The founders of Live Oak Bancshares will be presented with the Elon University Medal for Entrepreneurial Leadership on Thursday, March 21, at 4:30 p.m. in the LaRose Digital Theatre.
W. Lee Williams III and James S. “Chip” Mahan III, founders of Live Oak Bancshares, a digitally focused, FDIC-insured bank serving customers across the country, have been named recipients of the 2024 Elon University Medal for Entrepreneurial Leadership.
Elon University President Connie Ledoux Book and Raghu Tadepalli, dean of the Martha and Spencer Love School of Business, will present the medals on Thursday, March 21, at 4:30 p.m. in LaRose Digital Theatre inside the Ernest A. Koury Sr. Business Center.
The celebration is open to the campus community.
W. Lee Williams III
W. Lee Williams III, vice chairman and a founder of Live Oak Bancshares, has built a legacy in the banking industry over a career spanning more than four decades. Starting his journey in 1973 at Wachovia, he later played a critical role in the establishment of Vine Street Financial, a niche SBA lending division, alongside James S. “Chip” Mahan III. Williams’ leadership and expertise have been instrumental in shaping the success of Live Oak Bancshares thanks to his innovative spirit and dedication to serving small businesses.
A member of the Elon University Board of Trustees, his leadership and vision have contributed significantly to the university’s growth and development. Beyond his governance role, Williams is actively involved in enhancing the university’s community through his participation on several advisory boards and committees, demonstrating a commitment to fostering educational excellence and innovation.
This connection is further enriched by his familial legacy at Elon. Both of Williams’ parents were proud Elon alumni — his mother, the late Dr. Jo Watts Williams ’55, was a legendary figure at Elon who served in various leadership roles that earned her numerous accolades, including the Elon Medallion, the university’s highest honor, and the renaming of the Dr. Jo Watts Williams School of Education.
James S. “Chip” Mahan III
James S. “Chip” Mahan, chairman, chief executive officer and a founder of Live Oak Bancshares, is renowned for his revolutionary impact on the banking sector. As a founder and leader of Live Oak Bancshares, Mahan has introduced groundbreaking approaches to lending and banking operations. Under his guidance, Live Oak Bancshares has emerged as a leading SBA and USDA lender, recognized for its innovative use of cloud technology to enhance banking services.
Mahan’s career is marked by his foresight and innovative thinking, from founding one of the world’s first internet banks to his involvement in fintech ventures like Apiture and nCino. His contributions have not only transformed the banking industry but also provided valuable resources and support to small businesses across the nation.
Mahan currently serves on several fintech and financial services boards including Apiture, a joint venture between Live Oak and Fiserv, which focuses on creating next-gen technology for financial institutions; cloud-based cyber security firm DefenseStorm; and the American Bankers Association. He is also a co-founder of nCino, a cloud-based banking software built on the Salesforce platform; Finxact, the cloud-native core-as-a-service platform founded in part by Mahan and other industry pioneers; and Payrailz, a digital payment company.
This is the first time two individuals are being recognized with the Elon University Medal for Entrepreneurial Leadership. “I’m extremely delighted that Mr. Lee Williams and Mr. Chip Mahan will be honored with this important distinction for their remarkable and innovative work in the banking industry,” said Alyssa Martina, executive director of the Doherty Center for Creativity, Innovation and Entrepreneurship.
About the Elon University Medal for Entrepreneurial Leadership
The Elon Medal Award for Entrepreneurial Leadership is co-presented by the Love School of Business and the Doherty Center for Creativity, Innovation and Entrepreneurship. Since 2009, the award has been given to an entrepreneur who is a leader in industry and who exemplifies the values of Elon University. These values include integrity, innovation and creativity, passion for lifelong learning, and a commitment to building a dynamic community.
The Doherty Center for Creativity, Innovation and Entrepreneurship was established by an endowment gift from Ed and Joan Doherty, entrepreneurs from Saddle River, N.J., and parents of Kerry Doherty Gatlin ’07. The Dohertys have served on the university’s Parents Council, and Ed Doherty currently serves as an Elon Trustee. Their company, Doherty Enterprises, Inc., is one of the nation’s leading franchise operators of quality family restaurants, including Applebee’s Neighborhood Grill & Bar, Panera Bread and Chevy’s Fresh Mex.