The Making of an Entrepreneur: Nature vs. Nurture, an Interview with Mel Baiada

"We do not hear the term compassionate applied to business executives or entrepreneurs, certainly not when they are engaged in their normal work. Yet in terms of results in the measurable form of jobs created, lives enriched, communities built, living standards raised, and poverty healed, a handful of capitalists has done indefinitely more for mankind than all the selfserving politicians, academics, social workers, and religionists who march under the banner of compassion. - Nathaniel Branden1 Executive Summary Mel Baiada is a man who has created jobs and enriched lives as president and CEO of Sengen and Base Camp Ventures. He has been one of the New Jersey's most successful technology entrepreneurs. In 1989, four years after obtaining his master's degree from Drexel University, . Mr. Baiada began his entrepreneurial career when he founded Bluestone, Inc. to provide technology expertise to Fortune 1 000 companies and government organizations. Under his direction, Bluestone rapidly grew to a multi-million dollar company, earning its inclusion in the Inc. 500 's list of the fastest growing, privately held companies in the United States for three straight years, from 1994 to 1996. One year later, Bluestone divided into two separate entities, Bluestone Software, Inc. and Bluestone Consulting, Inc. Bluestone Software underwent a successful IPO in 1999 and achieved industry recognition in the web application server marketplace with its flagship product, Sapphire/Web, which led Bluestone to a market capitalization in excess of $1.5 billion. In October 2000, Bluestone became Carly Fiorina's initial Hewlett Packard (HP) acquisition. HP acquired the software company for a reported $476 million. Also, in 2000, Mr. Baiada established Base Camp Ventures; an early to middle stage information technology venture fund/incubator while Bluestone Consulting continued doing business with a new name, Sengen. Sengen, a private company, is following Bluestone Software's pattern by engineering and managing next generation e-business solutions for the Internet economy. Ernst & Young, LLP recognized Sengen's pattern and honored Mr. Baiada as a finalist in its "Entrepreneur of the Year" program for two consecutive years in 2000 and 2001. Mr. Baiada' s dedication to education is evident through the program that bears his father's name at Drexel University. The Baiada Center's mission is to develop entrepreneurial leaders and foster the creation of technology ventures. He is a member of Drexel University Dean of the Engineering School Advisory Council and serves on the Board of Trustees at Drexel University. He also received the Drexel University College of Engineering Alumni Achievement Award for the year 2000. Mr. Baiada earned undergraduate and master's degrees from Drexel in 1982 and 1985 respectively. Since Mr. Baiada has an established entrepreneurship record and a dedication to education, academia can benefit from his views. His insights provide an incomparable opportunity to learn about the multitude of issues involved in entrepreneurship and venture capitalism and to stimulate classroom discussion, curriculum opinion and research questions. Author: I requested an interview with you because you have a unique perspective on entrepreneurship. You are an entrepreneur and a venture capitalist. You wear two different hats. Thus, you have unique perspectives based on the two different roles that you fulfill. Ever since the first class at Harvard in 1947, entrepreneurship has exploded and blossomed over the years. Yet, with that explosion comes an increased need for entrepreneurship research and knowledge. This knowledge demand comes in the form of producing more entrepreneurship classes, research, and greater faculty preparation. Greater faculty preparation begets better curriculums. Better curriculums beget human capital. Human capital begets entrepreneurs. Entrepreneurs beget fulfillment of ideas from thought to fruition and job creation. …