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AMBITIOUS ENTREPRENEURSHIPBE INSPIRED. BE CONNECTED. ACCELERATE.

MIT ENTREPRENEURSHIP DEVELOPMENT PROGRAMME 2020

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Each year HIE secures a number of places on MIT EDP for the most ambitious entrepreneurs in the Highlands and Islands. These places are available on a competitive basis. The successful companies will travel to Boston for a 10-day visit in January to take part on the course. There will also be a wrap-around programme of visits and events in and around MIT to make valuable connections in the Boston area.

The MIT Entrepreneurship Development Programme (EDP) is a week-long, high level, intensive executive education course teaching skills to accelerate business growth. It is held onsite at the Massachusetts Institute of Technology (MIT) in Boston in January each year. The course is aimed at highly ambitious entrepreneurs from businesses or social enterprises with significant growth potential who want to learn from the best and be the best.

Applications for MIT EDP 2020 open on 19 August 2019. If you are interested in finding out more, please visit www.hie.co.uk/MIT-EDP-programme

ABOUT MIT EDP

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MIT EDP is a globally renowned course which blends cutting edge academic teaching with practical team exercises, live investment pitching, best practice company visits and international networking. The six-day course is led by Bill Aulet, serial entrepreneur and managing director of the Martin Trust Center at MIT. It takes participants through the end-to-end process for setting up and scaling an innovation-driven enterprise and teaches the core skills of entrepreneurship and the latest thinking in this space. The concepts are taught through lectures, workshops and fireside chats with high profile entrepreneurs. Participants learn a structured process for accelerated growth and how to apply this formula for success within their own business.

Timeline for MIT EDP 2020

Applications open 19 August 2019Applications close 27 September 2019Interviews 31 October 2019 at HIE InvernessFinal selection for EDP 2019 1 November 2019MIT EDP 2019 16 – 24 January 2020 inclusive

See page 15 for how to apply.

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Paul Easto, Managing Director, Wilderness Scotland, Aviemore, 2012 cohort

Reason for taking partPaul took part in EDP at a time when he was looking to internationalise the business. Most of Wilderness Scotland’s customers and clients are based outside the UK, so Paul was looking for ways to better manage his international business communications, marketing and relations.

Value of attendingThe greatest lesson he took from the programme was confidence. He came back from Boston with an unshakable belief that Wilderness Scotland could compete at an international level. He was also inspired to hire a business development manager, as EDP reinforced the value of consistent and tailored client communications.

Impact of EDPEDP’s impact on both Paul and Wilderness Scotland has been remarkable. Over the last three years, the business’ revenue has increased by over 100% and Paul believes that he is still personally benefiting from the experience six years later.

WHAT THE ALUMNI SAY ABOUT MIT EDP

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I think many of the rewards come long after you have returned home; once you have had the opportunity to take stock and absorb all aspects of the learning experience. In everything we do at Wilderness Scotland, we aspire to demonstrate a spirit of entrepreneurship, whilst reminding ourselves of the importance of discipline.Paul Easto, Managing Director, Wilderness Scotland

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John Henderson, Managing Director, Ocean Kinetics, Lerwick, 2015 cohort

Reason for taking partJohn had ambitious plans to grow Ocean Kinetics. He wanted to expand the company’s facilities, enter new sectors and markets, and operate as a truly global firm. To do that, he needed to spend more time as an executive and less time as a manager.

Value of attending“EDP is less about the type of business you run, but rather, how you run it. The combination of time away from work, coupled with EDP’s excellent range of speakers and practical workshops, meant that I could stand back, take stock of my company, and start to formulate concrete plans for the future.”

Impact of EDPIn the short-term, he led his team to work more collaboratively and to do things that they were previously reticent about and take calculated risks. Longer-term, he turned his attention to bringing in capital from sources other than banks.

WHAT THE ALUMNI SAY ABOUT MIT EDP

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EDP gave me the confidence and insight to explore paths less well trodden _ without a doubt, it’s the best course I have ever been on.

John Henderson, Managing Director, Ocean Kinetics

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Morven Gibson, Manager of South West Mull and Iona Development Trust (SWMID), 2018 cohort

Reason for taking partSWMID is all about reinvesting in the people and the economy of our local community. Morven wanted to develop her leadership and entrepreneurial skills, so she could better come up with ideas for income generation, and then propel those ideas forward at a quicker pace.

Value of attendingMorven really valued Bill Aulet’s ‘24 Steps to a Successful Start-Up’ which provided the framework for EDP. She learnt the importance of narrowing down your market, again and again and again, until you really know who your customer is, and what they want.

Impact of EDPSWMID is in the early stages of developing two new projects – a community seaweed farm, and a marine fuel business.

WHAT THE ALUMNI SAY ABOUT MIT EDP

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I have the opportunity to implement everything I learnt at MIT from the beginning. I hope that in a year’s time, these projects will be successfully off the ground, leading to a better result for the company as a whole.

Morven Gibson, Manager, South West Mull and Iona Development Trust

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Peter Elbourne, Operations Director of New Wave Foods, Alness, 2018 cohort

Reason for taking partPeter found the prospect of an intensive one-week course appealing. It meant that he could dedicate all his time and energy and justify the time spent away from work.

Value of attendingPeter really valued the importance of customer-led innovation, recognising the skills and value of your own team and supporting them to achieve their potential.

Impact of EDPPeter’s background is science and academia, rather than sales, so he never really saw himself as an entrepreneur. However, the programme completely changed his thinking on this. He began to realise the great value of his skill set, and where it was crucial to the company’s development and innovation.

WHAT THE ALUMNI SAY ABOUT MIT EDP

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I expected the programme to be all about money and profit. And while that is important, a lot of the people on the programme were social innovators _ people trying to make the world a better place through smart entrepreneurship. That was really inspiring.

Peter Elbourne, Operations Director, New Wave Foods

14Cohort at MIT EDP 2018

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WHAT ARE THE BUSINESS BENEFITS?MIT EDP will help you to interpret your customer needs and quantify your value proposition; identify, evaluate and prioritise new venture opportunities; develop a robust customer persona and identify your beachhead market; understand the psychology of pricing and develop a pricing architecture; develop a winning business plan; navigate the venture capital investment process and deliver an effective pitch; create and implement a successful sales strategy; scale your business.

HOW DOES HIE SUPPORT BUSINESSES AT EDP?The MIT EDP course is taught over an extremely intensive week. In order to help the cohort of companies from the Highlands and Islands gain the most value from the visit to Boston, HIE organises a series of meetings to help you understand the entrepreneurial ecosystem in Boston and forge new networks.

HOW MUCH DOES IT COST?The total cost of a HIE sponsored place at MIT EDP will be in the region of £10,000 (including course fees, flights and accommodation) and HIE will contribute 70% of these costs for successful applicants with under 250 employees and 50% for successful applicants with over 250 employees.

WHO CAN APPLY?Your business or social enterprise must be account managed by HIE or you must be a participant on one of HIE’s accelerators to apply for one of the sponsored places at MIT EDP 2020.

If you are not account managed by HIE you can learn about Bill Aulet’s approach to entrepreneurship at the masterclass ‘Structured Steps in the Entrepreneur’s Journey’ he is delivering in Inverness on 10th and 11th October 2019. Find out more here

HOW DO I APPLY?Businesses or social enterprises interested in applying for one of the HIE sponsored places at MIT EDP 2020 must complete an online application form, available here. The application forms will be assessed, and a shortlist will be invited to attend an interview on either 28 and 29 October 2019 at HIE, An Lochran, Inverness. Interviewees will be invited to deliver a 5-minute presentation outlining why they have applied for a place on EDP and what they hope to gain from the experience. A panel comprising HIE staff and a business person who has attended EDP in a previous year will determine which companies are selected for the sponsored places at MIT EDP 2020. A briefing session for successful candidates will take place around the middle of November 2019.

WANT TO ENHANCE YOUR PRESENTATION AND PITCHING SKILLS?To help participants from the Highlands and Islands make the most of the MIT EDP experience, HIE offers coaching on presentation and pitching skills. Companies or social enterprises shortlisted to attend an interview for a place on MIT EDP are offered one-to-one coaching by telephone or Skype on presentation strategy, preparation and delivery. This training equips individuals with the skills to communicate in a relaxed and confident style. Companies selected for a HIE sponsored place also receive one-to-one coaching to deliver a compelling 60-second pitch. These skills are transferrable to a business context and will enable participants to achieve a greater impact with their customers, suppliers and staff.

Cohort at MIT EDP 2018

FREQUENTLY ASKED QUESTIONS

ABOUT MITAt its founding in 1861, MIT was an educational innovation, a community of hands-on problem solvers in love with the fundamental science and eager to make the world a better place. Today, that spirit still guides how the university educates students. MIT has been ranked as the top university in the world for seven consecutive years in the QS World University Rankings.

The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. Since its founding in 1914, the school has initiated many international efforts to improve regional economies and positively shape the future of global business. The Entrepreneurship Development Programme is a flagship executive education course at MIT Sloan.

FIND OUT MORE ABOUT MIT EDP 2020To find out more about MIT EDP 2020, visit www.hie.co.uk/MIT-EDP-programmeor email entrepreneurship@hient.co.uk