launch fishers what going on in entrepreneurship education v3

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

http://www.disciplinedentrepreneurship.com/

http://www.detoolbox.com/

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


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






Ready to Go Entrepreneur 24


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






Corporate Entrepreneur 25


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






Entrepreneurship Amplifier 26


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






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


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






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

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


Fit

Ideation

Team Building 1

Career Choice

Soft Skills



Sales

Basics ofFinance

Communications

Sector Deep Dives


Strategy

Product Design

Product Development


Negotiations


Work-Life Balance

Financing

HR

Project Management




CorporateStrategy




Product Management

Legal






* - 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

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

http://www.disciplinedentrepreneurship.com/

http://www.detoolbox.com/

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, …

http://web.mit.edu/site/aboutsite.html

launch fishers what going on in entrepreneurship education v3

Small Business & Entrepreneurship