Intl MBA Students: What can we offer for venture research outside the US?

1. Intl MBA Students: What can we offer for venture research outside the US?

2. Basic Facts • MBA degree programs are highly populated by foreign students • Building new ventures/entrepreneurship is one of the new competencies many seek to learn • Without a green card or US employer sponsorship to attain one, many students on student visa are unable to stay and work in the US • Many students seek to use their time here to make connections and create business plans to execute in their home nation

3. The big issue • The US experience in venture creation/ funding is the primary approach that is actively taught • Nearly all of the resources and examples and cases that are used are focused on the US experience • How can we bring more focus and resources to bear on the non-US entrepreneurship needs of this important part of our student cohort?

4. Babson College Alumni Survey • More than 85% of respondents were located in the United States, with the highest percentage from the east and west coasts: Massachusetts, California, Washington, D.C., Florida, Georgia, Illinoi, New York New Jersey Pennsylvania, and Texas. • International respondents were slightly younger than US respondents and hailed from 66 countries with high percentages of respondents from Argentina, Brazil, China, India, Mexico, Switzerland, the United Kingdom, and Venezuela

5. Research on Intl Eship Pedagogy • Deep and recent on e-ship curriculum outside US • Growing amount on the most effective tools and methods for enabling eship locally (SarasSarasvathy – “effectual reasoning”) • Lots on the theories • Little on the needs, resources and tools required to make it happen

6. Recent survey study finds…. • “Entrepreneurship as academic discipline must push beyond cozy walls of college to connect with a broader population of students…” • “Connection (with agencies and sources of funding)..enhance the students learning and develop stronger linkages to the surrounding community…with implications for regional development.” – Structure and Scope of E-ship Education Programs in Higher Ed Around the World; Winkel, et al, Journal of Entrepreneurship Education, v. 16 2013.

7. So, how can we help? • Expansion of research resources for non- US market identification, funding sources, competitive products, venture environment and govt promotion programs • Opportunity to create our own small international venture incubator for venturers from emerging market nations

8. Funding sources/deal histories • Venture/PE industry is under developed outside of the major economies • Funding is very private, not disclosed and not accessible for many - forget Thomson! • Size of industry is so small at this point – angel investors and crowdfunding, microfinance are alternatives • More focus on US/Euro funds seeking EM investments

9. Markets – immature, untracked, unavailable • Size of markets usually dictate availability of market share data • Smaller economies often do not have local industries nor the infrastructure to support them • Data may be available on the ground, in local language but nowhere else • Growing, but……

10. “Doing Business In” guides won’t work • So many sources focused on foreign firms setting up operations in the country • Good sources from global/local accounting and consulting firms keep track of what is taking place locally – sometimes by city or region • PWC and Ernst and Young “Doing Business in…” series are typically good and reasonably current. • IFC “Doing Business” series on business regulations is excellent • Lex Mundi and HLB International are great free resources that cover smaller nations

11. What sources work? • EMIS – both in English and local language • Intl databases/directories in local language • Google Translate • Colleagues at foreign colleges, govt development agencies in location • Community of entrepreneurs in that locale • Venture accelerators/incubators in country • Community of business students in your institution

12. EMIS Emerging Mkts Information

13. Creative solutions? • Use your local intlventurers to do the research on weblinks to resources • Create a “Thailand Entrepreneurship” Libguide to maintain those resources for future needs • Seek to hire similar students to update it • Can’t do it? Outsource it – but retain it! • Reach out as far as you can when you don’t have it.

14. Babson Global Eship Monitor • Best source for assessment of eship activity, aspirations, attitudes across range of nations • http://www.gemconsortium.org/ • Started 1999, now covers 100 countries • Both global and country reports • Published list of network participants for contacts

15. Thanks for your attention! • Jack Cahill jcahill@babson.edu • Mgr Research and Instruction/Cutler Ctr for Investments and Finance • Questions?