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ENTREPRENEURSHIP EDUCATION

The Past, Present and Future of. ENTREPRENEURSHIP EDUCATION. January 10, 2016 Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship. Purpose of this Presentation. We are all entrepreneurship educators The world needs us more than ever before We can do better

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ENTREPRENEURSHIP EDUCATION

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  1. The Past, Present and Future of ENTREPRENEURSHIP EDUCATION January 10, 2016 Bill Aulet Managing Director,Martin Trust Centerfor MIT Entrepreneurship

  2. Purpose of this Presentation We are all entrepreneurship educators The world needs us more than ever before We can do better How we can up our game

  3. What Is Entrepreneurship?

  4. Definition of Innovation Innovation = Invention*Commercialization

  5. What Is Entrepreneurship? • Innovation • * Technology essentials • * Knowledge of science & engineering • * Skills to develop • * Skills to build • Entrepreneurship • * Business essentials • * Venture engineering • * Knowledge to frame decisions • * Skills to start • * Skills to grow

  6. Past Practitioner or Academic Little differentiation between types of entrepreneurship Demand was relatively small & field was seen as a niche (orphan?) Not perceived as a worthy academic pursuit Can it be taught? Should it be taught?

  7. Being an entrepreneuris the new “cool” thing. Present As a result,demand forentrepreneurship is blowing up!

  8. Present Demand sky rockets Overflows from academic institutions Gap filled predominantly with practitioners Shortage of academics Coming crisis in entrepreneurship education (Sept 2013)

  9. Most Fundamental Questions for Entrepreneurship Education Why Can How

  10. Crisis inentrepreneurial education Demand Storytelling Supply of quality Time

  11. Importance of Spirit Creative Irreverence

  12. Spirit +Skills Successful Entrepreneurship

  13. Successful Entrepreneurship= • Spiritof a pirate • Skillsof a Navy Seal +

  14. Future • Serious academic and professional field • Rigorous but practical • New type of product • Segmentation of market • Dynamic system to adjust • Value-based as opposed to Credential-centric • JIT delivery model • Need to differentiate from private models

  15. Process

  16. Example: Target Customer Definition & Segmentation for MIT • MIT students • Undergraduate (UG) • Graduate Student – MBAs (MBA) • Graduate Student – other Masters or PhD (Grad) • Post Doctoral Student* (PostDoc) • Any of the five schools at MIT • We will further distinguish between all of these categories of students by their interests using the persona methodology • Again, we focus on IDE not SME entrepreneurship

  17. Market Segmentation: Personas

  18. Needs Assessment: Business Essentials* Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs: * - An open framework built for constant refinement

  19. Curious Entrepreneur Specific Needs Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs:

  20. Ready to Go Entrepreneur Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs:

  21. Corporate Entrepreneur Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs:

  22. Entrepreneurship Amplifier Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs:

  23. Fulfillment Mechanisms Residential Classes (Full Semester, Half Semester, Short Classes) Online Classes (e.g., edX/MITx/OpenCourseWare) Lecture Series and/or Workshops (“SnackPacks”) Extra or Co-Curricular Clubs/Activities (e.g., Competitions, Hackathons) Resources Page (Supplementary materials, e.g., blog posts, podcasts, video or other materials) Advisory Network (Specialists, Coaches, Mentors)

  24. Offerings Mapping to Needs • Ideation • Classes: • 6.933: Founders’ Journey (1 class) • 15.390: New Enterprises (2 classes) • Also included in 2.75: Medical Device Design, 3.042: Materials Project Lab, 2.009: Prod Engineering Process, ESD.051J: Eng Innovation & Design • IAP class: “Figuring Out the Next Big Thing” IAP.123 • edX: • Watch this space … • Extra-Curricular & Clubs: • Sloan Design Club • Hackathons (e.g MIT Hacking Medicine) • $100K Brainstorming sessions • SnackPacs • t=0 Brainstorming Sessions • Lecture series (at least every 2 months) • Online/Library: • Videos (IDEO, Improv, plus others) • Tina Seelig online class • Add books • Professional Advisor Network Contacts • Main contact: Sam Breen • Specialist: Elaine Chen* • Gordon Contact: Blade Kotelly • VMS Contact: Roman Lubensky Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Corporate Strategy Project Management Dealing with Adversity Leadership & Culture Customer Acquisition Product Design Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Building Eship Systems Corporate Entreprnrship Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs:

  25. Most Fundamental Questions for Entrepreneurship Education Why Can How

  26. How How should entrepreneurship be taught? Open (common language & best tools) Systems Approach (integrated & prescriptive) Rigorous but Practical (mens et manus)

  27. Student Personas • “Ready to Go” • Chris had his business idea even before the school year began and the drive to start his business ASAP. Chris is already meeting other students so he can find his co-founder, securing mentors, and building his network. He is taking the course for some guidance, but he would have started his business even without the class.

  28. Comprehensive Curriculum Tile Approach Core Entrepreneurship Specific Skills : “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Defining & Refining Product  Market Fit Key Founders’ Decisions Sector Deep Dives Business Model & Pricing Scaling - Manufacturing Career Choice HR Ideation Product Design Dealing with Adversity Customer Acquisition Project Management Corporate Strategy Leadership & Culture Basics of Finance Financing Scaling: Process & Infrastructure Legal Team Building 1 Sales Work-Life Balance Product Development Primary Market Research Negotiations Communications Product Management Corporate Entreprnrship Building Eship Systems Strategy Essential Skills for Entrepreneurs (Semi-Customized): Soft Skills General Skills Valuable to Entrepreneurs: * - An open framework built for constant refinement

  29. How 24 Steps Was Put Together

  30. Action • Entrepreneurship Educators Forum

  31. The mission: Improve entrepreneurship education, and make it more rigorous and professional • How? • An open-source, collaborative platform for curated high quality entrepreneurship teaching materials • A community to discuss challenges, share best practices and drive innovation in entrepreneurship education • Guidance and support from an advisory council – leaders of entrepreneurship education in top institutions • What? • An online platform (MVP launched @ www.eef.io) • The MIT entrepreneurship programming roadmap as a base to get going • A series of webinars focusing on the “tiles” in the framework, recorded and available on the website – often including syllabi and other teaching materials • All free and open to all

  32. Michal Gilon-Yanai

  33. Future • Serious academic and professional field • Rigorous but practical • New type of product • Segmentation of market • Dynamic system to adjust • Value-based as opposed to Credential-centric • JIT delivery model • Need to differentiate from private models

  34. What Differentiates Us? We help create entrepreneurs not companies.

  35. What We Are Not … • Economic development organizations • It is a by product but not the focus • This makes us unique in an entrepreneurial ecosystem and we should be proud and steadfast in our commitment to our mission and role

  36. Follow Up • Workshop today from 3:15 to 4:45 pm in Grand Ballroom • www.EEF.io • aulet@mit.edu

  37. More info • The book • www.disciplinedentrepreneurship.com • Progress Dashboardwww.detoolbox.com

  38. Free* Online Courses

  39. Other Relevant Material I

  40. Other Relevant Material II

  41. End Questions?

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