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Today’s Challenge of Innovation and Entrepreneurship

This presentation discusses the importance of innovation and entrepreneurship in addressing global challenges such as environmental issues, energy, healthcare, and economic growth. It explores the concept of a "Flat World" and the limits we face in terms of resources and competition. The presentation highlights WPI's specific initiatives in embedding innovation in the curriculum, the development of feasibility discipline, and student-initiated activities.

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Today’s Challenge of Innovation and Entrepreneurship

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  1. Today’s Challenge of Innovation and Entrepreneurship WPI” Fifth US-Africa Business Conference Jerry Schaufeld WPI Department of Management WPI’s Fifth US Africa Business Conference June 2008

  2. A perspective • JJS… vantage • Professional and academic (“Improving the probability of success…”) • WPI Vantage • Legacy of Innovation and entrepreneurship • Current environment • Academic offerings • CEI and student based Genius • Research in Innovation and Entrepreneurship WPI’s Fifth US Africa Business Conference June 2008

  3. Commercialization Cycle… • LBO • M & A • Turnaround • Other… $ • R & D • Invention • Mkt. Oppty. • Idea Money/ Cash flow ($) Subsequent Rounds Sources Time Decision to commercialize (Today) Angel “FFF” Series “A” event (Venture, Institutional Capital, JV, etc.) ? (Traditional) Professional (other peoples money) funding Visionary Funding WPI’s Fifth US Africa Business Conference June 2008

  4. Implications by function… WPI’s Fifth US Africa Business Conference June 2008

  5. The Challenges….. • Confronted by a new world characterized by a conceptual framework of a “Flat World” coined by Tom Freidman. The issues are global. • Challenges include environmental, energy, health care, food and economic growth to start. WPI’s Fifth US Africa Business Conference June 2008

  6. We are we Doing…..? • In the US we had the advantages of “endless” resources and a seemingly endless ability to consume…. • Today we have reached limits in …. • Ability to compete in production of goods • Limits to our resources • The beginning of understanding the environmental penalty of all the above. • Producing the engineering talent we need. WPI’s Fifth US Africa Business Conference June 2008

  7. And Yet……. • We put a man on the moon, invented the microcircuit, Post Its and the I-Pod. • Looking forward we are betting on the strength of Innovation and Entrepreneurship. • Innovation deals with the process from idea recognition to empowerment and commercialization. • Entrepreneurship deals with the area of risk mitigation through understanding business fundamentals as applied to opportunities. WPI’s Fifth US Africa Business Conference June 2008

  8. WPI specifics…. • Examples at WPI include: • Kern foundation –Embedding Innovation in the Engineering Curriculum for all students • NCIIA proposal to develop a feasibility discipline early in the design of the social use of robotics • WPI’s legacy of project orientation (IQP, MQP) • Student initiated activity (i.e. Genius) • It’s only the beginning….. WPI’s Fifth US Africa Business Conference June 2008

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