“The Art & Science of Entrepreneurship: People, Technology ...18.11.14)eng.pdf · “The Art &...

“The Art & Science of Entrepreneurship: People, Technology, and Innovation”

Dr. Charles H. Matthews Distinguished Teaching Professor

Carl H. Lindner College of Business University of Cincinnati

Cincinnati, OH

18 November 2014

Fiord along the quay in Bodø, Norway ©Charles H. Matthews

2 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati

Agenda •  What is Entrepreneurship?

•  A Conundrum

•  People

•  Technology

•  Innovation/Tech in Practice

•  Entrepreneurship Process Model

•  Entrepreneurship and the Future

•  Q & A

Footbridge, Xiando, China ©Charles H. Matthews


What is Entrepreneurship?

© Dr. Charles H. Matthews


ü Entrepreneurship is an economic phenomenon, a scholarly domain, and a teaching subject (Shane & Venkataram, 2000)

ü Entrepreneurship is itself a multi-faceted, complex, social and economic phenomenon. (Auderetsch, 2002)

ü It is a way of thinking! ü Above all – it about starting a new venture

Entrepreneurship



ü Entrepreneurship is the process of creating venture and value for multiple constituencies, including, but not limited to customers, employees, communities, and countries.

Entrepreneurship

ü Entrepreneurs are the individuals, acting alone or with others, who take the risk and action to create the venture and value for those multiple constituencies.

ü Entrepreneurial is an adjective that has become meaningless through over use and misuse.




Sales

Accounting

Supply Chain Management

Information Systems

Marketing

Finance

Operations

R&D

Human Resources

Entrepreneurship




Engineering

New Knowledge

Innovation

Arts & Sciences

Discovery

Design

Invention

Technology

Medicine

Entrepreneurship



Where is Entrepreneurship?

Individual Entrepreneurship: 95% of firms are Small and Medium Sized Enterprises

Corporate Entrepreneurship: Large firms often need to compete through corporate entrepreneurship (i.e., innovation, venturing, and strategic renewal)

Social Entrepreneurship: not-for-profit ventures



We understand life backwards…

But we live life forwards… Søren Kierkegaard



The Entrepreneurship Conundrum



The Entrepreneurship Continuums

Accelerated/Scalable Business Venture


The Entrepreneurship Continuums Accelerated/Scalable

Business Venture



1. The unexpected 2. The incongruity

3. Innovation based on process need

4. Changes in industry or

market structure

Sources of Innovation (Peter Drucker, 1986)


5. Demographics 6. Changes in perception,

mood, and meaning 7. New knowledge

Sources of Innovation (Peter Drucker, 1986)

Process

Entrepreneur

Environment

Focus

Opportunity Resources

Team

Creativity Leadership

Communication

Uncertainty Ambiguity

Outside Forces

Value Creation/Proposition © Dr. Charles H. Matthews

Product Customer

Competition

The Entrepreneurial Process



ü Entrepreneurship is creating venture and value…

ü Innovation is a new idea, device, or method; the act or process of introducing new ideas, devices or methods…

ü People and technology interact via multiple elements and competencies of innovation to create the nexus of innovation and entrepreneurship.

Entrepreneurship: People, Technology, and Innovation


Dr. Ralph Katerberg: Professor and Department Head Dr. Charles H. Matthews: Distinguished Professor and Founder

Dr. Thomas Dalziel: Associate Professor and Director Dr. Sid Barton: Associate Professor Emeritus and Academic

Director Family Business

Center for Entrepreneurship

Education & Research CARL H. LINDNER College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165

phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu

University of Cincinnati

Preparing the next generation of entrepreneurs…


In the LCB, since 1972, we have developed an entrepreneurship curriculum, teaching, research, and outreach agenda focusing on:

ü  new venture creation (individual, corporate, social); ü  the formation, management, and growth of small,

entrepreneurial, and family-owned ventures; ü  faculty-guided, student-based field case consulting

model.



Department of Management Global ♦ Entrepreneurship ♦ Management

•  Major and Minor in International Business

•  Major and Minor in Entrepreneurship •  Certificate in Family Business •  Certificate in Innovation Transformation •  Core and elective courses in

Management, Leadership, Strategy, Organizational Behavior, and more….



ü ~ 180 Undergraduate

Entrepreneurship majors and double majors; 3rd largest in LCB and 7th largest at UC;

ü ~ 45 MBA/MS students; ü  2 Doctoral students; ü The Outstanding Student in

Business has been an Entrepreneurship Major two times in the four years;

ü Over 460 students took at least one ENTR course at both the undergrad and grad. level during the academic year.

UC Entrepreneurship By the Numbers:



Award winning faculty and students across multiple departments and colleges

ü  Faculty include two recipients of the EXCEL Award, the LCB’s highest award for teaching and a University Distinguished Teaching Professor;

ü  Award winning student venture plans; ü  In the past six years, five start-ups with

assistance from the Bearcat Bridge Fund.



Notable Success ü One of the top 50 schools for entrepreneurship (Success Magazine, March 2001)

ü One of the Top 100 Entrepreneurial Colleges (Entrepreneur Magazine, April 2003, 2004, 2005)

ü One of the Top 25 Undergrad. Entrepreneurship Programs (Princeton Review, Oct. , 2008)



Curriculum Undergraduate Major 18 hrs. (BBA)

Three Required Courses Students must complete six (6) courses in the

Entrepreneurship/Family Business major. •  FIN 4008 New Venture Finance; •  ENTR 5070 Entrepreneurship; •  ENTR 5098 Capstone in Entrepreneurship



Curriculum Undergraduate Major 18 hrs. (BBA) Three Electives from the following

•  ENTR 4001 Intro to Innovation; •  ENTR 4010 Mgmt. of Closely Held Firms; •  ENTR 4060 Fin. Mgmt. in Privately Held Firms; •  BLAW 4035 Legal Aspects of Entrepreneurship; •  ENTR 5001 Corporate Entrepreneurship; •  ACCT 6076 Not-for-Profit Accounting; •  MKTG 5000 Intro to Direct Marketing; •  ENTR 5099 Guided Study in Entrepreneurship; and •  ENTR 5093 Special Topics in Entrepreneurship



Curriculum Graduate (MBA) Concentration Courses offered:

ü ENTR 7005 Entrepreneurship: New Venture Creation; ü ENTR 7015 Entrepreneurship & E-Business; ü ENTR 7025 Global Entrepreneurship; and ü ENTR 7035 Management of Closely Held and Family Business ü ENTR 7082* Special Topics: Managing and Growing the

Entrepreneurial Venture ü ENTR 7089 Entrepreneurship and Strategy Implementation

ü  *Currently, students also have the opportunity to conduct faculty-guided, student-based field case studies in ENTR 7082 Special Topics.



Notable Success

ü Field Case of the Year Int’l Competition (SBI)

§  1st Place (‘01, ‘03, ‘04, ‘08, ‘09, ‘10); 2nd Place (‘09, ‘10); 3rd Place (’05, ’07, ;’11)

ü 8th Annual Tepper Venture Challenge Carnegie Mellon University

§  Top 6 out of 25 teams ü University of Oregon New Venture

Championships §  Top five first year competing §  First Place – Lightning Round 2002 §  Second Place – Lightning Round

2006 ü MBA Jungle Business Plan Competition

§  One of only eight teams out of 225 invited to final round of 8

ü Venture Labs (MOOT Corp®) 2012, Isciban Neural Engineering; 2nd Runner-Up; 2006, Best New Technology, Progressive Cooling



Reality Check Cross-Town Business Plan Shoot Out

ü  Morning Preliminary Round – 5 Schools, 2 teams each ü  Announcement Luncheon ü  Final Five ü  Championship Round ü  Awards Ceremony

™



Launched in 2005, the UC Spirit of Enterprise Graduate Business Plan Competition:

ü  Focus on new venture creation; ü  Forum to “road-test” venture concept; ü  Concept and skill enhancing; network driven.



UC Spirit of Enterprise Intercollegiate Graduate Business Plan Competition

Past Participants

Loyola Marymount Univ. The Ohio State Univ. Univ. of Arizona Univ. of Cincinnati Univ. of Georgia Univ. of Illinois-Chicago Univ. of Louisville Univ. of Michigan

Univ. of Manitoba Univ. of Oregon Univ. of Wisconsin Wake Forest Univ. Northern Kentucky U. Xavier Univ.

Boston Univ. Brown Univ. Case Western Reserve U. Carnegie Melon Univ. Cornell Univ. DePaul Univ. Duke University Kennesaw State Univ.



UC Spirit of Enterprise MBA Business Plan Competition Multiple Rounds….

ü  Exhibition, Reception and Tech Check ü  Morning Preliminary Round – 4 tracks 5 teams each ü  Announcement Luncheon ü  Final Five – Track Winner + Wild Card ü  Taxi/Limo Round ü  Championship Round ü  Awards Dinner



UC Spirit of Enterprise MBA Business Plan Competition 21-22 February 2013

$10,000 Cincom Systems Spirit of Enterprise Champion Prize, plus additional place prizes and

Award for Best Technology Business Plan Automatic Bid to MOOT CORP® Competition

Networking, feedback, and more… Additional Sponsors Include:

ü Meridian Bioscience, Inc. ü Keating Muething Klekamp LLP ü Queen City Angels First Fund ü CincyTech ü Fort Washington Capital Advisors

ü The Ohio Capital Fund ü CincyBusiness ü The Greater Cincinnati Venture Association ü River Cities Capital Funds ü Big Joe’s Limos



ü New Venture Curriculum •  Course offerings

ü New Venture Competitions •  Internal and external

ü Bearcat Bridge Fund •  Seed capital for student ventures

ü Bearcat Launch Pad •  Strategic alliances with area partners to

provide an acceleration program and low cost office space for student and faculty venture launch.

“Removing barriers…Creating gateways…”



LCB Engineering

Law

Medicine

DAAP

ü New Venture Focus ü Technology ü Legal Environment ü Bio Tech ü Urban Competitiveness ü Global Markets ü Research ü Creating the Future

CCM

A&S



Grassroots Initiatives

Universities Support

Incubators Events

Network

Gov’t

Angel Funds

VC Funds



The Entrepreneurship Process

ü Challenge Traditional Definitions of Value

ü Entrepreneurship thrives on market inefficiencies

ü Customers seek improvement



The State of Small Business ü  Coping with uncertainty ü  Managing effective cash flow

management ü  Accessing timely, accurate and usable

information ü  Leveraging social, mobile, viral media ü  Establish trust with customers



Future Directions: •  Change •  Renewal •  Leadership


Questions and Answers


Education & Research



Lindner College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165 phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu


State of the art….

Future of Transportation Virgin Galactic GoPro 60 Minutes Spirit of Enterprise Google Search Stories UC Center for Entrepreneurship Where good ideas come from –

VideoScribe Steve Johnson Environments that facilitate innovative


UC3

conceptualize

commercialize

change!

A certificate in Innovation Transformation.



Concept-‐Commercializa0on-‐Entrepreneurism


Questions and Answers


Education & Research



Lindner College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165 phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu

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