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A History of Entrepreneurship at Cox

The Cox School’s emphasis on entrepreneurship began in 1970 with the Caruth Institute for Entrepreneurship, the oldest arm of the triad. Before this, according to Mak, no university taught entrepreneurship through an entrepreneurship institute.

“We believe we were the first entrepreneurship institute in the world,” he says. “So, it’s kind of a unique place to be. The whole mission of the Caruth Institute was to promote entrepreneurship to students ages eight to 80, so they can give it a shot and increase the probability of success. [Caruth] is the foundation of the Cox School’s entrepreneurship ecosystem.”

In 2019, through the gracious support of 51��� Alumna Linda Wertheimer Hart ’65 and Mitch Hart, the Hart Institute for Technology, Innovation and Entrepreneurship was formed as a co-venture between 51��� Cox and the 51��� Lyle School of Engineering to nurture tech entrepreneurship. Through the Hart Institute—also known as HI-TIE—students have an opportunity to create new products and processes for the marketplace and develop business plans to determine how best to take their products to the world.

A generous gift from energy entrepreneur and philanthropist Dr. William S. Spears made possible the Spears Institute for Entrepreneurial Leadership. Launched in spring 2022, the Spears Institute completes the Innovation Triad with an emphasis on startup investment. It allows students to participate in the new innovation economy, teaching them how to invest in University-driven research and development and how to build pipelines for revenue.

“It was a recognition that business schools needed to be a little bit more intentional about scaling innovations, specifically through startups,” Mak says. “And so these three institutes represent three distinctly different yet intertwined aspects of entrepreneurship and provide critical support to expand a thriving startup ecosystem.”

How the Innovation Triad Works

Each of the institutes has its distinct purpose, and they work together to create a journey for students and the business community. The Caruth Institute speaks to “the why side,” the Hart Institute fulfills “the make side” and the Spears Institute explores “the buy side” of successful innovation and entrepreneurship.

First, Caruth offers curricula focused on why entrepreneurship and innovation are critical to the future of business. It’s important for Cox students to understand this both for their careers and the economy itself. Within the Caruth Institute, students will take basic courses, work on projects and complete assignments pertaining to why they want to pursue entrepreneurship.

Next, if students decide to pursue a tech focus, they’ll enter the Hart Institute, where they can build hardware and software prototypes. This is the make side of innovation, focused on building new, marketable business ideas. “It provides the perfect blend of engineering and business students working together to produce and commercialize new technologies, innovations and research,” Cox School of Business Dean Matthew B. Myers wrote in his recent piece, “The Cox Innovation Triad: An Entrepreneurial Investment in the Next Era of Business Education.”

Lastly, students will pitch their innovations to the Spears Institute, whether they went through Hart with a tech focus or moved directly from Caruth. This functions as the buy side of innovation—the building of new leaders in the world of entrepreneurial investments. “This will create opportunities not only for students to invest in new ventures but also to generate earnings for the School to reinvest back into initiatives such as scholarships,” Dean Myers wrote.

A Two-Sided Mission

The objective of this entrepreneurship ecosystem at 51��� Cox is two-pronged. On one side is the obvious benefit to the students in the Innovation Triad, and on the other is targeting the business community at large, as well as faculty and staff. Ultimately, the knowledge and experience the students gain should help shape the broader business world.

“If we begin with the end in mind, what we want students to get out of it is launching real startups,” Mak says. “We know that startups and new, young companies are the drivers of economic growth. As academics, our job is to help students craft ideas that resonate with them and help them think about how it positively impacts the world. That’s the fun part.”

This year, Mak is seeing record enrollment within the entrepreneurship program: in the current semester alone, there are about 400 undergrad and 500 graduate students taking classes.

“If you’re a student and you’re thinking about business school, you have to think about how individual universities and business schools help their students go beyond the current training and where entrepreneurship is at the forefront,” Mak says. “If you come to 51��� Cox as an undergrad or graduate student, all these resources are at your command. And you layer in the city of Dallas, which is booming, and Texas, which is booming.”

“Having the opportunity to learn all aspects of innovation will give our students a competitive edge like few business schools are positioned to give,” says Dean Myers.

Mak, who was also on the Dallas Mayor’s Task Force on Innovation and Entrepreneurship to research how the city can boost its startup and tech presence, says the Cox Innovation Triad’s outcomes will directly benefit Dallas and its corporations and nonprofits. “I foresee having a parallel track for what is known as corporate entrepreneurship,” he says. “As you know, a lot of corporations now are trying to innovate. Corporations either innovate or disappear. So, everything we’re teaching in the Innovation Triad can also support corporate America and nonprofits.”

No matter what industry, field or job a student aspires to enter, Mak says, the skills taught in the three Cox entrepreneurship institutes can be applied anywhere in any career.

“Ultimately,” Mak says, “we want to help our students create startups that scale and positively impact the world.”