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ENTREPRENEURSHIP EDUCATION
1
Launch Fishers
April 27, 2017
Bill AuletManaging Director,
Martin Trust Center
for MIT Entrepreneurship
What is Going on in
More info
Books
www.disciplinedentrepreneurship.com
Progress Dashboardwww.detoolbox.com
2
3Free* Online Courses
Note: Bootcamp is not free
What Is Entrepreneurship?4
Definition of Entrepreneurship – 2 Types
Entrepreneurship
SME (Small Medium Enterprise)
Local Market Focus
Restaurants, Dry Cleaners, Services
IDE (Innovation-Driven Enterprise)
Global Market Focus
Products w/ Innovation at Core
• Δt is short• Linear growth (capped)• Less investment required
• Δt is long• Exponential growth (uncapped)• A lot of investment required
Reference: “A Tale of Two Entrepreneurs: Understanding Differences in the Types of Entrepreneurship in the Economy,” Aulet & Murrayhttp://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2013/05/a_tale_of_two_entrepreneurs_report.pdf
Innovation = Invention*Commercialization
Definition of Innovation
What Is Entrepreneurship?
Innovation
* Technology essentials
* Knowledge of science & engineering
* Skills to develop
* Skills to build
Entrepreneurship
* Business essentials
* Venture engineering
* Knowledge to frame decisions
* Skills to start
* Skills to grow
7
8
Being an entrepreneuris the new “cool” thing.
As a result,
demand for
entrepreneurship
is blowing up!
Present
Present
1. Demand sky rockets
2. Overflows from academic institutions
3. Gap filled predominantly with practitioners
4. Shortage of academics
5. Coming crisis in entrepreneurship education
(Sept 2013)
9
Most Fundamental Questions for Entrepreneurship Education
1. Why
2. Can
3. How
10
11
Crisis inentrepreneurial education
Demand
Supply of
quality
Time
Storytelling
Reference: “Teaching Entrepreneurship Is in the Startup Phase,” Wall Street Journal OpEd, September 12, 2013, Aulet
Importance of Spirit12
Willingness and even joy in being
different …
Importance of Spirit13
14
Spirit + Skills
Successful Entrepreneurship
Successful Entrepreneurship=
Spiritof a pirate
Skillsof a Navy Seal
15
+
16
Spirit + Skills
But Successful Entrepreneurship Requires Both
Future
1. Serious academic and professional field
2. Rigorous but practical
3. New type of product
a) Segmentation of market
b) Dynamic system to adjust
c) Value-based as opposed to Credential-centric
d) JIT delivery model
4. Need to differentiate from private models
17
Process
•Start with market segmentation to identify different types of students in classes todaySegmentation
•Real representative examples (MIT)
•Significant shift in demandPersonas
•Identify needs by persona
•Note common areas as wellNeeds
•Modular for flexibility & customization, as well as rigor & quality
•What is our current set of offerings?Design
•Multiple mechanisms for delivery
•Giving options to customers (students)Delivery
•Research best practices
•Identify gaps and areas of weakness Remediation plans developed & implementedAction
18
Example: Target Customer Definition & Segmentation for MIT
• MIT students
• Undergraduate (UG)
• Graduate Student – MBAs (MBA)
• Graduate Student – other Masters or PhD (Grad)
• Post Doctoral Student* (PostDoc)
• Any of the five schools at MIT
• We will further distinguish between all of these categories of students by their interests using the persona methodology
• Again, we focus on IDE not SME entrepreneurship
19
Market Segmentation: Personas
Exploratory/Curious
Ready-to-Go Entrepreneurship Amplifier
Corporate Entrepreneur
Description of Persona
Interested but has no driving idea or team; is in exploratory mode; starts here but will migrate to another state or out of entrepreneurship
Chomping at the bit & just wants help to get going – has idea, tech &/or core of team
Interested in understanding enough to successfully promote in their org (e.g., gov, corp, family business) but is not the entrepreneur
Wants to be an entrepreneur in a large organization
Needs at a High Level
Need info on career choice, soft skills, ideation, team building and then some first-hand experience to get a sense of the process
Wants specific skills and lots of them, very quickly; less on the upfront things emphasized for the “curious” persona; wants the deep, immersive experience of being an entrepreneur on her idea/technology
Interested in all steps in some depth but even more interested in strategy, policy and economic impact of the field. Will want to have the experience of being an entrepreneur so can empathize but more interested in the process than the idea or team
Wants depth in executing the process so comfortable doing it again but less tied to the idea or team; more interested in organizational issues and environment issues
20
Needs Assessment: Business Essentials* 21
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
* - An open framework built for constant refinement
Notes About Approach and Framework
• This is a flexible and open process and framework
• Can dynamically add new personas
• Creates new needs
• New needs can be added to the framework (“tile system”)
• Those needs would be represented as tiles or “objects”
• Analogy to object oriented programming
• Allows for systematic identification of new student types and then …
• Allows for the identification, design, development and integration of new objects in an efficient and effective manner
Curious Entrepreneur Specific Needs 23
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
Ready to Go Entrepreneur 24
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
Corporate Entrepreneur 25
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
Entrepreneurship Amplifier 26
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
Fulfillment Mechanisms1. Residential Classes (Full Semester, Half Semester, Short
Classes)
2. Online Classes (e.g., edX/MITx/OpenCourseWare)
3. Lecture Series and/or Workshops (“SnackPacks”)
4. Extra or Co-Curricular Clubs/Activities (e.g., Competitions,
Hackathons)
5. Resources Page (Supplementary materials, e.g., blog posts,
podcasts, video or other materials)
6. Advisory Network (Specialists, Coaches, Mentors)
Offerings Mapping to Needs 28
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
IdeationClasses:• 6.933: Founders’ Journey (1 class)• 15.390: New Enterprises (2 classes)• Also included in 2.75: Medical Device
Design, 3.042: Materials Project Lab, 2.009: Prod Engineering Process, ESD.051J: Eng Innovation & Design
• IAP class: “Figuring Out the Next Big Thing” IAP.123
edX:• Eric von Hippel “You Can Innovate”
Extra-Curricular & Clubs:• Sloan Design Club• Hackathons (e.g MIT Hacking Medicine)• $100K Ideation sessions
SnackPacs• t=0 Brainstorming Sessions• Lecture series (at least every 2 months)
Online/Library:• Videos (IDEO, Improv, plus others)• Tina Seelig online class• Clay Christensen, Jobs to Be Done
Professional Advisor Network Contacts• Main contact: Erin Martin• Specialist: Elaine Chen*• Gordon Contact: Blade Kotelly• VMS Contact: Roman Lubensky
Most Fundamental Questions for Entrepreneurship Education
1. Why
2. Can
3. How
29
30
How
How should entrepreneurship be taught?
1. Open (common language & best tools)
2. Systems Approach (integrated & prescriptive)
3. Rigorous but Practical (mens et manus)
31
Student Personas
“Ready to Go” Chris had his business idea even before the school year began and the drive to start his business ASAP. Chris is already meeting other students so he can find his co-founder, securing mentors, and building his network. He is taking the course for some guidance, but he would have started his business even without the class.
32
Comprehensive Curriculum Tile Approach 33
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
* - An open framework built for constant refinement
How 24 Steps Was Put Together 34
The 24 Step Approach is Really Focused on One Tile
• Defining and Refining Product ↔Market Fit
35
36
37
38
39
40
41
42
Future
1. Serious academic and professional field
2. Rigorous but practical
3. New type of product
a) Segmentation of market
b) Dynamic system to adjust
c) Value-based as opposed to Credential-centric
d) JIT delivery model
4. Need to differentiate from private models
43
What Differentiates Us?
We help create entrepreneurs not companies.
44
What We Are Not …
o Economic development organizations
o It is a by product but not the focus
o This makes us unique in an entrepreneurial
ecosystem and we should be proud and steadfast in
our commitment to our mission and role
45
More info
Books
www.disciplinedentrepreneurship.com
Progress Dashboardwww.detoolbox.com
46
47Free* Online Courses
Note: Bootcamp is not free
Select Numbers for Impact
• 300,000 plus students taken online courses
• 199 different countries these students come from
• 120,000 plus views of slides for talk on Past, Present and Future of Entrepreneurship Education talk
• 16 languages “Disciplined Entrepreneurship” book is available in as of January 2017
Other Relevant Material I
Other Relevant Material II
Program Pillars51
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
End
Questions?
53
Appendices
54
Story of Reo, Rita, Natalie, Chuan & Gavin
Start IAPJan 2015
15.390Feb – May 2015
GFSAJune – Aug 2015
BCG
Hacking Arts
PowderWave
GSDSept – Jan 2015
IDEOSumo Logic
TA
6.933
Key Take Aways
• Entrepreneurship can be taught and it is effectively
with a good process
• The students appreciate there is value in a
rigorous/disciplined process for entrepreneurship –
it is not just magic and mentorship
• Entrepreneurs and companies evolve over time in a
Darwinian manner – fluid teams are essential to
optimize the learning process (as well as success)
By the way, note the diversity in the teams!
56
Validation
Designing Team Building Check Points on the Entrepreneurship Education Ramp
Inspiration, Idea,
Technology
Classroom Extra-Curricular Accelerator
Key Points to Form/Reform Team:V1, V2, V3, V4, …