University of Manitoba commerce up-and-comers, as well as some of Winnipeg’s most recognizable executives, seized the chance to meet and talk business recently when Chip Wilson, founder and former CEO of famed yoga outfitters Lululemon Athletica, was in town to receive recognition for his high-profile entrepreneurial achievements.

The Associates, a group of high-ranking business executives affiliated with the University of Manitoba’s Asper school of business, had announced back in January that Wilson would be receiving their annual International Distinguished Entrepreneur Award (IDEA) for 2013. The formal presentation, however, was not held until June 4.

The occasion was marked by dual events: a mid-afternoon speaking event, at which Wilson recounted his experiences in the business world to Asper students and faculty, and an evening banquet, where Wilson was presented with the traditional IDEA prize – a five-ounce pure gold medal, crafted by the Royal Canadian Mint.

Historically, IDEA is presented to an entrepreneur demonstrating “outstanding entrepreneurial success” who has made an “exemplary contribution to economic life.” Past winners include Martha Stewart, Richard Branson, Howard Schultz, and Akio Morita.

As Evelyn Jacks of the Associates and the Knowledge Bureau mentioned during the evening banquet, this marks the first time that an IDEA winner was nominated by a (now former) Asper student.

At least one former Asper student, Jeremie Rivard, agrees that Wilson deserves to be grouped with such company. Rivard recommended that the Associates bestow the award upon Wilson earlier this year.

“I nominated Mr. Wilson because he has built the biggest brand around yoga and fitness apparel in Canada. He is an inspiring entrepreneur that has accomplished two successful startups,” Rivard said in an interview with the Manitoban.

“Chip Wilson is driven by passion and is extremely motivated. He is one of the most charismatic entrepreneurs of the last 10 years.”

Rivard explained that the opportunity to nominate Wilson arose out of a course offered at the U of M, entitled Profiles in Entrepreneurial Leadership: the I.D.E.A Award Winners.

Two pitches later, one in front of a panel of Associates members, and it was done – Wilson was set to receive the prestigious entrepreneur’s medal.

Commerce Students’ Association president Riley George had the chance, along with Rivard, to hear from Wilson at the June 4 gala. The three sat at the head table along with other distinguished guests, including U of M president David Barnard.

“One thing I found interesting was that, as [Wilson] was expanding his company, he was able to make employees feel accommodated in their jobs at Lululemon. He developed a way to, in a sense, relinquish control over certain aspects of his company and allow employees to help define [the] brand’s identity,” said George.

Largely due to the close relationship between the Associates and the Asper school, the day’s events served as an opportunity for students, faculty, and members of the wider commerce community to discuss the state of business—and business education—in Winnipeg.

“It is definitely on the upswing,” said George, referencing the commercial environment of Winnipeg.

“We’re becoming a place where businesses want to come to, and where businesses want to start.”

George also mentioned to the Manitoban that the Asper school’s entrepreneurship program is highly regarded, and that several soon-to-be graduates are hoping to start Winnipeg-based companies immediately following graduation.

Michael Benarroch, dean of the Asper school, spoke to hundreds at the Winnipeg Convention Centre about the partnership between the Associates and his faculty.

Benarroch told attendees that the next stage for his faculty is to “build on our great undergraduate program to build a great graduate program.”

“[Financial] gifts from the Associates will be earmarked to support the goals of our school,” said Benarroch.

On a night highlighting the connection between industry success and education, Wilson took time to weigh in to the Manitoban on the value of formal business training for the aspiring entrepreneur.

“I began taking business courses in university because I did not know what else to take,” Wilson said. “Any business courses are tools you can use in any part of your life – there is nothing to lose.”

“Learning to understand how the business world works, as well as the broader world, often turns out to be a tremendous advantage for aspiring entrepreneurs,” he added.

Wilson, who is currently listed by Forbes as Canada’s 10th wealthiest person, spoke at length with Asper students and faculty about his early entrepreneurial forays with his previous company, Westbeach. In the early 1980s, Westbeach’s signature item was men’s Bermuda shorts.

Wilson talked openly about his mistakes with Westbeach, explaining that his mindset was focused on the past, and business decisions were based on securing short-term income to support himself.

“I was just trying to survive,” said Wilson.

Wilson sold Westbeach in 1997, only to found Lululemon Athletica the next year.

Wilson said that in Lululemon’s early years, he was careful not to expand too quickly. He identified this decision as the best he ever made.

“As a young entrepreneur, the idea is to know when to risk, and when not to risk,” he said to the crowd gathered at the U of M’s Drake Centre.

Wilson is now careful to portray himself as a man of the future. The new-age ethos cultivated by Lululemon was reflected in his appearance and presence in the room. Dressed in a crisp white shirt, cropped slacks, and flip-flops, he held the attention of his audience.

Wilson emphasized that he is always thinking ahead, which makes things more exciting for his employees.

Lululemon employees (termed “educators” by Wilson) are an integral part of the company. According to Wilson, other big businesses treat their staff “like robots” and lack enthusiasm for staff training. He said Lululemon treats employees as the most important part of the business.

A professor in attendance suggested Wilson share his training model for a case study or documentary, with the model being credited to his name.

“I’d rather have the money than the credit to my name. I’m a businessman,” Wilson responded.

An athlete himself, Wilson said he sympathizes with the need for quality athletic apparel.  He added that his response to competition is to attempt to provide consumers with a superior product in a market increasingly flooded with athletic wear.

Another audience member asked Wilson what he would do differently, should he create Luluemon all over again. Wilson suggested a stronger focus on e-commerce, driving consumers to a website.

The speaking event ended with the unveiling of a plaque of Wilson, which will line the steps of the fishbowl of Drake Centre.