Presentation given on April 27, 2017 at Launch Fishers in Fishers, Indiana about what is new with entrepreneurship education - update and shortened version of Past, Present and Future of Entrepreneurship Education
5. Definition of Entrepreneurship – 2 Types
Entrepreneurship
SME (Small Medium Enterprise)
Local Market Focus
Restaurants, Dry Cleaners, Services
IDE (Innovation-Driven Enterprise)
Global Market Focus
Products w/ Innovation at Core
• Δt is short
• Linear growth (capped)
• Less investment required
• Δt is long
• Exponential growth (uncapped)
• A lot of investment required
Reference: “A Tale of Two Entrepreneurs: Understanding Differences in the Types of Entrepreneurship in the Economy,” Aulet & Murray
http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2013/05/a_tale_of_two_entrepreneurs_report.pdf
7. 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
7
8. 8
Being an entrepreneur
is the new “cool” thing.
As a result,
demand for
entrepreneurship
is blowing up!
Present
9. Present
1. Demand sky rockets
2. Overflows from academic institutions
3. Gap filled predominantly with practitioners
4. Shortage of academics
5. Coming crisis in entrepreneurship education
(Sept 2013)
9
17. Future
1. Serious academic and professional field
2. Rigorous but practical
3. New type of product
a) Segmentation of market
b) Dynamic system to adjust
c) Value-based as opposed to Credential-centric
d) JIT delivery model
4. Need to differentiate from private models
17
18. Process
•Start with market segmentation to identify different types of students in classes today
Segmentation
•Real representative examples (MIT)
•Significant shift in demandPersonas
•Identify needs by persona
•Note common areas as wellNeeds
•Modular for flexibility & customization, as well as rigor & quality
•What is our current set of offerings?Design
•Multiple mechanisms for delivery
•Giving options to customers (students)Delivery
•Research best practices
•Identify gaps and areas of weakness Remediation plans developed & implementedAction
18
19. 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
19
20. Market Segmentation: Personas
Exploratory/
Curious
Ready-to-Go Entrepreneurship
Amplifier
Corporate
Entrepreneur
Description
of Persona
Interested but has no
driving idea or team; is in
exploratory mode; starts
here but will migrate to
another state or out of
entrepreneurship
Chomping at the bit &
just wants help to get
going – has idea, tech
&/or core of team
Interested in
understanding enough to
successfully promote in
their org (e.g., gov, corp,
family business) but is not
the entrepreneur
Wants to be an
entrepreneur in a large
organization
Needs at a
High Level
Need info on career
choice, soft skills,
ideation, team building
and then some first-hand
experience to get a
sense of the process
Wants specific skills and
lots of them, very
quickly; less on the
upfront things
emphasized for the
“curious” persona;
wants the deep,
immersive experience
of being an
entrepreneur on her
idea/technology
Interested in all steps in
some depth but even
more interested in
strategy, policy and
economic impact of the
field. Will want to have
the experience of being an
entrepreneur so can
empathize but more
interested in the process
than the idea or team
Wants depth in
executing the process
so comfortable doing it
again but less tied to
the idea or team; more
interested in
organizational issues
and environment
issues
20
21. Needs Assessment: Business Essentials* 21
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
* - An open framework built for constant refinement
22. Notes About Approach and
Framework
• This is a flexible and open process and framework
• Can dynamically add new personas
• Creates new needs
• New needs can be added to the framework (“tile system”)
• Those needs would be represented as tiles or “objects”
• Analogy to object oriented programming
• Allows for systematic identification of new student types and
then …
• Allows for the identification, design, development and
integration of new objects in an efficient and effective manner
23. Curious Entrepreneur Specific Needs 23
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
24. Ready to Go Entrepreneur 24
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
25. Corporate Entrepreneur 25
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
26. Entrepreneurship Amplifier 26
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
27. Fulfillment Mechanisms
1. Residential Classes (Full Semester, Half Semester, Short
Classes)
2. Online Classes (e.g., edX/MITx/OpenCourseWare)
3. Lecture Series and/or Workshops (“SnackPacks”)
4. Extra or Co-Curricular Clubs/Activities (e.g., Competitions,
Hackathons)
5. Resources Page (Supplementary materials, e.g., blog posts,
podcasts, video or other materials)
6. Advisory Network (Specialists, Coaches, Mentors)
28. Offerings Mapping to Needs 28
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
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:
• Eric von Hippel “You Can Innovate”
Extra-Curricular & Clubs:
• Sloan Design Club
• Hackathons (e.g MIT Hacking Medicine)
• $100K Ideation sessions
SnackPacs
• t=0 Brainstorming Sessions
• Lecture series (at least every 2 months)
Online/Library:
• Videos (IDEO, Improv, plus others)
• Tina Seelig online class
• Clay Christensen, Jobs to Be Done
Professional Advisor Network Contacts
• Main contact: Erin Martin
• Specialist: Elaine Chen*
• Gordon Contact: Blade Kotelly
• VMS Contact: Roman Lubensky
31. How
How should entrepreneurship be taught?
1. Open (common language & best tools)
2. Systems Approach (integrated & prescriptive)
3. Rigorous but Practical (mens et manus)
31
32. 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.
32
33. Comprehensive Curriculum Tile Approach 33
Defining & Refining
Product Market
Fit
Ideation
Team
Building 1
Career
Choice
Soft
Skills
Primary Market
Research
Key Founders’
Decisions
Sales
Basics of
Finance
Communications
Sector Deep
Dives
Customer
Acquisition
Strategy
Product
Design
Product
Development
Leadership &
Culture
Negotiations
Scaling -
Manufacturing
Work-Life
Balance
Financing
HR
Project
Management
Dealing with
Adversity
Core Entrepreneurship Specific Skills :
Corporate
Entreprnrship
Corporate
Strategy
“Nucleation”
(Phase 1)
“Product Definition”
(Phase 2)
“Venture Development”
(Phase 3)
Product
Management
Legal
Business Model
& Pricing
Scaling: Process
& Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
Building
Eship Systems
* - An open framework built for constant refinement
43. Future
1. Serious academic and professional field
2. Rigorous but practical
3. New type of product
a) Segmentation of market
b) Dynamic system to adjust
c) Value-based as opposed to Credential-centric
d) JIT delivery model
4. Need to differentiate from private models
43
45. What We Are Not …
o Economic development organizations
o It is a by product but not the focus
o This makes us unique in an entrepreneurial
ecosystem and we should be proud and steadfast in
our commitment to our mission and role
45
48. Select Numbers for Impact
• 300,000 plus students taken online courses
• 199 different countries these students come from
• 120,000 plus views of slides for talk on Past, Present and
Future of Entrepreneurship Education talk
• 16 languages “Disciplined Entrepreneurship” book is
available in as of January 2017
55. Story of Reo, Rita, Natalie, Chuan & Gavin
Start IAP
Jan 2015
15.390
Feb – May 2015
GFSA
June – Aug 2015
BCG
Hacking Arts
PowderWave
GSD
Sept – Jan 2015
IDEOSumo Logic
TA
6.933
56. Key Take Aways
• Entrepreneurship can be taught and it is effectively
with a good process
• The students appreciate there is value in a
rigorous/disciplined process for entrepreneurship –
it is not just magic and mentorship
• Entrepreneurs and companies evolve over time in a
Darwinian manner – fluid teams are essential to
optimize the learning process (as well as success)
By the way, note the diversity in the teams!
56
57. Validation
Designing Team Building Check Points on the
Entrepreneurship Education Ramp
Inspiration,
Idea,
Technology
Classroom Extra-Curricular Accelerator
Key Points to Form/Reform Team:
V1, V2, V3, V4, …