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What is the Martin Trust Center for MIT Entrepreneurship & Why Is it So Awesome?

Massachusetts Institute of Technology
Massachusetts Institute of Technology
Massachusetts Institute of TechnologyManaging Director, The Martin Trust Center for MIT Entrepreneurship & Senior Lecturer, MIT at Massachusetts Institute of Technology

This is the presentation given to new students to have them understand what the Martin Trust Center for MIT Entrepreneurship is and what makes it so awesome. Lots of info coupled with some humor. September 2014

What is the Martin Trust Center for MIT Entrepreneurship & Why Is it So Awesome?

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1 
Bill Aulet 
Managing Director 
What is the Martin Trust Center for MIT Entrepreneurship? 
… and why is it so awesome?
MIT is Known for Many Things 
2
Entrepreneurship Legacy 
•Fairchild Semiconductors 
•Intel 
•Hewlett-Packard 
•3Com 
•IDG 
•Bose 
•Qualcomm 
•E*Trade 
•TSMC (Taiwan Semi) 
•iRobot 
•Harmonix 
•Khan Academy 
•Alexa 
•Dropbox 
•Kiva Systems 
•Buzzfeed 
•Hubspot 
•Okta 
•Locu 
•… Total: Over 26K, 3M jobs, $2T/yr 
3
Center to Support Entrepreneurship @ MIT 
•1990 
•Professor Ed Roberts 
•For all 5 schools of MIT plus Whitaker College 
•2011 –Supercharged with Gift from Martin Trust (SM ’58) 
•Timing could not have been any better 
•Coordination and integration of the decentralized innovation and entrepreneurial ecosystem of MIT 
4
Overview of MIT Internal Ecosystem5
Mission 
The Martin Trust Center for MIT Entrepreneurship provides the expertise, support, and connections MIT students need to become effective entrepreneurs. We serve all MIT students, across all schools, across all disciplines. 
6
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What is the Martin Trust Center for MIT Entrepreneurship & Why Is it So Awesome?

  • 1. 1 Bill Aulet Managing Director What is the Martin Trust Center for MIT Entrepreneurship? … and why is it so awesome?
  • 2. MIT is Known for Many Things 2
  • 3. Entrepreneurship Legacy •Fairchild Semiconductors •Intel •Hewlett-Packard •3Com •IDG •Bose •Qualcomm •E*Trade •TSMC (Taiwan Semi) •iRobot •Harmonix •Khan Academy •Alexa •Dropbox •Kiva Systems •Buzzfeed •Hubspot •Okta •Locu •… Total: Over 26K, 3M jobs, $2T/yr 3
  • 4. Center to Support Entrepreneurship @ MIT •1990 •Professor Ed Roberts •For all 5 schools of MIT plus Whitaker College •2011 –Supercharged with Gift from Martin Trust (SM ’58) •Timing could not have been any better •Coordination and integration of the decentralized innovation and entrepreneurial ecosystem of MIT 4
  • 5. Overview of MIT Internal Ecosystem5
  • 6. Mission The Martin Trust Center for MIT Entrepreneurship provides the expertise, support, and connections MIT students need to become effective entrepreneurs. We serve all MIT students, across all schools, across all disciplines. 6
  • 7. Goal of Entrepreneurship Education •Teach how to fish NOT to catch a fish •Studies show that students most likely start a company years after graduation •Develop entrepreneurial mindset and skill set •Applicable in many different settings •Success if student tries and decides “not for me” My goal is that while you are at MIT, we will provide you more than you can get anywhere else to build your capability to be a successful innovation-driven entrepreneur 7
  • 8. Program Pillars 1.Educate 2.Nurture 3.Network 4.Celebrate 5.Research 8
  • 9. Educate •Well over 50 courses for credit •Leading academics in field (Prof. Fiona Murray and Prof. Ed Roberts are Faculty Director and Chair) •Working collaboratively with practitioners in classroom 9
  • 10. Overall Academic Framework New Enterprises; i-Teams * Mixed faculty & students * Focused on “Do” not “About” * Project-based business planning Skills * Multiple courses: product, sales, marketing, legal, ops, etc. Industry * Multiple courses: Software, healthcare, energy, biotech, developing world, etc. In Company * Multiple courses: E-lab, G-lab, S-lab, D-lab, internships, independent studies, etc. 10 Entrepreneurial Strategy * Led by academic & primarily MBAs * Strategy applied to startups * Frameworks plus case studies Intro to Tech Eship; Founders Journey * Easy entry point for anyone * Focused on “About” not “Do” * Sequenced speaker series
  • 11. Academic Pyramid GFSA* GSD Advanced Classes New Enterprises; i-Teams Intro to Technological Entrepreneurship; Founders Journey 11
  • 12. Nurture •Take knowledge and skills developed in classroom and then translate this into capabilities in the real world •An iterative process •Integration of curricular, co-curricular and extra- curricular 12
  • 13. Validation The MIT Entrepreneurship Ramp Inspiration, Idea, Technology Classroom Extra-Curricular Accelerator
  • 14. Your Primary Care Physicians (Full Time EIRs) 14 Christina Chase –Entrepreneur since high school, been through process multiple times; also worked at HP; loves to build stuff; primary contact to School of Engineering; runs t=0; co-teaches Founder’s Journey, GSD & Ent Prod Dev & Mrktngclasses Josh Forman–Product guy with deep technical chops;founded Inkling, grew business and raised over $50M from top investors; was also involved in another successful startup; primary contact to Sloan & will oversee external EIR network Kyle Judah –Co-founder of 2 startups; raised over $10M & led both to acquisition; leader of the highly successful MIT Global Founders’ Skills Accelerator (GFSA) & Goss Fellows for top student startups across campus
  • 16. Network Entrepreneurs also need resources and connections to achieve their goals Examples: -Other parts of MIT network -Peer Advisory Network -Professional Advisory Network -Prep and exposure to service providers -Prep and exposure to specific advisors -Prep and exposure to funding -Trips, treks, conferences, hackathons, speaker series, etc. 16
  • 17. MTC4ME Honest Broker Policy No one in the center will ever take a part of your company, invest in your company or look for a place on your board. We will not steer you to one service provider, investor or advisor but rather provide you with options. The ultimate decision is strictly yours and that is part of the educational process. Our only goal is educate you in an unbiased manner for your long-term success. We are 100% educators in our service to you. 17
  • 18. MTC4ME Team 18 Sam Breen –Resources Gateway, worked at startup, law school grad, interned at MA Supreme Court Ana Cuellar –Chief of Staff, Brown University grad, Gates Millennium Scholar Eliza Deland–Education Coordinator, worked in academia, point person for E&I Chris Snyder –VP of Operations, Editor in Chief, summa cum laude grad from Tufts Pat Fuligni –MIT Systems Interface, @ MIT for 20+ years & knows how to do things right Georgina Campbell –Executive Director of REAP, Oxford & MIT grad, SunCatalytix, WorldBank Steve Haraguchi –Innovation Initiative Interface, Columbia & Sloan grad, taught eshipto HS Tim–Beaverpreneurin Residence Full Time EIRs–Christina, Josh & Kyle as mentioned before
  • 19. Validation Team Building Check Points on the MIT Entrepreneurship Ramp Inspiration, Idea, Technology Classroom Extra-Curricular Accelerator Key Points to Form/Reform Team: V1, V2, V3, V4, …
  • 20. Celebrate •Arghhh…. •Spirit and confidence to start the journey and then to be successful •“Nerf gun” test •Can’t take yourself too seriously or you will be a fragile system •What we are looking to do is build “anti-fragile” systems/people 20
  • 22. Celebrate: Specific Examples •Stickers •Physical space 22
  • 23. Celebrate: Specific Examples •Stickers •Physical space •PR •Awards •Conferences, e.g., SXSW •“I have found my people…” 23
  • 24. Research •Value #1: Rigor and excellence of MIT •Continue to push envelope –make this more of a profession with a legitimate body of knowledge and not driven by story telling & fads •Translational research focus … and make it available to the world 24
  • 26. 26
  • 27. What’s New This Year? •MIT Innovation Initiative •Student Practice Leaders (Energy, Healthcare, Finance, Creative Arts) •Expansion of capabilities (e.g., people, maker spaces) •New linkages to the LegatumCenter •Lots more awesomeness …
  • 28. So What Makes it So Awesome? 1.Full set of high quality offerings 2.People 3.Values/Culture 28
  • 29. So What Makes it So Epically Awesome?? 29 Come by and experience it, go online to entrepreneurship.mit.edu, or download our mobile app.
  • 30. Successful Entrepreneurship= Spiritof a pirate Skillsof a Navy Seal 30 +