Steven Rogers is the MBA Class of 1957 Senior Lecturer of Business Administration. He teaches Entrepreneurial Finance and a new course titled Black Business Leaders and Entrepreneurship. He taught FIELD 3, which is the practicum on entrepreneurship where 150 teams of students create companies each year. His teams placed 2nd, 3rd and 4th over a three year period. A 1985 graduate of the school, Professor Rogers holds a Bachelor of Arts degree from Williams College. Prior to teaching at HBS, he taught for 17 years at the Kellogg School of Management at Northwestern University, in the MBA, PhD and Executive programs in the U.S., Toronto, Germany, and Hong Kong. He received the Outstanding Professor Award for the Executive Program 26 times and the MBA Lawrence Levengood Outstanding Professor of the Year award twice. He was the first professor in the school’s history to receive the latter award more than once.
Before joining the Kellogg Faculty, he owned and operated two manufacturing firms and one retail operation. Prior to becoming an entrepreneur, Professor Rogers worked at Bain and Company Consulting firm, Cummins Engine Company and UNC Ventures, a venture capital firm.
In 2016 Professor Rogers was a volunteer Visiting Professor at the United States Military Academy for the Army at West Point where he taught Entrepreneurial Finance.
Professor Rogers was selected to give a speech on the topic of Entrepreneurship at the United Nations in 2013 as part of the TEDxUNPlaza Program. In 2011, he joined Chicago Mayor Emmanuel’s Supplier Diversity Task Force. In 2009, Ebony Magazine named him one of the top 150 influential people in America. In 2006, he was selected as one of the “100 Men Impacting Supplier Diversity.” In 2005, he received the ‘Bert King Award for Service’ from the African American Student Union at Harvard Business School. In 2000, he received the ‘Bicentennial Medal for Distinguished Achievement’ by an alum from Williams College. In 1998, he was selected as Entrepreneur of The Year (supporter category) by Ernst & Young. In 1997 BusinessWeek named him one of the 14 “New Stars of Finance.” In 1996, BusinessWeek named him one of the top 12 entrepreneurship professors at graduate business schools in the U.S.
Professor Rogers currently serves on the Advisory Board of Private Equity Firm OCA Ventures. He also serves on the Board of Directors of SC Johnson Wax, W.S. Darley & Company and Oakmark Mutual Funds. He is a former member of the Board of Directors at SuperValu (NYSE) and JP Morgan Chase’s Capital Investment Committee. His non-profit work includes board membership for the A Better Chance Program and Urban Prep High School. He is a former Trustee of Williams College and a member of the Harvard Business School Visiting Committee.
He has often been quoted in many publications, including Black Enterprise, Crain’s Business Journal, Financial Times, The Wall Street Journal, Chicago Tribune, Chicago Sun-Times, Fortune, Monarch and BusinessWeek, NPR, the Tom Joyner Show and Life-Changing Quotes from the World’s Best Business Schools, a 2013 Japanese publication.In 2002 Professor Rogers published his first book, The Entrepreneur’s Guide to Finance and Business. The second edition was published in 2008. The 3rd edition was published in 2014. Professor Rogers has also published five case studies. He has been a guest speaker at the New York University – Stern School of Business, University of Chicago – Booth School of Business, Harvard Kennedy School, University of Vienna, University of Illinois, YPO in Australia, and the Asian Institute of Management in the Philippines.
Whatever business you run or plan to launch, Entrepreneurial Finance provides the essential tools and know-how you need to build a sturdy foundation that will support it for many years to come.
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African-American investors in Boston could typically invest in commercial real estate opportunities that were located in the “community,” neighborhoods where people of color live. But it was tough to break in and invest in the downtown market. But when an opportunity come up to develop a downtown hotel, Richard Taylor, a seasoned, African-American real estate developer, was determined to structure a deal that would create a chance for African-Americans to get involved.
Rogers, Steven, and Alyssa Haywoode. "Richard Taylor – African-American Investors Break into Boston's Downtown Real Estate Market." Harvard Business School Case 319-084, January 2019.
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Fairview Capital is a pioneering alternative assets investment manager, as it is the first U.S. private equity fund of funds that focused on investing in private equity and venture capital funds managed by African-Americans and other minority investment managers. This case study focuses on Fairview’s strategic decisions that ultimately led to the growth and expansion of its investment portfolio to over $3 billion.
Jackie Taylor, an African American woman who founded a colorful theatre company, must decide whether to build a new theatre complex during an economic downturn, as construction costs rise, or wait it out. Debt is unappealing, but a new facility is essential to the company’s future. Current plans mirror Taylor’s aspirations for her company, and design changes will necessitate changes in strategy. Should Taylor simply focus on her brand of theatre and build accordingly, or push for a complex to develop new talent that will tell new Afro-centric stories? Will new stories appeal to an aging, but loyal audience? Perhaps Taylor should broaden storylines and focus to cater to younger, mainstream theatre-goers. Will they help pay for a new facility?
Rogers, Steven, and Dan Perkins. "Jackie Taylor: The Black Ensemble Theater." Harvard Business School Case 319-013, August 2018. (Revised January 2019.)
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On a sunny Monday morning, Rev. Morgan-Thomas walked into her newly acquired hat factory thinking, “What have I gotten myself into? Things are worse than I imagined. Can I ever turn this company around given all of the known and unknown problems? Can I make it profitable?”
Rogers, Steven, and Ariel Rogers. "Rev. Georgiette Morgan-Thomas & The American Hat Factory." Harvard Business School Case 319-009, August 2018. (Revised August 2018.)
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Rogers, Steven, and Alyssa Haywoode. "Omar Simmons: Franchising and Private Equity." Harvard Business School Teaching Note 318-056, February 2018.
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Omar Simmons, managing director of a private equity fund that owns 53 Planet Fitness Health Clubs, has to choose: continue in private equity or shift his career to managing and growing the health clubs. An African-American graduate of Princeton University and Harvard Business School, Simmons has to weigh the financial implications of his choice—as well as the career implications of whatever he chooses to do. Students will learn about private equity investing, Entrepreneurship via franchising, the health club industry, and career decision-making.
Rogers, Steven, and Alterrell Mills. "Amanda and Kristen: Mented Cosmetics." Harvard Business School Teaching Note 318-098, December 2017.
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John Rogers Jr., the founder and CEO of Ariel Investments, an enormously successful finance firm with $12 billion of invested capital, is one of the few African Americans in the asset management industry. As one of the high profile leaders in the black business community, John has decided to encourage Fortune 500 companies and major foundations to increase the volume of business that they do with black and other minority-owned companies. His encouragement comes in the form of public criticism of these organizations. He challenges them to stop paying “lip service” to inclusion, diversity, and fair business opportunity and sincerely commit to these ideals through action and results. A member of John’s Board of Directors has advised him to cease his leadership of this effort because it could be detrimental to Ariel Investments. Is the board member right? Is John being reckless? Is there a model that can be created to determine if and when John and other leaders should publicly express their opinions?
Black women, per capita, spend more money annually on beauty products than any other ethnic group. Despite the spend of over $7 billion per year, more than half of black women are dissatisfied with their purchases because they feel that the products are not made for their unique skin tones. In response to this unhappy and underserved market, two African American HBS alumnae created a beauty company with products specifically for Black and other women of color. This case study follows the two co-founders (black HBS alumnae) of a black-owned beauty startup and the unmet needs within the beauty industry. This case study examines the entrepreneurial opportunities that come from identifying an underserved market, specifically within the black community. Students learn approaches to product ideation/innovation, marketing strategies for the social media age, and launching a startup for a targeted audience. Students learn to analyze macro and micro economic data of an industry, synthesize consumer demographics and purchase behavior data, and create pro forma financial documents to determine the potential economic opportunity that is unmet in a market and the requisite fundraising to launch a new business. Mented co-founders became the 15th and 16th African-American women to raise over $1 million in startup funding.
Rogers, Steven, and Valerie Mosley. "Vicki Fuller: Chief Investment Officer of New York State's $150+ Billion Employee Pension Fund." Harvard Business School Teaching Note 318-007, December 2017.
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Corey Thomas, the African American CEO of the company Rapid7, must decide if it is the right time to take the 15-year-old company public, as it stood poised to capitalize on what appeared to be the next frontier for digital technology markets—cybersecurity. In spite of positive industry trends, there were some nagging concerns that this might be a risky time in the public capital markets. The company had just completed an acquisition, and he had additional concerns that the public markets may not tolerate the inevitable early losses involved with the new acquisition. Moreover, the company’s principal financiers were venture capital investors, and an IPO or sale would represent an investment exit for them, and their goal is return maximization.
The strong, public advocacy of a highly successful African American CEO has the potential to negatively impact his company. The CEO is deciding if he should listen to the advice of others who are urging him to “tone it down”.
Rogers, Steven, and Greg White. "John Rogers and Ariel Investments." Harvard Business School Case 318-015, September 2017. (Revised November 2017.)
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Rogers, Steven, and Alyssa Haywoode. "Dr. William Carson— Intrapreneurial Innovation in the Pharmaceutical Industry." Harvard Business School Teaching Note 318-014, September 2017.
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Rogers, Steven, and Alyssa Haywoode. "Valerie Daniels-Carter: High Growth Entrepreneurship via Franchising." Harvard Business School Teaching Note 318-024, July 2017.
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Rogers, Steven, and Alterrell Mills. "Eve Hall: The African American Investment Fund in Milwaukee." Harvard Business School Teaching Note 318-008, July 2017.
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Dr. William Carson, an African-American alum of Harvard University became the President and CEO of a multi billion dollar division of Otsuka, a Japan based pharmaceutical company. His ascension to this leadership position followed a thriving career in academic medicine as a professor. After a decade in the academy he began a career in the pharmaceutical industry where he ran drug trials. As the Group Director of Bristol-Myers Squibb, Carson worked on the drug Aripiprazole, an antipsychotic drug that is more famously known as Abilify, which had been developed by Otsuka. Abilify was being co-marketed in the United States by Otsuka and Bristol Myers-Squibb. After a series of meetings with a colleague from Otsuka Carson was offered the job of introducing Abilify to Japanese consumers. This new responsibility included the task of running clinical trials for Abilify in Japan. The project would require a deft cultural touch as well as a plan for how to run the trials. Should the trials be run in-house or outsourced? Should Carson hire employees who might eventually be laid off—an unpopular option in Japan—or could he find a company with enough cultural sensitivity to run the trials in Asia? Carson would have to rely on his intrapreneurial skills to find the answers.
After a successful career in research and academia, Joel Dawson decided to pursue entrepreneurship in the semiconductor industry. Together with several others, Joel Dawson co-founded Eta Devices in 2014 based on new technology developed at MIT to improve the efficiency of radio transmitter devices.
Rogers, Steven, and Kenneth J. Cooper. "Carmichael Roberts: To Create a Private Equity Firm?" Harvard Business School Teaching Note 317-095, March 2017.
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Rogers, Steven, and Derrick Collins. "Frank Baker: Siris Capital Group and Titan Systems." Harvard Business School Teaching Note 317-037, March 2017. (Revised February 2018.)
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The case highlights the role of minority chambers of commerce and the background of Eve Hall, a well-regarded multi-sector leader asked to revive Wisconsin's African-American chamber. This case study examines the lending options that a minority chamber of commerce considers when seeking to maximize value to its constituency. Students learn the challenges minority small business owners and entrepreneurs face, the role of non-financial institutions/community-based organizations in addressing those challenges, and the financial tools available to lenders and borrowers in this segment. Students learn how to analyze financing opportunities by assessing the value propositions of chambers of commerce, developing the risk-reward profile of each party involved, and deliberating as members of a board to reach a final lending decision. Teaching Note for HBS No. 317-076.
This case follows an African-American entrepreneur through the process of sourcing a potential acquisition, valuing a company, and securing the funding to purchase the company. This entrepreneur must decide if he should close the deal and which financing term sheet to accept.
Carmichael Roberts, a rare African-American venture capitalist, considered leaving his general partnership in a private equity firm near Boston and setting up his own in 2015. He weighed whether the timing was right, with the economy still not fully recovered from the Great Recession of 2007–2009. Where to base such a firm was another factor in his decision-making. A member of the board of the National Venture Capital Association, Roberts knew the industry was gravitating to the San Francisco Bay area, to invest in the social media and software startups centered there. His specialty and passion was bringing to market new products made from advanced materials that help people solve problems in their daily lives. That investment focus on manufacturing would go against the private equity trend, another factor he considered. But he knew few, if any, general partners at major private equity firms were focused singularly on the kinds of businesses in which he wanted to invest. Roberts also took into account the possible impact on his mutually respectful relations with his fellow partners. From a housing project in Brooklyn, New York, Roberts became a scientist who did advanced study at Duke and Harvard, capped off with an MBA from MIT. He had experience as a developer of technical products for Fortune 500 companies, an executive of cutting-edge startups, and a venture capitalist for eight years. This case study also reviews how private equity investment works, the private equity spectrum, the history of venture capital, stages of venture capital funds, and their locations.
For nearly 75 years, the Johnson Publishing Company has been the most successful African American magazine publisher. Its flagship Ebony magazine was an iconic coffee table fixture for decades in black households of all classes, making founder John H. Johnson the first African American to make the Forbes 400 list of richest Americans. But the privately held company was now in the hands of his daughter, and it faced the bracing, debilitating winds besetting the entire magazine and newspaper industry. Linda Johnson Rice now had to decide what to do with the company’s publications and brands.
Otis Gates, the only African-American in his HBS graduating class, is an entrepreneur from greater Boston area and has built a successful affordable housing firm. Along the way, he and his partners have contributed countless hours of community service to the neighborhoods in which they own properties. Now 80 and ready to retire, Gates is creating a request for proposal for his firm. In doing so, he has to evaluate his firm’s total value and decide whether their social-good mission is helping or harming their bottom line.
Rogers, Steven, and Mercer Cook. "United Housing—Otis Gates." Harvard Business School Teaching Note 317-060, January 2017. (Revised July 2017.)
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Vicki Fuller traveled from a four-room tenement bordering Chicago’s infamous Cabrini-Green housing projects to speaking at conferences around the world and typically holding court wherever she went. As a teenager, she helped raise her siblings. As a Wall Street executive, she navigated the investment management world to generate attractive investment results for clients. And as the Chief Investment Officer of New York State’s Employees’ Common Retirement Fund (CRF), she helped manage the third-largest state pension fund in the United States. Fuller’s 5’2” height understated her reputational stature, as audiences where she was featured anxiously awaited hearing her market outlook, innovative investment allocations, and industry insights for effective state pension fund strategies.
Private equity firm, Siris Capital Group, must decide if they should raise their offer to take Titan Telecom private by acquiring its publicly traded stock. Siris’ decision to pay a premium for Titan must be made in the context of their unique (and somewhat complex) investment strategy that focuses on investment targets that have both mission-critical products or services that are approaching obsolescence but producing predictable cash flows as well as new products or services on the horizon with strong growth potential. Further complicating the decision is the fact that Siris is in the midst of raising its second private equity fund and seeking to secure co-investment capital from many of the same investors they are pursuing as limited partners for their new fund.
This case looks at entrepreneurship via franchising through the leadership of an African-American entrepreneur who owns almost 150 stores including Burger King, Pizza Huts, and Auntie Anne’s Pretzels. Her company is the largest female-owned franchise business in the country. The challenge that Valerie faces is how to grow. Should she continue growth as a franchisee or change her business model and become a franchisor? In addition to addressing the issue of growth, this case is an introduction to the topic of franchising and looks at the history of franchising, franchise options, and how to do a financial analysis of franchise opportunities.
This historically focused background note highlights the role of African American Labor Leaders in both the Labor Movement and the Civil Rights Movement. In doing so, it attempts to both highlight these noteworthy individuals and demonstrate the innate connection between the labor and civil rights movements.
The Gilbert Lumber Co. is faced with a need for increased bank financing due to its rapid sales growth and low profitability. Students must determine the reasons for the rising bank borrowing, estimate the amount of borrowing needed, and assess the attractiveness of the loan to the bank. A rewritten version of an earlier case. Allows students to practice ratio analysis, financial forecasting, and evaluating financing alternatives.
