|
ModelOffice & UT: MBA Alum Puts Faith in Gutsy CEO
(Editor's note: we came across this story while researching our
feature on entrepreneurial Austin.)
The cooperative spirit of Austin's entrepreneurs is not lost on investors, who recognize the importance of a nurturing climate. "It's very helpful at the start-up level," says Geoffrey Tudor of Murphree and Company, a venture capital firm out of Houston.
Tudor, who earned an MBA from UT in 1996, started out as an entrepreneur himself, selling a small software company before he decided to get into venture capital. He now finances approximately five technology ventures. He learned about one of his most interesting projects while he was still at UT.
"I remember reading in the Austin American-Statesman about a woman who was going to get evicted from her apartment because she was running a business out of it," he recalls. "I thought it was an interesting story-it showed how an entrepreneur is willing to risk it all."
The woman was Amy Rudy, the founder and CEO of software company ModelOffice. Her eviction story caused a brief furor in Austin, landing her on the local news. Outraged Austinites rushed to her defense, citing Michael Dell and asking what their fair city was coming to if it could no longer embrace mavericks working from their homes and apartments. (Rudy had to leave her apartment, but she did find a new residence to work from.)
A year and half later, Geoff Tudor crossed paths with Amy Rudy once again, when he was canvassing for business plans. This time, he wasn't just in a position to sympathize, he was in a position to help.
"We became her main investor, to the tune of one million dollars," says Tudor.
In December of 1997, Rudy unveiled her new product line -- seven titles of sample letter- and document-writing software that she calls "exampleware." As of this writing, ModelOffice software is in major computer stores across the country, is shipping above market expectations, and the company is re-staffing to cope with the rush.
"I consider myself a poster child for the Austin entrepreneurial community," says Rudy, who in the coming months will learn for sure whether ModelOffice sinks or swims. "I came here from DC, and in comparison, Austin just doesn't feel that competitive. It's been very easy to meet up with a tremendous network of very generous people."
For information on specific programs at the McCombs School, consult our contacts page. For media information, contact the Communications Director by phone at 512-471-3314 or by email at CommunicationsDirector@mccombs.utexas.edu.
