Entrepreneurial Ripple Effect

There is nothing more powerful than an idea whose time and place have come.

This was the case when Detroit businessman and entrepreneur Robert Skandalaris sat down to breakfast with James McLeod one morning in 1999. McLeod, then vice chancellor for students and College of Arts & Sciences dean, was visiting Detroit and called on Skandalaris to ask how his daughter, Kristin, was enjoying Washington University.

“During our conversation, I mentioned that I wanted to start an entrepreneurship program within a university,” Skandalaris recalls. “I had already presented my idea to the dean at a leading business school, but when I said I wanted an entrepreneur to run the program, he told me it was not possible. I explained that the program would be a startup and who better to lead it than someone who had started companies. The answer was still no.”

McLeod responded: “If you want a place to house your program, you should consider ­Washington University.”

Soon after, Skandalaris met with members of the university administration. Discussions ensued. Ideas flew. And Washington University said yes.

“Chancellor Wrighton found an entrepreneur, Ken Harrington, to run the program,” adds ­Skandalaris, who recently began a second term as a Washington University trustee.

“Through their ­extraordinary vision and deep belief in the power of innovation as key to the growth and impact of universities and organizations, Julie and Bob Skandalaris have helped create one of the country’s very best entrepreneurship programs.”

— Chancellor Mark S. Wrighton

What has transpired since has been nothing short of phenomenal. The Skandalaris Center for Entrepreneurial Studies has powered its way into the nation’s top 10 programs in entrepreneurship education, putting Washington University on the map of high-innovation, high-impact universities and pegging St. Louis as one of the best cities in which to start a business.

Says Skandalaris, “Whenever you bring smart people and innovation together, you create an environment that cultivates entrepreneurs.”

The power of innovation

Julie and Bob Skandalaris came to know ­Washington University through their daughter, Kristin, who earned a bachelor’s degree in philosophy in 2001 and a law degree in 2004. “I had little knowledge about the university beforehand,” Bob says. “However, we found Kristin’s enthusiasm for the school after her first visit very interesting.”

True to her instincts, Kristin flourished. “She enjoyed campus life, the variety of courses and extracurricular activities, and intelligent, interesting students,” Julie Skandalaris says. “She went on to attend the university’s law school, where she met her husband, David.”

Julie adds: “Bob saw the potential for establishing an entrepreneurship program early on. Through the ­guidance and motivation of the ­chancellor, Ken ­Harrington and the school deans, this vision became a reality.”

Julie and Bob Skandalaris established the Skandalaris Entrepreneurship Program in 2001. Two years later, inspired by WUSTL’s selection as a Kauffman Foundation Campus charged with promoting entrepreneurship education university-wide, the Skandalarises made another gift to establish the Skandalaris Center for Entrepreneurial Studies.

The center has thrived, developing an entrepreneurship curriculum, special programs and business competitions that have become part of a campus-wide framework for teaching and ­experiencing entrepreneurship.

To further develop students as entrepreneurs while helping early stage St. Louis ventures grow, in 2008 the couple established the Skandalaris Entrepreneurial Summer Internship Program.

Chancellor Mark S. Wrighton says: “Through their extraordinary vision and deep belief in the power of innovation as key to the growth and impact of universities and organizations, Julie and Bob Skandalaris have helped create one of the country’s very best entrepreneurship ­programs. Their exemplary leadership and continuing generosity inspire Washington University to work harder to help meet society’s challenges.”

‘Follow your dreams’

Bob Skandalaris traveled a circuitous path to his current position of chairman and chief executive officer of Quantum Ventures of Michigan, LLC, a privately held corporate investment company specializing in the acquisition and development of middle-market firms.

“When I graduated from high school, my ­parents wanted me to follow in my father’s footsteps,” says Skandalaris, who attended ­Michigan State University, where he and Julie met.

“After two years of college, it was apparent that ­engineering was not my interest. Frankly, at that point I was lost. I tried pre-med, then business. I ended up getting a degree in finance because that was the quickest way to graduate.”

He went on to earn a master’s degree in ­accounting at Eastern Michigan University. That led him to the corporate tax department of ­Touche Ross & Co., where he liked the work but not the structure of the accounting industry. “Yet, I was competitive,” he says, “so I worked hard to make partner.”

A month after his promotion, Bob told Julie, “This is not what I want to do for the rest of my life.” She replied, “Follow your dreams.” So, he began a career in investment banking.

In each industry he served, he says, the ­individuals he found most interesting were the entrepreneurs. In 1987, he left his position as ­senior vice president at Prudential-Bache ­Securities to become an entrepreneur himself.

He bought Acorn Asset Management and became a shareholder of the Oxford ­Investment Group, Inc. He grew Acorn to more than $2.5 ­billion in assets and saw Oxford complete more than 20 acquisitions before selling his interests in both companies to found Noble International, Ltd. in 1993. Under his leadership, Noble became the world’s largest supplier of auto manufacturing tools called laser-weld blanks.

“Creating a culture of innovation, education and risk-taking is the only way we can create future jobs … Washington University is a fantastic place where students learn this.”

— Robert Skandalaris

As philanthropists and champions of the ­university, the Skandalarises have touched many lives. They co-chaired the Parents Council, served on the Detroit Regional ­Cabinet, and hosted prospective students and their families. They also sponsor scholarships in the Olin ­Business School, where Bob serves on the national council. In 2002, at Founders Day, they were ­honored with the Robert S. Brookings Award.

Julie has served in leadership roles at Detroit Country Day School and at the alma maters of the couple’s two sons, Andrew and Lee.

As one might expect, Bob Skandalaris speaks and writes about entrepreneurship with ­unabashed enthusiasm. He is the author of Rebuilding the American Dream, with Ken ­Harrington (2005), and The Evolution of the American Dream, with Amber Clark (2011).

“Creating a culture of innovation, education and risk-taking is the only way we can create future jobs and rebuild cities like Detroit,” he says. “Washington University is a fantastic place where students learn this. I have never seen an institution of higher education with so many outstanding characteristics. Julie, our family and I are proud to be involved.”

Cynthia Georges is senior associate director of development ­communications for Alumni & Development Programs.