For the fifth consecutive year, Rice University's Jones Graduate School of Business has been ranked No. 1 for graduate entrepreneurship programs by Princeton Review and Entrepreneur magazine.

Announced today, the list identifies 50 undergraduate and 50 graduate schools that offer the best programs in entrepreneurship studies from Princeton Review’s survey of more than 300 institutions. The rankings are based on academic offerings, experiential learning opportunities and career outcomes.

The MBA entrepreneurship program was also recently ranked No. 3 globally by Poets&Quants and No. 5 by Bloomberg Businessweek.

Rice Business is one of the few MBA programs in the country with a dedicated entrepreneurship concentration, and entrepreneurship students have the opportunity to engage with an array of industries in novel ways. In courses like the Technology Commercialization Lab, Rice Business students gain first-hand entrepreneurship experience by collaborating with Rice scientists to create commercialization plans for new technologies developed in university research labs.

The Rice entrepreneurship ecosystem combines academic courses and co-curricular programs led by the Liu Idea Lab for Innovation and Entrepreneurship (Lilie) with regional, national programs and co-curricular programs led by the Rice Alliance for Technology and Entrepreneurship.

“Our students are learning about entrepreneurship at every step of their Rice Business journey,” Yael Hochberg, head of the Rice University Entrepreneurship Initiative and Ralph S. O’Connor Professor in Entrepreneurship – Finance said. “Innovation is embedded in coursework and ideas are valued and supported financially through a network of innovative thinkers and business plan competitions.”

Rice Business not only offers multiple programs, competitions and startup accelerators, but depends on a solid relationship with the business community of Houston.

“Our close ties to Houston as well as national startup ecosystems give our students unique opportunities to pitch to and connect with angel investors, venture capitalists and corporations,” Brad Burke, managing director of the Rice Alliance said. “These connections allow for mentorship, as well as launch points for new ideas, not only for our students but also for the city and surrounding communities.”

Rice Business has doubled its student population in the past five years, but maintained a small student-faculty ratio to ensure entrepreneurial business students receive hands-on programming and instruction. All courses are taught by leading professors and practitioners — 89% of Rice’s entrepreneurship faculty have started, bought or run a business.

“Our students are able to learn inside and outside of the classroom with Rice Business thanks to our connections in Houston and beyond,” Rice Business Dean Peter Rodriguez said. “Our class sizes are small, and our programs are tailored to guarantee students leave with both the skillset and mindset not only to pursue new ideas but to navigate the rapidly changing world of business.”

Learn more about Rice Business’ entrepreneurship mindset here.

The 12th annual Texas Life Science Forum takes place Nov. 7 at Rice University and will bring together 600 attendees for keynote speakers, panels and pitches from life science technologies. The Rice Alliance for Technology and Entrepreneurship and BioHouston host the premier life science and health tech event in Texas each year to bring together members from industry, emerging life science companies, academics and investors.

The conference is an opportunity to learn about the latest technology innovations from 45 early-stage therapeutic, diagnostic, medical device and digital health companies. Attendees can meet the leaders from the Houston life science entrepreneurial ecosystem, learn about the Texas Medical Center’s new multibillion-dollar research campus and innovation hub, the new Rice BioTech Launch Pad and more.

What: 12th annual Texas Life Science Forum
When: Nov. 7, 8 a.m.-6 p.m.
Where: Rice University’s McNair Hall. Register here.

Media who would like to attend free of charge should contact Avery Franklin, media relations specialist at Rice, at averyrf@rice.edu or 713-348-6327.

By Vikas Mittal, originally published in The Hill on Oct. 21, 2023.

Many ascribe Bud Light’s sales decline to a conservative response to an incident with transgender influencer Dylan Mulvaney.

They are wrong. Nike, for example, saw its stock increase 5 percent after its 2018 campaign supporting Colin Kaepernick.

The Mulvaney incident was merely a triggering event. Bud Light’s sales decline was years in the making due to what many see as a mediocre product, below-average customer satisfaction, and egocentric management decisions.

In April, Bud Light sent Mulvaney beer cans with her face imprinted on them. Conservative customers, feeling betrayed, fled to competitor brands and called for a boycott. Liberals criticized Bud Light for not supporting Mulvaney who faced transphobia and felt bullied.

CEO Brendan Whitworth’s June apology was widely panned as insincere. By that month, Bud Light’s parent company Anheuser-Busch InBev lost $27 billion in market value. In July, the company announced it would lay off 350 employees. Frustrated, Billy Busch, heir to the Busch Family offered to buy back the Bud Light brand from InBev. By August, Bud Light’s sales had declined 26.8 percent while rival Modelo’s sales grew 15.9 percent. On Oct. 9, Bud Light’s stock closed at its lowest since the April triggering event.

Companies can withstand a triggering event such as Johnson and Johnson’s Tylenol tampering in 1982 or Nike supporting Kaepernick in 2018. If they succumb to one, they do so for three reasons.

A Mediocre Offering, Undifferentiated from Competitors: A 2022 blind taste test ranked Bud Light sixth among the eight beers tested, another 2022 test ranked it seventh out of 10 and a 2023 test ranked it 22nd out of 28. Stefano Puntoni, a Wharton marketing professor called America’s light beers “the blandest, least distinctive beers on the whole planet.” He added: “In a blind test, it’s impossible to tell Bud Light apart from other light beers. Switching to another brand is the easiest of changes for consumers.”

Research shows that advertising only helps brands with above-average quality. Advertising cannot compensate for mediocre or sub-par quality to build customer loyalty, as was the case with Bud Light.

Because of this perception of its quality, Bud Light’s outsized advertising only garnered higher awareness but not necessarily higher customer loyalty. In 2022, more customers were aware of Bud Light than Modelo (88 percent versus 78 percent). Yet, both brands had identical customer loyalty (78 percent) among users.

Bud Light’s management conflated high customer awareness with high customer loyalty. Yet, its below-average product provided no meaningful differentiation from competitors and eroded customer loyalty. Customers switched when Bud Light transgressed.

Below Average Customer Satisfaction: My research shows that customers remain loyal to a company that has consistently high customer satisfaction ratings.

Toyota is one example. In 2009, it recalled 8 million vehicles due to defects associated with 52 fatalities. In 2010, when the recall was in progress, I and my colleagues surveyed owners of Toyota and non-Toyota automobiles. Surprisingly, Toyota owners agreed more strongly that it was a reliable vehicle and were more willing to buy a Toyota in the future, than non-Toyota owners. Consistently high customer satisfaction had insulated Toyota from the recall, a triggering event.

Unlike Toyota, customer satisfaction with Bud Light’s parent company InBev has steadily declined from a score of 84 in 2019 to 80 in 2020, 78 in 2021 and 79 in 2022 — lower than the 2022 industry average of 80 percent. Because of below-average satisfaction ratings, Bud Light’s customers were less loyal and less forgiving and switched to competitors when they felt it transgressed.

Decision-Making That Underestimated Customer Diversity: Many senior executives make egocentric decisions thinking their belief is more widely prevalent among customers and employees than it really is. Unfortunately, their belief may be based on gut feelings or salient information from a small group of like-minded individuals.

When Bud Light’s vice president of marketing, Alissa Heinerscheid, sent Mulvaney the cans of beer, she seemed to believe that “Bud Light had been kind of a brand of fratty, kind of out-of-touch humor, ” saying “it was really important that we had another approach.” There is no evidence that senior executives at Bud Light conducted any research to ascertain the prevalence of their belief among its customers or to estimate the pros and cons of the gambit based on those results.

Contrary to Bud Light’s gambit, peer-reviewed research unequivocally shows that large companies erode brand value, decrease sales and harm stock prices when they engage in political activism. Since they have a diverse customer base comprised of conservatives and liberals, appealing to one faction alienates the other. After a triggering event, further attempts to mollify one group earn the ire of all.

Bud Light faced a similar fate. Initially, conservatives were dissatisfied and switched. Attempts to mollify them enervated liberals. Eventually, both were dissatisfied and switched.

Regaining Its Crown — Competing on Customer Value: In an October Gallup survey, 59 percent of U.S. adults stated businesses should not take a political stance. Bud Light should listen and compete on customer value rather than on political activism. Bud Light’s customers value a product that is readily available at a competitive price and has a distinctive taste.

By excelling on these three customer value drivers, Bud Light can regain, retain and grow its customer base. Otherwise, the brand will continue being at risk of losing customers to competitors.

Vikas Mittal is the J. Hugh Liedtke Professor of Marketing at the Jones Graduate School of Business, Rice University. He has co-authored two books and over 100 articles on customer-based strategy.

The Jones Graduate School of Business at Rice University ranks third globally for its entrepreneurship program, according to Poets&Quants’ fifth annual ranking of such programs announced today.

Just 5.66 total points separated the top five finishers in the 2024 MBA entrepreneurship ranking, according to Poet&Quants’ news release.

“MBA programs are increasingly sought after in today’s environment, and our focus on entrepreneurship sets us apart,” Rice Business Dean Peter Rodriguez said. “The entrepreneurship classes emphasize a combination of mindset and skill set and focus on multiple stages of the entrepreneurial process, preparing our students for any industry and climate.”

Rice entrepreneurship students have the opportunity to engage with an array of industries through hands-on work. For example, the class Healthcare Entrepreneurship and Innovation allows Rice Business students to join Rice graduate bioengineering students and physicians from Baylor College of Medicine to work at the intersection of their fields. All classes at Rice Business are accompanied by co-curricular resources for entrepreneurs, including workshops, lectures, mentor office hours and special events to cultivate connections between Rice entrepreneurs locally and nationally.

Rice Business has been consistently ranked among the top 10 graduate entrepreneurship programs in the nation, reflective of the depth and breadth of resources for entrepreneurs during their time at Rice and beyond, school officials said. The school is the top-ranked graduate entrepreneurship program for four years running by Princeton Review and Entrepreneur Magazine.

Poets&Quants’ rankings capture a wide range of criteria about U.S. and global business schools, including a school’s accelerator space, venture funds available and core classes dedicated to entrepreneurship with the methodology designed to measure how resources are allocated to individual students.

Prominent entrepreneurs and business leaders have committed to invest in Houston’s innovation landscape as part of the inaugural cohort of the Rice University Liu Idea Lab for Innovation and Entrepreneurship (Lilie)’s Leadership Council. 

The 2023 Lilie Leadership Council (LLC) members have pledged time and financial contributions to directly fund and support Rice’s most promising entrepreneurial programs for students, research staff and faculty. 

The Liu Idea Lab was endowed in 2015 by the Frank and Cindy Liu Family Foundation. The Liu family believes Houston has the talent and resources to be a leader in innovation and views the Liu Idea Lab at Rice as a key driver in the future growth of Houston’s startup ecosystem, which they hope will further diversify and strengthen the city’s economy. Having seen the impact that the Liu Idea Lab has had both at Rice and within the city of Houston thus far, Frank Liu, a Rice alumnus and business community leader, has now recruited others through the LLC to further support existing and expanded programming. The LLC has garnered interest from other successful Houstonians who themselves have benefitted from the vibrancy of the city’s economy and therefore want to invest in Houston’s next generation of leaders and its future.  

Inaugural LLC members include: 

Frank Liu is the co-founder and co-owner of Lovett Industrial and the founder and owner of Lovett Commercial, Lovett Homes and InTown Homes. He has overseen over $5 billion in development projects.  

Earl Hesterberg, who now calls Houston home, served as the former CEO of Group 1 Automotive. Prior, Hesterberg was at Ford Motor Company working as the group vice president of North America marketing, sales and service.  Earlier in his career he served the same role at Ford of Europe as well as stints as CEO of Gulf States Toyota, Vice President of Sales for Nissan Europe and General Manager of Nissan Division for Nissan U.S.A.  In retirement, he is chairing the capital campaign at Kids Meal Inc., a nonprofit that is feeding the 50,000 food-insecure preschool-aged children of Houston.  

Sandy P. Aron is the president of Hunington Properties and has been in the real estate industry for over 40 years. Founded in 1984, Hunington Properties offers a range of third-party real estate services to tenants, owners and investors across commercial, multi-family, industrial and land sectors in the Greater Houston Area. Aron is active in the Houston community where he served on the boards of the St. Francis Episcopal Day School of Houston, Congregation Beth Israel of Houston, and Jones Partnership at Rice’s Jones Graduate School of Business. 

John Chao is Vice President and Managing Director of Westlake Innovations, a subsidiary of Westlake Corporation, and also serves as a board member of Westlake Corporation.  His previous roles include Chief Operating Officer of New York Public Radio and Partner in the strategy and finance practice at McKinsey & Company.  Mr. Chao received a bachelor’s degree in chemical engineering from Rice University and an M.B.A. from the Massachusetts Institute of Technology. 

Lorin Gu is the founding partner of Recharge Capital. The investment fund focuses on critical sectors such as women’s healthcare, clean biotech, semiconductor enablement and fintech democratization. Prior to Recharge, Gu supported Cyrus Capital, a US $4B hedge fund, as well as Blackstone Group. He is the Founding Chair of the Global Future Council at the Peterson Institute of International Economics.  

Annise Parker was Houston’s 61st mayor and the only person in Houston that has held the offices of council member, controller and mayor. She has been named by Time magazine as one of the most 100 influential people in the world. She is currently the president and CEO of the Victory Fund, a nonprofit devoted to electing pro-equality, pro-choice LGBTQ+ leaders to public office at every level. She also sits on the Policy and Global Affairs Committee of the National Academy of Sciences, Engineering and Medicine and the boards of Houston Botanic Garden, Houston BARC Foundation, Patient Care Intervention Council and the Climate Disclosure Project. 

Gary Stein is the CEO of Triple-S Steel Holdings. Under Gary's leadership, Triple-S Steel has grown from a single location to one of the largest steel service centers in the industry, with over 53 locations, more than 2,000 colleagues, and branches across 17 states, Canada, Dubai, and Colombia. What started as a small new and used steel distribution yard over 60 years ago has become one of North America's largest distributors of structural steel. Mr. Stein serves on the American Institute of Steel Construction Board and the MD Anderson Cancer Center Board of Visitors.   

Charlie Meyer formed Lovett Industrial in 2020 in partnership with Frank Liu and is currently the CEO. Lovett Industrial has more than $2B of projects complete or actively under construction and has developed or acquired more than 20 million square feet of industrial real estate. He formerly served as managing director at Hines Interests in Houston as well as director of construction and development for NewQuest Properties. He is currently serving on the board of directors for both Generation One and NAIOP Houston.  
 
Shoukat Dhanani is CEO of Dhanani Group Inc, a family owned and operated business conglomerate, headquartered in Sugar Land, Texas. He also serves as Head of Dhanani Family of Companies, with more than 40 years of experience in creating and managing successful businesses. The family business interest includes restaurant franchising, real estate, convenience stores, and fuel distribution. Today Dhanani family owns and operate more than 2000 Fast Foods restaurant as well as several different business verticals, and now it is the second-largest quick-service restaurant franchisee group in the U.S. 

Robert T. Ladd is the chairman of the board of directors and chief executive of Stellus Capital Investment Corporation (NYSE:SCM). He is also the managing partner and chief investment officer of Stellus Capital Management. His professional career includes leadership positions with the D.E. Shaw Group, Duke Energy, Arthur Andersen and First City Bancorporation of Texas. Mr. Ladd is the Chairman of the Board of Trustees of Rice University. He is also a member of the advisory council of the McGovern Medical School in Houston. 

Hong Ogle is the president of Bank of America Houston. In addition to her role as Houston President, Hong is the Southeast/Southwest Division Executive for Bank of America Private Bank. She started her financial services career in the early 90’s and has since then received many awards including Houston’s Most Admired CEO’s Award by the Houston Business Journal and Most Powerful Women in Banking and Finance: Top Team in Banking by American Bankers. She serves on the board of Greater Houston Partnership (GHP) and Central Houston Inc. and chairs the Bank of America Charitable Foundation in Houston. She is also a member of the Bank of America Global Diversity and Inclusion Council. 

"I owe much of my entrepreneurial success to opportunities I had while at Rice University,” says Liu. “I can't imagine the heights students today can achieve with the resources that now exist through Lilie. Over the last several years, as the #1 ranked Graduate Entrepreneurship program in the country, we have seen exponential growth in student engagement, and we have witnessed the life-changing technologies—tackling big problems in industries like energy and healthcare—bred within Lilie classes and programs. I am thankful for the commitment of Lilie's Leadership Council for propelling these founders from the classroom to the community and building the next generation of Houston's economy.”  

Lilie will leverage the financial contributions and network of the LLC to enrich the current entrepreneurial offerings for students and faculty at Rice — a program currently ranked as the No. 1 U.S. graduate entrepreneurship program by Entrepreneur Magazine and the Princeton Review. The Liu Idea Lab administers experiential courses for undergraduate and graduate students each academic year, as well as competitions and accelerators to help student, faculty and alumni founders move from idea to impact. Lilie’s state-of-the-art working space aggregates the Rice entrepreneurship community into one convenient location, while its experiential courses, co-curricular programs, equity-free funding and personalized mentorship provide an array of resources for every stage of the entrepreneurial journey. 

“Entrepreneurship and the innovative ideas that create new industries are critical to Houston and the state’s prosperity and quality of life,” said Rice Business Dean Peter Rodriguez. “I am deeply grateful to Lilie’s leadership council for their commitment to supporting and rapidly advancing our students and their start-ups at Rice Business.” 

Leaders from Rice University and Mexico’s Anáhuac University will unveil a new international executive education program Nov. 6 at a signing ceremony at Rice. A second ceremony will take place Nov. 16 in Mexico City.

Rice’s Jones Graduate School of Business is partnering with Anáhuac to launch the two-week international program for bilingual executives, which also marks the official launch of Anáhuac’s executive education institute.

The joint global program for executives is set to launch in spring 2024 with one week taking place at Rice and one week at Anáhuac’s campus. All participants will go through an application process and must speak both English and Spanish.

This collaborative effort was led by Peter Rodriguez, dean of Rice Business; Michael Koenig, Rice Business’ associate dean for innovative initiatives and executive director of executive education; and Jorge Miguel Fabre Mendoza, director of the Anáhuac senior management institute.

What: Signing ceremony for Rice University and Anáhuac University international executive education partnership

When: Monday, Nov. 6, 4-5:30 p.m.

Where: Gibbs Gallery, Jones Graduate School of Business, Rice’s McNair Hall. The parking garage entrance is just north of McNair.

Media who want to attend must RSVP to Avery Franklin, media relations specialist at Rice, at averyrf@rice.edu or 713-348-6327.