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REE USA Stanford University

DEVELOPMENT OF AN ENTREPRENEURSHIP MINOR AND OTHER ENTREPRENEURSHIP EDUCATION FOR ALL ENGINEERS Tom Mason Rose-Hulman Institute of Technology. REE USA Stanford University. DEFINITION OF ENTREPRENEURSHIP. Combination or recombination of resources in innovative and valuable ways .

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REE USA Stanford University

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  1. DEVELOPMENT OF AN ENTREPRENEURSHIP MINOR AND OTHER ENTREPRENEURSHIP EDUCATION FOR ALL ENGINEERSTom MasonRose-Hulman Institute of Technology REE USA Stanford University

  2. DEFINITION OF ENTREPRENEURSHIP • Combination or recombination of resources in innovative and valuable ways. • Invention is only the beginning of innovation • Emerson was wrong – The world will not beat a path to the inventor’s door • Entrepreneurship need not be a new business

  3. IMPORTANCE OF ENTREPRENEURSHIP • Jobs and prosperity • Global competition  THE DAYS OF DILBERT ARE DONE!!!!!! • Entrepreneurial skills are complements to technical skills • New enterprises seldom fail due to technical failure • Best technology does not always win

  4. EDUCATION AND BUSINESS DIFFERENCES • Pursuing truth is not the same as pursuing profits • Academic time is different from business time • Business allocates resources for value, not “fairness” • Business values ambitious failures much less

  5. ENTREPRENEURSHIP AT ROSE-HULMAN • A course since the mid-80’s • Entrepreneur-in-residence program • Project-based education • Rose-Hulman Ventures • Engenius Solutions • Recent developments • Multidisciplinary entrepreneurial design courses • Minors for B.S. And M.S. Students • Still in approval process • Master In Technology Entrepreneurship

  6. Business Education SPECTRUM OF OPPORTUNITIES RHV Success Fund RHIT CTRI RHV Engenius Solutions

  7. ROSE-HULMAN VENTURES: THE MISSION • Foster creation and growth of innovation-based businesses by providing access to: • Infrastructure • Technical Support • Business Support • Capital • Thereby providing: • Faculty/student educational experiences • Economic growth for Terre Haute and Indiana

  8. EDUCATIONAL BENEFITS • Over 300 student & faculty experiences • Faculty – • Intellectual stretch & great experiences • Students • Excitement of “real” engineering • Learned things not evident in courses & labs • Requirements shift • Business realities such as deadlines & cash • Aids the job search – even in big companies!!

  9. MULTIDISCIPLINARY ENTREPRENEURIAL DESIGN COURSES • A dozen engineering & science faculty members involved • Modules on project management, creativity, business plans, etc. • Innovative projects for students • NCIIA grant received for course development

  10. UNDERGRADUATE ENTREPRENEURSHIP MINOR • VA453 The Entrepreneur • VA498 Technology Management & Forecasting or EMGT423* Intro. To Marketing for Technical Products (not yet available) • EMGT427 Project Management • SL350 Managerial Accounting • VA454 Financial Economics • Participation in an approved entrepreneurial senior design experience

  11. GRADUATE ENTREPRENEURSHIP MINOR • MG 532 Technical Entrepreneurship • Mg5xx Marketing New Technology Or MG526 Tech. Mgt. & Forecasting • MG520 Accounting For Technical Managers Or MGXX Entrepreneurial Finance • MG527 Project Management • MG5XX Implementing Innovation Or Other MSTE Course Approved By MSEM Director • A Thesis Experience Which Includes An Entrepreneurial Or Commercialization Dimension.

  12. MASTER OF TECHNOLOGY ENTREPRENEURSHIP • Builds on the successful MS in Engineering Management Program • Focused courses to acquire needed business skills • Blends academic work with early stage work on innovations

  13. MASTER OF TECHNOLOGY ENTREPRENEURSHIPUnder consideration! • MG 532 Technical Entrepreneurship 4 • MG 526 Technology Management & Forecasting 4 • MG 520 Accounting for Technical Managers 4 • MG 522 Organizational Management 4 • MG 527 Project Management 4 • MG 5XX Marketing New Technology* 4 • MG 5XX Implementation of Innovations* 4 • MG 5XX Entrepreneurial Finance * 4 • Electives (Courses, especially technical ) 8 • GS 515 Selling Technology 1 • GS 5XX Fundamentals of Intellectual Property 1 • GS 5XX A Global Perspective on Technical Entrepreneurship* 1 • MG 5XX Business Plan Development Project* 8 • * - COURSES TO BE DEVELOPED

  14. CHALLENGES & RESPONSES • Rigid Curricula • Emphasize outcomes desired for the majors • Students overload if they see value • Worry about technical rigor • Involve respected technical professors

  15. CHALLENGES & RESPONSES • Worry about loss of elective enrollments • Involve technical faculty in entrepreneurship courses • Breadth without depth - “Now they know about marketing and finance”. • No – but they know they need to learn more.

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