Value co creation in entrepreneurship education - case aalto university
Experiences from teaching:Value co-creation model for students,firms and the university in educationCase: Growth Entrepreneurship Education in Aalto UniversityOlli-Pekka MutanenAalto Ventures Program & EIT Master’s Programmein ICT Innovation
Biography: Olli-Pekka Mutanen• CURRENT: Professional background and societal activity– Leading the Software Business Lab research group @ DIEM, School of Science, Aalto– Aalto Ventures Program, founding team member and lecturer– Entrepreneurship & Innovation Minor of the EIT Master’s Program, coordinator & lecturer– National Growth Forum (www.kasvufoorumi.fi), member of the steering group– Consultation and lecturing on technology based growth, ecosystems and business• BACKGROUND: Founder and CEO of IT and new media firms (1991-2004)• MULTILIZER, Inc. 1998-2004, Co-founder, CEO and Member of the board– Multilizer was the market leader in software globalization technology platform solutions forinternationally operating enterprises.– Company won "The Best Globalization Technology of the Year" award three times in 2001, 2002 and2003 in the U.S• HYPERHOUSE Group: 1995-2000, Co-founder, Director of projects– HYPERHOUSE was among the top-three “new media" offices in Finland producing corporate widemultimedia solutions and internet services to the leading enterprises and organizations in Finland• INNOVIEW Data Technologies 1991-2000, co-founder, CEO and member of the board– Development of software based technologies and solutions, such as image compression and archivingtechnology solutions, multimedia development tools, POS systems, online based real estate solutions.• CONTACT: olli-pekka.mutanen at aalto.fi
There are new challenges ineducation - why and whatkind of?
”Need a Job? Invent It”• Tony Wagner, the Harvard education specialist says:“…college tracks are not consistently adding the valueand teaching the skills that matter most in themarketplace.”• He is seeing his role as a translator between two “tribes”:the education world and the business world – “peoplewho teach our kids” and ”people who give them jobs”.• Seeing that as dangerous at a time when ”there isincreasingly no such thing as a high-wage, middle-skilled job”• Now there is “only a high-wage, high-skilled job”.Source: New York Times, 30.3.2013
”Need a Job? Invent It”• ”Every middle-class job today is being pulled up, out ordown faster than ever. That is, it either requires more skill orcan be done by more people around the world or is beingburied - made obsolete - faster than ever.”• The goal of education today should not be to make everychild “college ready” but “innovation ready” - ready toadd value to whatever they do.• Today, because knowledge is available on every Internet-connected device, what you know matters far less thanwhat you can do with what you know.• The capacity to innovate — the ability to solve problemscreatively or bring new possibilities to life — and skills likecritical thinking, communication and collaboration are farmore important than academic knowledge.Source: New York Times, 30.3.2013
”Need a Job? Invent It”• Our generation had it easy: We just got to “find” a job. But,more than ever, our kids will have to “invent” a job.• Every young person will still continue to need basicknowledge, but they will need skills and motivation evenmore.• Of the all education goals, “motivation is the most critical”– Young people who are intrinsically motivated — curious, persistent,and willing to take risks — will learn new knowledge and skillscontinuously.– They will be able to find new opportunities or create their own - adisposition that will be increasingly important as many traditionalcareers disappear.”Source: New York Times, 30.3.2013
Motivation is critical for learning.Where to get it in high-growthentrepreneurship education?
What it takes that our well-being will befunded in the future?• Consultant Company McKinsey Finland published a report in2010 stating the conditions under which the Finnish societycan maintain its current welfare in the future.• According to the report, Finland needs 150.000 – 200.000new jobs to be created on private sector by year 2020. Iftaking into account of retirement, the amount is increased by120.000 new jobs on private sector resulting in therequirement of over 300.000 new jobs.• In addition, the productivity of publicly funded services shouldbe improved by 1.2 percent per every year.• McKinsey believes that these measures will allow us to onlypreserve the current valuable features of our welfare.Source: McKinsey&Company: Työtä, tekijöitä, tuottavuutta: Suomen prioriteetit seuraavallevuosikymmenelle 2010.
Means to tackle the challenge: Growthentrepreneurship & the related talent• Majority of NEW JOBS are born in Young & Small firms– 2006-09 in Finland, less than 700 growth firms representing 4,8%share of all companies generated 50% of the total increase inemployment*• During the last three decades in the USA:– Economic growth has been solely based on the value created bygrowing technology companies, and especially the IT sector **– Companies under 5 years of age have created over 40 million jobsaccounting for all of the country’s net job growth. ***• The role of talent: Case Stanford in Silicon Valley– Stanford Entrepreneur companies generate 2,7 trillion USD inrevenue annually, and– These companies have created 5,4 million new jobs. ***** Source: Kasvuyrityskatsaus, TEM (04/2011)** Startup Genome, 2012.*** Presidents Council on Jobs and Competitiveness, White House. Interim report 2011.**** The Wall Street Journal 24.10.2012
About growth entrepreneurshipeducation in Aalto UniversityCase: Aalto Ventures Program (AVP)
Aalto Ventures Program (AVP)Inspiration, Insight, and Experience to build Bold VenturesAalto Ventures Program offers and develops entrepreneurialeducation at Aalto University. AVP courses are available to all Aaltostudents. You can study a master level minor degree or just takeindividual courses of your preference.In AVP, you will learn by doing together with experienced professionalsand people with various backgrounds and nationalities. This will teachyou practical street smarts and entrepreneurial mindset for startingnew ventures and making impact in real life.AVP works in close collaboration with Aaltos startup community(Aaltoes & Startup Sauna). In addition, AVS is being developed incollaboration with Stanford Technology Ventures Program.
AVP GOALS AND CURRICULUMCO-DEVELOPMENT WITHSTANFORD TECHNOLOGY VENTURES PROGRAM
ENTREPRENEURSHIP PROMOTED BY STUDENTS AND THE UNIVERSITY.ENTREPRENEURSHIP PROMOTED BY STUDENTS AND THE UNIVERSITY.
accelerator, internship,co-working space,conferenceTalks, pitching, SoS,the next thingACE – techtransfer(Tech) ResearchDegree programsAVPAVPAcademic research and teachingTalent poolCulture & AttitudeNetworkEasy entryInnovate newEcosystem development200 M people area –Northern Europe and RussiaAalto startup ecosystem• Brings people together from different backgrounds• Provides attitude, skills and knowledge to launch a venture• Spreads entrepreneurial thinking inside Aalto• Makes Aalto the most attractive entrepreneurial university inEurope and Asia• Brings people together from different backgrounds• Provides attitude, skills and knowledge to launch a venture• Spreads entrepreneurial thinking inside Aalto• Makes Aalto the most attractive entrepreneurial university inEurope and Asia
AALTO VENTURES PROGRAM MINORAALTO VENTURES PROGRAM MINORIntro(Inspiration,Attitude)Core Curriculum (Skills & knowledge)Taught both at faculty & Startup Sauna sideProject Courses (Experience, skills)Courses from other majors, internships etc.AaltoES etcAcademic ResearchACE, Startup Sauna…
Case: T-128.1000 Introduction toIT Business and VenturingValue co-creation model between students, businessesand the university in teaching technology business andventuring.
T-128.1000 Introduction to IT Business and Venturing (2 ECTS)Business & Venturing Courses (1st year)Introduction and basicmotivation to takingBusiness & Venturingstudies in ICT as part ofengineering education.A holistic picture of whatentrepreneurs andmanagers of ICTbusinesses need toconsider at their work.Offers knowledge andinsight into technologyentrepreneurship andmanagement of growth inturbulent environments.Go-to market planningfor growth-oriented hightechnology SMEs invarious stages ofint’n process.T-128.2500 T-128.5400T-128.1000 T-128.6000ENGAGEMENT BUSINESSMANAGEMENTENTREPRENEURSHIP GROWTH & INT’NT-128.2500 Management of a Software Venture (6 ECTS)T-128.5400 Technology Entrepreneurship Seminar (4 ECTS)T-128.6000 Growth and Internationalization of Technology SMEs (4 ECTS)Period I (Autumn) Period I-II (Autumn) Period III (Spring) Period IV (Spring)
T-128.1000 Introduction to IT Businessand Venturing (2 ECTS)Goals To create initial understanding on the value creation of aninformation technology based firm, to learn the basics on the localand the global ICT industry, how to recognize and classify differentbusiness models and how to analyze the factors affecting thesuccess of a venture based on business models and strategies.Contents Basic information of the Finnish and the global software industry.Theory base for the relation of value creation and business models,and different business models based or dependent on informationtechnology. Assignments consist of business model analysis,model development and creation for real high-technology firms.Teaching Methods Lectures (theory base and firm presentations), experiential learningin small entrepreneurial teams, group & personal level feedback.Execution Three-phased assignment on firms’ business model design.Done in small groups. Participation to lectures required in practice.Domain Information Technology (IT) business as the focus domain area.Additional information https://noppa.aalto.fi/noppa/kurssi/t-128.1000/esite
Course exercise: Analyzing and designingbusiness models for real technology firmsSource: Alexander Osterwalder and Yves Pigneur, 2010
General Guidelines for Assignments• Assignments are done in entrepreneurial teams of five toseven (5-7) persons– Lecturer can assist in forming the group(s)• Each phase of the assignment include two parts:A. Group work part• Business model description created with the Business Model Canvas,which is a result of the group work (same model for all group members)• Questions related to analyzing and justifying the business model• Measures team work capabilities and encourages critical andinnovative thinking as a team memberB. Individual part• Further questions are related to your personal inspection and learningrelated to the startup case / business model• Measurers individual effort, thinking and capabilities
Three-phase assignment1. Description and analysis of the startup’s currentbusiness model– To be done for two (2) different case firms– Canvas description plus the written report2. Further development of startup’s current business model– to be done for one (1) case firm– Canvas description plus the written report3. Designing a totally New business model for a startupteam– to be done for one (1) case firm– Canvas description plus the written report
”Brain-sourcing” activity of even 100students for the firm’s business case
Summary of the identified benefits• Students get:+ Familiar with the concrete challenges of early-stage companies+ Chance to work with the management teams of real firms+ A surprising experience (”It’s great to work with real companies”)• Startups get:+ Brain power of up to100 students to analyze, design further and’brainstorm’ their company’s business model(!)+ Name recognition among the future employees and decisionmakers+ Potential to get recruits (future employees) / team members• University gets:+ Aalto implements several of its core strategic functions creatingalso value for the whole society
We are building bridge……between your entrepreneurialaims and the actual business!
We have a Dream. Do yougot one?Aalto Ventures Programhttp://firstname.lastname@example.org