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"Past Present and Future of Entrepreneurship Education" presentation at USASBE Conference Jan 10, 2016

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This is the set of slides from the keynote speech Bill Aulet gave to hundreds of entrepreneurship educators in San Diego on January 10, 2016.

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"Past Present and Future of Entrepreneurship Education" presentation at USASBE Conference Jan 10, 2016

  1. ENTREPRENEURSHIP EDUCATION 1 January 10, 2016 Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship The Past, Present and Future of
  2. Purpose of this Presentation We are all entrepreneurship educators The world needs us more than ever before We can do better How we can up our game 2
  3. What Is Entrepreneurship? 3
  4. Innovation = Invention*Commercialization Definition of Innovation
  5. 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 5
  6. Past 1. Practitioner or Academic 2. Little differentiation between types of entrepreneurship 3. Demand was relatively small & field was seen as a niche (orphan?) 4. Not perceived as a worthy academic pursuit 5. Can it be taught? Should it be taught? 6
  7. 7 Being an entrepreneur is the new “cool” thing. As a result, demand for entrepreneurship is blowing up! Present
  8. 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) 8
  9. Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 9
  10. 10 Crisis in entrepreneurial education Demand Supply of quality Time Storytelling
  11. Importance of Spirit 11
  12. 12 Spirit + Skills Successful Entrepreneurship
  13. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 13 +
  14. 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 14
  15. 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 15
  16. 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 16
  17. 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 17
  18. Needs Assessment: Business Essentials* 18 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
  19. Curious Entrepreneur Specific Needs 19 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
  20. Ready to Go Entrepreneur 20 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
  21. Corporate Entrepreneur 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
  22. Entrepreneurship Amplifier 22 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
  23. 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)
  24. Offerings Mapping to Needs 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 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: • Watch this space … Extra-Curricular & Clubs: • Sloan Design Club • Hackathons (e.g MIT Hacking Medicine) • $100K Brainstorming sessions SnackPacs • t=0 Brainstorming Sessions • Lecture series (at least every 2 months) Online/Library: • Videos (IDEO, Improv, plus others) • Tina Seelig online class • Add books Professional Advisor Network Contacts • Main contact: Sam Breen • Specialist: Elaine Chen* • Gordon Contact: Blade Kotelly • VMS Contact: Roman Lubensky
  25. Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 25
  26. 26
  27. How How should entrepreneurship be taught? 1. Open (common language & best tools) 2. Systems Approach (integrated & prescriptive) 3. Rigorous but Practical (mens et manus) 27
  28. 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. 28
  29. Comprehensive Curriculum Tile Approach 29 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
  30. How 24 Steps Was Put Together 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. Action • Entrepreneurship Educators Forum
  39. The mission: Improve entrepreneurship education, and make it more rigorous and professional How?  An open-source, collaborative platform for curated high quality entrepreneurship teaching materials  A community to discuss challenges, share best practices and drive innovation in entrepreneurship education  Guidance and support from an advisory council – leaders of entrepreneurship education in top institutions What?  An online platform (MVP launched @ www.eef.io)  The MIT entrepreneurship programming roadmap as a base to get going  A series of webinars focusing on the “tiles” in the framework, recorded and available on the website – often including syllabi and other teaching materials  All free and open to all
  40. 40 Michal Gilon-Yanai
  41. 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 41
  42. What Differentiates Us? We help create entrepreneurs not companies. 42
  43. 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 43
  44. Follow Up • Workshop today from 3:15 to 4:45 pm in Grand Ballroom • www.EEF.io • aulet@mit.edu 44
  45. More info The book www.disciplinedentrepreneurship.com Progress Dashboard www.detoolbox.com 45
  46. 46 Free* Online Courses
  47. Other Relevant Material I
  48. Other Relevant Material II
  49. End Questions? 50
  50. Appendices 51
  51. 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
  52. 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! 53
  53. 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, …

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