MUNCIE, Ind. – Entrepreneurship has been a buzz word in the business community for nearly a decade, but sometimes making money can be boring, says a venture capitalist.

For every success story, there is hard luck story, said Indianapolis venture capitalist Jean Wojtowicz, a member of the board of directors at the Midwest Entrepreneurship Center at Ball State University.

"We make loans to companies that are boring, but just make money," said Wojtowicz. "They aren't going public. They aren't exciting to the public. They just make money.

"We will do everything in our power to make sure that our clients succeed," she said. "If they do well and make money, we are successful and make money."

Wojtowicz, president of the Cambridge Capital Management Corporation, recently spoke to faculty and students in Ball State's College of Business as a guest of the entrepreneurship program.

She founded her consulting firm in 1983 and was soon awarded management contracts for the Indiana Statewide Certified Development Corporation, which provides fixed asset financing to small businesses, and the Indiana Community Business Credit Corporation, which provides working capital to businesses in a growth stage.

She also developed a mezzanine fund, a minority business fund and the Cambridge Venture Capital Fund. Altogether, Cambridge has a portfolio of about 500 firms.

Wojtowicz said her operations provide opportunities for financial assistance that are often turned down by conventional loan institutions due to various risks.

"All of us are trained that if you need money, you go to the bank," she said. "There are some projects they won't touch, but because of our close relationship with loan officers, they turn their clients to us. We can find financing at attractive rates."

In many situations, she and her organization must become a virtual partner in many operations to help them make it through rough economic times.

"Sometimes it is more than just getting involved," Wojtowicz said. "There are times when you have to roll up your sleeves and really do the dirty work."

That dirty work has included convincing a family member to seek other employment and getting another to come out of retirement to save a family-owned company.

Donald F. Kuratko, founder of the Ball State entrepreneurship program, said Wojtowicz played a major role in the evolution of the program from the early 1980s to today. The program is ranked the fourth best in the country by U.S. News and World Report in its 1999 survey of universities and colleges.

"She was the second person I talked with to discuss starting our program," he said. "She was starting at the same time, helped to teach a few classes and has provided great insights to the business over the years."

By Marc Ransford, Communications Manager

(NOTE TO EDITORS: For more information, contact Kuratko at dkuratko@bsu.edu or (765) 285-1131.)