Interview with Dr. Stewart Thornhill, Executive Director of the Pierre L. Morrissette Institute
The Richard Ivey School of business is a world-renowned business school and consistently ranks among the top business schools in the world. Ivey is known for turning out top-notch graduates and for its case-based teaching, however, Ivey has another focus: educating and enabling entrepreneurs. The Pierre L. Morrissette Institute for Entrepreneurship at Ivey has a number of impressive ongoing initiatives including the Certificate in Entrepreneurship program for HBA students. Dr. Stewart Thornhill, Executive Director for the Institute has championed a number of new initiatives at the school and I had the unique opportunity to sit and chat with him about his experiences as well as his future plans for entrepreneurship at Ivey.
Long before coming to Ivey, and even before earning a B.Sc (Eng.) in Mechanical Engineering, an MBA with a concentration in Finance and a Ph.D. from the University of British Columbia, Dr. Thornhill gained some first-hand entrepreneurial experience. Before beginning his graduate studies in business, he worked as a production engineer in the manufacturing sector, but he also owned and operated a merchandising company that followed a street performing circuit across Canada. Dr. Thornhill worked fulltime during the week as a production engineer and ran his company on weekends and during his vacation time. He was a trial-by-fire entrepreneur who learned as he went, and at the end of a three-year period ended up breaking even on his venture. It was at this point that he decided to go back to school and get his MBA.
“Every day I stepped into a classroom during my MBA I thought, wow I wish I had known that,” said Thornhill. “I made all the mistakes with my first venture because I didn’t know anything about how to price my goods, how to make a business plan, or how to create pro-formas.” There are a number of hard skills that Dr. Thornhill learned during his MBA that without a doubt would have changed the way he ran his venture. It is due to this personal experience that Dr. Thornhill recognizes that a formal education truly does add value for entrepreneurs.
Dr. Thornhill went on to speak to the importance of the case method for entrepreneurs. Learning from the mistakes of other new ventures, and an open discussion about what could have been improved at various stages of the start-up process is incredibly valuable. In addition, Ivey’s alumni network has so many “plugged in” members, from mentors, to advisors, to potential business partners. Students also have the opportunity to attend alumni events, and dinners with local entrepreneurs, as well as investigate many potential sponsorship opportunities.
Dr. Thornhill is also actively involved in Quantum Shift: a program for high-growth entrepreneurs sponsored by KPMG. Entrepreneurs entering this program become involved in a full week residential stint at Spencer Leadership Center, where they learn all about high-growth issues in a fast-paced curriculum from some of Ivey’s best entrepreneurial professors.
“In the future, we’re working on new events, lots of outreach opportunities, and various community engagements,” said Thornhill, “We’re focusing on educating and enabling entrepreneurs.”
When I asked Dr. Thornhill about becoming involved in his own venture again in the future he said he’s enjoying his current position too much. “I currently do consulting for new ventures, I am on the advisory board of a few start-ups, and I do invest in new start-ups. You need to be willing to commit fully to a new venture, but that is not to say that I won’t one day go start my own company again.” But as of today, he seems more than content to be sitting right where he is. When I asked Dr. Thornhill what advice he would give to new entrepreneurs he said, “Find something that people need or want, and do something you love.”
If I’ve learned anything from my HBA degree at Ivey with a focus on entrepreneurship it is to pursue your passions, and the Entrepreneurship Institute at Ivey provides the perfect opportunity for students to do just that.
Contributed by: Eric Janssen
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