In the world of top-notch business schools, a handful of traditional, time-tested institutions — Harvard, Northwestern, MIT — may come to mind.

But in the arena of entrepreneurship education, the UIC Institute for Entrepreneurial Studies is not only a pioneer, it has become recognized internationally for its comprehensive approach to helping create business success.

In fact, IES was ranked by SUCCESS magazine as one of the nation's top three schools for entrepreneurs in 2001 and was the recipient of the 2001-02 NASDAQ Center of Entrepreneurial Excellence Award. It is currently listed in the first tier of Entrepreneur magazine's Top 50 Entrepreneurial Colleges, ranked fourth nationally in serving the Midwest by peer program directors.

Like most successful endeavors, IES began with a simple idea, inspired by astute recognition of opportunity.

"There was a piece missing in the fabric of the business community and options for young people," says Mike Hennessy, president and CEO of the Coleman Foundation. "Students weren't being told about the possibility of creating a job."

Founded in 1951, the Coleman Foundation supports and advances entrepreneurship awareness education. In 1981, the foundation established its first endowed chiar — at UIC. That's when Gerald Hills entered the picture.

With a lengthy and varied history of experience in marketing, entrepreneurship and academics, Hills was the perfect candidate for the Coleman Chair in Entrepreneurship. But he had a few conditions — one of them being that the entrepreneurship program incorporate teaching, research and professional outreach.

For years, business education focused on Fortune 500 companies due to availability of information, says Rod Shrader, associate professor of management and entrepreneurship. But that philosophy didn't jibe with practical application.

"Historically, new and smaller businesses generate more than half the gross domestic product and provide at least half the employment in the United States," says Hills. "More of our students go to work for small and medium-sized businesses."

IES was born in 1982. And, 22 years later, with the help of UIC faculty, staff, students and local entrepreneurs, its grown into a multi-faceted program that offers an all-inclusive approach to the university's mission of quality instruction, groundbreaking research and practical community service — all geared toward preparing the next generation of successful entrepreneurs.

Through the College of Business Administration, IES offers undergraduate, graduate and continuing education programs in entrepreneurial studies. Those include both a bachelor's degree and certificate for undergraduates an MBA concentration, a Ph.D. program in entrepreneurship and a weekend Certificate in Business Administration Program.

One of IES's recent thrusts has even extended across campus. Its joint Bioengineering Entrepreneurship Program partners MBA courses with bioengineering studies.

"We are aware of the great entrepreneurial potential within some cutting-edge biotechnology developments," says Hills. "These students can benefit from becoming entrepreneurs themselves."

In addition to its course component, the program is linked with the Chicago Technology Park, a university-owned biotechnology incubator comprised of approximately 35 fledgling enterprises. Bioengineering entrepreneurship students partner with MBA students to work with clients in the Chicago Tech Park, who are trying to sustain and grow their businesses.

According to Hills, IES plans to expand its intra-campus efforts, partnering with disciplines such as the arts and health sciences, and currently offers a graduate course strictly for nonbusiness majors.

Besides classroom instruction, IES provides guidance for mentoring and networking through student organizations, on-campus extracurricular programs and internships.

The Collegiate Entrepreneurs' Organization, or CEO, one of the institute's most popular programs, was launched in 1997. A national student organization, CEO serves more than 120 colleges and universities through local chapters and provides its student members access to a global network of collegiate entrepreneurs.

"CEO creates an environment for entrepreneurs to flourish and learn from each other," says Michael Van Orinsven, director of field recruitment for Northwestern Mutual, one of CEO's corporate sponsors. Besides the group's intellectual component, Van Grinsven emphasizes its role as a support network as well. "You get enough beating up and rejection through the trial-and-error process of entrepreneurship. Through CEO, students can inspire each other and be reinvigorated."