Scholarly Entrepreneur: How one woman turned her masters’ thesis into a successful IT company

November is Entrepreneurship Month and a perfect time to highlight the 2015 Minority Enterprise Development Week MBE of the Year: Ideal Systems Solutions Inc. ISSI is one of the fastest-growing information technology providers in the United States, serving federal, state, and local governments, educational institutions, system integrators, prime contractors, and commercial entities.

Elise Hernandez, ISSI president and CEO, grew up with three brothers in a low-income, single-parent home that had little room for such luxuries as college tuition. With determination and desire, Elise worked her way through the University of Minnesota and began a career in technology marketing. The job gave her exposure to sales, marketing, and management—three areas that would be key to starting her own business later. Eager to learn, Elise obtained a MBA in management from the College of Management at Metropolitan State University in St. Paul, MN. As part of her master’s thesis, Elise created a business plan.

While she did not set out to be an entrepreneur, Elise realized that she could use her thesis to start her own business. In 1997, Ideal Systems Solutions Inc. was born. Founding a woman-owned and minority-owned company in a heavily male-dominated field was challenging, but Elise believes the skills it takes to succeed in technology transcend gender. “You have to be open to learning every day, and to reaching out to knowledgeable people,” she says. “You have to know how to surround yourself with a really strong, smart team.”

Elise initially established ISSI as a hardware company, and it has grown significantly over the years by acquiring other businesses. In 18 years, ISSI has progressed from an idea hatched from a masters’ thesis to a company that earns over $10 million annually.

Throughout her business history, Elise has been quick to recognize when outside expert assistance was necessary. She sought assistance from the Minneapolis MBDA Business Center (operated by the Metropolitan Economic Development Association), which included securing certifications, guiding strategic acquisitions, developing and executing financial growth strategies, and identifying bidding opportunities. Being part of a nationwide network of MBDA Business Centers, they introduced her to the MBDA Federal Procurement Center which had huge results for the company. This year, ISSI was one of several IT companies selected to deliver services under a $20 billion government-wide technology contract. Elise expects revenue to triple during the first 18 months of the contract.