June 11, 2021 MEMORANDUM TO: Prabhudev Konana Dean, Robert H. Smith School of Business

FROM: Elizabeth Beise Associate Provost for Academic Planning and Programs

SUBJECT: Proposal to Establish a Post-Baccalaureate Certificate in Innovation and

Entrepreneurship (PCC Log No. 18013)

On August 20, 2020, Chancellor Perman approved your proposal to establish a Post-Baccalaureate Certificate in Innovation and Entrepreneurship. On January 29, 2021, the Maryland Higher Education Commission gave final approval. A copy of the approved proposal is attached.

The new program is effective Fall 2021. The Graduate Catalog entry for the program will

be added by the Graduate School (contact Angela Ambrosi at aambrosi@umd.edu for more information). Please ensure that the change is fully described in all other relevant descriptive materials.

Please contact Linda Yokoi at lyokoi@umd.edu in the Office of the Registrar to establish

a major code for the program. The new major code will be mapped to the following unit: • 012029001290101 BMGT-Robert H. Smith School of Business

EJB/mdc Enclosure cc: Valerie Orlando, Chair, Senate PCC Committee Barbara Gill, Office of Enrollment Management

Reka Montfort, University Senate Huifang Pan, Division of Information Technology Pam Phillips, Institutional Research, Planning & Assessment Lae’l Hughes-Watkins, University Archives Linda Yokoi, Office of the Registrar Brooke Liu, Graduate School Michael Marcellino, Robert H. Smith School of Business

Larry Hogan Governor

Boyd K. Rutherford

Lt. Governor

Andrew R. Smarick Chair

James D. Fielder, Jr., Ph. D.

Secretary

MARYLAND HIGHER EDUCATION COMMISSION 6 N. Liberty Street • 10th Floor • Baltimore, MD 21201

T 410.767.3300 • 800.974.0203 • F 410.332.0270 • TTY for the Deaf 800.735.2258 www.mhec.maryland.gov

January 29, 2021

Dr. Mary Ann Rankin Senior Vice President and Provost University of Maryland, College Park Main Administration Building College Park, MD 20742 Dear Dr. Rankin: The Maryland Higher Education Commission has reviewed a request from University of Maryland, College Park to offer a Post Baccalaureate Certificate (P.B.C.) in Innovation and Entrepreneurship.

I am pleased to inform you that the program proposal is approved. This decision is based on an analysis of the program proposal in conjunction with the law and regulations governing academic program approval, in particular Code of Maryland Regulations (COMAR) 13B.02.03. As required by COMAR, the Commission circulated the proposal to the Maryland higher education community for comment and objection. No objections were received during the 30-day circulation period. The program meets COMAR’s requirements and demonstrates potential for success, an essential factor in making this decision.

For the purposes of providing enrollment and degree data to the Commission, please use the following HEGIS and CIP codes: Program title Award level HEGIS CIP

Innovation and Entrepreneurship P.B.C. 0506.03 52.0701 Should University of Maryland, College Park desire to make a substantial modification to the program in the future, review by the Commission will be necessary. I wish you continued success. Sincerely,

Dr. James D. Fielder Secretary

JDF:KKS:gra C: Dr. Antoinette Coleman, Associate Vice Chancellor for Academic Affairs, USM Mr. Mike Colson, Senior Coordinator for Academic Programs, UMCP File: 20406

7 0 1 E . P R A T T S T . / / B A L T I M O R E , M D 2 1 2 0 2

W W W . U S M D . E D U / / 4 1 0 . 5 7 6 . 5 7 3 5

OFFICE OF THE CHANCELLOR

August 20, 2020

Dr. Darryll Pines

President

University of Maryland, College Park

Office of the President

Main Administration Building

College Park, MD 20742

Dear Darryll,

Thank you for forwarding the request of the University of Maryland College Park to offer the

Post-Baccalaureate Certificate (P.B.C.) in Innovation and Entrepreneurship. I understand that the

certificate program will offer professional development to practitioners, innovators, and potential

entrepreneurs, and the curricular requirements are composed of the elective courses that reside in

the existing approved Master of Business Administration (M.B.A.).

I am pleased to approve this action. I have confidence that the certificate program will meet with

much success.

Sincerely,

Jay A. Perman

Chancellor

Cc: Mary Ann Rankin, Senior Vice President and Provost

Antoinette Coleman, Associate Vice Chancellor for Academic Affairs

PCC Proposal to Establish a Post-Baccalaureate Certificate in Innovation and Entrepreneurship (Senate Document #18-19-22)

I am pleased to forward the accompanying legislation for your consideration and approval. Janna Bianchini, Chair of the Programs, Curricula, & Courses Committee, presented the PCC Proposal to Establish a Post-Baccalaureate Certificate in Innovation and Entrepreneurship (Senate Document #18-19-22), which the University Senate approved at its meeting on February 5, 2019. Please inform the Senate of your decision and any administrative action related to your conclusion.

02-12-2019

Wallace D. Loh President

Copies of this approval and the accompanying legislation will be forwarded to:

Mary Ann Rankin, Senior Vice President and Provost Reka Montfort, Executive Secretary and Director, University Senate Michael Poterala, Vice President and General Counsel Cynthia Hale, Associate Vice President for Finance and Personnel John Bertot, Associate Provost for Faculty Affairs Elizabeth Beise, Associate Provost for Academic Planning & Programs Sylvia B. Andrews, Academic Affairs Alexander Triantis, Dean, Robert H. Smith School of Business Michael Marcellino, Assistant Dean of MBA & MS Programs, Robert H. Smith School of Business Janna Bianchini, Chair of the Programs, Curricula, & Courses Committee Michael Colson, Senior Coordinator for Academic Programs Brent Goldfarb, Associate Professor

TO Wallace D. Loh | President

FROM Christopher Walsh | Chair, University Senate

Approved: Date:

UNIVERSITY SENATE

LEGISLATION APPROVAL | #18-19-22

Approved by the Senate on February 5, 2019

Establish a Post-Baccalaureate Certificate in Innovation and Entrepreneurship (PCC 18013)

ISSUE

The Robert H. Smith School of Business proposes to establish a twelve-credit Post-Baccalaureate Certificate in Innovation and Entrepreneurship. The purpose of this certificate is to offer professional development to practitioners, innovators, and potential entrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Maryland economy as a whole. The certificate will be beneficial to people with ideas and/or technological skills but who lack entrepreneurial know-how.

The curriculum will consist of six two-credit courses for a total of twelve credits. The six courses are as follows:

BUMO 732: Entrepreneurship & New Ventures BUMO 752: Strategic Growth for Emerging Companies BUSI 771: New Venture Financing BUMO 758T: Technology Entrepreneurship BUMO 758G: Innovation Management BUMO 794: Essentials of Negotiations

The curriculum will focus on key entrepreneurial competencies including opportunity assessment, problem/solution validation, risk mitigation, and venture financing. To address the void of management talent in the venture labor pool, the certificate will also address essential management skills including negotiations, team building, and leadership. The certificate program will culminate in a course (BUMO 758T Technology Entrepreneurship) where students will have the opportunity to create a strategy to develop their own idea.

This proposal was approved by the Graduate School Programs, Curricula, and Courses committee on November 30, 2018, and was approved by the Senate Programs, Curricula, and Courses committee on December 7, 2018.

PRESENTED BY Janna Bianchini, Chair, Senate Programs, Curricula, and Courses Committee

REVIEW DATES SEC – January 28, 2019 | SENATE – February 5, 2019

VOTING METHOD In a single vote

RELEVANT POLICY/DOCUMENT N/A

NECESSARY APPROVALS

Senate, President, University System of Maryland Chancellor, and Maryland Higher Education Commission

UNIVERSITY SENATE TRANSMITTAL | #18-19-22 Senate Programs, Curricula, & Courses Committee

RECOMMENDATION(S)

The Senate Committee on Programs, Curricula, and Courses recommends that the Senate approve this new certificate program.

COMMITTEE WORK

The committee considered this proposal at its meeting on December 7, 2018. Robert H. Smith School representatives Michael Marcellino, Assistant Dean of MBA & Master of Science programs, and Brent Goldfarb, Associate Professor, presented the proposal and answered questions from the committee. The proposal was unanimously approved by the committee.

ALTERNATIVES

The Senate could decline to approve this new certificate program.

RISKS

If the Senate declines to approve this certificate program, the university will lose an opportunity to provide specialized training in innovation and entrepreneurship for students who do not wish to enroll in a full Master’s program in order to receive this training.

FINANCIAL IMPLICATIONS

There are no significant financial implications with this proposal as the courses and administrative processes already exist through Robert H. Smith School of Business master’s programs.

665: Innovation and Entrepreneurship 1

665: INNOVATION AND ENTREPRENEURSHIPHistory1. Jun 10, 2021 by Michael Colson (mcolson)

New Program ProposalViewing: 665 : Innovation and EntrepreneurshipProgram Name

Innovation and Entrepreneurship

Program Status

Active

Effective Term

Fall 2021

Catalog Year

2021-2022

Program Level

Graduate Program

Program Type

Post-Baccalaureate Certificate

Delivery Method

On Campus

Colleges

College

The Robert H. Smith School of Business

MHEC Inventory Program

Innovation and Entrepreneurship

CIP Code

520701 - Entrepreneurship/Entrepreneurial Studies.

HEGIS

050603

Degree(s) Awarded

Degree Awarded

Certificate, Post-Baccalaureate

Proposal Contact

Michael Marcellino

Proposal Summary

This proposal was submitted before the CIM system was implemented. Information from the proposal has been entered in most fields below. Otherproposal information can be found in the attachment of the original proposal.

2 665: Innovation and Entrepreneurship

Program and Catalog InformationProvide the catalog description of the proposed program. As part of the description, please indicate any areas of concentration or specializations thatwill be offered.

The Post-Baccalaureate Certificate in Innovation & Entrepreneurship offers professional development to practitioners, innovators, and potentialentrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and theMaryland economy as a whole. The certificate will be beneficial to people with ideas and/or technological skills but who lack entrepreneurial know-how

Catalog Program Requirements:

Course Title CreditsBUMO732 Entrepreneurship and New Ventures 2BUMO752 Strategic Growth for Emerging Companies 2BUSI771 New Venture Financing 2BUSI714 Innovation Management 2BUSI793 Course BUSI793 Not Found 2BUMO794 Essentials of Negotiation 2

Total Credits 12

Sample plan. Provide a term by term sample plan that shows how a hypothetical student would progress through the program to completion. It shouldbe clear the length of time it will take for a typical student to graduate. For undergraduate programs, this should be the four-year plan.

One semester option:

First Year

Term 1 Credits Term 2 Credits

BUSI714 2 BUSI793 2

BUMO732 2 BUMO752 2

BUMO794 2 BUSI771 2

  6   6

Total Credits 12

Two semester option (Terms 1 and 2 in Fall Semester; Terms 3 and 4 in Spring Semester):

First YearTerm 1 Credits Term 2 Credits Term 3 Credits Term 4 CreditsBUSI714 2 BUSI771 2 BUMO752 2 BUSI793 2BUMO732 2 BUMO794 2    

  4   4   2   2

Total Credits 12

List the intended student learning outcomes. In an attachment, provide the plan for assessing these outcomes.

Learning Outcomes

The Entrepreneurial Skillset: Reach innovative/unconventional solutions by iteratively proposing ideas/strategies, receiving feedback, incorporatingfeedback and learning from failed approaches; Collaborate with others on developing an innovative analysis, project or solution, by incorporatingdifferent viewpoints and experiences; Develop business models that incorporate feedback from customers and pivot based upon the needs of themarket; Present the business idea to investors or other outside stakeholders; Develop a profitable minimal viable product (MVP).

Entrepreneurial Growth: Understand basics of financial modeling based on product, service or web business. Develop 3 year financial projectionsbased on key revenue & cost assumptions. Determine risk tolerance and personal funding capabilities based on startup funding needs and anyprojected losses. Understand founding documents, equity structures, operating agreements and capitalization. Understand various mechanisms fornew venture finance. Understand how to plan and structure a business for growth.

Strategic Thinking in Entrepreneurial Environments: Develop skills for decision making in ambiguous environments. Develop skills to learn from andenhance social capital and networks.

665: Innovation and Entrepreneurship 3

New Program Information

Mission and PurposeDescribe the program and explain how it fits the institutional mission statement and planning priorities.

The Post-Baccalaureate Certificate in Innovation and Entrepreneurship will offer professional development to practitioners, innovators, and potentialentrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit studentsand the Maryland economy as a whole. The certificate will be beneficial to people with ideas or technological skills, but who lack entrepreneurialknowledge and skills. This proposed twelve-credit post-baccalaureate certificate is for students who are interested in learning about innovation andentrepreneurship from a variety of perspectives, including management, finance, strategic growth, technology, and communication. Innovation andentrepreneurship will be essential for the state of Maryland as we recover from the economic consequences of the pandemic. This certificate programis designed to help foster and guide Maryland’s future economic leaders.

As written in the University of Maryland’s Mission Statement, one of the university’s goals for graduate education is to “Expand excellent professionalgraduate programs that are nationally recognized for their contributions to the practice of the professions, for their pioneering curricula, and for theirspirit of innovation and creativity.” UMD’s Robert H. Smith School of Business already offers coursework in innovation and entrepreneurship throughits internationally recognized Master of Business Administration (MBA) program, which allows future leaders to develop sophisticated analytical skillsand a deep understanding of the way business functions in a variety of professional contexts.

Program CharacteristicsWhat are the educational objectives of the program?

Enable better decision-making and outcomes in an entrepreneurial environment.

Provide students with opportunities to develop their business ideas and interact with the network of the Robert H. Smith School of Business’sDingman Center for Entrepreneurship.

Describe any selective admissions policy or special criteria for students interested in this program.

Applicants to the Entrepreneurship certificate program must have completed all of the requirements for a baccalaureate degree prior to theiracceptance into the program with a minimum GPA of 3.0. A complete online application form that includes a written essay articulating qualificationsand motivation for pursuing advanced education, one letter of recommendation from supervisors or from professors competent to judge theapplicant’s probability of success in graduate school will also be required.

In addition, an admissions interview may be required. After initial screening, the Admissions Office may select candidates for interviews which maybe done in person or by telephone. Proof of English language proficiency (TOEFL or IELTS official scores) is also required unless the applicant hasreceived an undergraduate or graduate degree from a select list of countries. For international student needing an F1 visa, a completed certification offinance form and supporting financial documentation are required.

In addition to Graduate School requirements, admission decisions for the Entrepreneurship certificate program will be based on the quality of previousundergraduate and graduate coursework (if applicable), the relevance of prior work and research experience, and the congruence of professional goalswith those of the program. Students should submit application materials at least 30 days prior to the start date of the program.

While some students in the certificate program may already have MBA degree, the ever-changing nature of the business environment forentrepreneurship would still necessitate continuing education in this topic. The faculty of the Smith school have experience teaching courses withheterogeneous student groups. In fact the variation in experience enhances the learning outcomes because it facilitates discussion relevant classmaterials by those who have had practical experience or prior exposure to business knowledge.

Summarize the factors that were considered in developing the proposed curriculum (such as recommendations of advisory or other groups,articulated workforce needs, standards set by disciplinary associations or specialized-accrediting groups, etc.).

The certificate program will focus on key entrepreneurial competencies including opportunity assessment, problem/solution validation, riskmitigation, venture financing, etc. To address the void of management talent in the venture labor pool, the certificate will also address essentialmanagement skills including negotiations, team building and leadership. The certificate program will culminate in a course (BUMO 758T TechnologyEntrepreneurship) where students will have the opportunity to develop a strategy to develop their own entrepreneurial idea.

Select the academic calendar type for this program (calendar types with dates can be found on the Academic Calendar (https://www.provost.umd.edu/calendar/) page)

Traditional Semester

Identify specific actions and strategies that will be utilized to recruit and retain a diverse student body.

The Robert H. Smith School of Business community is multifaceted at every level – students, staff and faculty represent a diverse blend ofbackgrounds, nationalities, ethnicities and experiences. About a dozen Smith School and student clubs are focused on bringing members togetherwho have similar interests in gender, nationality, religion, and sexual orientation.To attract the most diverse population possible for the proposed Innovation and Entrepreneurship certificate program, Smith School recruiting staffwill focus on domestic efforts. These efforts will focus recruiting on U.S. minorities and American women of all ethnicities.

4 665: Innovation and Entrepreneurship

Current efforts include:• Representing masters programs in U.S. MBA and Masters Fairs and Tours• Representing masters programs in International MBA and Masters Fairs and Tours• Online Chats• U.S. College Visits• International College Visits• GMASS-based Mailings• GRE-based Mailings• Direct Mail• Email Campaigns• Outreach to College and Campus Organizations and Clubs• Participating in Career/Graduate Study Panels or Workshops• Presentations at Professional Conferences• Creation of "Leap Your Career Forward" for Current UMD Students Looking At MBA and Masters Study• Post-Undergraduate Studies (An Annual Event)• Advertising in UMD Campus Newspapers• Masters Only Education Fairs (Fall And Spring) Throughout the U.S.• Participation in a Masters-focused Business School Alliance• Participant in Graduate Business Education Events Targeted for Underrepresented Populations, Particularly• U.S. Minorities and Women• Including Master's Level Programming in Marketing Content Targeted to U.S. Military/Veterans• Outreach to College Organizations in the Washington, D.C. Area• Enhancement of Website for All Masters Programs• Inclusion of Spotlight and Vignettes of Masters Alumni and Current Students who Reflect Diversity• Participation in Events Targeted for Women Seeking Graduate Study (General And Non-MBA Based Events)• Social Media and Online Advertising within U.S. Markets

Relationship to Other Units or InstitutionsIf a required or recommended course is o#ered by another department, discuss how the additional students will not unduly burden that department’sfaculty and resources. Discuss any other potential impacts on another department, such as academic content that may significantly overlap withexisting programs. Use space below for any comments. Otherwise, attach supporting correspondence.

N/A

Accreditation and Licensure. Will the program need to be accredited? If so, indicate the accrediting agency. Also, indicate if students will expect to belicensed or certified in order to engage in or be successful in the program’s target occupation.

N/A

Describe any cooperative arrangements with other institutions or organizations that will be important for the success of this program.

N/A

Faculty and OrganizationWho will provide academic direction and oversight for the program? In an attachment, please indicate the faculty involved in the program. Include theirtitles, credentials, and courses they may teach for the program.

Primary oversight of this program will be provided by the Dingman Center Academic Director. A committee of faculty members has been createdto address issues including admissions, academic policies, student activities, and internship / placement opportunities. The program would alsobe overseen by the chair of the Management and Organizations department and the Dean’s office. The Robert H. Smith School of Business will useexisting Part Time MBA program resources.

Indicate who will provide the administrative coordination for the program

Primary oversight of this program will be provided by the Dingman Center Academic Director.

Resource Needs and SourcesEach new program is required to have a library assessment prepared by the University Libraries in order to determine any new library resources thatmay be required. This assessment must be done by the University Libraries. Add as an attachment.

See attached

665: Innovation and Entrepreneurship 5

Discuss the adequacy of physical facilities, infrastructure and instructional equipment.

All of the courses being offered for this certificate will be drawn from existing Part Time MBA program courses. All courses will be offered at our DCcampus but some may be offered at our other locations as well. Faculty who teach courses in this program shall be drawn from the faculty of theRobert H. Smith School of Business, particularly the Management and Organizations Department. The Management and Organizations department ofthe Robert H Smith School of Business currently has 31 FTE faculty. 21 of these are full-time tenure / tenure track. All of these faculty have doctoraldegrees in Economics, Strategic Management, or Organizational Behavior, Psychology, Sociology, History or Political Science.

Discuss the instructional resources (faculty, staff, and teaching assistants) that will be needed to cover new courses or needed additional sections ofexisting courses to be taught. Indicate the source of resources for covering these costs.

See attached proposal

Discuss the administrative and advising resources that will be needed for the program. Indicate the source of resources for covering these costs.

See attached proposal

Use the Maryland Higher Education Commission (MHEC) commission financial tables to describe the program's financial plan for the next five years.See help bubble for financial table template. Use space below for any additional comments on program funding.

See attached proposal

Implications for the State (Additional Information Required by MHEC and the Board of Regents)Explain how there is a compelling regional or statewide need for the program. Argument for need may be based on the need for the advancementof knowledge and/or societal needs, including the need for “expanding educational opportunities and choices for minority and educationallydisadvantaged students at institutions of higher education.” Also, explain how need is consistent with the Maryland State Plan for PostsecondaryEducation (https://mhec.state.md.us/About/Documents/2017.2021%20Maryland%20State%20Plan%20for%20Higher%20Education.pdf).

As the entrepreneurial and high-tech sectors expand in Maryland and across the country, a well-developed entrepreneurial and innovation managementskill set will be necessary to achieve success. Entrepreneurial firms often fail due to poor management choices, poor strategic choices, or poormentoring. This program will focus on the entrepreneurial skills necessary to develop new ideas and turn them into thriving businesses. Such skillsinclude entrepreneurial thinking, leadership and negotiations, designing organizations, managing innovation, strategic positioning, and financingnew firms. A particular emphasis will be placed on entrepreneurship in high technology sectors. Entrepreneurial skills are necessary to promotethe success of the entrepreneurial economy. An entrepreneurship certificate will help create skilled labor to work throughout the entrepreneurialecosystem in areas that most matter to the state, including biotechnology and cybersecurity. These successful business leaders will in turn contributeto job creation in the state.

Is the proposed Post-Baccalaureate Certificate derived entirely from the core requirements of an existing master's degree program?

No

Present data and analysis projecting market demand and the availability of openings in a job market to be served by the new program. Possiblesources of information include industry or disciplinary studies on job market, the USBLS Occupational Outlook Handbook (https://www.bls.gov/ooh/), or Maryland state Occupational and Industry Projections (http://www.dllr.state.md.us/lmi/iandoproj/) over the next five years. Also, provideinformation on the existing supply of graduates in similar programs in the state (use MHEC’s Office of Research and Policy Analysis webpage (http://mhec.maryland.gov/publications/Pages/research/) for Annual Reports on Enrollment by Program) and discuss how future demand for graduates willexceed the existing supply. As part of this analysis, indicate the anticipated number of students your program will graduate per year at steady state.

The purpose of this certificate is to offer professional development to practitioners and innovators and potential entrepreneurs. Entrepreneurship sitsat the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Maryland economy as a whole. Thedemand for this training will likely come from those starting or interested in starting companies. In Maryland, this demand has been robust. From 1992to 2016 Maryland had 3400 to 4000 annual startups for establishments that had employees. In 2018 Maryland had 581,712 small businesses thatemployed 1.1 million employees (https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-MD.pdf). As the state reboundsfrom the economic impact of the pandemic, innovation and entrepreneurship will be even more vital to job creation and revenue in the state. Thiscertificate will benefit those with ideas or technological skills but lack the entrepreneurial expertise to get started.

Identify similar programs in the state. Discuss any di#erences between the proposed program and existing programs. Explain how your programwill not result in an unreasonable duplication of an existing program (you can base this argument on program di#erences or market demand forgraduates). The MHEC website can be used to find academic programs operating in the state: http://mhec.maryland.gov/institutions_training/pages/HEPrograms.aspx

According to MHEC’s website, there is only one post-baccalaureate certificate program that focuses on innovation and entrepreneurshipgenerally: Johns Hopkins University’s Post-Baccalaureate Certificate in Technical Innovation & New Ventures. MHEC’s enrollment data (http://data.mhec.state.md.us/macAux.asp) indicates that this program has not enrolled students in several years. UMD hopes that this program will fill thegap in graduate-level entrepreneurial training for students who are not looking to invest the time or resources into an MBA program.

6 665: Innovation and Entrepreneurship

Discuss the possible impact on Historically Black Institutions (HBIs) in the state. Will the program affect any existing programs at Maryland HBIs? Willthe program impact the uniqueness or identity of a Maryland HBI?

No such certificate program currently exists at any of Maryland’s Historically Black Institutions (HBIs). The Robert H. Smith School of Businesscommunity is multifaceted at every level – students, staff and faculty represent a diverse blend of backgrounds, nationalities, ethnicities andexperiences. To recruit a talented, diverse population to the program, the program will market to students at HBI’s in Maryland and the Washington,D.C. area.

Supporting DocumentsAttachments

18013_BMGT_BMGT_AddPBCInnovationandEntrepreneurship.pdf

Key: 665

University of Maryland P C C Program/Curriculum/Unit Proposal

PCC log No: 18013

Program: Certitlcale in Innovation and Entrepreneurship

Ocpartmcnt/Uni l :

Concgc/School: Robert H . Smith School o f Business

Proposal Contact Persott (with email):

Type of Acttoti (check one); • Curriculum change (includes modifying minors,

concentrations/specializations and creating informal specializations)

• Curriculum change is for an LEP Program

n Rename a program or formal Area of Concentralioii

• Establish Disconlirnie a formal Area of Concentration

• other:

[X] Establish a new academic degree certificate program

• Create an online version o f an existing program

• Establish a new minor

• Suspend/Discontinue a degree/certificate program

• Establish a new Master or Certificate o f Professional Studies program

• New Professional Studies program w i l l be administered by Office o f Extended Studies

Italics indicate that the pro{>osal nuist be presented to tin: full University Senate for consideration. Approval Signatures - Please print name, sign, and date. For proposals requiring miilliple unit approvals, please use

additional cover slwelfs).

1. Department Committee Chair _ _ . _ , „ , , ,. _,.,„,_ „. .

2. Department Chair „ _..„„

3. College/School PCC Chair A n i l Gupta .

4. Dean Alexander J. Triantis

5. Dean o f the Graduate School ( i f required)

6. Chair. Senate PCC "^^^mC.. limcluiJi . 7. University Senate Chair ( i f required) _ _ . ,̂

8, Senior Vice President and Provost

instructions: When approved by the dean o f the college or school, please send the proposal and signed form to the Office of the Associate Provost for Academic Planning and Programs, 1119 Main Administration Building, Campus-5031. and email the proposal document as an MSWord attachment to pce-syhniission'; ifumd.eJu.

Summary of Proposed Action (use additional sheet ifnccessai-y):

The Robert ! l Smith School o f Business is proposing a new Post-Baccalaureate Certificate in Innovation & Entrepreneurship. The purpose of this certificate is to offer professional development to practitioners and innovators and potential entrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Matyland economy as a whole. The certificate will target knowledge workers interested in integrating inio the entrepreneurial ecosystem or seeking to increase entrepreneurial skills for innovation in their jobs in the greater DC and Baltimore metro areas. Students in professional and technical programs across the university o f Maryland system, including students in UMB medical and pharmacy schools, engineering, and cotnputer science. The 12 credit formal wil l allow certification in a single semester. The

r»pmi>twi>n of she Dingnian Center for Entrepreneurship will facilitate mcntorship and practical business advice for certificate students. relationships

Unit CiMk(s) (to be entered by the Office of Academic Planning and Programs):

2017-2018 PCC New Degree or Certificate Program Proposal

1

In order to complete this form, you will need to copy this template to your own document, then complete, print, and submit this proposal with the PCC Cover Sheet

Program: CERTIFICATE IN INNOVATION & ENTREPRENEURSHIP Date of Proposal:

Start Term for New Program: Proposed Initiation Date: Fall 2019

A new degree program proposal will need to be approved not just by campus but also by the University System of Maryland (USM) Board of Regents and the Maryland Higher Education Commission (MHEC). New certificate programs need to be approved by the USM Chancellor and MHEC. The following prompts are based on academic policies for programs and reflect campus requirements and MHEC requirements. The prompts also include questions frequently asked by review committees. See http://mhec.maryland.gov/institutions_training/Pages/acadaff/AcadProgInstitApprovals/NewAcademicProgramProposals.aspx for more information about MHEC requirements. Please feel free to add additional information at the end of this document or in a separate appendix. Mission and Purpose

1. Describe the program and explain how it fits the institutional mission statement and planning priorities. The University Mission Statement and Strategic Plan can be found on this site: https://www.umd.edu/history-and-mission.

The entrepreneurship certificate will target knowledge workers interested in integrating into the entrepreneurial ecosystem or seeking to increase entrepreneurial skills for innovation in their jobs in the greater DC and Baltimore metro areas. We expect this to appeal to students in professional and technical programs across the university of Maryland system, including students in UMB medical and pharmacy schools, engineering, and computer science. The 12 credit format will allow certification in a single semester (14-15 weeks) on a full-time basis or over two semesters (Fall and Spring) on a part-time basis (4-8 credits per semester). Program Characteristics

2. Provide the catalog description of the proposed program. As part of the description, please indicate any areas of concentration or specializations that will be offered.

The Robert H Smith School of Business is proposing a new Post-Baccalaureate Certificate in Innovation & Entrepreneurship. The purpose of this certificate is to offer professional development to practitioners and innovators and potential entrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Maryland economy as a whole. The certificate will be beneficial to people with ideas and / or technological skills but who lack entrepreneurial know-how.

12/3/2018

2017-2018 PCC New Degree or Certificate Program Proposal

2

3. What are the educational objectives of the program?

The course sequence will consist of 6 courses that are each 2 credits, for a total of twelve credits. The program will be offered to students with the ability to complete the program in one semester or in two semesters. The content of these courses will enable better decision making and outcomes in an entrepreneurial environment. Within the program students will have opportunities to develop their business ideas and interact with the network of the Dingman Center for Entrepreneurship.

Upon completion, the participants will receive a Post-Baccalaureate Certificate in Innovation & Entrepreneurship from the University of Maryland. Completers will also have the option of transferring these credits towards a MS in Business and Management or a Master of Business Administration (MBA).

Students seeking both a certificate and a Masters degree offered by the Smith School (for instance the MS in Business and Management, the Master of Business Administration) may double count course credits towards both the certificate and the Masters degree. A total of thirty percent of the total credits taken towards the Masters degree may be double counted towards both the certificate and the Masters degree. So a student enrolled in both the certificate program and the MS in Business and Management can count a total of nine credits (30% of the 30 credits in the MS degree) towards the certificate. A student enrolled in the MBA program can count all twelve of the certificate course credits towards the MBA degree. Only one certificate program can be double counted towards a Masters degree. Certificate course credits cannot be counted towards the completion of another certificate program.

4. Describe any selective admissions policy or special criteria for students selecting this program.

Applicants to the Entrepreneurship certificate program must have completed all of the requirements for a baccalaureate degree prior to their acceptance into the program with a minimum GPA of 3.0. A complete online application form that includes a written essay articulating qualifications and motivation for pursuing advanced education, one letter of recommendation from supervisors or from professors competent to judge the applicant’s probability of success in graduate school will also be required.

In addition, an admissions interview may be required. After initial screening, the Admissions Office may select candidates for interviews which may be done in person or by telephone. Proof of English language proficiency (TOEFL or IELTS official scores) is also required unless the applicant has received an undergraduate or graduate degree from a select list of countries. For international student needing an F1 visa, a completed certification of finance form and supporting financial documentation are required.

In addition to Graduate School requirements, admission decisions for the Entrepreneurship certificate program will be based on the quality of previous undergraduate and graduate coursework (if applicable), the relevance of prior work and research experience, and the congruence of professional goals with those of the program. Students should submit application materials at least 30 days prior to the start date of the program.

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While some students in the certificate program may already have MBA degree, the ever-changing nature of the business environment for entrepreneurship would still necessitate continuing education in this topic. The faculty of the Smith school have experience teaching courses with heterogeneous student groups. In fact the variation in experience enhances the learning outcomes because it facilitates discussion relevant class materials by those who have had practical experience or prior exposure to business knowledge.

5. Indicate the course requirements with course numbers, titles and credits. If applicable, indicate if any course will also count for a general education requirement. In an appendix, provide the course catalog information (credits, description, prerequisites, etc.) for all of the courses. Note that suffixed "selected" or "special" topics courses should be avoided. If suffixed-selected or special topics courses are offered regularly in the new program, you should make the courses permanent. Also, please review the basic requirements of degree programs or certificate programs to ensure that they meet the minimum policy requirements.

Please note: new courses or modifications to courses need to be submitted through the Testudo Curriculum Management system and will need to follow the normal VPAC course proposal review process.   You may submit individual course changes to VPAC concurrently with the PCC proposal; however, the course changes may be held depending on the outcome of the PCC proposal.

BUMO 732: Entrepreneurship & New Ventures BUMO 752: Strategic Growth for Emerging Companies BUSI 771: New Venture Financing BUMO 758T: Technology Entrepreneurship (permanent number being sought) BUMO 758G: Innovation Management (permanent number being sought) BUMO 794: Essentials of Negotiations

6. Summarize the factors that were considered in developing the proposed curriculum (such as recommendations of advisory or other groups, articulated workforce needs, standards set by disciplinary associations or specialized-accrediting groups, etc.).

The certificate program will focus on key entrepreneurial competencies including opportunity assessment, problem/solution validation, risk mitigation, venture financing, etc. To address the void of management talent in the venture labor pool, the certificate will also address essential management skills including negotiations, team building and leadership. The certificate program will culminate in a course (BUMO 758T Technology Entrepreneurship) where students will have the opportunity to develop a strategy to develop their own entrepreneurial idea.

7. Sample plan. Provide a term by term sample plan that shows how a hypothetical student would progress through the program to completion. It should be clear the length of time it will take for a typical student to graduate. For undergraduate programs, this should be the four-year plan.

Below is a table showing how a student can complete the required coursework in a single semester.

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Student Schedule for the certificate if taken full-time. This coursework can be completed in a single semester. Students can also choose to take the program over a year on a part-time basis. \ One Semester Option:

Term I (7 weeks) Term II (7 weeks)

BUMO 758G: Innovation Management BUMO 732: Entrepreneurship & New Ventures BUMO 794: Essentials of Negotiations

BUMO 758T: Technology Entrepreneurship BUMO 752: Strategic Growth for Emerging Companies BUSI 771: New Venture Financing

Two Semester Option:

FALL SEMESTER SPRING SEMESTER

Term A: BUMO 758G: Innovation Management BUMO 732: Entrepreneurship & New Ventures Term B: BUSI 771: New Venture Financing BUMO 794: Essentials of Negotiations

Term C: BUMO 752: Strategic Growth for Emerging Companies Term D: BUMO 758T: Technology Entrepreneurship

8. Indicate whether the program will be offered in a non-standard delivery format, such as online delivery, off-campus, or through non-standard terms. Please note that MHEC requires a separate proposal for off-campus delivery. If the program will be offered in non-standard terms, describe the term structure and whether the Office of the Registrar and the Office of International Scholar and Student Services have been notified and support the proposal. If the program will be offered exclusively online or will have both a face-to-face and online version of the program, please complete this additional form and add as an appendix: https://docs.google.com/document/d/1ojpUBt4mAWlNPCiQNzZ48UH68zGPYj31TPgEOfW3q1E/

To accommodate students from around the metro area, the classes will be held in person with some content being delivered online. In person meetings will be offered on the UMCP campus, at our DC location in the Ronald

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Reagan Building and International Trade Center, our Baltimore facility in the University of Maryland BioPark, or our facility at The Universities at Shady Grove. Classes will be held in the late afternoon, evening or during weekends to accommodate the schedules of our working professional students.

9. For Master’s degree programs, describe the thesis requirement and/or the non-thesis requirement.

N/A

10. List the intended student learning outcomes. In an appendix, provide the plan for assessing these outcomes. 

Learning Outcome 1: The Entrepreneurial Skillset ● Reach innovative/unconventional solutions by iteratively proposing ideas/strategies, receiving feedback, incorporating feedback and learning from failed approaches;

● Collaborate with others on developing an innovative analysis, project or solution, by incorporating different viewpoints and experiences;

● Develop business models that incorporate feedback from customers and pivot based upon the needs of the market;

● Present the business idea to investors or other outside stakeholders;

● Develop a profitable minimal viable product (MVP).

Learning Outcome 2: Entrepreneurial Growth ● Understand basics of financial modeling based on product, service or web business ● Develop 3 year financial projections based on key revenue & cost assumptions ● Determine risk tolerance and personal funding capabilities based on startup funding needs and any projected losses ● Understand founding documents, equity structures, operating agreements and capitalization. ● Understand various mechanisms for new venture finance. ● Understand how to plan and structure a business for growth. Learning Outcome 3: Strategic Thinking in Entrepreneurial Environments ● Develop skills for decision making in ambiguous environments.

● Develop skills to learn from and enhance social capital and networks.

See the Appendix for the measures, criterion and method of assessment of the three learning objectives.

11. Identify specific actions and strategies that will be utilized to recruit and retain a diverse student body.

The Robert H. Smith School of Business community is multifaceted at every level – students, staff and faculty represent a diverse blend of backgrounds, nationalities, ethnicities and experiences. About a dozen Smith School

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and student clubs are focused on bringing members together who have similar interests in gender, nationality, religion, and sexual orientation.

To attract the most diverse population possible for the proposed Innovation and Entrepreneurship certificate program, Smith School recruiting staff will focus on domestic efforts. These efforts will be targeted at recruiting U.S. minorities and American women of all ethnicities.

Current efforts include:

● Representing Masters programs in U.S. MBA and Masters Fairs and Tours ● Representing Masters programs in International MBA and Masters Fairs and Tours ● Online Chats ● U.S. College Visits ● International College Visits ● GMASS-based Mailings ● GRE-based Mailings ● Direct Mail ● Email Campaigns ● Outreach to College and Campus Organizations and Clubs ● Participating in Career/Graduate Study Panels or Workshops ● Presentations at Professional Conferences ● Creation of "Leap Your Career Forward" for Current UMD Students Looking At MBA and Masters Study Post-Undergraduate Studies (An Annual Event) ● Advertising in UMD Campus Newspapers ● Masters Only Education Fairs (Fall And Spring) Throughout the U.S. ● Participation in a Masters-focused Business School Alliance ● Participant in Graduate Business Education Events Targeted for Underrepresented Populations, Particularly U.S. Minorities and Women ● Including Master's Level Programming in Marketing Content Targeted to U.S. Military/Veterans ● Outreach to College Organizations in the Washington, D.C. Area ● Enhancement of Website for All Masters Programs ● Inclusion of Spotlight and Vignettes of Masters Alumni and Current Students who Reflect Diversity ● Participation in Events Targeted for Women Seeking Graduate Study (General And Non-MBA Based Events) Social Media and Online Advertising within U.S. Markets Relationship to Other Units or Institutions

12. If a required or recommended course is offered by another department, discuss how the additional students will not unduly burden that department’s faculty and resources. Discuss any other potential impacts on another department, such as academic content that may significantly overlap with existing programs. Use space below for any comments, otherwise add supporting correspondence as an appendix.

N/A

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13. Accreditation and Licensure. Will program need to be accredited? If so, indicate the accrediting agency. Also, indicate if students will expect to be licensed or certified in order to engage in or be successful in the program’s target occupation.

N/A

14. Describe any cooperative arrangements with other institutions or organizations that will be important for the success of this program.

N/A Faculty and Organization

15. Faculty and organization. Who will provide academic direction and oversight for the program? As an appendix, please indicate the faculty involved in the program. Include their titles, credentials, and courses they may teach for the program.

As one of the top academic entrepreneurship and strategy departments in the world, the Management and Organization faculty at the University of Maryland, College Park, is positioned to offer this post-baccalaureate certificate program. This, together with, the quality and reputation of the Dingman Center for Entrepreneurship will facilitate mentorship and practical business advice for certificate students. Resource Needs and Sources

16. Each new program is required to have a library assessment in order to determine any new library resources that may be required. Please contact your departmental/programmatic library liaison or Daniel Mack at dmack@umd.edu, Associate Dean of Collections, to request a library assessment that will be added as an appendix.

17. Discuss the adequacy of physical facilities, infrastructure and instructional equipment.

Launching this certificate within the existing Part Time MBA program will allow the Robert H. Smith School of Business to utilize its physical facilities, infrastructure and instructional equipment available in the off-site locations of the Ronald Reagan Building campus in Washington, D.C., the Universities at Shady Grove campus in Rockville, Md and/or the University of Maryland Bio Park campus in Baltimore, Md.

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18. Discuss the instructional resources (faculty, staff, and teaching assistants) that will be needed to cover new courses or needed additional sections of existing courses to be taught. Indicate the source of resources for covering these costs.

All of the courses being offered for this certificate will be drawn from existing Part Time MBA program courses. All courses will be offered at our DC campus but some may be offered at our other locations as well. Faculty who teach courses in this program shall be drawn from the faculty of the Robert H. Smith School of Business, particularly the Management and Organizations Department. The Management and Organizations department of the Robert H Smith School of Business currently has 31 FTE faculty. 21 of these are full-time tenure / tenure track. All of these faculty have doctoral degrees in Economics, Strategic Management, or Organizational Behavior, Psychology, Sociology, History or Political Science.

19. Discuss the administrative and advising resources that will be needed for the program. Indicate the source of resources for covering these costs.

Primary oversight of this program will be provided by the Dingman Center Academic Director A committee of faculty members has been created to address issues including admissions, academic policies, student activities, and internship / placement opportunities. The program would also be overseen by the chair of the Management and Organizations department and the Dean’s office. The Robert H. Smith School of Business will use existing Part Time MBA program resources.

20. Use the Maryland Higher Education Commission (MHEC) commission financial tables to describe the program’s financial plan for the next five years: https://docs.google.com/spreadsheets/d/1V6iSZG05edMitWP6CAOXjCoGO58Gf6VXxPaacKfrhZ4/edit#gid=0. Add these tables as attachments. Use the space below for any additional comments on program funding.

Implications for the State (Additional Information Required by MHEC and the Board of Regents)

If the proposed program is for a Post-Baccalaureate Certificate that is derived entirely from existing courses within an existing Master’s degree program, then you only need to respond to prompts 21 (on market demand) and 24 (curriculum of current master’s degree program).

21. Explain how there is a compelling regional or statewide need for the program. Argument for need may be based on the need for the advancement of knowledge and/or societal needs, including the need for “expanding educational opportunities and choices for minority and educationally disadvantaged students at institutions of higher education.” Also, explain how need is consistent with the Maryland State Plan for Postsecondary Education.

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The Post-Baccalaureate Certificate will meet the needs of practitioners looking to enhance their skills in Entrepreneurship and participate in the innovation economy. The demand for entrepreneurial skills is at an all-time high, be it to start new firms or to innovative within existing firms. Discussions with representatives from professional programs such as the University of Maryland School of Pharmacy suggest a need for graduate-level training in entrepreneurship for our science and engineering workforce. Graduate certificates are also offered locally at the Kogod School at American University, and in other schools such as Georgia Tech, Harvard Extension and Duke Continuing Studies. We believe we can effectively compete in this market.

22. Present data and analysis projecting market demand and the availability of openings in a job market to be served by the new program. Possible sources of information include industry or disciplinary studies on job market, the USBLS Occupational Outlook Handbook, or Maryland state Occupational and Industry Projections over the next five years. Also, provide information on the existing supply of graduates in similar programs in the state (use MHEC’s Office of Research and Policy Analysis webpage for Annual Reports on Enrollment by Program) and discuss how future demand for graduates will exceed the existing supply. As part of this analysis, indicate the anticipated number of students your program will graduate per year at steady state.

As the entrepreneurial and high-tech sectors expand in Maryland and across the country, a well-developed entrepreneurial and innovation management skill set will be necessary to achieve success. Entrepreneurial firms often fail due to poor management choices, poor strategic choices or poor mentoring. This entrepreneurship program will focus on the entrepreneurial skillsets necessary to enact new ideas and turn them into thriving businesses including entrepreneurial thinking, leadership and negotiations, designing organizations, managing innovation, strategic positioning, and financing new firms. A particular emphasis will be placed on entrepreneurship in high technology sectors. Entrepreneurial skills are necessary to promote the success of the entrepreneurial economy. For example, Baltimore is losing startups to Boston, especially in healthcare because of a lack of managerial talent. An entrepreneurship certificate will help create skilled labor to work throughout the entrepreneurial ecosystem in areas that most matter to the state, including biotechnology and cybersecurity.

23. Identify similar programs in the state. Discuss any differences between the proposed program and existing programs. Explain how your program will not result in an unreasonable duplication of an existing program (you can base this argument on program differences or market demand for graduates). The MHEC website can be used to find academic programs operating in the state: http://mhec.maryland.gov/institutions_training/pages/HEPrograms.aspx.

N/A

24. Discuss the possible impact on Historically Black Institutions (HBIs) in the state. Will the program affect any existing programs at Maryland HBIs? Will the program impact the uniqueness or identity of a Maryland HBI?

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25. For new Post-Baccalaureate Certificates derived from existing master’s programs only, include the complete curriculum of the existing master’s program.

MBA Curriculum - CORE:

BUSI 610 Introduction to Financial Accounting BUSI 611 Managerial Accounting BUSI 621 Strategic and Transformation IT BUSI 630 Data Models and Decisions BUSI 634 Operations Management BUSI 640 Financial Management BUSI 650 Marketing Management BUSI 664 Leadership & Teamwork BUSI 681 Managerial Econ & Public Policy BUSI 683 The Global Economic Environment BUSI 690 Strategic Management (22 core credits) ELECTIVES: The MBA program has many electives in areas such as Finance, Management and Organization, Logistics and Supply Chain Management, Accounting, Marketing and Decision and Information Technologies. Students in this program will choose electives within any of these departments. The courses being offered for the Innovation and Entrepreneurship certificate are offered as electives in this program with all courses being offered in our Washington DC campus.

Appendix: Course and Catalog Descriptions BUMO 732: Entrepreneurship & New Ventures 2 Credits Provides an introduction to important tools and skills necessary to create and grow a successful new venture. Integrates research findings from a range of different practical and intellectual perspectives, including psychology, sociology, economics, strategic management, and history into practical, hands on lessons for an entrepreneur. Class projects provide the foundations for new, real businesses. BUMO 752: Strategic Growth for Emerging Companies 2 Credits Offers practical management tools that are needed to build a new venture into a significant enterprise. The competencies, strategies and structures of successful high performance businesses are studied through cases, videos and guest lecturers. Topics include leadership, internal growth strategies, merger, acquisition and franchising.

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BUSI 771: New Venture Financing 2 Credits This practical course is designed primarily to improve the student’s ability to finance a new or growing venture. Students learn basic accounting including income statement and balance sheets. Basic capital structure of firms and time value of money and financial modeling. The advantages and disadvantages of the sources of new venture capital are studied from the entrepreneur’s viewpoint. Core topics include bootstrapping, government loans and grants, crowdfunding, commercial banking, angels, middle market private placements, DPOs, venture capital, venture banking, and small IPOs. A review of financial terms, financial statements, capital structure, valuation, deal structure, due diligence, and term sheets is provided. BUMO 758T: Technology Entrepreneurship 2 Credits This course provides an integrated strategy framework for innovation-based entrepreneurs. The course is structured to provide a deep understanding of the core strategic choices facing start-up innovators, a synthetic framework for the development and implementation of entrepreneurial strategy in dynamic environments, and the ability to scale those ventures over time. A central theme of the course is that, to achieve competitive advantage, technology entrepreneurs must balance the process of experimentation and learning inherent to entrepreneurship with the selection and implementation of a strategy that establishes competitive advantage. The course identifies the key choices entrepreneurs make to take advantage of a novel opportunity and the logic of particular strategic commitments and positions that allow entrepreneurs to establish competitive advantage. The course combines interactive lectures, case analyses, and direct engagement with start-ups. The course draws on a rapidly emerging body of research in entrepreneurship, strategy, and economics that moves beyond the “one size fits all” approach to start-ups and instead focuses on the key choices that founders face as they start and scale their business. The cases and assignments offer an opportunity to integrate and apply the entrepreneurial strategy framework in a practical way, and draws from a diverse range of industries and settings BUMO 758G: Innovation Management 2 Credits The course is designed to give students a broad view on issues related to the management of innovations. It covers both external dynamics of innovations and internal management activities, with special emphasis on knowledge development and learning processes within organizations. BUMO 794: Essentials of Negotiations 2 Credits This course provides skills necessary for successful negotiations and leadership skills. Using a series of simulations and debriefings, within the broad spectrum of different kinds of negotiations, this course will give students the opportunity to develop their negotiation skills and be able to evaluate different negotiation contexts that can be applied in the workplace. ---------------------------------------------------------------------------------------------------------------------------------------------------

Appendix: Learning Outcomes and Assessment Learning Outcome 1: the Entrepreneurial Skillset. ● Reach innovative/unconventional solutions by iteratively proposing ideas/strategies, receiving feedback, incorporating feedback and learning from failed approaches;

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● Collaborate with others on developing an innovative analysis, project or solution, by incorporating different viewpoints and experiences;

● Develop business models that incorporate feedback from customers and pivot based upon the needs of the market;

● Present the business idea to investors or other outside stakeholders;

● Develop a profitable minimal viable product (MVP).

Learning Outcome 2: Entrepreneurial Growth. Smith certificate students demonstrate a fluency in obtaining resources for new enterprise ● Understand basics of financial modeling based on product, service or web business ● Develop 3 year financial projections based on key revenue & cost assumptions ● Determine risk tolerance and personal funding capabilities based on startup funding needs and any projected losses ● Understand founding documents, equity structures, operating agreements and capitalization. ● Understand various mechanisms for new venture finance. ● Understand how to plan and structure a business for growth.

Learning Outcome 3: Strategic Thinking in Entrepreneurial Environments. ● Develop skills for decision making in ambiguous environments.

● Develop skills to learn from and enhance social capital and networks.

For all learning objectives, the measures, criterion and method of assessment are:

Measure: Students will be evaluated based on project based work in each course. Projects are designed to assess how well theoretical concepts are applied to entrepreneurial settings.

Criterion: At least 90% of students will receive an average rating of “Meets Standards” or better on projects. The Academic Director will meet with students rated below “Meets Standards” to help improve their performance or determine their continued participation in the program.

Assessment: Every Year, starting in the 2018-2019 academic year.

----------------------------------------------------------------------------------------------------------------------------------------

Appendix: Faculty Rajshree Agrawal, Rudolph P. Lamone Chair and Professor in Entrepreneurship Teaching / Research Focus: Entrepreneurship, High Technology Industries, Labor Mobility Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management

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Christine Beckman, Professor Teaching / Research Focus: organizational learning, interorganizational networks, and entrepreneurship Course(s): BUMO 732, Entrepreneurship & New Ventures; Serguey Braginsky, Associate Professor Teaching / Research Focus: industry evolution, entrepreneurship, innovation, growth and development Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758G, Innovation Management Rellie Derfler-Rozin, Ph.D., Assistant Professor. Teaching / Research Focus: decision making in the social context Course: BUMO 794: Essentials of Negotiations Waverly Ding, Ph.D., Associate Professor Teaching / Research Focus: Entrepreneurship, Strategy, Technology Commercialization Courses: BUMO 732: Entrepreneurship & New Ventures, BUMO 758T: Technology Entrepreneurship, BUMO 758G: Innovation Management Brent Goldfarb, Ph.D., Associate Professor, Academic Director Dingman Center for Entrepreneurship Teaching / Research Focus: Entrepreneurship, High Technology Industries Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUSI 771: New Venture Financing, BUMO 752: Strategic Growth for Emerging Companies Anil K. Gupta, Ph. D., Michael D. Dingman Chair in Strategy and Entrepreneurship Teaching / Research Focus: Emerging Markets (especially China and India), Frugal Innovation, Global Strategy & Organization, Corporate Innovation and Entrepreneurship Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUSI 771: New Venture Financing David A. Kirsch, Ph.D., Associate Professor Teaching / Research Focus: History of modern technology, Entrepreneurial and technological failure, Internet Technology Entrepreneurship, Global environmental management systems Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUMO 752: Strategic Growth for Emerging Companies, BUSI 771 New Venture Financing David Kressler, Ph.D., Lecturer Teaching / Research Focus: Business Strategy, Early Stage Entrepreneurship Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUMO 752: Strategic Growth for Emerging Companies, BUSI 771 New Venture Financing Gosia Langa, Ph. D., Lecturer

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Teaching / Research Focus: Negotiations and Negotiation Process, Leadership Coaching and Development, Personality and Individual Differences focusing on Emotional Intelligence and Core Self-Evaluations , Cross-Cultural Management Courses: BUMO 794 Essentials of Negotiations Hui Lao, Ph. D., Smith Dean’s Professor in Leadership and Management Teaching / Research Focus: Leadership, Creativity and Proactivity, Cross-Cultural Management Courses: BUMO 794 Essentials of Negotiations Jennifer Carson Marr, Ph. D., Assistant Professor Teaching / Research Focus: Dynamics of status hierarchies and motivational goals. Courses: BUMO 794 Essentials of Negotiations Paulo Procho, Ph. D., Clinical Professor Teaching / Research Focus: knowledge management, organizational routines, cross-border management and manufacturing strategy Courses: BUMO 758T Technology Entrepreneurship, BUMO758G Innovation Management Oliver Schlacke, Ph. D., Clinical Professor Teaching / Research Focus: Innovation Strategy, Scenario Planning, R&D Portfolio Optimization, Early Stages of Venture Creation, Business Creativity Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUMO 752: Strategic Growth for Emerging Companies, BUMO 758G: Innovation Management, BUSI 771 New Venture Financing Subra Tangirala, Ph.D., Associate Professor Teaching / Research Focus: interpersonal communication in organizations. Courses: BUMO 794: Essentials of Negotiations Vijaya Venkataramani, Ph.D., Associate Professor Teaching / Research Focus: informal social relationships and social networks at work influence leadership, creativity, and discretionary employee behaviors in organizations Courses: BUMO 794: Essentials of Negotiations

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August 3, 2020 James D. Fielder, Jr. Secretary of Higher Education Maryland Higher Education Commission 6 N. Liberty Street Baltimore, MD 21201 Dear Secretary Fielder: I am writing to request approval for a new Post-Baccalaureate Certificate program in Innovation and Entrepreneurship. The proposal for the new program is attached. This proposal was submitted to the Maryland Higher Education Commission (MHEC) and the University System of Maryland (USM) in April of 2019 as a certificate program derived entirely from an existing master’s program, our Master of Business Administration (MBA). The proposal was approved by USM Chancellor Caret in April 2019, but MHEC decided that the proposal did not meet its interpretation of derived entirely from an existing master’s program, as the courses were electives for the MBA program and not required courses. A new stand-alone certificate proposal is therefore submitted. The proposal was endorsed by the appropriate faculty and administrative committees, and was recommended for approval by the University Senate at its meeting on February 5, 2019. I also endorse this proposal and am pleased to submit it for your approval. Sincerely,

Darryll J. Pines President Glenn L. Martin Professor of Aerospace Engineering DJP/mdc cc: Antoinette Coleman, Associate Vice Chancellor for Academic Affairs Mary Ann Rankin, Senior Vice President and Provost Ritu Agarwal, Interim Dean, Robert H. Smith School of Business

MMARYLAND HIGHER EDUCATION COMMISSION 6 N. Liberty Street 10th Floor Baltimore, MD 21201

T 410.767.3300 800.974.0203 F 410.332.0270 TTY for the Deaf 800.735.2258 www.mhec.maryland.gov

Cover Sheet for In-State Institutions New Program or Substantial Modification to Existing Program

Institution Submitting Proposal

Each below requires a separate proposal and cover sheet.

Academic Program

Area of Concentration

Degree Level Approval

Stand-Alone Certificate Cooperative Degree Program

Offer Program at Regional Higher Education C

Department Proposing Program

Degree Level and Degree Type

Title of Proposed Program

Suggested Codes HEGIS: CIP:

Program Modality On-campus Distance Education (fully online)

Program Resources Using Existing Resources Requiring New Resources

Projected Implementation Date Fall Spring Summer Year:Provide Link to Most Recent Academic Catalog URL:

Preferred Contact for this Proposal

Name:

Title:

Phone:

Email:

President/Chief Executive:

:

Revised /

Date:

Date :

University of Maryland, College Park

600

Robert H. Smith School of Business

Post-Baccalaureate Certificate

Innovation and Entrepreneurship

12

52.0201

2021

https://academiccatalog.umd.edu/Mike Colson

Senior Coordinator for Academic Programs

(301) 405-5626

mcolson@umd.edu

Darryll J. Pines

08/03/2020

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A. Centrality to the University’s Mission and Planning Priorities Description. The Post-Baccalaureate Certificate in Innovation and Entrepreneurship will offer professional development to practitioners, innovators, and potential entrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Maryland economy as a whole. The certificate will be beneficial to people with ideas or technological skills, but who lack entrepreneurial knowledge and skills. This proposed twelve-credit post-baccalaureate certificate is for students who are interested in learning about innovation and entrepreneurship from a variety of perspectives, including management, finance, strategic growth, technology, and communication. Innovation and entrepreneurship will be essential for the state of Maryland as we recover from the economic consequences of the pandemic. This certificate program is designed to help foster and guide Maryland’s future economic leaders. Relation to Strategic Goals. As written in the University of Maryland’s Mission Statement, one of the university’s goals for graduate education is to “Expand excellent professional graduate programs that are nationally recognized for their contributions to the practice of the professions, for their pioneering curricula, and for their spirit of innovation and creativity.” UMD’s Robert H. Smith School of Business already offers coursework in innovation and entrepreneurship through its internationally recognized Master of Business Administration (MBA) program, which allows future leaders to develop sophisticated analytical skills and a deep understanding of the way business functions in a variety of professional contexts. Funding. The courses offered for this certificate program already exist as electives for the university’s MBA program. As such, the courses, faculty resources, and infrastructure already exist to offer the program for the foreseeable future, including the next five years. Institutional Commitment. The program will be administered by the Robert H. Smith School of Business. The administrative infrastructure for the program already exists as it is derived entirely from electives currently offered to students enrolled in the MBA program. In the event that the certificate program is discontinued, the courses will be offered for a reasonable time period so that enrolled students can finish the program. The faculty and administrative infrastructure will still be in place to work with students who have not finished the program. B. Critical and Compelling Regional or Statewide Need as Identified in the State Plan Need. As the entrepreneurial and high-tech sectors expand in Maryland and across the country, a well-developed entrepreneurial and innovation management skill set will be necessary to achieve success. Entrepreneurial firms often fail due to poor management choices, poor strategic choices, or poor mentoring. This program will focus on the entrepreneurial skills necessary to develop new ideas and turn them into thriving businesses. Such skills include entrepreneurial thinking, leadership and negotiations, designing organizations, managing innovation, strategic positioning, and financing new firms. A particular emphasis will be placed on entrepreneurship in high technology sectors. Entrepreneurial skills are necessary to promote

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the success of the entrepreneurial economy. An entrepreneurship certificate will help create skilled labor to work throughout the entrepreneurial ecosystem in areas that most matter to the state, including biotechnology and cybersecurity. These successful business leaders will in turn contribute to job creation in the state.

State Plan. The proposed certificate aligns with the Maryland State Plan for Postsecondary Education’s emphasis on innovation. The word itself is included in the title of the program. The acts of investing time and resources in innovation and starting a new business venture embody the concepts of risk-taking stated in the State Plan’s Strategy 11: “Risk-taking must be thoughtful and intentional. Risk-taking should be goal-driven. Risk-taking must eliminate any known negative outcomes. There should be an opportunity for evaluating successes and failures when taking risks.”1 The certificate program will focus on key entrepreneurial competencies including opportunity assessment, problem/solution validation, risk mitigation, and venture financing.

C. Quantifiable and Reliable Evidence and Documentation of Market Supply and Demand in the Region and State The purpose of this certificate is to offer professional development to practitioners and innovators and potential entrepreneurs. Entrepreneurship sits at the heart of job creation in the economy, and improving entrepreneurial outcomes will benefit students and the Maryland economy as a whole. The demand for this training will likely come from those starting or interested in starting companies. In Maryland, this demand has been robust. From 1992 to 2016 Maryland had 3400 to 4000 annual startups for establishments that had employees. In 2018 Maryland had 581,712 small businesses that employed 1.1 million employees (https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-MD.pdf). As the state rebounds from the economic impact of the pandemic, innovation and entrepreneurship will be even more vital to job creation and revenue in the state. This certificate will benefit those with ideas or technological skills but lack the entrepreneurial expertise to get started. D. Reasonableness of Program Duplication According to MHEC’s website, there is only one post-baccalaureate certificate program that focuses on innovation and entrepreneurship generally: Johns Hopkins University’s Post-Baccalaureate Certificate in Technical Innovation & New Ventures. MHEC’s enrollment data (http://data.mhec.state.md.us/macAux.asp) indicates that this program has not enrolled students in several years. UMD hopes that this program will fill the gap in graduate-level

1 Maryland Higher Education Commission. (2017). Maryland Sate Plan for Postsecondary Education: Increasing Student Success with Less Debt, 2017-2021. (p. 74). Retrieved May 31, 2019 from: https://mhec.state.md.us/About/Documents/2017.2021%20Maryland%20State%20Plan%20for%20Higher%20Education.pdfhttp://www.mhec.state.md.us/About/Documents/2017.2021%20Maryland%20State%20Plan%20for%20Higher%20Education.pdf.

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entrepreneurial training for students who are not looking to invest the time or resources into an MBA program. E . Relevance to Historically Black Institutions (HBIs) No such certificate program currently exists at any of Maryland’s Historically Black Institutions (HBIs). The Robert H. Smith School of Business community is multifaceted at every level – students, staff and faculty represent a diverse blend of backgrounds, nationalities, ethnicities and experiences. To recruit a talented, diverse population to the program, the program will market to students at HBI’s in Maryland and the Washington, D.C. area. F. Relevance to the identity of Historically Black Institutions (HBIs)

The proposed program builds on the MBA program that already exists at UMD. In reviewing the programs and curriculum of HBI’s in Maryland, we could not identify any significant overlap with MBA programs or entrepreneurship degree programs. With the proposed certificate program, UMD plans to go into deeper detail regarding innovation management and entrepreneurship than what is discernible in other graduate programs in the state.

G. Adequacy of Curriculum Design, Program Modality, and Related Learning Outcomes Curricular Development. Various courses that focus on innovation and entrepreneurship exist already as electives for the MBA program. The Robert H. Smith School of Business decided to offer a set of these courses as a certificate program for students who want to focus on entrepreneurship or who may want to try graduate study in business, but do not yet want to pursue a full master’s program. The course material bridges key entrepreneurial competencies, such as opportunity assessment, problem/solution validation, risk mitigation, and ventures financing, with essential management skills, such as negotiation, team building, and leadership. Faculty Oversight. Faculty members in the Management and Organization area within the Robert H. Smith School of Business will provide oversight for the program. Associate Professor Brent Goldfarb will be the faculty director for this certificate. Educational Objectives. The objectives of the program are as follows:

• Enable better decision-making and outcomes in an entrepreneurial environment. • Provide students with opportunities to develop their business ideas and interact with

the network of the Robert H. Smith School of Business’s Dingman Center for Entrepreneurship.

Learning Outcomes. The program’s specific learning outcomes are as follows:

Learning Outcome 1: Entrepreneurial Skillset. • Reach innovative/unconventional solutions by iteratively proposing ideas/strategies,

receiving feedback, incorporating feedback and learning from failed approaches;

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• Collaborate with others on developing an innovative analysis, project or solution, by incorporating different viewpoints and experiences;

• Develop business models that incorporate feedback from customers and pivot based upon the needs of the market;

• Present the business idea to investors or other outside stakeholders; • Develop a profitable minimal viable product (MVP).

Learning Outcome 2: Entrepreneurial Growth. Students demonstrate a fluency in obtaining resources for new enterprise. • Understand basics of financial modeling based on product, service or web business • Develop three-year financial projections based on key revenue & cost assumptions • Determine risk tolerance and personal funding capabilities based on startup funding

needs and any projected losses • Understand founding documents, equity structures, operating agreements, and

capitalization. • Understand various mechanisms for new venture finance. • Understand how to plan and structure a business for growth.

Learning Outcome 3: Strategic Thinking in Entrepreneurial Environments. • Develop skills for decision making in ambiguous environments. • Develop skills to learn from and enhance social capital and networks.

For all learning objectives, the measures, criteria, and methods of assessment are as follows:

Measure: Students will be evaluated based on project-based work in each course. Projects are designed to assess how well theoretical concepts are applied to entrepreneurial settings. Criterion: At least 90% of students will receive an average rating of “Meets Standards” or better on projects. The Academic Director will meet with students rated below “Meets Standards” to help improve their performance or determine their continued participation in the program.

Assessment: Every year, starting in the first academic year.

Institutional assessment and documentation of learning outcomes. Student learning outcomes assessment in graduate programs is directed by the Graduate Outcomes Assessment Committee. Established in 2011, this committee is comprised of representatives from each college and school.

Course requirements. The total number of credits required for the certificate program is twelve. The course requirements consist of six two-credit courses:

• BUMO732: Entrepreneurship & New Ventures (2 Credits)

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• BUMO752: Strategic Growth for Emerging Companies (2 Credits) • BUSI771: New Venture Financing (2 Credits) • BUSI793: Technology Entrepreneurship, Innovation and Commercialization (2

Credits) • BUSI714: Innovation Management (2 Credits) • BUMO794: Essentials of Negotiations (2 Credits)

BUSI793 is currently in the campus approval process. It had been taught as a provisional course under a temporary number, BUMO758T, and so does not yet appear in the Graduate Catalog. BUSI714 had been previously taught under the number BUMO758G.

For all course descriptions, see Appendix A.

General Education. Not applicable as this is a graduate program. Accreditation or Certification Requirements. There are no specialized accreditation or certification requirements for this program. Other Institutions or Organizations. The department will not contract with another institution or non-collegiate organization for this program. Student Support. The advising and student support infrastructure for this program already exists by virtue of Smith School’s offering of the MBA and other master’s programs in business. Students will have an understanding of the UMD learning management system, academic support services, financial aid resources, and cost and payment policies from their existing programs. Otherwise, the Graduate Catalog will provide information about curricular requirements. Individual course syllabi will specify any technical competency or equipment requirements. The program staff will also advise prospective and enrolled students of the program requirements.

Marketing and Admissions Information. Marketing and admissions information will be available in the Graduate Catalog and available through the program advising office and website.

H. Adequacy of Articulation

As a graduate program, articulation is not applicable.

I. Adequacy of Faculty Resources Program faculty. Faculty who teach courses in this program shall be drawn from the faculty of the Robert H. Smith School of Business, particularly the Management and Organizations Department. The Management and Organizations department of the Robert H Smith School of Business currently has 31 FTE faculty. 21 of these are full-time tenure/tenure track. All of these

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faculty have doctoral degrees in Economics, Strategic Management, or Organizational Behavior, Psychology, Sociology, History or Political Science. See faculty biographies in Appendix B for those currently expected to teach in the program. Faculty training. The Teaching and Learning Transformation Center at the University of Maryland inspires and supports effective, engaging, efficient, and equitable teaching innovations among the university’s instructors and assistants. This team provides faculty with training, resources, professional development activities, and individualized consultation to transform their classrooms and careers.

For the learning management system, faculty teaching in this program will have access to teacher development opportunities available across campus, including those offered as part of the Teaching and Learning Transformation Center. For online elements of the coursework, instructors will work with the learning design specialists on campus to incorporate best practices when teaching in the online environment.

J. Adequacy of Library Resources The University Libraries staff have reviewed the proposal and have determined that the Libraries are able to meet, with its current resources, the curricular and research needs of the program. K. Adequacy of Physical Facilities, Infrastructure, and Instructional Resources

The physical facilities and infrastructure needs for this program are minimal as faculty and students will use classrooms and office space that is already provided by the Robert H. Smith School of Business for the MBA program.

The program is not a distance-education program. For ancillary online components of any program coursework, UMD maintains an Enterprise Learning Management System (ELMS). ELMS is a Web-based platform for sharing course content, tracking assignments and grades, and enabling virtual collaboration and interaction.

L. Adequacy of Financial Resources

Tables 1 and 2 contain the details of resources and expenditures.

M. Adequacy of Program Evaluation Formal program review is carried out according to the University of Maryland’s policy for Periodic Review of Academic Units, which includes a review of the academic programs offered by, and the research and administration of, the academic unit (http://www.president.umd.edu/policies/2014-i-600a.html). Program Review is also monitored

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following the guidelines of the campus-wide cycle of Learning Outcomes Assessment (https://www.irpa.umd.edu/Assessment/LOA.html). Faculty within the Smith School are reviewed according to the University’s Policy on Periodic Evaluation of Faculty Performance (http://www.president.umd.edu/policies/2014-ii-120a.html). Since 2005, the University has used an online course evaluation instrument that standardizes course evaluations across campus. The course evaluation has standard, university-wide questions and also allows for supplemental, specialized questions from the academic unit offering the course. N. Consistency with Minority Student Achievement goals The Robert H. Smith School of Business community is multifaceted at every level – students, staff and faculty represent a diverse blend of backgrounds, nationalities, ethnicities and experiences. About a dozen Smith School and student clubs are focused on bringing members together who have similar interests in gender, nationality, religion, and sexual orientation. To attract the most diverse population possible for the proposed Innovation and Entrepreneurship certificate program, Smith School recruiting staff will focus on domestic efforts. These efforts will focus recruiting on U.S. minorities and American women of all ethnicities. Current efforts include:

• Representing masters programs in U.S. MBA and Masters Fairs and Tours • Representing masters programs in International MBA and Masters Fairs and Tours • Online Chats • U.S. College Visits • International College Visits • GMASS-based Mailings • GRE-based Mailings • Direct Mail • Email Campaigns • Outreach to College and Campus Organizations and Clubs • Participating in Career/Graduate Study Panels or Workshops • Presentations at Professional Conferences • Creation of "Leap Your Career Forward" for Current UMD Students Looking At MBA and

Masters Study • Post-Undergraduate Studies (An Annual Event) • Advertising in UMD Campus Newspapers • Masters Only Education Fairs (Fall And Spring) Throughout the U.S. • Participation in a Masters-focused Business School Alliance • Participant in Graduate Business Education Events Targeted for Underrepresented

Populations, Particularly • U.S. Minorities and Women • Including Master's Level Programming in Marketing Content Targeted to U.S.

Military/Veterans

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• Outreach to College Organizations in the Washington, D.C. Area • Enhancement of Website for All Masters Programs • Inclusion of Spotlight and Vignettes of Masters Alumni and Current Students who

Reflect Diversity • Participation in Events Targeted for Women Seeking Graduate Study (General And Non-

MBA Based Events) • Social Media and Online Advertising within U.S. Markets

O. Relationship to Low Productivity Programs Identified by the Commission N/A P. Adequacy of Distance Education Programs N/A

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Appendix A. Course Descriptions BUMO732: Entrepreneurship & New Ventures 2 Credits Provides an introduction to important tools and skills necessary to create and grow a successful new venture. Integrates research findings from a range of different practical and intellectual perspectives, including psychology, sociology, economics, strategic management, and history into practical, hands on lessons for an entrepreneur. Class projects provide the foundations for new, real businesses. BUMO752: Strategic Growth for Emerging Companies 2 Credits Offers practical management tools that are needed to build a new venture into a significant enterprise. The competencies, strategies and structures of successful high performance businesses are studied through cases, videos and guest lecturers. Topics include leadership, internal growth strategies, merger, acquisition, and franchising. BUSI771: New Venture Financing 2 Credits This practical course is designed primarily to improve the student’s ability to finance a new or growing venture. Students learn basic accounting including income statement and balance sheets. Basic capital structure of firms and time value of money and financial modeling. The advantages and disadvantages of the sources of new venture capital are studied from the entrepreneur’s viewpoint. Core topics include bootstrapping, government loans and grants, crowdfunding, commercial banking, angels, middle market private placements, DPOs, venture capital, venture banking, and small IPOs. A review of financial terms, financial statements, capital structure, valuation, deal structure, due diligence, and term sheets is provided. BUSI793: Technology Entrepreneurship 2 Credits This course provides an integrated strategy framework for innovation-based entrepreneurs. The course is structured to provide a deep understanding of the core strategic choices facing start-up innovators, a synthetic framework for the development and implementation of entrepreneurial strategy in dynamic environments, and the ability to scale those ventures over time. A central theme of the course is that, to achieve competitive advantage, technology entrepreneurs must balance the process of experimentation and learning inherent to entrepreneurship with the selection and implementation of a strategy that establishes competitive advantage. The course identifies the key choices entrepreneurs make to take advantage of a novel opportunity and the logic of particular strategic commitments and positions that allow entrepreneurs to establish competitive advantage. The course combines interactive lectures, case analyses, and direct engagement with start-ups. The course draws on a rapidly emerging body of research in entrepreneurship, strategy, and economics that moves beyond the “one size fits all” approach to start-ups and instead focuses on the key choices that founders face as they start and scale their business. The cases and assignments offer an opportunity to integrate and apply the entrepreneurial strategy framework in a practical way, and draws from a diverse range of industries and settings. BUSI714: Innovation Management 2 Credits

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The course is designed to give students a broad view on issues related to the management of innovations. It covers both external dynamics of innovations and internal management activities, with special emphasis on knowledge development and learning processes within organizations. BUMO794: Essentials of Negotiations 2 Credits This course provides skills necessary for successful negotiations and leadership skills. Using a series of simulations and debriefings, within the broad spectrum of different kinds of negotiations, this course will give students the opportunity to develop their negotiation skills and be able to evaluate different negotiation contexts that can be applied in the workplace.

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Appendix B. Faculty Rajshree Agrawal, Ph.D. Economics, SUNY-Buffalo, Rudolph P. Lamone Chair and Professor in Entrepreneurship (full-time) Teaching / Research Focus: Entrepreneurship, High Technology Industries, Labor Mobility Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management Serguey Braguinsky, Doctor of Economic Sciences, Keio University Associate Professor (full-time) Teaching / Research Focus: industry evolution, entrepreneurship, innovation, growth and development Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758G, Innovation Management Rellie Derfler-Rozin, Ph.D. Organizational Behavior, London Business School Assistant Professor (full-time) Teaching / Research Focus: decision making in the social context Course: BUMO 794: Essentials of Negotiations Waverly Ding, Ph.D. Business, University of Chicago Associate Professor (full-time) Teaching / Research Focus: Entrepreneurship, Strategy, Technology Commercialization Courses: BUMO 732: Entrepreneurship & New Ventures, BUMO 758T: Technology Entrepreneurship, BUMO 758G: Innovation Management Brent Goldfarb, Ph.D. Economics, Stanford University Associate Professor Academic Director Dingman Center for Entrepreneurship (full-time) Teaching / Research Focus: Entrepreneurship, High Technology Industries Course(s): BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUSI 771: New Venture Financing, BUMO 752: Strategic Growth for Emerging Companies Anil K. Gupta, Doctor of Business Administration, Harvard University Michael D. Dingman Chair in Strategy and Entrepreneurship (full-time) Teaching / Research Focus: Emerging Markets (especially China and India), Frugal Innovation, Global Strategy & Organization, Corporate Innovation and Entrepreneurship Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUSI 771: New Venture Financing David A. Kirsch, Ph.D. History, Stanford University

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Associate Professor (full-time) Teaching / Research Focus: History of modern technology, Entrepreneurial and technological failure, Internet Technology Entrepreneurship, Global environmental management systems Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 758G, Innovation Management, BUMO 752: Strategic Growth for Emerging Companies, BUSI 771 New Venture Financing Hui Lao, Ph. D. Organizational Behavior & Human Resources, University of Minnesota Smith Dean’s Professor in Leadership and Management (full-time) Teaching / Research Focus: Leadership, Creativity and Proactivity, Cross-Cultural Management Courses: BUMO 794 Essentials of Negotiations Jennifer Carson Marr, Ph. D. Management Organizational Behavior, London Business School Assistant Professor (full-time) Teaching / Research Focus: Dynamics of status hierarchies and motivational goals. Courses: BUMO 794 Essentials of Negotiations Paulo Procho, Ph. D. Management, INSEAD Fontainebleau, France Clinical Professor (full-time) Teaching / Research Focus: knowledge management, organizational routines, cross-border management and manufacturing strategy Courses: BUMO 758T Technology Entrepreneurship, BUMO758G Innovation Management Oliver Schlacke, Ph. D. Mechanical Engineering, University of Paderborn Clinical Professor (full-time) Teaching / Research Focus: Innovation Strategy, Scenario Planning, R&D Portfolio Optimization, Early Stages of Venture Creation, Business Creativity Courses: BUMO 732, Entrepreneurship & New Ventures; BUMO 758T, Technology Entrepreneurship; BUMO 752: Strategic Growth for Emerging Companies, BUMO 758G: Innovation Management, BUSI 771 New Venture Financing Subra Tangirala, Ph.D. Organizational Behavior and Human Resources, Purdue University Associate Professor (full-time) Teaching / Research Focus: interpersonal communication in organizations. Courses: BUMO 794: Essentials of Negotiations Vijaya Venkataramani, Ph.D. Organizational Behavior and Human Resources, Purdue University Associate Professor (full-time) Teaching / Research Focus: informal social relationships and social networks at work influence leadership, creativity, and discretionary employee behaviors in organizations Courses: BUMO 794: Essentials of Negotiations

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Table 1: Resources

Resources Categories Year 1 Year 2 Year 3 Year 4 Year 5 1.Reallocated Funds $0 $0 $0 $0 2. Tuition/Fee Revenue (c+g below) $409,920 $439,024 $469,129 $478,511 $488,082

a. #FT Students 15 15 15 15 15 b. Annual Tuition/Fee Rate $20,496 $20,906 $21,324 $21,751 $22,186 c. Annual FT Revenue (a x b) $307,440 $313,589 $319,861 $326,258 $332,783 d. # PT Students 5 6 7 7 7 e. Credit Hour Rate $1,708 $1,742 $1,777 $1,813 $1,849

f. Annual Credit Hours 12 12 12 12 12 g. Total Part Time Revenue (d x e x f) $102,480 $125,436 $149,268 $152,254 $155,299

3. Grants, Contracts, & Other External Sources

$0 $0 $0 $0 $0

4. Other Sources $0 $0 $0 $0 $0 TOTAL (Add 1 - 4) $409,920 $439,024 $469,129 $478,511 $488,082

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Table 2: Expenditures TABLE 2: EXPENDITURES Expenditure Categories Year 1 Year 2 Year 3 Year 4 Year 5 1. Faculty (b+c below) $266,000 $271,320 $276,746 $282,281 $287,927 a. #FTE 1.0 1.0 1.0 1.0 1.0 b. Total Salary $200,000 $204,000 $208,080 $212,242 $216,486 c. Total Benefits $66,000 $67,320 $68,666 $70,040 $71,441 2. Admin. Staff (b+c below) $46,550 $47,481 $48,431 $49,399 $50,387

a. #FTE 0.5 0.5 0.5 0.5 0.5 b. Total Salary $35,000 $35,700 $36,414 $37,142 $37,885 c. Total Benefits $11,550 $11,781 $12,017 $12,257 $12,502 3. Total Support Staff (b+c below) $16,625 $33,915 $34,593 $35,285 $35,991 a. #FTE 0.25 0.5 0.5 0.5 0.5 b. Total Salary $12,500 $25,500 $26,010 $26,530 $27,061 c. Total Benefits $4,125 $8,415 $8,583 $8,755 $8,930 4. Graduate Assistants (b+c) $19,387 $19,852 $20,327 $20,813 $21,310 a. #FTE 0.5 0.5 0.5 0.5 0.5 b. Stipend $8,000 $8,160 $8,323 $8,490 $8,659 c. Tuition Remission $3,655 $3,728 $3,801 $3,874 $3,947 d. Benefits $7,732 $7,964 $8,203 $8,449 $8,703 5. Equipment $5,000 $5,000 $5,000 $5,000 $5,000 5. Library $5,000 $5,000 $5,000 $5,000 $5,000 6. New or Renovated Space $0 $0 $0 $0 $0

7. Other Expenses: Operational Expenses $50,000 $50,000 $50,000 $50,000 $50,000 TOTAL (Add 1 - 8) $408,562 $432,568 $440,098 $447,779 $455,615