Friday October 25, 2013

1. Friday October 25, 2013

2. Panelists Kay F. Molkentin Director, Center for Integrated Entrepreneurship Hiram College Robert F. Culbertson III Adjunct Professor of Entrepreneurship Carnegie Mellon University Michael J Pochan Entrepreneur-In-Residence Wukich Center for Entrepreneurial Opportunities Seton Hill University

3. Why Experiential ? I hear and I forget, I see and I remember, I do and I understand. —Ancient Chinese proverb

4. Bloom’s Taxonomy < Prep session < Coaching session < Go out and do it ! < Recap < Student Presents < next time …

5. Issues • Liability • Conflicts of Interest • Taxation • Handling Cash

6. Our Approach for this Session On campus Off campus In the Classroom Outside the Classroom

7. Our Approach for this Session On campus Off campus In the Classroom Outside the Classroom

9. Experiential Learning: Inside and Outside the Classroom On Campus Student Run Venture Experiences Kay F. Molkentin, Hiram College GCEC Conference ● October 25, 2013

10. Special Thanks to: Sharon Alpi, Millikin University Dianne Welsh, UNC Greensboro Contact: Kay F. Molkentin Director, Center for Integrated Entrepreneurship Hiram College 330-569-5256 molkentinkf@hiram.edu

11. Experiential Learning: In Classroom / On & Off Campus R.F. Culbertson, Carnegie Mellon University GCEC Conference ● October 25, 2013

12. The Apprentice & Startup Incinerator “Do You Believe in This Thing or Not?” email: rfc@culbertsons.com twitter: @taylorpamm

13. ‘The Apprentice’ & ‘Startup Incinerator’: • Umbrella Goals: • Augment an Entrepreneurship Offering • Using an In Classroom / On & Off Campus Experience • Improving Business Creation & Survival Rates • Started 14 years ago @ CMU • ‘The Apprentice’ came first • 2 Years Before TV Show  • ‘SI’ was added 1 year ago 1 2

14. ‘The Apprentice’ & ‘Startup Incinerator’: • Launched (in the Classroom) as an “Intro” Level Course • Most Students = NO Ideas and very Diverse backgrounds • Very Mini-Biz. Plans & NO Investor Pitches • ‘Real World’ emphasis on Profitability and Sustainability • Seeded team projects with $’s • Team that turned in the Most $’s Wins ALL the $$’s 3

15. ‘The Apprentice’ & ‘Startup Incinerator’: The 4 Specific Goals: • Encourage more Complete and Multi-Disciplinary Teams 1

16. ‘The Apprentice’ & ‘Startup Incinerator’: The 4 Specific Goals: • Increase Customer Knowledge / Prospect Interactions 2

17. ‘The Apprentice’ & ‘Startup Incinerator’: The 4 Specific Goals: • Business Model via a Detailed Cash Flow Understanding 3

18. ‘The Apprentice’ & ‘Startup Incinerator’: The 4 Specific Goals: • Improved Decision-Making by making Dynamic Decisions 4

19. ‘The Apprentice’ & ‘Startup Incinerator’: My Specific 4 Goals: • Encourage more Complete and Multi-Disciplinary Teams • Increase Customer Knowledge / Prospect Interactions • Business Model via a Detailed Cash Flow Understanding • Improved Decision-Making by making Dynamic Decisions 1 2 3 4

20. EVERY Class STARTS by: Learning to THINK Like an Entrepreneur – “You Need to Learn to Think Differently!”

21. Everyone: Add these numbers out loud with me 0 + 1000

22. + 10 = ?

23. My Customer: • Who’s My ‘Student’Customer @ CMU? • Any discipline / major – Normally WITHOUT an ‘Idea’ 1

24. Their Pain(s): • Who’s My ‘Student’Customer? • What’s Their Pain? • It’s Personal… • Desire to Experience Entrepreneurship • Large vs Small company Job / Internship • Quantify the Pain? • Teach > 150 students / semester 1 2 3

25. The Results • Businesses: • Students come in ‘normally’ without ideas • Last 4 Years - Class has spun-out 24+ businesses • 21 are still alive / Largest = ‘ModCloth’ @ $140M+ • Always Over-Subscribed • “Best Value for Money Course on Campus” … Jerry Cohen – (President of CMU) • Spun Out 2 Other Courses: • “Business for Engineers” & “Topics in E-ship” 1 2 3

26. Their Reactions: • “Not sure if it’s worth ALL of my 4 year tuition – but it’s the ONLY reason I’d come back.” • “Finally a course that teaches something that I can use and take with me after these 4 years.” • “Why don’t you teach this at the MBA level?” • “Thank you sons and wife for allowing you to spend so much time with us.” • “My parents and friends want to meet you – as much I talk about your class and how much I’ve learned.” 1 2 3 4 5

27. Course Structure (Pt. 1): • New Team & New ‘Real World’ Project Every 2 Weeks: • Invite Small Businesses in to present ‘Real’ problems • Teams are Formed, Problems Solved, & Winners • Focusing on: • Sales – Sell products for CMU small biz’s • Digitally Market CMU IP • Cash Flow / Strategy Analysis of Mark Cuban’s AXS.TV channel 1

28. Course Structure (Pt. 2): • New Team & New ‘Real World’ Project Every 2 Weeks: • Failures are analyzed and ENCOURAGED • Start with Karaoke – End with “Your Own Idea” • Team that earns the Most $’s / Wins ALL the $$’s 1 2

29. ‘The Apprentice’ – Teaches • A Different Aspect of Entrepreneurship / every 2 weeks. • Minimally Viable Product Determinations • Greed = Where Revenue Creation is part of the solution • Team producing the MOST $’s – Win ALL the $$’s • YOM vs OPM • YOM produces different decisions, increased learning and creativity 1 2 3 4

30. B of TE ‘Startup Incinerator’ – Evals Team Building • Hiring and Firing is ALLOWED • Denote Best & Worst Team Member • Winners determined by a ‘March Madness’ competition • Dynamic Decision-Making (2.5 / 1.5 / 1 min. Pre’s) • Winners = Peer / Social / Judges / Revenue Creation • Lessons: • Multi-Disciplinary Team of ‘A’ Players is a MUST! • Learn to work and flex each other ‘Under Pressure’ 1 2 3

31. Structurally: • We provide 1 [PRIVATE] Mentor per Group: • CEO Entrepreneur / Or have taken my course before • On Call 24/7 and accessible by ANY group • Require < 30 minute response time on all inbound communication (e-mail, texts, phone calls) 1

32. In Class / On & Off Campus – “We Practice, Preach & More” • We ‘preach’Thinking We ‘practice’Doing 2

33. In Class: • We ‘preach’Delegation On & Off Campus: We ‘practice’Leadership & Accountability 3

34. In Class: • We ‘preach’Communication On & Off Campus: We ‘practice’Consistency (No Surprises) 4

35. In Class: • We ‘preach’Urgency On & Off Campus: We ‘practice’ Evaluation 5

36. In Class: • We ‘preach’the Connection We ‘practice’being in Synch 6

37. In Class: • We ‘preach’Fiscal Responsibility On & Off Campus: We ‘practice’Granular Cash Flow 7

38. In Class: • We ‘preach’M&A On & Off Campus: We ‘practice’Increased Decision-Making 8

39. In Class: • We ‘preach’Dynamic Thinking On & Off Campus: We ‘practice’Staying Alive 9

40. In Class: • We ‘allow’Hiring & Firing On & Off Campus: We ‘practice’ Darwinism 10

41. We Teach what NOT to DO… and Our 5 Steps to Staying Alive 11

42. 5 Steps to Staying Alive (Right Now): • Learn how to exist in a ‘low growth’ environment • Without VC’s / Organic Growth just TEAM • Get ‘real’ customers – Off Campus / Outside the Building 1

43. 5 Steps to Staying Alive (Right Now): Learn how to SELL • Learn how to ‘Sell the Dream’ • Understand the difference between being ‘pushed’ vs being ‘pulled’ into a customer’s deal! • Understand that success is more than ‘tech’ – channel / partners / revenue models 2

44. 5 Steps to Staying Alive (Right Now): • Learn how to Make Decisions ‘structurally’ • Where do you want to be in ‘X’ months • The next 3 to 4 steps to get you there • Learn how to ‘course correct’ along the way 3

45. 5 Steps to Staying Alive (Right Now): • There is no OPM – It’s ALL YOUR money! • Finance impacts HOW and WHAT you create 4

46. 5 Steps to Staying Alive (Right Now): • Learn the Incubator, Accelerator, & VC models • Know how THEY are graded • One size does NOT fit all • Same $’s / Same timeframe • One chance / One mistake = One Divorce 5

47. The Apprentice & Startup Incinerator Advertising for Spring, 2014 Register Early & Register Often! email: rfc@culbertsons.com twitter: @taylorpamm

48. Experiential Learning:Outside the Classroom, Off-CampusMichael Pochan

49. On campus Off campus In the Classroom Outside the Classroom

50. How We Did It. A proud member of the