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Dr. Kenneth A. PickarStanley Johnson Professor
Visiting Professor of Mechanical Engineering
California Institute of Technology
October 21, 2001X4185, [email protected]
www.its.caltech.edu/~kpickar
The Entrepreneurial Fellows Program
-An experiment in Education
The Caltech/ Art Center Entrepreneurial Fellows Program
Environment
Caltech- a small institution in Pasadena known for educating students in Science and Math
Art Center- a small institution in Pasadena known for educating students in Design
The Caltech/ Art Center Entrepreneurial Fellows Program
Many Caltech and Art Center students are interested in Entrepreneurship – Started their own company– Joined somebody else's
Caltech and Art Center have considerable resource to assist these students– Some Courses and Clubs– Technology Transfer Office– Industrial Relations Center– Extensive networks in and outside region– Tradition of Entrepreneurship
Candidate Solutions“Just do it”
“Entrepreneurship cannot be taught; it has to be learned by making mistakes in the “real world”
Partially true but. . .
Get an MBATwo years plus 2-3 years previous business experience$$$
Join a large company and attend training programsCompanies do not necessarily offer entrepreneurial
programs
Self studyHuge library available but- where to begin?More than book learning is required
The Caltech/ Art Center Entrepreneurial Fellows Program
Then, what’s the problem?
There exists a gap- a big gap- between a student’s business knowledge and what is required to start a company
There is a cultural impedance mismatch between the academic culture of Caltech and Art Center and the business culture of the outside world
The Caltech/ Art Center Entrepreneurial Fellows Program
To address this, we created the EFP last year
a “boot camp” for intense education in business
Characteristics
-9 month
-Post-Grad
-Team Based
-Mentors
-Fellows receive stipend, business expenses
-No degree or certificate awarded
The Caltech/ Art Center Entrepreneurial Fellows Program
Experimental curriculum
-Orchestrated practitioner/ instructors-Learn/Do
-Integrated Caltech Courses
-Charettes
-Tech Coast Angel Meetings
-Team building
-Fellows act as TAs in Entrepreneurial Class
The Caltech/ Art Center Entrepreneurial Fellows Program
• Strategy and Leadership• Team Building• Communication and Presentation Skills• Marketing• Intellectual Property and Business Law• Finance and Accounting• Capital Acquisition• Human Resources• Product Design and Management of Technology
Curriculum Learn/Do modules
BUSINESS PLAN
HOLD
Investment
STEERING COMMITTEE
Advice,Oversight
INDUSTRY EXPERTS / FUNDING COMMUNITY /
EDUCATION NETWORKING MENTORING
SE
LE
CT
ION
PR
OC
ES
SBUSINESS DEVELOPMENT PATH
TECHNICAL FEASIBILITY
LEARN/DOMODULES
9 MOS. FELLOWSHIP
CALTECH TECHNOLOGY
BUSINESS INSIGHT
FORMFORMTEAM
CALTECH/ART CENTER
STUDENTS
WriteProposal
Organization and Process
The Caltech/ Art Center Entrepreneurial Fellows Program
.
Teams chosen through a competitionBubble Imaging Technologies three-dimensional liquid motion technology for dynamic displays
Centoid
economic algorithms that will make the collection of small
sums of money over the Internet extremely efficient
KnowNetInternet communication system for forming "trust networks"
Synthesized Animationreal-time motion synthesis software for easier computer animation
The Caltech/ Art Center Entrepreneurial Fellows Program
•The first group of Fellows will be ending at the end of March
–Celebration and Introspection
•We are in the selection process for the second group of Fellows
–Looking for business viability
•We are planning some changes for this next group
Where are we now?
The Caltech/ Art Center Entrepreneurial Fellows Program
Educational Mission Fulfilled
Large network of Instructors vetted
Major cultural issues resolved
Model for second year
What have we accomplished?
The Caltech/ Art Center Entrepreneurial Fellows Program
Affordability
Should you pay entrepreneurs?
Lessons Learned
The Caltech/ Art Center Entrepreneurial Fellows Program
Organizational
•Too many (part-time cooks)
Lessons Learned
The Caltech/ Art Center Entrepreneurial Fellows Program
Big cultural issues need lots of time for resolution- what a surprise!
•Art Center/Caltech approaches differ
• Students are well. . . Students
Lessons Learned
The Caltech/ Art Center Entrepreneurial Fellows Program
•Affordability issue
Remedy: Pay less, reduce from 9 months to 6 months
•(Dis) Organizational issue
Remedy: One Leader in charge
•Cultural Issues
Remedy: Increased sensitivity
Lessons Learned
The Caltech/ Art Center Entrepreneurial Fellows Program
Lessons Learned
Student Application Process
Initial impact- widespread confusionWhat’s a prototype business plan?
What’s a business plan?
What’s a business?
Expectations Delivery Capacity
Remedy: coaching and iteration
The Caltech/ Art Center Entrepreneurial Fellows Program
•Expect “breakage”–Teams–Business approaches
•Increase structure- particularly expectations
Lessons Learned
The Caltech/ Art Center Entrepreneurial Fellows Program
The Fellows
Caltech
Boris Axelrod, Eagle Jones, Fred Romberg,, Yasufumi Shiraishi, Serge Sverdlov, Robert Sneddon
Art Center
Matthew Carroll, Joey Jones, Dan Schenck
Acknowledgementsa case study in reverse leverage
Sponsors – NSF, NCIIA, Mellon Ventures, Motorola Corporation, Intel, Microsoft, Convergent Ventures, ITU Ventures, Sienna Ventures, Mohr Davidow Ventures, California Technology Ventures, Gemstar
Acknowledgements
The Caltech/ Art Center Entrepreneurial Fellows Program
Steering Committee – David Baltimore, Richard Koshalek, Richard Murray, David Goodstein, Michael Dobry, John Ledyard, Ron Jernigan, Larry Gilbert, Abe Zerem, Puneet Newaskar, Rohit Shukla, Eric Dysart, Jonah Schnel, Larry Gilbert, Phil Weilerstein,
Working Committee – Richard Murray, Michael Dobry, Tony Luna, Steve Diskin, Andy Davidson, Dan Frydman, Dean Schonfeld, Simon Niedenthal, Kit Baron
Visiting Lecturers – Tony Luna, Kimberley Heart, David Zuckerman, Rich Wolf, Dan Frydman, Andy Davidson, Steve Diskin, Chris Halliwell, Patty Burke, Tim Bailey, Bob Michelet, Ken Deemer, Bill Davidow, Jim Brown, Dave Anderson, Brenda Laurel, William Deverell, John Glanville, Sara Hammes, Bill Jenkins, Mark DeFond, Bill Thomson
Mentors – Jim Brown, Andy Davidson, Steve Diskin, Geoff Wardle
Administrators – David Zuckerman, Peter Mendenhall, Renee Rottner, Elliott Andrews, Marionne Epalle, Kathryn Shaw, Grant Stafford, Amit Kenjale, Jin Park, Scott Payne
Video documentary – La Mer Walker
Acknowledgements
The Caltech/ Art Center Entrepreneurial Fellows Program