experiential entrepreneurship programs at universities: are they … · 2017-03-16 ·...
TRANSCRIPT
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Experientialentrepreneurshipprogramsatuniversities:
Aretheyallthesame?
Towardaframeworkforunderstanding1
WORKINGPAPERJonFjeld
TheFuquaSchoolofBusinessDepartmentofPhilosophy
Revision4,November,2016
IntroductionEntrepreneurshipeducationisimportant.Thedevelopmentofentrepreneurialskillsisavaluablecomplementtoalmostanyeducation:undergraduateliberalarts,engineeringatanylevel,business,medicine,andmanyotherfields.Manybelievethattraininginentrepreneurshipstimulatespowersofobservation,developscreativeandcriticalthinking,andinstillsanorientationtodisciplinedandcollaborativeaction.Anentrepreneurialmindsetandskillsetarebelievedtoenableanindividualtobeamoreeffectivecontributorinverymanycareersandpursuits.Soentrepreneurshipisbeingembracedbyalargeandgrowingnumberofeducationalinstitutions.Entrepreneurship,however,isanimmaturediscipline.Theratioofstronglyheldopiniontoevidenceishigh.Rhetoricandmarketingstilltrumpscience.Anyonewhohasbeeninvolvedinonestartupandissufficientlyboldcanclaimtohavebeeninitiatedintothemysteriesandofferexpertadvice.
1Materialonsixoftheprogramsdescribedinthispaper—ArizonaState,Duke,GeorgiaTech,MIT,UniversityofChicago,andUniversityofToronto—waspresentedinaMay3-4,2016,conference,“EntrepreneurshipEducation:DevelopingaCommunityofPractice,”organizedbytheCenterforInnovationPolicyatDukeLaw,theDukeInnovationandEntrepreneurshipInitiative,andtheFuquaCenterforEntrepreneurshipandInnovation.InformationontheStanfordprogramwascollectedininterviewsbytheauthor.Theauthorwouldliketothankalltheparticipantswhohavecontributedtothisstudy:BrentSeboldandScottShrakeatArizonaStateUniversity,StevenKaplanattheUniversityofChicago,MarieThursbyatGeorgiaTech,BillAuletatMIT,PerryKlebahnandJeremyUtleyatSanfordUniversity,andAjayAgarwalandRachelHarrisattheUniversityofToronto.TheauthoralsothankstheattendeesatthefirstBlackSheepconferenceonentrepreneurshipeducationgenerallyandparticularlyDavidRobinsonandRosemarieZiedonisfortheircomments.
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Thisstudyispartofabroadinitiativetoinjectdisciplineintoentrepreneurshipeducation.Canentrepreneurshipbetaught?Whataretherightapproachestoentrepreneurshipeducation.Theparticipantsinthisresearchprojectbelievethesequestionsdeservecarefulstudy.Asafirststeptoaddressingthesequestions,wehaveselectedsevenspecificentrepreneurshipprogramsfromsevenuniversitiesforexamination.Alloftheparticipatinguniversitieshavemultipleentrepreneurshipprograms.Specificprogramswereselectedtocreateacomparisonsetwithwidevariation.Thesesevenprogramsareverydifferentfromeachother.Weenvisionaresearchprogramthatbuildsasolidfoundationinaframeworkandvocabularyfordescribingandcomparingprograms.Inthisstudy,wewilllayafoundationforanalyzingandcomparinguniversityentrepreneurshipprogramsofaspecifickind.Entrepreneurshipeducation,asistrueofmanybusinessdisciplines,fallsroughlyintothreecategories.Thefirstcategoryiswhatwemightcalltheory-driveneducation.Theapproachistocommunicateconceptsandprinciplesthroughlectureandtextbooksorotherreadings.Asecondapproachiscase-based,reflectingthepedagogyofmanybusinessschools.Here,casestudiesareusedtoillustratekeyconceptsandprinciples.Onthispedagogy,studentsareguidedtoinfertherelevantideasfromtheexamples.Athirdformofpedagogyisexperientialorlearning-by-doing.Studentsareimmersedintheactivityitselfandareguidedwithaviewbothtothesuccessfuladvancementoftheirprojectandtoanunderstandingoftheprinciplesunderlyingsuccessfulpractice.Thisstudyconcernsexperientialentrepreneurshipprogramsspecifically.Thatis,theprogramsconsideredherehavelearning-by-doingastheprincipalorcoreformoflearning,althoughthispedagogymayofcoursebesupplementedbyotherformsofteaching.Thispaperlaysoutaframeworkforcomparingexperientialentrepreneurshipprograms.Thisframeworkhasasetofdimensionsandavocabularytodescribethesalientfeaturesofalltheseprograms.Thepurposeofthisframeworkistodescribeandcompare,nottoevaluate(seeFigure1).Weofferthispaperandframeworkasthestartofafoundationforresearchintotheeffectivenessofvariousapproachesindifferentcontexts.2
Figure1
2Withaviewtotheshort-termpracticalutilityofthisobjective,manyofthekeypointsandconceptsarelaidoutinsuchawaythattheymaybeadaptedtoaquestionnaireformatasanaidtoanalyzingandpossiblydesigningprograms.
Processofresearchintoentrepreneurshipeducation
• Identifykeyattributes• Framework/vocabulary
Describe
• Sourcesofvariation• Trade-offs
Compare
• Outcomes/quality• Fitofobjectives/context/program
Evaluate
Scopeofthisworkingpaper
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Alltheprogramsdiscussedherehavesimilarities.Theyareallteam-basedandusesomepartoftheprocessofnewventurecreationasthevehicleofinstruction.Alloftheseprogramsincludeamixofcurricularandco-curricularelements.Thatis,courseworkisintegraltotheprograms,butthereareadditionalactivitiesbeyondthecourses.Animportantobjectiveofthisstudyistounderstandhowentrepreneurshipprogramsdifferandhowtheydiffer.Aretherematerialdifferencesbetweenprogramsand,ifso,inwhatareas?Canwefinddifferenceofopinionamongthearchitectsoftheseprogramsandcanweexposeandclarifythepointsatissue?Orisitthecasethatallprogramssharethesamebasicstructureandarebasedonthesamefundamentalunderstandingofthephenomenaandsoprogramsonlydifferinterminologyorothersuperficialfeatures.Itisthisauthor’sopinionthattheprogramsdifferinsubstanceandthatthesedifferences(thevariationamongprograms)aredrivenprimarilybythreefactors:1)target(studentsandprojects),2)objectives,and3)theunderlyingtheoryofentrepreneurship.However,thisopinionishighlyprovisionalandmuchmorestudyisrequired.3
Driversofvariationamongprograms1. Target:
Whoisthetargetaudiencefortheprogram(levelofstudent/compositionofteams)?Inparticular,isthetargetthefewstudentsmostcommittedtoentrepreneurshiporabroadercross-sectionofstudents?
2. Objective:Whatisthemixofobjectivesbetweenpedagogyandsuccessoftheventures?
3. Theoryofentrepreneurship:Isthereanunderlyingtheoryofentrepreneurship?Howstructuredorrigorousisit?Therearetwodimensionsofsuchtheories.• Structuredframeworks:waystoorganizeideasandactivities• Approachestosequencingofactivities:thelogicoftheorderorsequenceofactivities
Figure2
OverviewoftheprogramsThissectioncontainssummariesofthesevenprograms.Afullerdescriptionofeachprogramcanbefoundintheappendix.
1. TheeSeedChallenge,ArizonaStateUniversity,theFultonSchoolsofEngineering:TheeSeedChallengeispartofASU’sInnovationChallengeprogram,aseriesofcompetitionsthataredefinedandledbytheUniversity’scollegesandschools.TheASUInnovationChallengesengagestudentsintheNewAmericanUniversitydesignaspirationofvaluingentrepreneurshipandprovidingentrepreneurialexperiencestoallASUstudents.TheFultonSchoolsofEngineeringeSeedChallengeenablesstudentstowinupto$6,000inseedfundingandanall-expensepaidinnovationfieldtriptoadvancetheirentrepreneurialventure.
3Twopossiblyimportantfactorsthatmayresultinvariationamongprogramsnotconsideredinthisstudybutthatmaybeincludedinfutureworkare:resourcesandimpactonprogrammingoflevelofresourceandinterpretationsof“experientiallearning.”
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2. EdwardL.Kaplan,’71,NewVentureChallenge(TraditionalTrack),UniversityofChicagoBoothSchoolofBusiness:Launchedin1996,theEdwardL.Kaplan,’71,NewVentureChallenge(NVC)programrunbythePolskyCenterforEntrepreneurshipandInnovationattheUniversityofChicagoisayear-long,intensivebusinesslaunchprogramthatbeginsintheFallacademicquarterwitheventsandresourcesaimedatsupportingideageneration,customerdiscovery,ideavalidation,andteamformation.TeamsreceiveadditionalresourcesandsupportheadingintotheWinterquarter.TheymustapplytotheNVCinearlyFebruary.OnlyteamswhoseproposalsshowsignificantpromiseareselectedtoadvanceintoPhaseIIoftheprogram–aSpringquarteracademicclass.Inthisclass,teamsreceivededicatedcoaching,feedbackandsupport,accessandintroductionstoavarietyofresourcesandmentorswithdomainexpertise;presenttheirbusinessplanstwicetoapanelofexpertjudges;andrefineandimprovetheirbusinessplans.AttheendoftheSpringquarter,thetop10teamsadvancetothefinalscompetitionwhichisheldinlateMay/earlyJune.AttheNVCFinals,teamspresenttheirinvestorpitchtoapanelofjudgesandcompetefor$1M+inprizesandbusinessservices.
3. TheProgramforEntrepreneurs(P4E),DukeUniversity,theFuquaSchoolof
Business:TheProgramforEntrepreneurs(P4E)isanexperientiallearningprogramthatusestheprocessofstartinganewventureasavehicleforeducation.Itcomprisesathree-coursesequencehousedintheBusinessSchoolalongwithsupportingresourcesandactivities,includingaseriesofworkshopsandmeetingsinpreparationfortheprogramfocusedonteamformationandprojectselection.Thedurationoftheprogramisnominally18–24months.
4. TechnologicalInnovation:GeneratingEconomicResults(TI:GER®),Georgia
InstituteofTechnology,TheSchellerCollegeofBusiness:TheTI:GERprogramisamultidisciplinary,experientiallearningprogramfocusedontechnologyentrepreneurship.TheprogramteamsPhDstudentsinscienceandengineeringwithMBAandJDstudentstoexamineissuessurroundingthepotentialforcommercializationofthePhDstudentthesisresearch.StudentstakethethreecourseTI:GERsequencewhilecontinuingtopursuetheirdegrees.Eachteamhasalegalandabusinessmentor,andisgivenmultipleopportunitiestointeractwithindustryadvisorsandthegreaterentrepreneurialcommunity.Theprogramisa12credithourprogram,9creditsofwhichcanbeusedasaminorforthePhDstudentsintheprogram.
5. deltavaccelerator,MIT:MITdeltavisaneducationalacceleratorforMITstudent
entrepreneurstohelpthemacceleratetheirgrowthinbuildingviable,sustainableventures.TheprogramisacapstoneeducationalopportunityforMITentrepreneursbeforetheylaunchintotherealworld.Deltavtakesthebestteamswithaninterestingideaorproofofconceptandfocusesoncreatingimpactful,innovation-drivenstartups.For2016,17teamsspenttheirsummermonthsworkingfull-timeattheMartinTrustCenterwithanemphasistowards:teambuilding/organizationdevelopmentanddynamics,understandingtheirtargetmarket,customers,andusers,learningthemechanicsofventurecreation(companyformation,legal,financial,raisingmoneyandmore).
6. Launchpad,D-School,StanfordUniversity:Launchpadisad.schoolclassat
Stanfordforentrepreneurs.Theteachingphilosophyisbuiltaroundthe
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cultureofstart-upsandwhatmakesthemtick.IntheclassStanfordstudentstakeanideaforaproductorserviceandstartacompanyin10weeks.Theemphasisisontheentrepreneur,nottheidea.Thefocusisondoing,notplanning.Itistotallydifferentthanotherincubatorsoraccelerators.Sincetheannualclassstartedin2009,90companieshavelaunchedandover50arestillinbusiness.
7. CreativeDestructionLab,UniversityofToronto,RotmanSchoolof
Management:ThefoundationfortheCreativeDestructionLabCourse(CDL)istheCDLhightechincubator.Thecourseisahands-onlearningexperiencewherestudentsarematchedtoreal,science-basedventuresintheprogram.TheMBAsdonotformtheirownventures;rather,theyprovideasupportingroleandhelpothersachievetheirobjectives.ThiscourseistakenduringthesecondyearoftheMBAprogramandrunsfromSeptember-April.Recently,ahandfulofcommerceundergraduateshavebeenacceptedtotaketheclass.
OverviewoftheframeworkCreatingaframeworktodescribeandcompareprogramsrequiresidentifyingthekeyfeaturesofentrepreneurshipprograms.Naturally,manydetailsandnuanceswillbeomitted.Butthisprojectshouldbejudgedultimatelybytwocriteria:
• Arealloftheimportantfeaturesforcomparingprogramsincluded?Inotherwords,canallimportantdifferencesbetweenprogramsbeidentifiedusingtheframework?
• Cantheframeworkserveasaguidetodesigninganewprogram?Arealltheimportantprogramdesigndecisionsrepresented?
Therearefivebasicdimensionsofourframework:objectives,selection,entrepreneurialprocess,pedagogy,andaccesstoresources.Despitebeingasimplification,weintendthisframeworktocapturethemainfeaturesanddifferencesoftheprogramsconsidered.
Objectives:Theobjectivesofthesevariousprogramsareacombinationofpedagogyandnewventurecreation/development.Thatis,theresulttheprogramsaretryingtoachievewilleitherbelearningbystudentsorthecreationorfurtheringofanewventureorboth.
SelectionTherearetwomainconceptsthatweincludeunderselection:whatstudentsandwhatprojectsarethetargetsoftheprogramandhowselectiveistheprogram,thatis,howstrenuousistheadmissionprocess.Tothefirstquestion,wenotethatprogramsmayfocusonstudentsatvariouslevelsintheireducationorfocusonstudentsfromdifferentdisciplines.Andtheymaybemoreorlessinclusiveandmoreorlessinterdisciplinary.
PedagogyThisdimensioncontainsthefamiliarquestionsofwhoteachesthematerial,howisittaught,whatarethecoursereadingsanddeliverables.Mostinterestingforthecomparisonmaybethesubjectmatteroftheteaching.Weclassifythesubjectmatterunderfourheadings:
• Entrepreneurshipprinciples• Functionalareasinbusiness(marketing,finance,etc.)
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• Specificknowledgeofrelevanttechnicaldisciplines(areasofscience,engineering,etc.)
• Characterormindsetorientedmaterial
EntrepreneurialprocessThisisanareaofconsiderabledifferenceamongprograms.Thecentralideaiswhethertheprogramattemptstospelloutanentrepreneurialprocess.Suchaprocessinvolves,possibly,bothframeworksfororganizinginformationandchoices(theBusinessModelCanvasisapopularexample)andsomeformofdecisionprocessfordetermininganorderofexecution.Atoneendofthespectrum,programsrelyonexperiencedentrepreneursandinvestorstoprovideadhocadvice.Otherprogramshave,invaryingdegrees.moreformalanddocumentedprocessesthattheyexpectentrepreneurialteamstofollow.
AccesstoresourcesProgramsmayprovideaccesstovariouskindsofresourcesneededbyentrepreneurs.Firstandmostobviousisaccesstocapitalthroughassociatedinvestors.Inaddition,programsmayprovidelaboratoryandtechnicalresourcesfortesting,prototyping,etc.Healthcarerelatedstartupsusuallyrequireregulatoryexpertiseandprogramsmayhaveprovidedforthis.Finally,atsomepointallnewventuresrequireaccesstolegalresources—primarilycorporatelawbutoftenalsointellectualpropertylaw.
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ComparisontemplateObjectives Newventure
creation/advancementPrimaryorsecondary
Pedagogy PrimaryorsecondarySelection What Teams,students,projects Targetstudents School/level Degreeofinterdisciplinarity
ofteamsRequired,encouraged,ornot.Whatdisciplinesincluded
Projectstageatentry Nucleation/earlypre-company/earlycompanypre-revenue/earlyrevenue/scaling
Project:industry/market Tech/meddevice/consumer/… Selectivity—students Degreeofselectivity/applicationprocess:Thiscould
bemeasuredbythenumberofapplicationsandthepercentageaccepted
Selectivity—projects Degreeofselectivity/applicationprocess(measuredasabove)
Pedagogy Courses/duration Howmanycoursesoverwhatperiodoftime Instructors Researchfaculty,practitionerfaculty,non-faculty
practitioners:howorganized,%time Mentors Numberandkindsofmentors Learningoutcomes Entrepreneurialprinciples/functionaldisciplines/
specifictechnicalknowledge/characterormindset.Doestheprogramhavealistofthethingsanentrepreneurialstudentshouldknow?
Functionaldisciplinescovered
Strategy,marketing,finance…
Coursematerials/readings Requiredmaterial Deliverables Reports,presentations… Whojudgesorevaluates Faculty,investors… Tracks Bymarket/industry/technology…Entrepreneurialprocess Degreeofstructure High/low/none Documentation Reference Frameworksapplied
(evaluation&planning)Fiveforces/VRIN/businessmodelcanvas/…
Decisionprocess/sequence E.g.,leanexperiments—somedescriptionofthestepstobetaken
Accesstoresources Capital Competitions/accesstoangelorotherinvestors Affiliatedcompetition Yes/no;amount Testing Labfacilitiesandequipmentavailable Prototyping Facilitiestobuildmock-upsorfunctionprototypes Regulatory Accesstoregulatoryexpertise Legal Legalclinics/IPadvice/…
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Programdescriptions
1.TheeSeedChallenge,ArizonaStateUniversityObjectives Newventure
creation/advancementPrimary
Pedagogy SecondarySelection What Projects(studentsevaluatedaspartofprojects) Targetstudents Allstudents Degreeofinterdisciplinarity
ofteamsPreferred
Projectstageatentry Pre$5Kinfundingorrevenue Project:industry/market All Selectivity—students Selectionisprojectbased,studentsincludedin
project Selectivity—projects ModeratetohighPedagogy Courses/duration 1year/single1creditcourse Instructors Researchfaculty,non-facultypractitioners Mentors Yes Learningoutcomes Entrepreneurialexperience/careerdevelopment Functionaldisciplines
coveredMarketing/strategy/finance/operations
Coursematerials/readings None Deliverables Pitchdecks Whojudgesorevaluates Non-academicjudges Tracks Ed-tech,Energy/Clean-tech,Cybersecurity,
F&B/Hospitality,Hardware,IOT/Wearable,Media/Entertainment,Retail/Lifestyle,Social/Non-profit,Med-tech,Software/IT/e-com
Entrepreneurialprocess Degreeofstructure Low Documentation No Frameworksapplied
(evaluation&planning)“Evidence-based”template
Decisionprocess/sequence NoAccesstoresources Capital Yes Affiliatedcompetition Programisprimarilyacompetition,$6Kprize Testing Yes Prototyping Yes Regulatory Yes Legal Yes
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2.NewVentureChallenge,UChicagoObjectives Newventure
creation/advancementPrimary
Pedagogy PrimarySelection What Projects Targetstudents MBA/graduate,butopentoallstudents Degreeofinterdisciplinarity
ofteamsPreferred
Projectstageatentry Earlystagecompanies,usuallypreinvestment Project:industry/market All Selectivity—students Selectionisprojectbased,oneMBAstudentrequired Selectivity—projects HighPedagogy Courses/duration 1year/single1quartercourse Instructors Researchfaculty,practitionerfaculty Mentors Faculty+severalbusinessmentors Learningoutcomes Entrepreneurialexperienceandunderstanding Functionaldisciplines
coveredMarketing/strategy/finance/communication
Coursematerials/readings Nonebeyondwebsitematerial Deliverables Businessplan Whojudgesorevaluates Facultyandpanelofnon-academicjudges Tracks 4tracks—MBA,College,Executive,andSocialEntrepreneurialprocess Degreeofstructure Moderate Documentation http://research.chicagobooth.edu/nvc/traditional-
nvc/ Frameworksapplied
(evaluation&planning)UChicagoentrepreneurialframework
Decisionprocess/sequence HighlevelventuredevelopmentprocessAccesstoresources Capital Yes Affiliatedcompetition Programisprimarilyacompetition,$1Mtotalprize
moneyandservices Testing Yes Prototyping Yes Regulatory Yes Legal Yes
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3.TheProgramforEntrepreneurs(P4E),DukeUniversityObjectives Newventure
creation/advancementSecondary
Pedagogy PrimarySelection What Projectsandstudentteamstogether Targetstudents MBAbutopentoallstudents Degreeofinterdisciplinarity
ofteamsEncouragedbutnotrequired
Projectstageatentry Usuallyatideastage,mustbepre-investment/pre-revenue
Project:industry/market All Selectivity—students Selectionisprojectbasedwithsmallconsiderationto
students Selectivity—projects Verylowthreshold—teamsrarelynotadmittedPedagogy Courses/duration 1.5–2years/3coursesplusco-curricular Instructors Practitionerfaculty Mentors 1faculty+1ormorebusinessmentors Learningoutcomes Entrepreneurialexperience+focusonunderstanding
principlesunderlyingentrepreneurialaction Functionaldisciplines
coveredMarketing/strategy/finance
Coursematerials/readings Nonebeyondwebsitematerial Deliverables Reports+pitches;businessplanatconclusionof3rd
course Whojudgesorevaluates Primarilyinstructorswithinputfromoutside
advisors Tracks NoEntrepreneurialprocess Degreeofstructure Highlystructured Documentation http://www.dukep4e.org/;
http://www.dukeven.com/ Frameworksapplied
(evaluation&planning)Dukeentrepreneurialframework;somestrategyframeworks:VRINinparticular
Decisionprocess/sequence Specificattentionpaidtotheorderorsequenceofexecutionandplandevelopment
Accesstoresources Capital IntroductiontoinvestorsincludingDukeAngel
Networkifsufficientlyadvanced Affiliatedcompetition No(DukeStartupChallengeiscompletelyseparate) Testing No Prototyping No Regulatory AccesstoDukeClinicalResearchInstitute Legal Start-upLawClinicforcorporateissues,verylimited
IPhelp
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4.TI:GER®,GeorgiaInstituteofTechnologyObjectives Newventure
creation/advancementSecondary
Pedagogy PrimarySelection What Projectsandstudentteamstogether Targetstudents GradScienceorEngineering,MBA,JD Degreeofinterdisciplinarity
ofteamsRequired
Projectstageatentry Promisingtechnology Project:industry/market Science/engineeringbasedventures Selectivity—students High—stringentapplicationprocess Selectivity—projects ModeratePedagogy Courses/duration 2years/3coursesplusco-curricular Instructors Researchfaculty,non-facultypractitioners Mentors Academic+1ormorebusinessmentors Learningoutcomes Entrepreneurialexperience+focusonunderstanding
principlesunderlyingentrepreneurialaction Functionaldisciplines
coveredMarketing/strategy/finance/legal(IP)
Coursematerials/readings Textcitedbelow Deliverables Specificreports:IPassessment,marketassessment,
commercializationplan,grantapplications Whojudgesorevaluates Faculty+AdvisoryBoard(outsideadvisors—legal
andinvestors) Tracks NoEntrepreneurialprocess Degreeofstructure Highlystructured Documentation “TechnologicalInnovation:GeneratingEconomic
Results”2ndedition,”AdvancesintheStudyofEntrepreneurship,Innovation,andEconomicGrowthVolume26editedbySherryHoskinsonandMarieThursby,2016;andotherbooksintheseries
Frameworksapplied(evaluation&planning)
GATechentrepreneurialframework;severalstrategyframeworks:particularlyforindustryanalysis
Decisionprocess/sequence HighlevelventuredevelopmentsequenceAccesstoresources Capital Yes Affiliatedcompetition No Testing Yes Prototyping Yes Regulatory Yes Legal Yes
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5.deltavaccelerator,MITObjectives Newventure
creation/advancementSecondary
Pedagogy Primary—developingentrepreneurialskillsSelection What Studentteams Targetstudents Any Degreeofinterdisciplinarity
ofteamsStronglyencouraged
Projectstageatentry Early Project:industry/market Any Selectivity—students High—selectionisontheteam Selectivity—projects Low—“Peoplefirst,projectssecond”Pedagogy Courses/duration 90daysummerprogram—capstone
entrepreneurshipexperienceatMITbutnotacourse Instructors Practitionerfaculty,EIRs Mentors Many,specialistsasnecessary Learningoutcomes Entrepreneurialskills Functionaldisciplines
coveredCompanyformation,legal,financials,fundraising,sales,marketing,etc.
Coursematerials/readings DisciplinedEntrepreneurship(Aulet),EntrepreneurialStrategy(SternandGans),Founder’sDilemma(Wasserman)
Deliverables Monthlymilestonespresentedandgradedatboardmeetings
Whojudgesorevaluates Instructorsactingasa“board” Tracks NoneEntrepreneurialprocess Degreeofstructure Structured Documentation DisciplinedEntrepreneurship Frameworksapplied
(evaluation&planning)DesignThinking,experimentation,“crossingthechasm”
Decisionprocess/sequence “24steps”inDisciplinedEntrepreneurshipAccesstoresources Capital Grantsduringprogramthenintroductionto
investorsat“DemoDay” Affiliatedcompetition None Testing Yes Prototyping Yes Regulatory Yes Legal Yes
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6.Launchpad,StanfordObjectives Newventure
creation/advancementPrimary
Pedagogy Secondary(butprimaryinthesenseofproducingfounders)
Selection What Studentsactivelytakingstepstostartacompany Targetstudents Anystudentteamthatwantstostartacompany Degreeofinterdisciplinarity
ofteamsOpenbutactivelyrecruitfordiversityinthecohortofteams
Projectstageatentry Early—ideastage Project:industry/market Any Selectivity—students High—screeningforcommitmentandseriousintent Selectivity—projects LowPedagogy Courses/duration 110weekcoursewithfollow-onadvising Instructors Practitionerfaculty Mentors Many(entrepreneursandinvestors) Learningoutcomes Committedentrepreneurs Functionaldisciplines
coveredRapidprototyping/markettesting,pricing,entrepreneurialfinance,hiring/teambuilding,leadership
Coursematerials/readings None Deliverables ^15assignmentsover20classsessions Whojudgesorevaluates Instructors Tracks NoneEntrepreneurialprocess Degreeofstructure Highlystructured Documentation Launchpad:AFounder’sGuidetoStartingaCompany
(Klebahn&Utley),Variousarticlesonspecifictopics Frameworksapplied
(evaluation&planning)DolanPricingThermometer,VisualDesignforFounders
Decisionprocess/sequence ^15“missions”inLaunchpadAccesstoresources Capital IntroductionstoVCs Affiliatedcompetition None Testing None Prototyping None Regulatory None Legal None
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7.CreativeDestructionLab,UniversityofTorontoObjectives Newventure
creation/advancementPrimary
Pedagogy SecondarySelection What Projects(companies)andstudentsseparately Targetstudents MBA Degreeofinterdisciplinarity
ofteamsNA
Projectstageatentry Earlystagecompanies Project:industry/market All Selectivity—students Highlyselective(separatefromproject/company
selection) Selectivity—projects HighlyselectivePedagogy Courses/duration 1year/1course Instructors Academic Mentors Businessmentorsadvisecompanies(CDLincubator),
researchfacultydirectstudents Learningoutcomes Entrepreneurialunderstandingthroughimmersion
intheprocess Functionaldisciplines
coveredMarketing/strategy/finance
Coursematerials/readings GansEntrepreneurialStrategycourseforstudents,notcompanies
Deliverables Studentsproducereportstohelpcompanies Whojudgesorevaluates Communityentrepreneursandinvestors(“Groupof
Seven”) Tracks Opentrack&machinelearningtrackEntrepreneurialprocess Degreeofstructure None—adhocadvice:judgmentofexperienced
entrepreneursandinvestors Documentation NA Frameworksapplied
(evaluation&planning)None
Decisionprocess/sequence NoneAccesstoresources Capital Introductiontoinvestors Affiliatedcompetition No Testing No Prototyping No Regulatory No Legal Yes
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ProgramcomparisonsThissectioncontainsafewbroadcomparisonsbetweenthesesmallnumberofprogramsandalsospellsoutingreaterdetailtemplatesforcomparingprogramsinthetwoareasofpedagogyandentrepreneurialprocess.
ObjectiveProgramsdiffersignificantlyontheirobjectives.Althoughtheyallinvolvebothpedagogicandcommercializationobjectives,theydifferontherelativeemphasisontheseobjectives.Figure3depictswheretheprogramsstand.
Figure3
Asseemssomewhatnatural,theprogramswhoseetheirprimarypurposeaspedagogichavelessstringentadmissionsrequirements,focusonearlierstageprojects,haveamorestructuredanddocumentedprocessthattheyexpectstudentteamstofollow,andincludemorecoursework.Ontheotherhand,programsthatseetheirroleasmoretoadvanceactualventureshavemorestringententryrequirements,workonmoredevelopedventures,relyonexperiencedentrepreneursfordirectionratherthanaformalprocess,andinvolvelesscoursework.
SelectionProgramsdiffersubstantiallyintheirselectionprocess,inparticular,intheirdegreeofselectivity(ratioofacceptancestoapplications).Thedifferencesaresummarizedinthistable.
Pedagogic Bothequal
Newventureadvancement
P4E(Duke) TI:GER(GATech) deltav(MIT)
NVC(UChicago) Launchpad(Stanford)
CDL(UofT)
eSeed(ASU)
Programprimaryobjective
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Selection
eSeedChallenge,ASU
NewVentureChallenge,UChicago
P4E,Duke
TI:GER,GATech
deltav,MIT
Launchpad,Stanford
CDL,UofT
What Projects(studentsevaluatedaspartofprojects)
Projects Projectsandstudentteamstogether
Projectsandstudentteamstogether
Diverseteamsofstudententrepreneurs
Studententrepreneurs
Projectsandstudentsseparately
Targetstudents
Allstudents MBA/graduate,butopentoallstudents
MBAbutopentoallstudents
GradScienceorEngineering,MBA,JD
Opentoallstudents
Opentoallstudents
MBA
Degreeofinterdisciplinarityofteams
Preferred Preferred Preferred Required Notrequiredbutheavilyconsideredinselection
Notrequiredbutactiverecruitingfordiverscohort
NA
Projectstageatentry
Pre$5Kinfundingorrevenue
Preinvestment
Usuallyatideastage,pre-investment/pre-revenue
Promisingtechnology
Idea Idea Earlystagecompanies
Project:industry/market
All All All Science/engineeringbasedventures
Allbutmustbeambitiousinimpact
All All
Selectivity—students
Low Moderate Low Moderate High(team) High Highlyselective
Selectivity—projects
Moderatetohigh
Highlyselective
Low Moderate Moderate Low Highlyselective
Figure3
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Wecansummarize(andpossiblyoversimplify)thedifferencessurroundingselectionbydifferentiatingprogramsthatarehighlyselectivefromthosethatareintendedtoserveabroaderbaseofstudents.Highlyselectiveprogramsintendtoidentifythefewmostcommittedandcapablestudententrepreneurs.Theyguideandpushthesestudentstoadvancetheirentrepreneurialendeavors.Morebroad-basedprograms,ontheotherhand,attempttodevelopanentrepreneurialskillsetinamoreaveragestudentpopulation.Wesummarizetheprogramsconsideredhereinthistable. Highselectivity
(focusoncommittedstudententrepreneurs)
Lowselectivity(addressbroadsetof
students)
People
Launchpad(Stanford)
deltav(MIT)
P4E(Duke)
Projects
TI:GER(GATech) NVC(UChicago)
CDL(UofToronto)
eSeed(ASU)
Figure4Althoughallprogramsinvolvenewventurecreation,theydonotallfocusonthesamestageofthisprocess.Someprogramsconcentrateontheearlyphaseofshapingthecorebusinessideaandothersselectalreadywellformedideasandfocusongrowth.Tosomeextent,theobjectivesoftheprogramwillconstrainthechoiceregardingstage.Forexample,itwouldbedifficulttobuildaprogramaboutgrowthofentrepreneurialventures(theearlyrevenuephase)basedonstudentledteams.Also,thechoiceofstagewillhaveanumberofimplicationsforthedesignoftheprograms,forexample,whatmaterialortopicscanbecoveredandwhoarethebestadvisorsandinstructorstoinvolve.Sothelearningforstudentswillbepossiblyquitedifferentdependingonthestageofventuredevelopmentthatisthefocus.Figure5depictsthestageofventurethatisthefocusontheprograms.
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Figure5
PedagogicapproachesWecandescribepedagogicapproachesbyoutliningthreebasicdimensionsofteaching.
• Whoaretheinstructors,• Whattopicsaretaught,• Howaretheytaught.
Toaddressthefirstquestion,wenotethatalloftheprogramssurveyedhereinvolvemanypeopleinthepedagogicprocess.Soitisimportanttodistinguishthevariousrolesinvolved.Numbersarealsoimportantastheymayindicatebouttheintensityofengagementwithstudentsandthediversityofviewpoints.Todescribedifferencesamongprograms,weneedbothaclassificationofthekindsofindividualsparticipatingandthekindsofrolesinvolvedinthedeliveryoftheentrepreneurshipprogram.Obviouslybothclassificationswillobscurenuances.Firstwedistinguishfivekindsofindividualswhoplayaroleinthedeliveryofentrepreneurshipprograms.
1. Researchentrepreneurshipfaculty—facultywhoseprimaryroleisresearchinentrepreneurship.
2. Practitionerentrepreneurshipfaculty—regularfacultywhosecredentialsderiveprimarilyfromtheirbusinessexperience.Thesefacultymaydiffersignificantlyinthedegreeofengagementwithacademicresearch.
Company formation
“Nucleation” Comingupwiththeidea
Early(validation,testing,planning)
Earlyrevenue
Growth
eSeed(ASU) P4E(Duke) TI:GER(GATech)
NVC(UChicago) deltav(MIT) Launchpad(Stanford)
CDL(UofT)
19
3. Adjunctfacultyofentrepreneurship—part-timefacultyengagedinthedeliveryofentrepreneurshipprograms.
4. Managementandinvestmentprofessionals—individualswhoarecurrentlyorhaverecentlybeeninvolvedinthemanagementoforinvestinginentrepreneurialventures.
5. Universitystaffinvolvedintheadministrationofprogramsorworkingwithandadvisingstudents.
6. Subjectmatterexpertsinrelevantfieldsbutnotentrepreneurship.Thesepeoplemayrangeoveradiversesetoftopicsfromregulatoryissues,IPlawtoleadershipandteamdynamics.
Asonecansee,entrepreneurshipprogramsmayinvolvethecoordinatedeffortsofadiversesetofpeople.Similarly,thethingstobedone,therolesinvolvedinarobustprogramarealsodiverse.Wesummarizethemainrolesasfollows.
1. Design,organization,andoversightoftheprogram.2. Deliveryorcommunicationofspecificentrepreneurshipmaterialortopics—not
project-specific,forexampleworkshopsonraisingcapitalorminimumviableproduct.
3. Deliveryorcommunicationofmaterialnotspecifictoentrepreneurship,forexample,workshopsondesignthinking,marketintelligence,ormedicalreimbursement.
4. Advisingormentoringprojectteams—engaginginissuesthattheteamsarefacing.Armedwiththesetwoclassificationsandcalibratingforthesizeoftheprograms,wecancreateasimplerepresentationofwhoisinvolvedinthedeliveryofaprogramforacohortofstudentsandprojects.WeillustratewitharepresentationofthedeliveryofDuke’sP4Eforacohortofstudentsthatbeginswithaboutfortystudentsandfifteenprojectsandendswithtwentystudentsworkingonfourprojects(seefigure6).Thedurationofapassthroughtheprogramforonecohortiseighteenmonthsandcomprisesthreecourses.
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Illustration:PersonneldeliveringP4E(Duke)
Design,organization,oversight
Workshops/classesonentrepreneurshipmaterial
Workshops/classesonrelevantnon-entrepreneurshipmaterial
Mentoring/advisingprojectteams
Researchentrepreneurshipfaculty
6
Practitionerentrepreneurshipfaculty
1 1 1
Adjunctentrepreneurshipfaculty
Managementandinvestingprofessionals
10 18
Administrativestaff
1 1
Subjectmatterexperts
6
Figure6
Wecanperformasimilaranalysisregardingthequestionsofwhattopicsarecoveredandhowthatmaterialiscommunicated.Weorganizethesubjectscoveredintheprogramaccordingtofourbroadcategories:
• Principlesofentrepreneurship• Functionalbusinessdisciplines• Knowledgeoftechnicalsubjectsandrelevantenvironmentalfactors• Mindsetandemotionalpreparedness
Wealsoenumeratethreemethodsofhandlingspecifictopics.Thesemightbeseenasreflectingtheemphasisthattheprogramputsonthespecificsubjects,orthelevelofdepthofcoverage.Wesummarizetheseapproaches.
• Thereisacomprehensivearticulationofthesubjectmatterthatstudentsareexpectedtoapplytotheirprojects
• Thestudentsareexpectedtoadvancetheirprojectsrelativetothetopicandaregivenguidanceastheymakeprogress—inthiscase,theguidanceistailoredtotheproject
• Thestudentsmayormaynotaddressthetopicandaregivenadhocadviceasappropriate.
Acoupleofexamplesmayhelptoclarifytheseapproaches.Atsomestageoftheirdevelopment,almostallnewventureswillhavetocreateaforecastoffuturerevenue.
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Workingbackwardthroughthethreemethodsoutlinedabove,oneapproachmaybetowaituntilthetimewherearevenueforecastisrequiredandthensimplytoaskateamtobegintoestimaterevenue,possiblywithacoupleofgeneralbitsofadvice.Thenanadvisor,presumablyamentorwhohasbeenworkingwiththeteamwouldbegintochallengetheirassumptionsandhelpthemrefinetheirwork.Onthesecondapproach,everyteamwouldberequiredtocreatearevenueforecastbuttheguidelineswouldbesimilarlysparseasinthefirstapproach.Inthelastandmoststructuredmethod,principlesofdefiningtotaladdressablemarket,segmentingthemarket,evaluatingadoptionrates,etc.wouldbearticulatedinadvance,andthenteamswouldbeaskedtocompleteaforecast.Asecondexampleiscreatingacapitalizationtable.Thisisanexercisethatisoftennotrelevantforstudentledventuresastheyoftenabandontheprojectbeforeactuallyincorporating.Sooneapproachwouldbeonlytoaddresstheissuewhenitisactuallyrelevanttotheprojectandofferspecificadvicetotheteamastheycontemplateformingtheircompany.Themiddleapproachwouldbetorequireallteamstogothroughtheexercisebutwithminimaladvanceguidance.Andthemoststructuredapproachwouldbetoofferaframeworkandprinciplesandthenguidethestudentsthroughtheapplicationoftheseprinciples.Ifweareabletoenumerateacomprehensivelistofthepossiblyrelevanttopicstoanentrepreneurialteamandproject,andthendescribetheapproachormethodtaken,wewouldhaveaverydetaileddescriptionofthesubjectmattercoveredbyvariousentrepreneurshipprograms.Thisstructurewillalsoprovideacomprehensivemenuofthepossiblechoicesaseducatorscontemplatecreatingormodifyinganentrepreneurshipprogram(seefigure7foranillustration).
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Illustration:TopicsandpedagogyinP4E(Duke)
Topicarea PedagogicapproachTopicrequiredComprehensivedescriptioninadvance
TopicrequiredAdvicegivenasworkprogresses
TopicnotrequiredbutaddressedasappropriateAdvicegiven
Notcovered
Principlesofentrepreneurship Evaluatingan
opportunity✓
Entrepreneurialstrategy
✓
Teamformation/staffing
✓
Legal–incorporation
✓
Creatingproformafinancials
✓
Financing,raisingcapital
✓
Functionalbusinessdisciplines Marketing ✓ Finance ✓ Strategy ✓ Operations ✓ Accounting ✓ Technicalsubjects IPlaw ✓ Regulatory ✓ Engineering/
engineeringmanagement
✓
Venturecapital ✓ “Soft”skills Entrepreneurial
leadership ✓
Self-assessment ✓ Teambuilding ✓ Sales/
presentation ✓
Figure7
EntrepreneurialprocessandstructureWecomenowtoapossiblynotobviousdimensionofentrepreneurshipprograms.Thequestionatissueiswhethertheprogramsarebasedonanexplicitentrepreneurialprocessandifsowhatisit.Thisquestionwillhaveveryclosetiestothequestionsofpedagogy.
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Naturally,ifanentrepreneurialprocessformsthefoundationoftheprogram,itwillguidemanychoicesofwhattopicsshouldbecovered.Despitethisoverlapandattendantdifficultiesofseparatingtheissueofprocessfrompedagogy,webelievethatclarityonthissubjectisvitaltocomparingentrepreneurshipprograms.Theprocess,orlackofone,reflectsthetheoryofentrepreneurshipattheheartoftheprogram.Webeginbyobservingthatanentrepreneurialprocessshouldtellus:
• Whattodo• Whentodoit• Howtodoit
Answerstothesequestions,explicitlyorimplicitlyembodyatheoryofentrepreneurship.Theyreflectbeliefsaboutthescopeofentrepreneurialactionandtheactivitiesincludedwithinentrepreneurship.Thetheoryalsoincludesbeliefsaboutthefactorsanddriversofsuccess.Wearenotcontendingthatthereisagrandunifiedtheoryofentrepreneurshipnorthatanyprogramhassuchafoundation.Rather,programsseemtohaveassembledorcreatedvarioustheoreticalbuildingblocksandtohaveusedthemtodesignpartsoftheprogram.Wedivideouranalysisofthesetheoriesintotwoparts.Firstisthesetofframeworksusedtoguideanalysisandplanning.Insomecases,frameworksfromcoredisciplinesstrategy,industrialorganizationeconomics,ormarketingarebroughttobear.Butnewframeworkshavealsobeencreatedthatarefocusedonentrepreneurship.Frameworksarebasicallyastructuredsetofquestions.Theyguidethegatheringandanalysisofinformationand,insomecases,thechoicesmade.Weclassifyframeworksintothreegroups:1)industryandenvironmentalanalysis,e.g.,FiveForces,2)firmpositionandcompetitiveness,e.g.theVRINframeworkfromthecapabilitiesliteratureinstrategy,and3)specificallyentrepreneurialframeworks,e.g.,theBusinessModelCanvas.Weconsiderwhetherprogramsemployvariousframeworksorchecklists.Forexample,theframeworksmostprominentlyusedinDuke’sP4Eareasfollows:
• Industryandenvironmentalanalysis:o IPregimes/complementaryassets(Teece)o Competitoranalysis/Christensen’sRPV(resources,processes,values)
• Firmanalysis:o Industryvaluechaino VRIN(valuable,rare,inimitable,nonsubstitutable)
• Entrepreneurial:o Opportunityevaluation:fivequestionso Strategydevelopment:fourelements
Theseframeworksareguidestothequestionofwhattodo,buttheydonotaddressthequestionsofwhenorhow.SomeexamplesthataddressthewhenandhowareBillAulet’s24stepsofDisciplinedEntrepreneurshipandtheconceptofleanexperiments.Itisdifficulttogiveguidelinesthataregeneralsotheseguidesareoftentailoredtoaspecificdomain,forexample,techstartups.Asfarasdescribingentrepreneurshipprograms,thequestionis
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whethertheprograminvolvesprescriptionsregardingwhenandhowand,ifso,whataretheseprescriptionsandhowaretheydocumented.Thetopicofentrepreneurialprocessiscomplex.Thegraphicbelowsummarizesinbroadtermshowtheprogramsdifferandsoobscuresmanynuances. Structured
entrepreneurshipprocess,primaryinstructionanddirectionprovidedbyresearchorpractitioner
faculty
Targetedadvicewithoutadherencetoaprocess,primaryinstructionanddirectionprovidedby
practitioners
Target—people
P4E(Duke)
TI:GER(GATech)deltav(MIT)
Launchpad(Stanford)
Target—projects
eSeed(ASU)
NVC(UChicago)
CDL(UofToronto)
Figure8
AccesstoresourcesProgramsdiffersubstantiallyontheresourcesavailabletoparticipatingteams.Toalargeextent,thesedifferencesreflectdifferencesofmaturity,financialsupport,andorientationoftheprograms.Thedifferencesaresummarizedinthistable.
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Accesstoresources
eSeedChallenge,ASU
NewVentureChallenge,UChicago
P4E,Duke
TI:GER,GATech
deltav,MIT
Launchpad,Stanford
CDL,UofT
Capital Yes Yes Limited,DukeAngelNetwork
Yes IntroductiontoinvestorsatDemoDay
Introductiontoinvestors
Introductiontoinvestors
Affiliatedcompetition
Programisprimarilyacompetition$6Kprize
Programisprimarilyacompetition,$1Mtotalprizes
No(DukeStartupChallengecompletelyseparate)
No? $2Kgrantperstudent,upto$20Kduringprogram
No No
Testing Yes Yes No Yes Yes Yes NoPrototyping Yes Yes No Yes Yes Yes NoRegulatory Yes Yes Accessto
DukeClinicalResearchInstitute
Yes Yes No No
Legal Yes Yes Yes,limitedIPhelp
Yes Yes Yes No
Figure9
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SummaryAttheoutset,wesuggestedthatthespecificsofprogramsandthedifferencesbetweenthemwouldbedrivenprimarilybythreefactors:objectives,target(studentsandprojects),andtheunderlyingtheoryofentrepreneurship.Theobjectivesofallprogramsareacombinationofpedagogyandnewventuredevelopment.Howtheseobjectivesareblended,orreconciled,differs.Tothedegreethatnewventuredevelopmentisemphasized,careistakentoensurethatentrepreneurialteamsreceivethebestadvice.Andthisusuallyimpliesputtingexperiencedentrepreneursintheroleofprincipaladvisors.Thisapproachbringswithitlessformalstructure,lesstheory,andminimalconnectiontoacademicresearch.Tothedegreethatpedagogyisemphasized,thereismorestructure,moretheory,andagreaterconnectiontoacademicresearch.Theseobservationsperhapsreflectthatuniversityfaculty,whoareultimatelyresponsiblefortheseprograms,aremorecomfortablewithteachingandgeneralprinciplesthantheyaregivingspecificadvicetobusinesses.Correspondingly,thesefacultymaybelievethatpractitionerswhohaveexcellentjudgmentinparticularsituationsarenotwellqualifiedtoarticulategeneralprinciplesandtodevelopwellstructuredcurriculum.Inaddition,programsaregenerallydesignedtomeettheneedsoftheirtarget.Studentsmaybeatdifferentlevelsandindifferentfields.Teamsmayalsobemoreorlessdiverse.Sotheknowledgeandexpertisethatcanbepresumeddifferswidely.Furthermore,projectsmaybemoreorlessadvancedandcohortsofprojectsmaybediverseorconcentratedinparticularindustriesortechnicalfields.Alloftheseconsiderationswillinfluencematerialcovered,stylesofpedagogy,andoverallapproachtoentrepreneurship.Finally,thereistheunderlyingtheoryofentrepreneurship.Oneperspectiveisthatentrepreneurialactiondoesnotinvolveatheoryofentrepreneurship.Rather,thereisjudgmentformedthoughexperience,possiblycombinedwithinnateintuition.Otherpointsofviewwillsubsumeaspectsofentrepreneurialactionundergeneralprinciples,althoughtherearenosettledopinionsaboutprinciplesorthoseaspectsofentrepreneurshipthatmaybeexplainedbytheory.Notwithstandinggreatdifferencesofopinion,explicitandimplicit,beliefsabouttheseissuesplayanimportantroleinshapingentrepreneurshipprograms.
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Appendix:Programdescriptions
Faculty:Dr.BrentSebold+Dr.ScottShrake
Institution:ArizonaStateUniversityProgramname:FultonSchoolsofEngineering-GeneratorLabs-eSeedChallenge+AcceleratorProgram(http://links.asu.edu/eSeed)Briefdescription:TheeSeedChallengeispartofASU’sInnovationChallengeprogram,aseriesofcompetitionsthataredefinedandledbytheUniversity’scollegesandschools.TheASUInnovationChallengesengagestudentsintheNewAmericanUniversitydesignaspirationofvaluingentrepreneurshipandprovidingentrepreneurialexperiencestoallASUstudents.TheFultonSchoolsofEngineeringeSeedChallengeenablesstudentstowinupto$6,000inseedfundingandanall-expensespaidinnovationfieldtriptoadvancetheirentrepreneurialventure.
Objectives:TheeSeedChallengeisopentoallArizonaStateUniversitystudententrepreneurswhoaimtoproveordisprovethatthereisvaliddemandforaprototypedproductorservicebeyondaninitialbeneficiaryorcustomer.OrganizedbytheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering,this“topofthefunnel”competitionaimstostrategicallydevelopearly-stagestudentventuresthatmaybewellsuitedtocompeteforandwinotherASU,local,national,andglobalentrepreneurshipcompetitions.TheeSeedChallengealsohelpsallsupportedventurestodeveloprepeatableandscalablebusinessmodels,regardlessoffollow-onfundingorsupportopportunities.
SelectionProjects:Allsortsofprojectsareacceptable:forprofitornot-for-profit,andindustryormarket.However,theideamustbeconcreteenoughthatafairlyclearhypothesiscanbearticulatedregardingmarketneedandsolution.Allprojectsareattheveryearlieststagesofdevelopment.Teams:
● Allfull-orpart-timestudentsatArizonaStateUniversitymayapply/participate.● Individualstudentsorteamsareeligible.Multidisciplinaryteamsarepreferred.● Theteamleadermustbeafull-timeorpart-timeundergraduateorgraduatedegree-
seekingstudentintheIraA.FultonSchoolsofEngineeringduringtheprogramperiod.Finalistapplicantswillbeaskedtoprovideproofofenrollmentandwinnersmustbeingoodacademicanddisciplinarystandingatthetimeawardsarepresented.
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● Althoughteamsshouldseekadvicefrommentors,theprojectmustbestudent-led.● Projects,prototypes,venturesorpartnershipsthathavealreadyreceivedmorethan
$5,000inrevenueorgrants/awards/investmentsarenoteligibleforfunds.● Asmentioned,applicantsareencouragedtoincorporatemembersand/ormentors
fromdifferentdepartmentsorcollegeswithintheuniversity.Teamsmayalsohavememberswhoarenotaffiliatedwiththeuniversity(e.g.,friends,family,workcolleagues,etc.whoarenotASUstudents).
Screening:ForthefirstphaseoftheeSeedChallenge,anexpertpanelofcommunitymembersandASUaffiliatesevaluatethefollowingapplicationquestionresponses.(Applicantinstructions:Thefollowingfivequestionclustersshouldbeaddressedin300wordsperquestionviatheonlinesubmissionform).
1. Whatistheproblemyouaimtosolve?Howdidyouidentifythisproblem?2. Whatisyournovelsolution?Describehowitsolvestheprobleminthreesteps.If
youhaveanonlinedemo,what’stheURL?3. Whohastheproblemandwantsyoursolutionbadenoughtopayforit?Inother
words,whoisyourfirstcustomer?Thisappliestonon-profitventuresaswell.Inmanycases,thepersonororganizationwhousesthesolutionmaynotbethesameasthosewhopayforit.Describethesekeyindividualsororganizations.
4. Howwillyouspend$1,000inordertogetyourfirstpre-orders,crowdfundingcontributions,orsales?Inotherwords,listspecificactionsyouwilltake,orexperimentsyouwillrun,toproveordisprovethatthereisvaliddemandforyourprototypedsolutionbeyondyourinitialuserand/orpayer.
5. Listyourteammembers’names,emailaddressesandphonenumbers,alongwiththeirmajors,theiruniqueninjaskills,andwhytheyaresopassionateaboutsolvingthisproblem.Howdidyouallmeet?
Eachresponseisevaluatedquantitatively.Qualitativefeedbackmayalsobeprovidedinresponsestoaccumulativeanswers.TeamsthatreceivethehighestscoreswillbeadvancedaseSeedChallengeteams.eSeedAcceleratorventuresandprescottFellowfoundersareselectedbyjudgingpanelsviaaffiliatedDemoDayevents.
Process:TheeSeedChallengefeaturesthreehighlycompetitivephases.InPhaseOne,30challengeteamswereselectedfromentriesacrossASUandgiven$1,000tovalidateorrejecttheirkeybusinessmodelhypotheses.InPhaseTwo,thechallengeteamspresentedthestatusoftheirventuresandcompetedforadmissionintotheeSeedAcceleratorwhere10ofthe30teamswereawardedanadditional$5,000toincreasetractionwithintheirtargetmarkets.Finally,inPhaseThree,12oftheeSeedAcceleratorteamfounderswillbeselectedtoparticipateinanall-expensespaidinnovationretreat,hostedbyMr.TomPrescott,theeSeedChallenge’sleadbenefactor.
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Pedagogy:Instructors:TheprimaryinstructorisaLecturer(administrativefaculty)whoalsoservesasthedirectoroftheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering.ThesupportinginstructorsareAcademicAssociates(VentureMentors)whoarecommunity-basedserialentrepreneurs,retiredentrepreneurs,intrapreneurs,etc.Courses:TheacademiccoreoftheprogramisFSE494/594-VentureDevils,aonecredithouronlinecoursethatisrepeatableforcredit.Coursedeliverables:theeSeedprogramandtheaffiliatedFSE494/594-VentureDevilscoursehasbeendesignedtoenablestudentteamstopresentaminimumofthreeevidence-basedpitchdeckiterationsapproximatelyonceeverytwoweeksthroughouttherollingprogramperiod(s)--every7.5weeks.Webelievethatthisiterativeteaching/mentoringstructureisinnovativefortwomainreasons.First,weemploytheuseofan“evidence-based”pitchdeckmentoringtemplate.UnliketheBusinessModelCanvasasamentoringtool,theevidence-basedpitchdeckallowsformoreindividualcreativity,isoftenmoreengagingforallprogramparticipants,andalignsbetterwiththeexpectationsoftypicalstartupsupporters,judges,andinvestors.Andunlikeastandardinvestorpitchdeck,theevidence-basedpitchdeckincorporatesthe“fact-based”and“data-driven”proofthatisnowrequiredtoensuretransparency,authenticity,andtractionfortoday’sstudentinnovators.Second,afterseveralyearsofpreparingourstudentteamsforlocal,national,andinternationalstartupcompetitions,wehavefoundthataminimumofthreeiterativepresentationandfeedbackloopsarerequiredforeachteamtobebestpreparedforanyfollow-onsupportopportunities.Programandcourselearningobjectivesdictatethatuponcompletion,studentsshould:
● Understandthestrategicdecision-makingprocessassociatedwithstartinganewventure.
● Developprofessionalskillsandhabitsforworkingwithmentors,partners,andotherkeymembersoftheirnetwork.
● Learntacticsfornavigatingthevettingandlaunchingofanewbusinessinareasincludingbutnotlimitedtocustomeracquisition,financialforecasting,pitching,securingsuppliers,andearly-stagegrowth.
● Theoverarchinggoaloftheventure/mentormeetingsduringPhase1oftheprogramistoidentifythebesteSeedventuresandpreparethemtodeliverahighlyeffectivefive-minuteevidence-basedpitchtoapanelofjudgeswhowillgrantthe10bestventuresanadditional$5Kinseedfunding.
Mentors:EachteamisassignedoneVentureMentor(VM).VMsarenon-academics(e.g.,serialentrepreneurs,retiredentrepreneurs,intrapreneurs,etc.)whoarehiredasAcademicAssociatesandarecompensated($2K)toteachtheequivalentofa1credithourcourseeach15weekterm.ThegoalisthattheVMshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantstartup/industryexperience.eSeedfounderswillhave
30
accesstotheVMsonceeverytwoweeksandwillberequiredtomeetmilestonesagreeduponbyboththeirteamsandtheVM.Studentsmayberemovedfromtheprogram/courseiftheyfailtotakeitseriouslydonotshowupformeetings,orbehaveinappropriately(asdeemedbytheVMsandprogramsupervisors).VMswillnotdotheworkforstudents–studentsmustbepreparedtoworkveryhardandutilizeVMsasmentorsandguides.VMswillbeavailableforstudentventuremeetings3hourseachweekandwillrespondtostudentrequestswithin48hours.VMsmaynotinvestinorjoinstudentcompaniesuntiltheirroleasaVM(orotherASUrole)hascompleted;however,VMswillopendoorsandmakeintroductionsasitmakessenseforstudentstartupteamswhoareprepared.Instruction:Theinauguralcohortof30eSeedventures(approximately90students)wasassembledintosixventureclusters,comprisingfiveindustry-relatedteamseach.Inturn,eachclusterwasmatchedwithoneVM,relativetohis/herindustryexpertise.This“5:1venturetomentorratio”recognizesthatearlystageventurementorsandadvisorsmustbeempoweredtoprovidepersonalizededucationtothesupportedentrepreneurswhoarepragmaticallyalignedwiththeir“Socraticcircles4”ofinfluence.Accesstoresources:ThroughthecontactsoftheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering,studentteamshaveaccesstoawidevarietyofresources,butaccessisnotguaranteed.Theseresourcesinclude,butarenotlimitedto:
● Investors:manyinvestorsarepartofthenetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.Thisoccasionallybutnotoftenresultsinaninvestment.
● Labresources:teamsworkingonengineeringorsciencebasedprojectsoftenneedaccesstolabequipmentorprototypingfacilitiesviatheFultonTechnologyInnovationLab.
● Software/Hardwareengineering:Manyteamsneedaccesstoprogrammingandmanufacturingtalenttomovetheirprojectsahead.Theseresourcesmaybeactivatedviadiscipline-specificcapstonecourses/teams,aswellasiProjectreferrals.
● Prototyping/Fabrication:Oncampusworkshops,makerspaces,andfabricationfacilitiesareavailabletoeSeedventures.StudentsmayalsoleverageTechShopChandlerforadditionaltoolsandresources.
● Legal:AtASUthereisacomplementarylegalclinictogetguidanceonearlylegalissues,aswellasIPcounsel.
● IndustryandServiceProviderExperts:ASUprovidesofficehoursforvisitingexpertsintherealmsofstartup-stagefinanceandaccounting,PRandmarketing,businessdevelopment,ed-tech,med-tech,etc.
Tracks:TheeSeedmeta-cohortof30+venturesareorganizedintosub-cohortsandcategorizedtoalignwithoneofthefollowingindustryverticals: 4 http://www.davidgcohen.com/2011/08/28/the-mentor-manifesto/
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● Ed-tech● Energy/Clean-tech● Cybersecurity● F&B/Hospitality● Hardware● IOT/Wearable● Media/Entertainment● Retail/Lifestyle● Social/Non-profit● Med-tech● Software/IT/e-com
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Institution:UniversityofChicagoBoothSchoolofBusinessProgramname:EdwardL.Kaplan,’71,NewVentureChallenge–TraditionalTrackBriefdescription:Launchedin1996,theEdwardL.Kaplan,’71,NewVentureChallenge(NVC)programrunbythePolskyCenterforEntrepreneurshipandInnovationattheUniversityofChicagoisrecognizedasthetop-rankeduniversityacceleratorprograminthenation.Itisayear-long,intensivebusinesslaunchprogramthatbeginsintheFallacademicquarterwitheventsandresourcesaimedatsupportingideageneration,customerdiscovery,ideavalidation,andteamformation.TeamsreceiveadditionalresourcesandsupportheadingintotheWinterquarter.TheymustapplytotheNVCinearlyFebruary.OnlyteamswhoseproposalsshowsignificantpromiseareselectedtoadvanceintoPhaseIIoftheprogram–aSpringquarteracademicclass.Inthisclass,teamsreceivededicatedcoaching,feedbackandsupport;receiveaccessandintroductionstoavarietyofresourcesandmentorswithdomainexpertise;presenttheirbusinessplanstwicetoapanelofexpertjudges;andrefineandimprovetheirbusinessplans,AttheendoftheSpringquarter,thetop10teamsadvancetothefinalscompetitionwhichisheldinlateMay/earlyJune.AttheNVCFinals,teamspresenttheirinvestorpitchtoapanelofjudgesandcompetefor$1M+inprizesandbusinessservices.
Objectives:Bothtoteachstudentswhatittakestobuildahigh-potentialnewventureandtocreate,encourageandimprovehigh-potentialnewventures.
Selection:Projects:Thenewventureideashouldbeoriginalandhavecommercialpromise.Theentrymaybedevelopedinconjunctionwithacourseorresearchproject,andstudentsmayenlistfacultyaid.BusinessplansthathaveparticipatedinthepastaspartofotheruniversitybusinessplancompetitionsarenoteligibleunlessapprovedbyoneoftheNVCfacultyorcoaches.Businessplansforexistingearlyventuresareacceptableifthecompanyhasnotalreadyreceivedfundingfromventurecapitalistsand/orotherinvestors.TeamsthathavesecuredarrangementsforcapitalfromanysourcemustdisclosetheamountsandsourcesintheirPhaseIexecutivesummaries.Entriesthathavereceivedoutsideinvestmentfromventurecapitalfirms,privateinvestors,orotherindustrysourcesmaybeconsideredineligibletocompete.Teams:Thereisnominimumormaximumteamsize.However,eachteamisrequiredtohaveatleastonecurrentlyregisteredgraduatestudentfromtheUniversityofChicagoasanactivememberoftheteam.Thestudentshouldbeanintegralpartoftheteam.Thisisgenerallyevidencedbyanequitystakeofatleast10%inthecompany.Teamscomprisedofundergraduatestudentsareeligibleif:(1)TheteamhaspreviouslyparticipatedintheCollegeNVC,or(2)Theteamincludesatleastonecurrentgraduatestudent.TeamsarestronglyencouragedtoincludeatleastonestudentfromtheUniversityofChicagoBoothSchoolofBusiness(ChicagoBooth)ontheirteam.AllregisteredUniversityofChicagoundergraduateandgraduatestudents,fromanydepartment,areeligibletofillouttherestoftheteam.Inaddition,teamsmayhavememberswhoarenotaffiliatedwiththeUniversityofChicago.Teamsareencouragedtoidentifyindividuals,withinandexternaltotheUniversity,whocancontributeadditionalexpertiseandexperiencetohelptheteamsucceed.
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Screening:Toqualify,theUniversityofChicagostudentmustsubmitanapplicationbeforethePhaseIdeadline(usuallyinearlyFebruary)consistingofaFeasibilitySummary.ThisSummaryshouldcomprisenomorethaneight(8)typedanddouble-spacedpages.Itshouldinclude:
• Adescriptionofthebusinessopportunityandmarketneed,theproductorserviceidea(plusbrieftechnologyassessment,ifapplicable),preliminaryanalysisofthetargetmarket,andpotentialmarketsize.
• Abriefcompetitiveanalysis.• Abriefoutlineofkeystrategiesandobjectives.• Areviewofthemanagementteamandoutsideadvisors(ifapplicable).
Apanelofjudgesreviewsandscoreseachapplication.Onlytheteamswhoseproposalsshowsignificantpromisewillbeselectedassemi-finalistsandaskedtocontinuetoPhaseIIoftheprogram.
Process:TheNVCfollowsayear-longprogramthatfollowsahighly-structuredprocess.Stages:
• PhaseI:IdeaGeneration,BusinessIdeaValidation&TeamFormation• PhaseII:Selection• PhaseIII:Course-Mentoring,CriticalFeedback&BusinessPlanDevelopment• PhaseIV:FinalsCompetition
Functional:Throughtheprogram,teamsareexpectedtoidentifyamarketneed,createaminimumviableproduct(MVP)thatactsasthesolutiontothatmarketneed,specifycompetitiveissuesandoutlinetheirsolution’scompetitiveadvantage,developarobustbusinessplan,andcraftapersuasiveinvestorpitch.Documentation:http://research.chicagobooth.edu/nvc/traditional-nvcdescribestheprocessindetail.
Pedagogy:Instructors:PrimaryinstructorsaretheFacultyDirectorofthePolskyCenter(whoteachesoneclasssection)andtheExecutiveDirector/SeniorAdvisorofthePolskyCenter(whoteachestheothersection).TwoclasssectionsareofferedintheSpringquarter.TheadministrativefunctionsoftheprogramaresupportedbythePolskyCenterstaff.Course:ThecoreoftheprogramisaSpringquarteracademicclasscalledBUS34104SpecialTopicsinEntrepreneurship:DevelopingaNewVentureinwhichtwosectionsareoffered—oneduringthedayandoneintheevening.ThecourseisofferedattheMBAlevel,andatleastoneteammembermusttakethecourseforcredit.Coursedeliverables:Eachteamisexpectedtocreateawrittenbusinessplanandmustpresenttheircompanyplanandinvestorpitchtwicetoapanelofjudges.
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Mentors/Coaches:Eachteamisassignedanacademicfacultyadvisorandatleasttwobusinessmentors.Thegoalisforthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandproviderelevantindustryexperience.TeamsalsogetdedicatedsupportthroughNVCcoaches.Instruction:Thecourseisaninvertedclassroominwhichthereisamixofinstructionaboutspecifictopics,workshopsconductedbyguestspeakers,andopportunitiesforstudenttopresentandreceivefeedbackfromin-classjudges,mentors,andcoaches.Accesstoresources:ThroughthecontactsandservicesofthePolskyCenter,studentteamshaveaccesstoawidevarietyofresourcesthatcanassistthemduringtheNVCprogram:
• Investors:ManyinvestorsandVCsarepartofthegreaterUniversityofChicagoandChicagoBoothnetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.SeveraljudgesserveasmentorsandjudgesthroughouttheNVCprogram,advisingstudentsasneeded.AttheNVCFinalscompetition,studentspitchtheirideastoreal-lifeinvestors.Currently,OriginVentures,OCAVentures,andPritzkerGroupVentureCapitalcontributetothetotalNVCprizepackageforthetopwinningteams.Thesethreefirms,therefore,makeinvestmentsinthewinningNVCteams.TeamsalsofrequentlyraisecapitalfrominvestorstowhomtheyhavebeenintroducedduringtheNVC.
• Labresources:TeamsworkingonengineeringorsciencebasedprojectsareabletoaccesslabequipmentandprototypingsupportfromthePolskyCenter’sstate-of-the-artFabricationLab,whichislocatedon53rdStreet.Requiredtrainingandhands-onworkshopsareavailablefromthisofficetosupportaccesstotheseservicesandequipment.
• Softwareengineering:Manyteamsneedaccesstoprogrammingtalentinordertomovetheirprojectsahead.TheUniversityofChicagoBoothSchoolofBusinesshasadedicatedpartnershipwiththeUniversityofIllinois-UrbanaChampaign(UIUC)CollegeofEngineeringtocreatecollaborationopportunitiesbetweenUniversityofChicagoandUIUCstudents.Onegoalofthepartnershipistohelpmatchbusinessteamswithtechnicaltalent.
• Legal:ThePolskyCenterhaspartneredwiththeUniversityofChicagoLawSchooltosetupalegalclinictoprovideteamssupportandguidanceonlegalissues.ThisCorporateLabserviceisexclusivelyforteamsintheNVCprogram.Inaddition,thePolskyCenteralsoencompassestheuniversity’stechnologytransferoffice,wherethereisadditionalexpertiseintheareaofIP,technologylicensing,andproductcommercialization.Teamsareabletotapintotheseservicesasneeded.
Tracks:TherearecurrentlyfourtracksoftheNewVentureChallenge—Traditional,Social,Global,andCollege.TheSocialNVCfollowsthesameeligibilityandprocessastheTraditionaltrack,butincludesventuresthataimtohaveasocialimpactmission.TheGlobalNVCisadedicatedtrackfortheUniversityofChicagoBoothSchoolofBusinessExecutiveMBAstudentsattheChicago,HongKong,andLondoncampuses.TheCollegeNVCisexclusivelyforundergraduatestudentsattheUniversityofChicago.
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Institution:DukeUniversity(theFuquaSchoolofBusiness)Programname:ProgramforEntrepreneursBriefdescription:TheProgramforEntrepreneurs(P4E)isanexperientiallearningprogramthatusestheprocessofstartinganewventureasavehicleforeducation.Itcomprisesathree-coursesequencehousedintheBusinessSchoolalongwithsupportingresourcesandactivities,includingaseriesofworkshopsandmeetingsinpreparationfortheprogramfocusedonteamformationandprojectselection.Thedurationoftheprogramisnominally18–24months.
Objectives:TheprimaryobjectiveofP4Eiseducational.Thegoalistoenhancetheentrepreneurialskillsetofstudentsenrolledintheclasses.However,alloftheprojectsarepotentiallyrealventuresandatleastsomestudentsoneachteamareengagedwithaviewtostartingaventure.Newventurecreationissometimesahappyresultoftheprogram.
SelectionProjects:Allsortsofprojectsareacceptable:forprofitornot-for-profit,andindustryormarket.However,theideamustbeconcreteenoughthatafairlyclearhypothesiscanbearticulatedregardingmarketneedandsolution.Allprojectsareattheveryearlieststagesofdevelopment.Nocompanieswithfundingorrevenueareadmitted.Teams:Teamsmustconsistofatleasttwostudents,althoughthreeormorearepreferred.TeamsgenerallycontainatleastoneMBAstudentalthoughexceptionshavebeenmade.Itisnotyetaformalrequirementthattheteamsdemonstratethattheyhavealloftheskillsneededtoadvancetheirprojects.Inaddition,teamsmustrecruitabusinessmentortoworkwiththem.Screening:Thereisalightscreenbytheinstructor,butpermissiontoparticipateisrarelywithheld.Itisexpectedthatteamswillscreenthemselvesoutatthetransitionpoints(breaksbetweencourses)astheyrealizethattheirideasarenotviableornotasattractiveastheyhadoriginallythought.
Process:P4Efollowsafairlystructuredentrepreneurialprocess.Stages:
1. Teamformationandpreliminaryideaselection2. Validatingtheopportunity3. Creatingastrategy4. Creatinganoperatingplan
Thesestagesarethesameforallventures,buttherearemanydifferencesininterpretationandexecutionamongdifferentkindsofventures.
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Functional:Emphasisisonestablishingmarketneed,creatingaviableproductconcept,andestablishingsustainablecompetitiveissues.Sothefunctionalareasofstrategyandmarketinginanewventurearealwaysfrontandcenter.Issuesrelatedtoincorporation,financing,andotherdisciplinesaredealtwithasneededandsomewhatadhoc.Documentation:www.dukeven.comandwww.dukep4e.orgdescribetheprocessindetail.
Pedagogy:Instructors:PrimaryinstructorisaProfessorofthePractice(practitionerinstructor)withsignificantinvolvementbyaseniormemberofthestaffoftheCenterforEntrepreneurshipandInnovation.Courses:Thecoreoftheprogramisathree-coursesequencereflectingtheprocessdescribedabove.ThecoursesareofferedattheMBAlevel,butthroughcross-listingareavailabletoallstudentsattheuniversity.Non-MBAstudentscurrentlyconstitute10–15%ofthestudentsenrolled.Coursedeliverables:Eachcourserequiresawrittenreportaccordingtoatemplateinwhichtheteamdocumentstheirmainfindingsanddecisions.Thereisalsoapresentation,usuallytoapanelofinvestors.Mentors:Eachteamisassignedanacademicfacultyadvisorandatleastonebusinessmentor.Thegoalisthatthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantindustryexperience.Instruction:Thecoursesareamixofinstructionaboutspecifictopics,workshopsconductedbyguestspeakers,andopportunitiesforstudenttopresenttoeachotherandgiveandgetfeedback.Theworkofthestudentsisallintheirteamstryingtoadvancetheirproject.Accesstoresources:ThroughthecontactsoftheCenterforEntrepreneurshipandInnovation,studentteamshaveaccesstoawidevarietyofresources,butaccessisnotguaranteed.
• Investors:manyinvestorsarepartofthenetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.Thisoccasionallybutnotoftenresultsinaninvestment.
• Labresources:teamsworkingonengineeringorsciencebasedprojectsoftenneedaccesstolabequipmentorprototypingfacilities.Theprogramhasaverylimitedabilitytohelpwiththis.
• Softwareengineering:Manyteamsneedaccesstoprogrammingtalenttomovetheirprojectsahead.Thereisnotorganizedwaytofacilitatethis,butstudentteamscanoftenfindtheresourcestheyneedattheuniversity.
• Legal:AtDukethereisacomplementarylegalclinictogetguidanceonearlylegalissues.ThisguidanceisverylimitedintheareaofIP.
Tracks:Therearecurrentlynotracksbyareaofinterest(e.g.,healthcare,tech,etc.),althoughthisiscontemplatedforthefuture.
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Marie Thursby
Institution: Georgia Institute of Technology (The Scheller College of Business) Program name: Technological Innovation: Generating Economic Results (TI:GER®) Brief description: The TI:GER program is a multidisciplinary, experiential learning program focused on technology entrepreneurship. The program teams PhD students in science and engineering with MBA and JD students to examine issues surrounding the potential for commercialization of the PhD student thesis research. Students take the three course TI:GER sequence while continuing to pursue their degrees. Each team has a legal and a business mentor, and is given multiple opportunities to interact with industry advisors and the greater entrepreneurial community. The program is a 12 credit hour program, 9 credits of which can be used as a minor for the PhD students in the program.
Objectives:
TI:GER is primarily educational, with three objectives, to:
(i) endow students with the multidisciplinary skills and entrepreneurial perspective needed to facilitate the creation and diffusion of new technology;
(ii) encourage graduate student research with both technical and market relevance; and
(iii) improve their understanding of how economic, regulatory, and legal mechanisms affect new venture creation, corporate entrepreneurship, and university-industry technology transfer.
Selection Projects: Teamwork is centered on the PhD students’ thesis research, which often produces platform technologies. Teams focus early on identifying opportunities for the research, as well as addressing which opportunities to tackle initially. In the second year of the program, students also participate in projects from the Atlanta Technology Development Center or from companies identified as TI:GER international projects. PhD projects are often in early stages of development, although some may be in prototype phase. Teams: Teams are self-formed in the first two months of the program and consist of 5 students, one PhD, two MBA, and two JD students per team. Screening: PhD students much be nominated by their advisor, submit an application including two letters of recommendation, a statement of their research, as well as a statement as to why they anticipate TI:GER participation benefitting their career goals. All PhD applicants are interviewed with a subset admitted, most with funding commitments from the Batts TI:GER endowment or other TI:GER source. MBA students apply when applying to Scheller and go through an interview process with TI:GER staff. JD students apply to the Emory TI:GER Director at the end of their first year at Emory Law.
Process: The TI:GER process is highly structured. Functional: The process is immersive process and comprised of team formation and coverage of team processes, identification of opportunities, intellectual property protection, industry analysis, strategy, customer discovery, and entrepreneurial finance
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Documentation: https://www.scheller.gatech.edu/centers-initiatives/tiger/
Pedagogy: Instructors: The instructors come from the Scheller and Emory Law faculty with significant involvement by members of the greater Atlanta entrepreneurial community. Courses: The core of the program is a three-course sequence reflecting the process described above. Course deliverables: The first course has two major deliverables: an IP assignment focused on patent search and freedom to operate, and an industry analysis. The deliverables for the second course are a finance assignment and commercialization plan. The third course has two deliverables: one for the PhD project, which may be a business plan, SBIR application or other real exercise; and one for the outside ATDC or international project, with the project depending on the outside company’s needs. Each semester teams present to the TI:GER Advisory Board. Mentors: Each team has a business mentor and a legal mentor. The mentor program is designed to connect TI:GER teams with professionals in Technology Commercialization who can help students learn from those currently active in the field about successfully taking technology from the lab to the marketplace.
§ Provide student teams with practical advice about technology business creation and development from business and legal perspectives.
§ Help students develop leadership and networking skills. § Help students learn about their target industry’s market opportunities and needs and
develop contacts in their selected industry. § Help students develop career paths.
Instruction: The courses are a mix of instruction and project work. The majority of the classes combine lectures with applications to the teams’ specific projects. Students are routinely expected to present in class and become adept at communicating their projects in non-enabling ways to outside audiences. Access to resources: Student teams have access to a wide array of resources through the Georgia Institute of Technology and Emory University. Along with the team mentors and TI:GER faculty, the TI:GER Advisory Board includes principals of law firms, venture angel investors prepared to introduce participants to the great entrepreneurial community. Curriculum materials: A volume covering the topics in the first two core classes is used, authored by TI:GER faculty, funded by the Kauffman Foundation, and published by Emerald Publishing. Now available in its 2nd edition, the volume is “Technological Innovation: Generating Economic Results” 2nd edition,” Advances in the Study of Entrepreneurship, Innovation, and Economic Growth Volume 26 edited by Sherry Hoskinson and Marie Thursby, 2016. Tracks: There are currently no tracks by area of interest; although a children’s healthcare track was provided in 2013. Other tracks may be considered in the future.
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Institution:MITProgramname:MITdeltavAccelerator(formerlyknownasGlobalFounders’SkillsAccelerator)(“deltav”standsforthederivativeofvelocitywhichisacceleration)Briefdescription:
• MITdeltavisanexperientialskillsacceleratorforMITstudententrepreneurstohelpthemdevelopdeepcapabilityandconfidenceinbuildingviable,sustainable&scalableventures.
• TheprogramisacapstoneeducationalopportunityforentrepreneurialMITstudents.
• Wetakethebestteams(“peoplefirst,projectssecond”)withaninterestingideaorproofofconceptandfocusontheprocessofcreatingimpactful,innovation-drivenstartups.
• For2016,17teamsspenttheirsummermonthsattheMartinTrustCenterwithanemphasisonintegratingrigorousmethodologywithexperientiallearninginafullyimmersivethreemonthenvironmentthatcovers:
o Teambuilding/organizationdevelopmentanddynamicso Understandingtheirtargetmarket,customers,andusersusingprimary
marketresearcho Creatingvaluethroughinnovation-drivenproductdefinition,prototyping,
iternationanddevelopmento Capturingvalueinaneconomicallysustainablewayviauniteconomic
analysiso Buildingouttherestoftheventure(companyformation,legal,financials,
fundraising,sales,marketing,etc.)• Weprovidespace(tobuildthecohortforlaterallearning),fellowships(of
$2K/monthperstudentsotheycanandmustbefulltime),structure(intheformofjustintimeeducation,weeklycheck-ins,monthlyboardmeetingsthatdecideonmilestonepaymentsupto$20Kperteamaswellasafullrangeofstandardsupportlikementoring,makerspaces,introductionstospecialist,etc.),status(intheformofexposurewithbigDemoDaysinBoston,NewYorkCityandSanFrancisco)
Objectives:Thisisthecapstoneeducationalprogramthatourtopstudentsaspiretoiftheyareseriousaboutentrepreneurship.Byitspresence,itmakesalltheothercoursesandprogramswerunandsupport,muchmoreeffective.
SelectionProjects:Allindustriesbuttheyhavetobeambitiousintheirimpact.Theycanbe“forprofit”or“notforprofit”newventures.Teams:Havetomorethanonepersonperteamandthereisastrongbiasinselectiontoheterogeneousteams.Infact,welookfornotonlydiverseteamsbutadiversecohortaswell.Screening:
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“Peoplefirst,projectssecond”asweaccepttheteamandexplicitlynottheidea.Theteamcanchangetheirmindbuttheteamneedstohaveanideatoapplyanditshouldbeanambitiousideabutweacceptthatitcan,andsometimesdoes,changedramaticallyaftertheyhavetimetodevelopitfurthernowthattheyarefulltime.
Process:Stages:
1. First30days:“Whoisyourcustomer?”Teamsdodeepprimarymarketresearch.
2. Next30days:“Whatcanyoudoforyourcustomer?”Teamsfocusondefiningtheproductandrefiningthiswiththewelldefinedcustomerfromfirstmonth.
3. Last30days:BuildouttherestoftheventureandprepareforDemoDays.Functional:Teaching,mentoring,workshops,monthlyboardmeetings.Documentation:Alargeportionoftheprogramfollowsthe24stepsinthe“DisciplinedEntrepreneurship”bookbuttheyalsodomore(e.g.,primarymarketresearch,financials,presentationskills,boardskills,etc.)
Pedagogy:Instructors:BillAulet,CatherinTucker,MattMarx,EIRs(TrishCotter,DonnaLevin,NickMeyer)andmanyspecialistsforCourses:Thisisnotacoursebutbuildsoffthecoursestheyhavealreadytakenandaggressivelyputswhattheylearnedintheseclassesintopractice.Coursedeliverables:MonthlymilestonespresentedandgradedatboardmeetingsMentors:EIRSInstruction:JustInTimeandmoreworkshoporiented.Accesstoresources:
• Investors:AtDemoDay• Labresources:Yes.MakerSpaceatTrustCenterbutlotsofotherlabsatMIT• Software/hardwareengineering:Yes• Legal:Yes• Industryandserviceproviderexperts:Yes
Tracks:All
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Institution:StanfordUniversityProgramname:LaunchPadBriefdescription:fromLaunchpad.stanford.edu:It's the game-changing d.school class at Stanford for entrepreneurs. Our teaching philosophy is built around the culture of start-ups and what makes them tick. In the class Stanford students take an idea for a product or service and start a company in 10 weeks. Maybe one of the reasons it works is because we put our emphasis on the entrepreneurs, not the idea. Or maybe it's because we focus on doing, not planning. Or maybe it's because we don't believe in failure, only evolution. All we know is that it's totally different than other incubators or accelerators, and the proof is in the numbers: Since the annual class started in 2009, we've coached 90 companies to launch and over 50 are still in business.
Objectives:
SelectionProjects:Wearenotfocusedontheideas,butthefoundersthemselves–welookhardattheapplicationpool(throughpersonalinterviewsonly)forfoundersthathaveshownpersistenceandahightoleranceofrisk.Teams:Opentoanystudentteamfromanydiscipline,solongastheyactuallywanttostartacompany.It’snotasurveyclass,oracasestudyclass,sohavingpeoplewhoarecommittedtoactuallylaunchingbusinessesiswhatiscritical.Screening:Wehostweekly“officehours”wherewemeetwithfounders.Wearealwaysscreeningforwillingnesstotakeaction,andrisktolerance.WelookforstudentswhoarealwaysDOINGinordertolearn,notplanningorresearching.Soifstudentscomebackhavingdonewhatweasked,wegivenewassignments(yes,evenbeforethey’reintheclass).Iftheyhaven’tdoneanythingsincethelastwespoke(researchisnotdoing),thenwerepeatwhatwealreadytoldthem.
Process:Stages:Theclassisaseriesof~15hurdlesmeaning15assignmentsover20classsessionsFunctional:Documentation:onlytheassignmentsandweuseSLACKtocommunicateoutsideoftheclass–studentareevaluatedbyuseandbytheircustomersateveryhurdleandthisisalltransparentwiththeLaunchpadclass.
Pedagogy:Instructors:PerryKlebahnandJeremyUtley
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Courses:LaunchPadCoursedeliverables:Everycoursehasanassignmentandassociateddeliverable.Ultimatedeliverableisastudent,entrepreneuring.Weconsideritagiftifastudentnolongerconsidersthemselvesanentrepreneur(ratherthanpersistinginsaying,“I’mkindathinkingaboutdoingthisthingsometime…),oratleastnolongerconsidersanideaworthyofpursuing,butourultimatedeliverableisafoundercapableofnavigatingtherisksandcomplexitiesofrunningastart-upintherealworld.Mentors:Manypractitionersandventurecapitalists.Instruction:Post-assignment-discussiondriven.Wegiveassignmentsandstudentsbringresultstoclass,andwediscusstheresults.Wealsosetafew“learningtraps”(surprises)thatthrowstudentsoffbalance.Accesstoresources:
• Investors:Weinviteagroupofinvestorstoafewclassestobringtheirlenstotheevaluationofaparticularhurdle
• Labresources:None• Software/hardwareengineering:None• Legal:None• Industryandserviceproviderexperts:None
Tracks:
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Institution:UniversityofToronto(RotmanSchoolofManagement)Programname:CreativeDestructionLabCourseBriefdescription:TheCreativeDestructionLabCourse(CDL)isahandsonlearningexperiencewherestudentspairupandapplytoreal,sciencebasedventuresinourprogram.TheMBAsdonotformtheirownventures,butrather,theyprovideasupportingroleandhelpothersachievetheirobjectives.ThiscourseistakenduringthesecondyearoftheMBAprogramandrunsfromSeptember-April.Recently,wehavebeguntoacceptahandfulofcommerceundergraduatestotaketheclass.
Objectives:TheprimaryobjectiveoftheCDLcourseisequityvaluecreationofourventures.TheMBAsaretodrawuponskillslearningintheirfirstyearandonpastexperiencesinordertoprovidebusinessdevelopmenthelpfortheventures.AlthoughwestrivetomakethisauniquelearningexperienceforourMBAs,themainobjectiveisalwaysequityvaluecreationofourventures.
SelectionMBAScreening:ThisisthemostcompetitivecoursetotakeatRotman.Itrequiresalengthywrittenapplication,andatleasttwointerviewsheldbyCDLteammembersandCDLcoursealumni.Thisisdonetoensurethatonlyseriousstudentsareadmittedtothecourse.VentureScreening:Venturesmustgothroughtheirownscreeningprocessthatinvolvesawrittenapplicationandmanyin-personinterviews.Outofhundredsofapplications,fiftyareacceptedtostartourprograminSeptember(25inMachineLearningand25ineverythingelse).Thelowestperformingventuresarecutthroughouttheyearandtypically24(12ineachstream)willgraduatefromourprograminJune.Venturesaretypicallyearlystage(notyetseedfunded)andaregenerallycompetingbasedontheirtechnologicaladvantage.
Process:
1. Studentsareputintogroupsandmustevaluateandrankastackofapplications2. Studentshavetheopportunitytointerviewtheventuresintheirstackandthen
mustre-ranktheseventures3. StudentshelptheCDLdecidewhich50venturestoacceptinSeptember4. Studentspairupandapplytoworkwithventures(afterinterviewsandapubnight,
ventureschoosewhichMBAgrouptheywillworkwithfortherestoftheyear)5. Studentsspendtherestoftheyearworkingcloselyworkingwiththeirventureand
areresponsibleforproducingfortheirventure(ataminimum):a. Financialmodelb. Marketevaluationc. Pitchdeckd. Investmentmemoe. Video(similartoa“Kickstarter”video)
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f. SalesorLOIsThisyear,itismandatoryforstudentstoalsotaketheCDLentrepreneurialstrategyclass.ThemainobjectiveinthisclassistodrawuptwobusinessplansforasingleCDLventure(ex.Oneforapaththattheytookandthenoneforanalternatepath).
Pedagogy:Instructors:PrimaryinstructorisProfessorAjayAgrawal.ProfessorJoshuaGansteachestheentrepreneurialstrategyclassandPhDstudentRachelHarrismanagesallthelogisticsbetweenandduringclasses.Coursedeliverables:Eachofthetwocourseshasitsownsetofassignments.AllassignmentsareconsideringtobeusefulforaCDLventure(ex.Financialmodel,etc.).Mentors:Eachteamisassignedanacademicfacultyadvisorandatleastonebusinessmentor.Thegoalisthatthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantindustryexperience.Instruction:ThereislittleinstructioninthemainCDLcourse.ThereareaclusterofclassesinSeptember,butthatisitfortheyear.Studentsareencouragedtofigureoutconceptsontheirownandtolearnbydoing.Theentrepreneurialstrategyclasshassetinstructionclassesthroughouttheyearwherestudentslearnaboutdifferentstrategies(ex.Patentorcompete,pivots,etc.).Opportunities:WeprovidethestudentsintheCDLcoursewithmanydifferentopportunities(itisuptothemwhethertheytakethemornot):
1. To“testdrive”entrepreneurship2. TomeetTorontoandBayAreaVentureCapitalists3. TomeetsuccessfulCanadianandAmericanentrepreneurs,turnedangelinvestors4. Toworkforascience-basedventureandpotentiallygethiredbythem(thispast
year,10%ofourstudentsjoinedtheirventurefull-time,postMBA)5. TotestouttheskillstheylearnedintheirfirstyearoftheirMBA
Tracks:Therearecurrentlytwotracks:oneforMachineLearningandoneforeverythingelse.Astimeprogresses,wewillbegintoaddinadditionaltracks.