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Launch fishers what going on in entrepreneurship education v3

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

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ENTREPRENEURSHIP
EDUCATION
1
Launch Fishers
April 27, 2017
Bill Aulet
Managing Director,
Martin Trust Center
for MIT Entrepreneurship
What is Going on in
More info
Books
www.disciplinedentrepreneurship.com
Progress Dashboard
www.detoolbox.com
2
3
Free* Online Courses
Note: Bootcamp is not free
What Is Entrepreneurship?
4
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
Innovation = Invention*Commercialization
Definition of Innovation
Ad

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Launch fishers what going on in entrepreneurship education v3

  • 1. ENTREPRENEURSHIP EDUCATION 1 Launch Fishers April 27, 2017 Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship What is Going on in
  • 3. 3 Free* Online Courses Note: Bootcamp is not free
  • 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
  • 10. Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 10
  • 11. 11 Crisis in entrepreneurial education Demand Supply of quality Time Storytelling Reference: “Teaching Entrepreneurship Is in the Startup Phase,” Wall Street Journal OpEd, September 12, 2013, Aulet
  • 12. Importance of Spirit 12 Willingness and even joy in being different …
  • 14. 14 Spirit + Skills Successful Entrepreneurship
  • 15. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 15 +
  • 16. 16 Spirit + Skills But Successful Entrepreneurship Requires Both
  • 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
  • 29. Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 29
  • 30. 30
  • 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
  • 34. How 24 Steps Was Put Together 34
  • 35. The 24 Step Approach is Really Focused on One Tile • Defining and Refining Product ↔ Market Fit 35
  • 36. 36
  • 37. 37
  • 38. 38
  • 39. 39
  • 40. 40
  • 41. 41
  • 42. 42
  • 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
  • 44. What Differentiates Us? We help create entrepreneurs not companies. 44
  • 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
  • 47. 47 Free* Online Courses Note: Bootcamp is not free
  • 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
  • 51. Program Pillars 51 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  • 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, …