Innovation in entrepreneurship education
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This document discusses innovations in entrepreneurship education. It notes challenges in traditional entrepreneurship education, including that academics do not know how to educate entrepreneurs and that entrepreneurs need access to on-demand education. It argues that entrepreneurship education should focus on skills like communication, problem solving, and customer relationship management. The document advocates for more experiential and innovative practices in entrepreneurship education, including experiential environments, gamification, online just-in-time learning, learning journals, experimentation, and co-op experiences. It provides examples of these innovations and promotes York University's BEST entrepreneurship initiative.
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Teaching Business Students the Art and Science of Innovation.docx
Teaching Business Students the Art and Science of Innovation
Dr. Uma G. Gupta, State University of New York at Buffalo State, NY, USA
ABSTRACT
Today the ability to innovate has become a core and sought after business competency. While innovation is often
taught in capstone business courses as a topic, this paper argues that the time is right to make innovation the central
theme in teaching strategic management. The McKinsey &Company framework is used to teach students the eight
essential ingredients of innovation and its execution. The opportunities to integrate previous knowledge about other
business functions into the teaching of innovation is outlined. The critical business lessons that can be imparted to
business students through the McKinsey framework is discussed.
Keywords: Strategic management curriculum, innovation, innovation framework, business competencies.
INTRODUCTION:
Strategic management is a capstone course in most undergraduate business degree programs in U.S. institutions. The
strategic management course integrates fundamental business concepts from accounting, finance, production, human
resources, marketing, and leadership and challenges students to apply these integrated concepts in order to leam how
to run a business. This gives students a deeper understanding of the many challenges that CEOs face in ensuring the
success and sustainability of their company in the face of rapid changes. They realize that while hindsight is easy,
consistent and high-quality execution is not.
One of the key factors today in ensuring the long-term success and sustainability of any business is the art and
science of innovation. The rise of the new economy, characterized by intense global competition, advanced
information technologies, a virtual 24x7 workforce, and an almost ubiquitous world of online business transactions
free of geographical boundaries, has made information, knowledge, and innovation integral and invaluable in
creating and managing sustainable competitive advantage. In other words, it is not enough if our students understand
the fundamental concepts of business and how to apply them to a business setting. Instead, today they should know
how to apply core business concepts through the lens of speed, innovation, and customer service. This paper focuses
on how to integrate the fundamentals of innovation into the strategic management curriculum.
There are at least three challenges in teaching innovation to undergraduate students.
1- What does it mean? Not only students, but business owners and leaders too, sometimes struggle to define
innovation in meaningful, concrete and operational terms, although many understand it intuitively. Words
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Numerous studies show that small business and entrepreneurism are vital to the health of our nation’s economy. In fact, over the last decade, these types of ventures account for 70% of economic growth, 75% of new jobs, and represent 99% of all employers. However, there remains a high rate of failure in these ventures, with over 60% of them failing within 6 years. Studies show that one reason for this failure is that entrepreneurs fail to learn new knowledge/skills as their organizations grow.
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Karwan jafi 1
1. Both deductive and inductive learning should be emphasized in entrepreneurship education. Deductive learning involves applying existing knowledge while inductive learning focuses on formulating creative solutions to new problems.
2. Entrepreneurship programs like incubators and intensive mentoring help students explore entrepreneurship, gain skills to start ventures, and get funding through connections with investors.
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Karwan jafi 1
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3. Field consulting provides students opportunities to assist real businesses and understand the complexities of managing growing companies. This helps develop important entrepreneurial skills.
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Adoption Blockers:
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• Political Blocker - Threatened by change
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- 1. Innovations in Entrepreneurship Education Andrew Maxwell September 2015 bestmax@yorku.ca
- 2. Agenda 2 Challenges in educating entrepreneurs What should we teach entrepreneurs? Innovations in entrepreneurship education
- 3. Challenges in educating entrepreneurs 3 Traditional education doesn’t include entrepreneurship Academic institutions not entrepreneur friendly Academics don’t know how to educate entrepreneurs Entrepreneurship education is multi-disciplinary Entrepreneurs need access to on-demand education Value of qualifications (degrees) unclear
- 4. Traditional entrepreneurship education 4 Historically taught as a phenomenon View of successful entrepreneurs over-simplified Business plans seen as the critical element Limited recognition of differences between managing large organizations and start ups Business development seen as a logical progression
- 5. What entrepreneurs should know 5 About themselves & how they relate to others How to enhance ideation & creativity Developing experimentation & validation techniques Facilitating customer engagement & partnerships Implementing, rapidly growing & pivoting Learning from failure & resilience
- 6. Skills entrepreneurs should develop 6 Communication, pitching & negotiation Leadership, team building & recruitment Problem solving, design thinking & implementation Cash flow management & financial planning Value creation & customer relationship management
- 7. Moving from business to entrepreneurship focus 7 Entrepreneurship Courses - Entrepreneurial Management - Creativity and Innovation - Technology Entrepreneurship - Patent Law for Entrepreneurs - Global Entrepreneurial Marketing - Entrepreneurial Finance Business Courses - Managerial Finance/ Accounting - Managing Groups and Teams - Financial Accounting - Operations - Modeling for Optimization - Global Value Chain Strategies
- 8. Innovation in entrepreneurship education 8 Moving to experiential education to help entrepreneurs make better decisions, and understand entrepreneurial behaviours Innovative practices includes elements of: play, empathy, creation, experimentation, and reflection
- 9. Examples of innovation in entrepreneurship education 9 Experiential environment (i.e. StartUp weekend) Gamification of activities (i.e. Lego Serious Play) Online - Just in time learning (i.e. Venture Start) Learning journals (i.e. Entrepreneurship immersion) Experimentation (i.e. Lean StartUp) Co-op experience (i.e. BEST Co-op) New tools/frameworks (i.e. Business Model Canvas)
- 10. At Lassonde, we are disrupting entrepreneurship education Come see the BEST initiative @ YorkU (Bergeron Entrepreneur’s in Science & Technology) bestmax@yorku.ca http://goo.gl/Uw5Zgp