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Sep 15, 2019

Posted on
Jun 06 2016

Envoy, a Kellogg startup that develops shared office space for direct primary care physicians, took home a grand prize of $100,000 in cash and equivalent services in the 2016 Kellogg Real Estate Venture Competition. Other finalists included teams from McCombs School of Business at the University of Texas, Harvard Business School, and Said Business School at the University of Oxford, each of whom had been victorious in preliminary rounds held earlier in the day.

The winning team from the Kellogg School of Management, Envoy, was comprised of Frank Cohen, Patrick Aylward, Edward Yu, Shane Corcoran, Kendra Zehentbauer, and Tom Smithburg. They proposed purchasing a (already built out) medical condo in downtown Chicago in order to create a shared medical office. The concept is similar to the shared-office model recently made popular by firms like WeWork, but is tailored specifically to the needs of direct primary care physicians. Envoy would provide the space, and value-add services and shared resources such as billing and collections by partnering with outside vendors, and doctors would bring themselves, their clients and basic medical supplies.

Nick Hermandorfer presented on behalf of McCombs School of Business. He pitched Home Run Derby LLC, a sports entertainment venue offering competitive baseball and softball games, which he described as the "Top Golf" of baseball. The proposed venue would allow people to hit baseballs from a patent pending toss up pitching machine, and socialize with their friends. The building would be a physically-tiered structure in order to maximize space usage. Hermandorfer plans to pursue the business plan full-time after completing his MBA.

John Beinert, Bob Casey and Rafael Telahun represented Harvard Business School with Brattle Holdings LLC. They sought capital for a distressed 438-unit multifamily property in suburban Atlanta, to which they plan to make internal, exterior and common space improvements, and invest in community branding. They plan to partner with local operator Titan Partners, where team member Telahun is a Principal.
Said Business School at the University of Oxford was represented by Nick Martinez, Tilman Melzer, Stephen R. Morse, Piotr L. Nowak, and Mario-Felix Pasku, who pitched Agromania. Their investment idea was to consolidate fragmented farming plots in Romania. Romania is attractive for large scale farming due to its high soil fertility, EU membership, and openness (from a legal perspective) to foreign direct investment. They plan to "create a systematic approach to identify suitable land areas, negotiate and execute the purchase, consolidate plots and ultimately sell the aggregated land to buy-and-hold investors."

Congratulations to the winning team, Envoy!

About the Author

This article was written by Christine Bullock '17.