Stedman Family Supports UNC Kenan-Flagler's Entrepreneurial Spirit
By Amy Keith

he late John Stedman had a vision for UNC Kenan-Flagler, and the reality of that vision will foster the School's spirit of entrepreneurship in coming years.

John's wife, Jan, and sons, John Jr. and David, recently established The John Stedman Endowment, realizing John's idea to create an entrepreneurial award for the University. This award will encourage creative thinking, risk-taking and profitable entrepreneurial business ventures through a business plan competition.

"UNC Kenan-Flagler has been a longtime proponent of creative business ideas, and this endowment will bolster those important efforts," says Interim Dean Julie H. Collins. "The Stedman family's dedication to furthering John Stedman's vision is inspiring. We are deeply grateful they have chosen to honor his life and UNC Kenan-Flagler in this way. The Stedman family's commitment to encouraging promising entrepreneurs is a true testament to Mr. Stedman's legacy."

In essence, The John Stedman Endowment will fund a one-of-a-kind business plan competition in which aspiring student entrepreneurs will work in teams to develop their ideas over the course of a year. Undergraduate and graduate students in any department or division of the University seeking to create a new business venture will be eligible to compete for a cash reward and investment capital.

"My father was an excellent businessman, motivator and entrepreneur. My family wants this award to bring out these qualities in students at UNC," David, John's youngest son, explains. "Dad always gave back to the community and to organizations that helped him along in his career, and UNC played a significant role in his life, as it also has in mine and my brother's. It means a lot to my family to have something in place that represents dad's business success as well as his benevolent spirit."

Each year, the Stedman Entrepreneurial Award-winner will be chosen by a panel of judges based on originality and creativity, long-term viability and the business plan. Finalist teams will be invited to attend an awards presentation along with judges, members of the Stedman family and individuals from the University.

Rollie Tillman, H. Allen Andrew Distinguished Professor of Entrepreneurship and Marketing at UNC Kenan-Flagler, says, "This endowment sends a powerful signal across campus that the School and UNC are serious about creating new companies and hence employment in North Carolina. Teams competing for the Stedman Entrepreneurial Award will enjoy the prospect of both an immediate cash prize and early investment by the fund to help jump-start their venture. John Stedman's vision and our fervent hope is that over the years some of these investments are going to pay big returns to the award- winners and to the Kenan-Flagler Foundation, thus furthering John Stedman's entrepreneurial spirit."

David adds, "Our primary goal for this competition is to motivate students to pursue and to cultivate their ideas."

"We hope past winners will return on an annual basis and share the spirit of what drove them to win the award and motivate others to follow their dreams," says John Jr. With the encouragement of his good friend Van Weatherspoon, John Sr., who was a 1947 graduate of the business school, decided to proceed with his family's idea to establish the business plan competition.

John enjoyed an outstanding, lifelong career in the banking industry, mostly built on his own entrepreneurial venture, Republic Bank and Trust Company. His banking career began at The Scottish Bank, a bank started by his father in 1932. It merged with First Union in 1964, and he continued to work with First Union until 1972, when John launched Republic Bank and Trust in Charlotte. Republic Bank eventually merged and became a thriving regional banking corporation. Because he experienced every phase of venture creation, startup fund raising, growth, leadership and strategic partnering and merger, John and his career illustrate a perfect example for ambitious, entrepreneurial-minded students.

In addition to his professional endeavors, John committed his life to many community and civic activities, including leadership and fund-raising roles for United Way, museums, art councils, the Salvation Army, Johnson C. Smith University and UNC-Charlotte.

John Jr. says, "Publicly, my father was a good coach in terms of his own business, a good coach for others starting their businesses and a good coach for raising money - a cheerleader type. He led by example, and he was always willing to roll up his sleeves and set a high standard. He was also a tremendous family man who was gracious with his time, dividing it among his family, work and civic duties. His enthusiasm and zest for life were gifts he shared with us and others."

"The spirit of the entrepreneurial award is an excellent legacy for my father. Not only did his business pursuits create jobs for individuals, but these endeavors also enabled him to give back to important organizations. My dad was a successful businessman who believed strongly in using his success to empower others, and that epitomizes his vision for The John Stedman Endowment," David explains.

John's influence is most evident today in his two sons. David, who received a degree in economics in 1986 from UNC and an MBA from UNC Kenan-Flagler in 1993, launched his own hedge fund in Charlotte in January after spending several years in business abroad and in the United States. And John, who received his economics degree in 1983 from UNC, leads The Scottish Bank, which he founded in 1998. John serves as president of this thriving full-service community bank, which is headquartered in Charlotte.

"My father was a generous man who believed in encouraging individuals to attain their goals. His spirit of 'going for the gusto' will remain alive through the aspirations of these promising young people," John Jr. says.

Jan, John Sr.'s wife, also has taken leadership roles in many community and civic activities. "I believe that mom's love and support for Dad were fuel for him to push himself toward bigger challenges," adds John Jr.

She says, "Because John was proud of UNC Kenan-Flagler's interest and leadership in entrepreneurship, he was actively developing the awards program at the time of his death. Our family was pleased to complete what John had started, and we know he would be happy to see this endowment established."

John remained dedicated to his vision at UNC Kenan-Flagler until his untimely death as a result of leukemia in 2001, but his steadfast commitment to this initiative inspired his family. Today, his wife and two sons have guaranteed that John's devotion to entrepreneurial education will impact generations of future entrepreneurs - fulfilling John's vision and honoring his spirit.