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MBA students work directly with clients at Lawrence Regional Technology Center

Thursday, December 11, 2008

Justin Lueger, second-year MBA student, had limited business experience entering the program, so he knew he needed a boost to become more competitive in the job market. After speaking to people about the Lawrence Regional Technology Center (LRTC), he decided to apply for an internship and was hired.

"I needed direct, hands-on experience in real-world business situations," Lueger said. "My internship at LRTC has given me the edge I was searching for."

LRTC helps early-stage businesses grow and develop, specializing in companies that focus on life sciences, information technology, software and communications. Many of their clients have spun off from the University, including products invented at KU research facilities that have the potential to be produced and sold. LRTC helps commercialize these technologies.

Each year, the KU School of Business funds two internships for MBA students. Lueger and Nancy Skinner hold these internships this year. Brett Kunshek, another KU MBA student, holds an internship funded by LRTC.

During his internship, Lueger has developed financial models to value companies' cash flows, he has built financial statements and conducted research using stock option plans to compensate employees and contractors. Kunshek said he has worked on several projects with the University's Center for Technology and Commercialization to conduct initial feasibility studies.

"I have had the opportunity to work closely with our clients, which has been a valuable learning opportunity, because success is not only dependent on skills acquired, but also the ability to communicate and interact in a meaningful way," Kunshek said.

Matt McClorey, president and CEO of LRTC, KU alumnus and entrepreneurship teacher, said the internships provide experience you can't get in the classroom, but only on the job. At LRTC they don't hold students back. Interns are given the same opportunities as full-time employees.

"Interns are actively involved in working with clients and managing clients," McClorey said. "We challenge them to not only expand what they already know and further the skills they do have, but to expand their knowledge in new areas as well."

For Lueger, this type of environment has been helpful.

"I'm a hands-on learner, so having the chance to learn the material in class and apply it to the tasks I've been assigned at LRTC has been absolutely ideal," Lueger said. "I can't imagine going into finance-related job interviews without my experiences at LRTC. I would feel so ill prepared."

Skinner said the internship taught her what it takes for an entrepreneur to go from an idea to creating a new business venture. "I believe understanding the steps necessary to launch a new business can prove valuable in any business environment," Skinner said.

When McClorey attended KU, he also interned at LRTC. "It's been terrific to work with KU, because they value the program," McClorey said. "It's pretty satisfying to offer this opportunity back to students."

Lueger said McClorey had been a "phenomenal" mentor for him. "At the end of the day, everything I do puts his reputation on the line, and his willingness to give me such a wide degree of freedom is remarkable," Lueger said.