreneurship at the Lubin School of Business, Pace University. "Ironically, the crisis of 2008 is responsible for the birth of the new group of technology firms. Dozens of engineers working on Wall Street lost their jobs and saw an opportunity in new technologies", he adds.

"Silicon Valley is based on technology; in New York, however, technology companies have been able to exploit their relationship with the financial industries, design, art, advertising and health", concludes Professor Bachenheimer.

Alternative to Silicon Valley

"Silicon Valley is based on the technology; in New York, however, technology companies have been able to exploit their relationship with the finance, design, art, advertising and health '," says Bruce Bachenheimer, Director Entrepreneurship Program at the Lubin School of Business, Pace University.

Silicon Alley

August 5, 2012
By
Dani Triadó

In sharp contrast with this, the private equity market remains active. Pace University Professor Bruce Bachenheimer told reporters that an increasing number of businesses are opting for private investments and trade sales. Compared to the strictly regulated IPO market, private equity and M & A can be a more attractive choice.

“IPO blowout Week” Dashed

August 13, 2012
By
Ye Hui Jue

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The impact of tech cannot be underestimated. “The city recognised this and knew it needed to do something,” explained Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace University, New York. Money isn't the only answer, however. “You need a strategy,” Bachenheimer said.

Knowing what the private sector needs is also a key. “In the '90s, people were chasing money,” Bachenheimer said. “The saying was that if you could say dot-com you got money. Now people want revenue and profits. If you look at what New York is excelling at, it is not creating some technology, it is taking existing technology and applying it where there is real need.”

It’s the technology, stupid

August 24, 2012
By
Mathew Hall

For the private sector of the economy, QE may not have an entirely a positive effect. Mr. Bachenheimer, who has long been engaged in entrepreneurial studies, stated that as the market stabilizes, it is likely that equities will improve, bond prices will decline slightly, gold will become less attractive, the dollar will strengthen, and start-up enterprises will find it easier to secure debt and raise capital.

The Fed’s QE fork: who benefits and who pays the bill

September 10, 2012
By
Ye Hui Jue

"Men have always seen themselves as breadwinners: 'If I'm working day and night, I'm supporting my family,' " said Bruce Bachenheimer, clinical professor and director of entrepreneurship at Pace University. "Women [working that hard] saw themselves as not doing a good job for their families. That is starting to change."

"[These networks] are not a vague thing in the background," said Mr. Bachenheimer. "It's whom do you pick up the phone and call ... when you need talent?"

Woman Entrepreneurs smash an old barrier

September 9, 2012
By
Elizabeth MacBride

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"As far as the number of deals, this year New York came in second behind Silicon Valley, overtaking Boston" says Bruce Bachenheimer, Professor of Business at Pace University.

Optimism in Silicon Alley

September 10, 2012
By
Christopher Gisiger

Surprisingly, the 2008 financial crisis has been a catalyst for the technological scene in New York. "Many programmers, engineers and analysts have landed in Silicon Alley after losing or leaving their jobs on Wall Street” says Bruce Bachenheimer, director of the Entrepreneurship Laboratory at Pace University in New York. “And it has become sexier to say that you work in a start-up rather than on Wall Street. It is a situation that the mayor understood."

Digital: New York built its Valley

September 20, 2012
By
Frederic Autran

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Also featured in:

Have you struggled to get credit for your accomplishments? A common frustration for women is that when they’ve done the heavy lifting on executing projects at work, the men on their team seem to score more points with the boss. “Men tend to be much more self-promoting, which helps in corporate America in terms of who is getting ahead and getting attention,” says Bruce Bachenheimer, a professor of management at Pace University.

Starting your own business can be a way to reap more rewards from your hard work, as Leigh discovered. If you keep customers happy, you’re the one who will see your revenues rise. However, to get clients to pay you what you’re worth, you may have to get better at tooting your own horn to clients, as you would to a boss. “In small business and growing ventures, you have to be out there and say how great you are,” says Bachenheimer.

Have you been penalized for needing flexibility?

The downside to limiting your hours in a small business: If you’re not available when customers need you, you may find there are limits to your success. “At some point, if you decide that your objective is to maximize revenues, then you won’t turn down calls and meetings,” says Bachenheimer.

How to Shatter the Glass Ceiling: Go Outside

November 27, 2012
By
Elaine Pofeldt

10. Limit TV watching: If you insist on having a television, store it in a closet and only bring it out for must-see programs, says Lubin management professor Bruce Bachenheimer. But that doesn't mean have no fun.

"Eat, drink, and be merry without feeling guilty," he says. "Work hard for that time to relax and savor it."

10 Work-Life Balance Tips for MBA Students

November 12, 2012
By
Menachem Wecker

Bruce Bachenheimer, Pace University director of entrepreneurism and board member, attended with his graduate business development class. He wanted them to see what he called “actual” companies presenting their business plans. “When you do it in the classroom, there is an academic part of doing research and looking at databases,” he said.  “I hope they see what a “real” presenter would look like – someone who has done a lot of pitching, probably has received a seed round or doing an A round now, have polished their pitch and have actual technology.”

#MITEF: Clear, Concise and Convincing

December  5, 2012
By
Lauren Keyson

"It is incredibly important in today's hypercompetitive environment where technology and the macro-economy are changing so quickly that companies think much more entrepreneurially," says Bruce Bachenheimer, clinical professor of management at Pace University.

Hearing a Different Drum

Companies that want to encourage innovation and entrepreneurship, or intrapreneurship, in their ranks must ensure that they provide the right incentives to employees. Too often, Bachenheimer says, companies say they want innovative, entrepreneurial employees but "what they really want is disciplined employees that are polite, respectful, come in well-dressed and are not insubordinate." That isn't necessarily the profile of a creative, strong-willed employee who wants to march to a different drum.

The first thing companies should consider is how they will handle risk and reward. "If you have some really bright, innovative employees, if they take the risk to do something and it doesn't work, is their career derailed?" posits Bachenheimer. "On the other hand, what happens if it is wildly successful, if it saves or makes the company millions and millions of dollars? What kind of reward do those employees get?" The reward doesn't have to be as lavish as a large grant of stock options, he says, but it should be "more than some kind of nominal $1,000 bonus."

Creating the Entrepreneurial Company

December  10, 2012
By
Steve Minter

IndustryWeek

 

 

 

 

 

 

 

 

Pace University Professor Bruce Bachenheimer was profiled in Leading the Epic Revolution, a book written by Hunter Muller, which was published by Wiley in 2013. The profile appears on pages 55 to 57 and 221 - 223. The following is an excerpt (the profile may be found at http://bit.ly/ProfessorOfInnovation):

Professor of Innovation

I was recently introduced to Bruce Bachenheimer, Clinical Professor of Management at Pace University’s Lubin School of Business and Director of the University’s Entrepreneurship Lab. I think it’s fair to say that Bruce lives and breathes innovation and entrepreneurship. A serial entrepreneur himself, Bruce is an expert on the important role that innovation plays in business growth.

In a lengthy interview, Bruce outlined some of the reasons he’s passionate about innovation and entrepreneurship. Here’s a brief summary of what he said in the interview:

“As Thomas Friedman says, the world is flat. Countries compete on a much more equal basis that in the past. On a national level, the only sustainable competitive advantages come from innovation.

“Competing on the basis of low labor costs is a temporary strategy. It’s a race to the bottom and it won’t keep you competitive in the long run. Nations with high standards of living, low unemployment, trade surpluses and general prosperity tend to compete on innovation.

“For a while, it seemed like Japan’s strategy of competing on the basis that manufacturing efficiency was a winning strategy, but the gains they achieved disappeared as competition drove down prices, which benefited consumers, not manufacturers. It was a temporary victory, and now they’ve been in a recession for nearly two decades.

“If you look at countries that are leaders in innovation – the U.S., Australia, New Zealand, Israel, and the countries in northern Europe – you see high levels of education and high levels of entrepreneurship. In Japan, for example, the culture and regulatory system make it very difficult for entrepreneurs to succeed. If you are an entrepreneur in Japan, you face a lot of barriers. As a society, Japan is very intolerant of failure. That fear of failure stops people from taking risks, and you need to take risks to succeed as an entrepreneur.

“On the other hand, countries like the U.S. and Israel are much more tolerant of failure – especially when you fail on someone else’s dime. Failure isn’t exactly a badge of honor, but it’s not the end of the world either. In the U.S., when someone’s business fails, people are likely to say, “That guy really learned a lesson. He sure won’t make that mistake again.” People in entrepreneurial cultures tend to see failure as a learning experience.

“Company cultures have a similar impact on innovation. Companies that encourage innovation and tolerate a certain amount of failure are more likely to be the serial innovators.”

I love how Bruce puts innovation and entrepreneurship into context, and shows us the impact of innovation on multiple levels.  Bruce also advises his students to think like innovative entrepreneurs when envisioning their career paths.  In today’s rapidly evolving and ever-changing economy, I think that’s excellent advice for all of us.

Leading the Epic Revolution: How CIOs Drive Innovation and Create Value Across the Enterprise

© 2013
By
Hunter Muller

Lode adds the US is not the super-efficient and best-practice paradise it is sometimes perceived to be, a point that Bruce Bachenheimer, professor of management at Pace University in New York and a board member of MIT Enterprise Forum, believes is dependent on what sector you do business in.

“It's really about the entrepreneurial ecosystem in regions of the US,” said Bachenheimer, an American who has studied and worked in Australia. “Silicon Valley, Boston and Cambridge, New York City, the Research Triangle in North Carolina, and Austin Texas. Learn how to plug yourself into that.”

Bachenheimer said there's a difference in American perception between doing business with a company in Australia and doing business with an Australian in the US.

“We see an Australian in America pretty much the way we would view anyone else,” he said. “All kinds of successful businessmen, entrepreneurs, professors, and doctors are from overseas. If they had the wherewithal to make it to the US and are successful, good on them.”

Lose the tickets on yourself     to make it in the States

January 28, 2013
By
Mathew Hall

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"We don't have a jobs crisis," said Bruce Bachenheimer, clinical professor of management at Pace University. "We have a skills crisis."

Last spring and fall, about 700 students attended sessions at seven schools run by representatives of more than 40 startups. "This is a way to take a lot of small companies and leverage them, so you're recruiting for a collection of cool startups," said Mr. Bachenheimer. "It's an economies-of-scale thing."

6 ways to solve tech talent crunch

February 20, 2013
By
Anne Field

Twice a week the housemates cook dinner for a guest speaker. Among them: fashion designer Marc Ecko and Scott Belsky of Behance. Tonight they’re hosting Bruce Bachenheimer, head of Pace University’s entrepreneurship lab. Turns out he quit as a Wall Street trader to sail for several years, then started a teak lumber import company, taught himself boatbuilding, then latched on to high-tech forensics, got an M.B.A., launched a financial website and learned Japanese.

A good entrepreneurial lesson in his story: If you can, exploit every unexpected twist in life.

Life At Enstitute: A Photo Essay

                              

Family Dinner

Twice a month Enstitute hosts speakers--and treats them to a home-cooked meal. Bruce Bachenheimer is the head of Pace University's entrepreneurship lab.

Bruce Bachenheimer, Man of Mystery

Bachenheimer, who is working on an autobiography, has stories for days. From his official bio: "Bachenheimer began his career as a Wall Street trader then had the courage to take a step back from the rat race and go sailing … for several years. After sailing through the Caribbean to South America, he headed to Annapolis, Maryland, where he launched a business importing teak lumber and taught himself yacht joinery. Bachenheimer then transitioned to a career in high-tech forensic science, where he served as the International Product Manager for an entrepreneurial venture, conducting business in over 20 countries." Trust he makes for an amazing dinner guest.

The Apprentices: Learn-By-Doing Entrepreneurship At Enstitute
April 17, 2013 (May 6, 2013 print issue)
By
Meghan Casserly

1. Shift your focus to attracting other owners. Bruce Bachenheimer, director of the Entrepreneurship Lab at Pace University, says too many entrepreneurs pitch their business with the mindset of getting investors to help them. But investors want to know what’s in it for them, not what’s in it for you. Your focus should be on attracting other owners “by demonstrating real value creation and an acceptable level of risk and return.”

“Shark Tank” Lessons for Entrepreneurs

April 8, 2013
By
Angela Stringfellow

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Bruce Bachenheimer, the accidental entrepreneur, is a clinical professor of management and the director of Pace University’s Entrepreneurship Lab. He tells his students that passion is a must for entrepreneurs and that if they don’t yet know what that passion is, they should keep looking. Sometimes it can happen when it’s least expected – and he is a great example of this.

“Passion is very important. When I found a passion for something, whether it was an entrepreneurial venture or something else, it was very important that I pursue it. Where is that passion going to come from? It can come from almost anywhere and at any time. Early on I discovered a passion for Japanese. I found an exchange program and went to college there for a semester. Later, inspired by Thoreau’s Walden, I decided to leave a career on Wall Street and go sailing. And just as Thoreau decided to leave the woods after his path from the cabin to the pond became too worn in, it was time for me to find something else.

“Just over a decade ago I found a passion for teaching and I did what it took to get a teaching position without a typical academic background. Examples of my entrepreneurial passion include having started an online financial services company in Australia and a woodworking business in Maryland. With passion it is very easy to focus all your time and energy and accomplish something.

“When I talk to my students and they don’t know what their passion is, I tell them it’s fine – wait and keep looking, don’t just settle. I lost the desire for my job as a Wall Street trader and was basically just going through the motions. It was exciting and paid a lot of money, but I knew I wanted to do something else, just not what at the time. When you don’t have it, you can’t force a passion on yourself. I think it’s a mistake. But keep that radar open and try a lot of different things because you never know where that passion will come from.”

“Sometimes that one passion can last a lifetime. For me, some things run their course after a couple of years.”

The Accidental Entrepreneur

June 21, 2013
By
Lauren Keyson

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1. Raise your hand. As Professor Bruce Bachenheimer, the program director for entrepreneurship at Pace University's Lubin School of Business, explains, "While experiential learning should be part of a traditional MBA program, it is imperative to those seeking to gain critical business skills independently."

2. Volunteer outside your organization: Perhaps your current career keeps you so boxed in that you can't find internal volunteer opportunities to refine important skills. As such, you're considering investing in an MBA to facilitate a career change.

Should you decide you don't have the time, finances or direction to do so, Bachenheimer suggests developing meaningful business skills outside your firm with nonprofits or the countless other organizations that would welcome free help.

3. Develop a business (no matter the magnitude): Many professionals are attracted to an MBA to become qualified as a manager or strategic director. However, Bachenheimer explains there is likely no better way to illustrate managerial, leadership and business operations credentials than jumping in the fire and starting your own business.

3 Smart Ways to Earn Business Credentials Without an MBA

September 3, 2013
By
Ben Weiss

Signing On for Steady Income

Most of the caveats about outright sales apply here, too, and there's something else to bear in mind: Some companies include a "best efforts" clause in their licensing agreements, noting that they'll try to sell as many products as possible. But some companies may interpret that very loosely—if not ignore it altogether. Bruce Bachenheimer, a clinical professor of management and director of the Entrepreneurship Lab at Pace University, gives an example from the gem industry. A conglomerate, he says, may seem keen to license a device that can transform carbon into diamonds—and agree to pay $1,000 for every carat produced. Yet they may take the agreement, "file that in a drawer and never produce a single carat," he says. "They want to control supply."

You Have a Great Idea. Now What Do You Do?

September 30, 2013 (featured on page A1, appears on pages R1-2)
By
Neil Parmar

"A relatively short stay in a hospital can bankrupt someone," said Bruce Bachenheimer, a professor of management at Pace University and director of its Entrepreneurship Lab. He said that, anecdotally, he's seen many people who will take a job they don't even care about just to get health coverage. "It's become such an important factor," he said.

The average age of people who create a tech start-up is 39, and not 20-something," said Bachenheimer, despite the famous examples created by people such as Steve Jobs and Bill Gates. On top of that, there are twice as many tech start-up founders who are over the age of 50 as those who are younger than 25, he said.

Entrepreneurs are willing to take on risks, but health care is not a manageable risk, said Bachenheimer.

"There is a big difference between mortgaging your house on something you can control, and risking going bankrupt by an illness because of something you can't control," said Bachenheimer. No one can predict a car accident or a serious illness, he said.

"Entrepreneurs actually don't see starting a business as risky as many people think, because they are so confident in their abilities and their idea," said Bachenheimer. "But they would see going around without health insurance as a risk."

While Obamacare may lead to an increase in start-ups, there's another side to the coin. Once a start-up nears 50 full-time employees -- the threshold for taking on insurance coverage responsibilities under the law -- it might prompt the company to shift people to part-time work and rely more on outsourced contractors, said Bachenheimer.

Obamacare could help fuel a tech start-up boom

September 30, 2013
By
Patrick Thibodeau

A new article in Entrepreneur discusses the resources at business schools that can help MBA students on the path to starting and developing their own business, and the article features Pace University’s Lubin School of Business as an example

The article says that business schools can benefit student entrepreneurs by providing them with free or reduced cost technology. To illustrate this point, Entrepreneur talked to Bruce Bachenheimer, the director of Pace’s entrepreneurship program, about the Entrepreneurship Lab. The lab is intended to be a space for students to produce innovative ideas and work with others. The lab provides students with an array of technological devices, including a wide selection of computers (desktop, laptop, and tablet), a 3D printer, advanced software programs, a professional-level video studio, and a surface computer.

Pace Featured In Articles About Campus Resources For Entrepreneurs

October 3, 2013

Bruce Bachenheimer, director of the Entrepreneurship Lab at Pace University told computerworld.com that Obamacare could have a positive impact on tech startups.

The director of Pace University's Entrepreneurship Lab in Pleasantville recently discussed the positive impact that Obamacare could have on tech startups with computerworld.com.

Bruce Bachenheimer stated in the article that people often take jobs that they don't want just to obtain health insurance. If the Affordable Healthcare Act lowers insurance premiums, it would make health insurance more accessible and therefore make a tech start up less of a financial risk, according to Bachenheimer.

Bachenheimer went on to say that most people that create tech startups are in their late 30s and not in their 20s. People in that age range are willing to take risks on a business idea, but not necessarily on their health. Since a serious illness or a car accident can't be controlled, some entrepreneurs view the unmanageable risk as too great.

Pace Professor Discusses Obamacare’s Impact On Tech Startups

October 4, 2013
By
Joe Jenkins

Free or reduced cost technology, software and apps: Access to valuable equipment is a major bonus of being an entrepreneur still enrolled in school. Bruce Bachenheimer, clinical professor of management at Pace University as well as director of its entrepreneurship program, explains one aspect of why his school's program is so valuable to student startups: “The Entrepreneurship Lab has assembled an impressive collection of technology resources, including high-performance computers, sophisticated software, a professional video studio, a surface computer, and a 3D printer; as well as a wide variety of desktop, laptop and tablet computers.”

Top Campus-Based Resources for Aspiring College Entrepreneurs

September 30, 2013
By
Laura Schaefer

Entrepreneur: Start & Grow Your Business

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"In the 1980s, you couldn't spend enough money," says Bruce Bachenheimer, director of the Entrepreneurship Lab at Pace University in New York. "But today clients are saying, 'Forget the hunting trip, forget the lavish treatment -- just give me a better price."

Client spending -- and the perception of what "acceptable" client spending is -- has evolved over the past decade, Bachenheimer says. The dot-com crash in 2000 inspired companies to re-examine their investment priorities, and after 9/11 companies saw more urgency in preparing for the inevitable "rainy day." The "final straw" occurred most recently in 2008, when businesses were forced to pare down to their most essential operating costs -- and extravagant client treatment just didn't make the cut.

"Nowadays there's just a level of uncomfortability for the giver and the receiver," Bachenheimer says. "If you're rolling out the red carpet for a customer, they're going to assume you have incredibly high margins to do all that spending. They're going to think, 'Oh, he's overcharging everyone -- including me -- in order to afford all this."

Some of them may even start to wonder, "Did I sign this contract because I was effectively bribed?" Bachenheimer says.

With that said, a company's business is much easier to buy than it was just a few years ago, Bachenheimer says.

"American firms spend roughly 10% of their revenue on marketing. That's not a lot, and gifts and entertainment can eat up a lot of that," he says. "But when you start looking at how cheap digital marketing is -- more importantly, how effective it is -- suddenly, spending big money to wine and dine doesn't seem very cost effective, and companies have realized this."

But there are always a few exceptions to the rule, Bachenheimer says.

"Companies need to examine the cost of new customer acquisition and the lifetime value of a customer. If you're forced to compete with a slew of other companies for someone's business, but that relationship will be lifelong, then it's worth the extra expense," he says. "Also, if you're in an industry where your clients are very high net worth individuals, you're not going to get their business by going by their home in Greenwich and sticking a flier under the windshield wiper of their Rolls-Royce."

Another interesting exception is if your client is potentially sitting on the "next big thing," in business, Bachenheimer says.

"Say there's a hot new social media company. It could be just a bunch of kids, but if everyone believes it will be the next Instagram or Twitter, then it's worth getting them on your side," he says.

Entertaining Clients? Save Your Money

October 9, 2013
By
Kathryn Tuggle

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"In this era of the lean startup, when entrepreneurs must continuously refine their business models in a fast-moving marketplace, these competitions are like rocket fuel," said professor Bruce Bachenheimer, director of entrepreneurship at Pace University's Lubin School of Business, which hosts its own business-plan competition.

Delivering the perfect pitch

April 14, 2013
By
Lori Ioannou

Building Excitement
Embracing an interdisciplinary purpose brings a sense of excitement to a business school and its entrepreneurial center, says Bruce Bachenheimer, who directs the Entrepreneurship Lab (eLab) at Pace University’s Lubin School of Business. Opened in February 2012 in a building near New York City Hall, eLab’s purpose is not only to augment the school’s entrepreneurship curriculum with events and services, but also to bring together the schools of business, arts and sciences, health professions, education, and computer science and information systems in cross disciplinary problem solving.

“I recently met with education students who want to develop new educational technologies to teach STEM subjects to New York City high school students—they call themselves ‘edupreneurs,’” says Bachenheimer. “We’re working with nursing students to help them collaborate with computer science students to develop mobile apps for the field of gerontology. Bringing together students from different colleges has been exciting.” 

WHAT MAKES A GREAT CENTER?
Listen to users. “There’s an old saying, ‘Why give customers what they want when we know what they need?’” jokes Bruce Bachenheimer of Pace University. But he emphasizes that entrepreneurship centers must let users help direct their design. Pace’s eLab is equipped with the latest computer equipment, but it turns out most students “just need big tables, power outlets, fast wi-fi , and a refrigerator.”

Bright Ideas: B-schools spark entrepreneurial thinking across g campus
November/December 2013 (cover story)
By 
Tricia Bisoux

'Field of Dreams'

Even with the SEC's cautious approach, however, crowd funding's appeal will likely translate into, at the very least, dashed hopes on the part of both investors and businesses, Bruce Bachenheimer, a professor of management at Pace University, told the E-Commerce Times.

"While there are many exciting possibilities that could come from the act, I'm afraid it will result in an amateur 'field of dreams,'" he said -- "early startups dreaming of easy funding and nascent individual investors dreaming of big returns."

SEC Opens the Door to Crowdfunding
October, 23 2013
By 
Erika Morphy

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On Thursday, November 7, Pace University’s Entrepreneurship Lab and the MIT Enterprise Forum of NYC hosted a forum to discuss the significance of universities in today’s rapidly changing ecosystem. Bruce Bachenheimer, Clinical Professor of Management and Director of the Entrepreneurship Lab at Pace University, moderated a panel stacked with those who can speak best to the potential of university collaborations: panelists included NYC Media Lab Oversight Board members Eric Gertler, Executive Vice President for the New York City Economic Development Corporation and Managing Director for the Center for Economic Transformation and Orin Herskowitz, VP of Intellectual Property and Tech Transfer at Columbia University; as well as Debera Johnson, Executive Director, Center for Sustainable Design Studies and Research at Pratt and Geoffrey W. Smith, Director,Center for Technology, Innovation, and Entrepreneurship at the Icahn School of Medicine at Mount Sinai Hospital.

Panel Convenes to Spotlight Universities’ Role in NYC’s Entrepreneurial Ecosystem November 8, 2013