DEVELOPMENT OF AN ENTREPRENEURSHIP MINOR AND OTHER ENTREPRENEURSHIP

EDUCATION FOR ALL ENGINEERS

Tom MasonRose-Hulman Institute of Technology

REE USA Stanford University

DEFINITION OF ENTREPRENEURSHIP

Combination or recombination of resources in innovative and valuable ways.– Invention is only the beginning of innovation– Emerson was wrong – The world will not beat a path to

the inventor’s door– Entrepreneurship need not be a new business

IMPORTANCE OF ENTREPRENEURSHIP

Jobs and prosperity Global competition THE DAYS OF DILBERT

ARE DONE!!!!!! Entrepreneurial skills are complements to technical

skills New enterprises seldom fail due to technical failure Best technology does not always win

EDUCATION AND BUSINESS DIFFERENCES

Pursuing truth is not the same as pursuing profits Academic time is different from business time Business allocates resources for value, not “fairness” Business values ambitious failures much less

ENTREPRENEURSHIP AT ROSE-HULMAN

A course since the mid-80’s Entrepreneur-in-residence program Project-based education Rose-Hulman Ventures Engenius Solutions Recent developments

– Multidisciplinary entrepreneurial design courses– Minors for B.S. And M.S. Students

Still in approval process– Master In Technology Entrepreneurship

SPECTRUM OF OPPORTUNITIES

RHITEducation

Business

RHVSuccessFund

CTRI Engenius Solutions RHV

ROSE-HULMAN VENTURES: THE MISSION

Foster creation and growth of innovation-based businesses by providing access to:– Infrastructure– Technical Support– Business Support– Capital

Thereby providing:– Faculty/student educational experiences– Economic growth for Terre Haute and Indiana

EDUCATIONAL BENEFITS

Over 300 student & faculty experiences Faculty –

– Intellectual stretch & great experiences

Students– Excitement of “real” engineering

– Learned things not evident in courses & labs• Requirements shift

• Business realities such as deadlines & cash

– Aids the job search – even in big companies!!

MULTIDISCIPLINARY ENTREPRENEURIAL DESIGN COURSES

A dozen engineering & science faculty members involved

Modules on project management, creativity, business plans, etc.

Innovative projects for students NCIIA grant received for course development

UNDERGRADUATE ENTREPRENEURSHIP MINOR

VA453 The Entrepreneur VA498 Technology Management & Forecasting

or EMGT423* Intro. To Marketing for Technical Products (not yet available)

EMGT427 Project Management SL350 Managerial Accounting VA454 Financial Economics Participation in an approved entrepreneurial senior

design experience

GRADUATE ENTREPRENEURSHIP MINOR

MG 532 Technical Entrepreneurship Mg5xx Marketing New Technology Or MG526 Tech. Mgt. &

Forecasting MG520 Accounting For Technical Managers Or MGXX

Entrepreneurial Finance MG527 Project Management MG5XX Implementing Innovation Or Other MSTE Course

Approved By MSEM Director A Thesis Experience Which Includes An Entrepreneurial Or

Commercialization Dimension.

MASTER OF TECHNOLOGY ENTREPRENEURSHIP

Builds on the successful MS in Engineering Management Program

Focused courses to acquire needed business skills Blends academic work with early stage work on

innovations

MASTER OF TECHNOLOGY ENTREPRENEURSHIPUnder consideration!

MG 532 Technical Entrepreneurship 4 MG 526 Technology Management & Forecasting 4 MG 520 Accounting for Technical Managers 4 MG 522 Organizational Management 4 MG 527 Project Management 4 MG 5XX Marketing New Technology* 4 MG 5XX Implementation of Innovations* 4 MG 5XX Entrepreneurial Finance * 4 Electives (Courses, especially technical ) 8 GS 515 Selling Technology 1 GS 5XX Fundamentals of Intellectual Property 1 GS 5XX A Global Perspective on Technical Entrepreneurship* 1 MG 5XX Business Plan Development Project* 8 * - COURSES TO BE DEVELOPED

CHALLENGES & RESPONSES

Rigid Curricula• Emphasize outcomes desired for the majors

• Students overload if they see value

Worry about technical rigor• Involve respected technical professors

CHALLENGES & RESPONSES

Worry about loss of elective enrollments• Involve technical faculty in entrepreneurship

courses

Breadth without depth - “Now they know about marketing and finance”.

• No – but they know they need to learn more.