Oxford Entrepreneurs Encourage Innovation, Even in Down Economy

Two of Oxford’s leading entrepreneurs aren’t letting the down economy depress them. MPB’s Cari Gervin explains.

It might be easier to start a business when you’re a tenured professor at the University of Mississippi and know you have something to fall back on. But you’re still starting a business, and in these economic times, that can be scary.

Mick Kolassa used to be a professor of pharmacy. During the last recession in 2001, Kolassa got together with some grad students and founded Medical Marketing Economics, which provides healthcare and pharmaceutical consulting. The company now has 40 employees.

Kolassa says if you’re going to start a business, you need to be passionate about it.

“Your business is your baby. If you only focus on making money with it, you’ve probably got the wrong focus. You’ve got to do it because you love it.”

Bill Rayburn is the chairman and CEO of FNC in Oxford. He started the company a decade ago with three other professors in the business school. The company provides online collateral information for banks during the mortgage process.

The company got into foreclosure servicing right before the real estate market tanked, so FNC has actually grown during the recession to 200 employees.

Rayburn says for anyone thinking about starting his own business, the time is now.

“And I believe the markets all go in cycles – they go up and they go down. It’s actually better for an entrepreneur to start a company in a down market because they’ll ride the wave up as the market goes up. So get in now, get cash flow positive as soon as possible, and ride that wave up."

Both men have since retired from Ole Miss – but they still work full time on their new projects. For MPB News, I’m Cari Gervin in Oxford.