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Experientialentrepreneurshipprogramsatuniversities:

Aretheyallthesame?

Towardaframeworkforunderstanding1

WORKINGPAPERJonFjeld

TheFuquaSchoolofBusinessDepartmentofPhilosophy

DukeUniversityfjeld@duke.edu

Revision4,November,2016

IntroductionEntrepreneurshipeducationisimportant.Thedevelopmentofentrepreneurialskillsisavaluablecomplementtoalmostanyeducation:undergraduateliberalarts,engineeringatanylevel,business,medicine,andmanyotherfields.Manybelievethattraininginentrepreneurshipstimulatespowersofobservation,developscreativeandcriticalthinking,andinstillsanorientationtodisciplinedandcollaborativeaction.Anentrepreneurialmindsetandskillsetarebelievedtoenableanindividualtobeamoreeffectivecontributorinverymanycareersandpursuits.Soentrepreneurshipisbeingembracedbyalargeandgrowingnumberofeducationalinstitutions.Entrepreneurship,however,isanimmaturediscipline.Theratioofstronglyheldopiniontoevidenceishigh.Rhetoricandmarketingstilltrumpscience.Anyonewhohasbeeninvolvedinonestartupandissufficientlyboldcanclaimtohavebeeninitiatedintothemysteriesandofferexpertadvice.

1Materialonsixoftheprogramsdescribedinthispaper—ArizonaState,Duke,GeorgiaTech,MIT,UniversityofChicago,andUniversityofToronto—waspresentedinaMay3-4,2016,conference,“EntrepreneurshipEducation:DevelopingaCommunityofPractice,”organizedbytheCenterforInnovationPolicyatDukeLaw,theDukeInnovationandEntrepreneurshipInitiative,andtheFuquaCenterforEntrepreneurshipandInnovation.InformationontheStanfordprogramwascollectedininterviewsbytheauthor.Theauthorwouldliketothankalltheparticipantswhohavecontributedtothisstudy:BrentSeboldandScottShrakeatArizonaStateUniversity,StevenKaplanattheUniversityofChicago,MarieThursbyatGeorgiaTech,BillAuletatMIT,PerryKlebahnandJeremyUtleyatSanfordUniversity,andAjayAgarwalandRachelHarrisattheUniversityofToronto.TheauthoralsothankstheattendeesatthefirstBlackSheepconferenceonentrepreneurshipeducationgenerallyandparticularlyDavidRobinsonandRosemarieZiedonisfortheircomments.

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Thisstudyispartofabroadinitiativetoinjectdisciplineintoentrepreneurshipeducation.Canentrepreneurshipbetaught?Whataretherightapproachestoentrepreneurshipeducation.Theparticipantsinthisresearchprojectbelievethesequestionsdeservecarefulstudy.Asafirststeptoaddressingthesequestions,wehaveselectedsevenspecificentrepreneurshipprogramsfromsevenuniversitiesforexamination.Alloftheparticipatinguniversitieshavemultipleentrepreneurshipprograms.Specificprogramswereselectedtocreateacomparisonsetwithwidevariation.Thesesevenprogramsareverydifferentfromeachother.Weenvisionaresearchprogramthatbuildsasolidfoundationinaframeworkandvocabularyfordescribingandcomparingprograms.Inthisstudy,wewilllayafoundationforanalyzingandcomparinguniversityentrepreneurshipprogramsofaspecifickind.Entrepreneurshipeducation,asistrueofmanybusinessdisciplines,fallsroughlyintothreecategories.Thefirstcategoryiswhatwemightcalltheory-driveneducation.Theapproachistocommunicateconceptsandprinciplesthroughlectureandtextbooksorotherreadings.Asecondapproachiscase-based,reflectingthepedagogyofmanybusinessschools.Here,casestudiesareusedtoillustratekeyconceptsandprinciples.Onthispedagogy,studentsareguidedtoinfertherelevantideasfromtheexamples.Athirdformofpedagogyisexperientialorlearning-by-doing.Studentsareimmersedintheactivityitselfandareguidedwithaviewbothtothesuccessfuladvancementoftheirprojectandtoanunderstandingoftheprinciplesunderlyingsuccessfulpractice.Thisstudyconcernsexperientialentrepreneurshipprogramsspecifically.Thatis,theprogramsconsideredherehavelearning-by-doingastheprincipalorcoreformoflearning,althoughthispedagogymayofcoursebesupplementedbyotherformsofteaching.Thispaperlaysoutaframeworkforcomparingexperientialentrepreneurshipprograms.Thisframeworkhasasetofdimensionsandavocabularytodescribethesalientfeaturesofalltheseprograms.Thepurposeofthisframeworkistodescribeandcompare,nottoevaluate(seeFigure1).Weofferthispaperandframeworkasthestartofafoundationforresearchintotheeffectivenessofvariousapproachesindifferentcontexts.2

Figure1

2Withaviewtotheshort-termpracticalutilityofthisobjective,manyofthekeypointsandconceptsarelaidoutinsuchawaythattheymaybeadaptedtoaquestionnaireformatasanaidtoanalyzingandpossiblydesigningprograms.

Processofresearchintoentrepreneurshipeducation

• Identifykeyattributes• Framework/vocabulary

Describe

• Sourcesofvariation• Trade-offs

Compare

• Outcomes/quality• Fitofobjectives/context/program

Evaluate

Scopeofthisworkingpaper

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Alltheprogramsdiscussedherehavesimilarities.Theyareallteam-basedandusesomepartoftheprocessofnewventurecreationasthevehicleofinstruction.Alloftheseprogramsincludeamixofcurricularandco-curricularelements.Thatis,courseworkisintegraltotheprograms,butthereareadditionalactivitiesbeyondthecourses.Animportantobjectiveofthisstudyistounderstandhowentrepreneurshipprogramsdifferandhowtheydiffer.Aretherematerialdifferencesbetweenprogramsand,ifso,inwhatareas?Canwefinddifferenceofopinionamongthearchitectsoftheseprogramsandcanweexposeandclarifythepointsatissue?Orisitthecasethatallprogramssharethesamebasicstructureandarebasedonthesamefundamentalunderstandingofthephenomenaandsoprogramsonlydifferinterminologyorothersuperficialfeatures.Itisthisauthor’sopinionthattheprogramsdifferinsubstanceandthatthesedifferences(thevariationamongprograms)aredrivenprimarilybythreefactors:1)target(studentsandprojects),2)objectives,and3)theunderlyingtheoryofentrepreneurship.However,thisopinionishighlyprovisionalandmuchmorestudyisrequired.3

Driversofvariationamongprograms1. Target:

Whoisthetargetaudiencefortheprogram(levelofstudent/compositionofteams)?Inparticular,isthetargetthefewstudentsmostcommittedtoentrepreneurshiporabroadercross-sectionofstudents?

2. Objective:Whatisthemixofobjectivesbetweenpedagogyandsuccessoftheventures?

3. Theoryofentrepreneurship:Isthereanunderlyingtheoryofentrepreneurship?Howstructuredorrigorousisit?Therearetwodimensionsofsuchtheories.• Structuredframeworks:waystoorganizeideasandactivities• Approachestosequencingofactivities:thelogicoftheorderorsequenceofactivities

Figure2

OverviewoftheprogramsThissectioncontainssummariesofthesevenprograms.Afullerdescriptionofeachprogramcanbefoundintheappendix.

1. TheeSeedChallenge,ArizonaStateUniversity,theFultonSchoolsofEngineering:TheeSeedChallengeispartofASU’sInnovationChallengeprogram,aseriesofcompetitionsthataredefinedandledbytheUniversity’scollegesandschools.TheASUInnovationChallengesengagestudentsintheNewAmericanUniversitydesignaspirationofvaluingentrepreneurshipandprovidingentrepreneurialexperiencestoallASUstudents.TheFultonSchoolsofEngineeringeSeedChallengeenablesstudentstowinupto$6,000inseedfundingandanall-expensepaidinnovationfieldtriptoadvancetheirentrepreneurialventure.

3Twopossiblyimportantfactorsthatmayresultinvariationamongprogramsnotconsideredinthisstudybutthatmaybeincludedinfutureworkare:resourcesandimpactonprogrammingoflevelofresourceandinterpretationsof“experientiallearning.”

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2. EdwardL.Kaplan,’71,NewVentureChallenge(TraditionalTrack),UniversityofChicagoBoothSchoolofBusiness:Launchedin1996,theEdwardL.Kaplan,’71,NewVentureChallenge(NVC)programrunbythePolskyCenterforEntrepreneurshipandInnovationattheUniversityofChicagoisayear-long,intensivebusinesslaunchprogramthatbeginsintheFallacademicquarterwitheventsandresourcesaimedatsupportingideageneration,customerdiscovery,ideavalidation,andteamformation.TeamsreceiveadditionalresourcesandsupportheadingintotheWinterquarter.TheymustapplytotheNVCinearlyFebruary.OnlyteamswhoseproposalsshowsignificantpromiseareselectedtoadvanceintoPhaseIIoftheprogram–aSpringquarteracademicclass.Inthisclass,teamsreceivededicatedcoaching,feedbackandsupport,accessandintroductionstoavarietyofresourcesandmentorswithdomainexpertise;presenttheirbusinessplanstwicetoapanelofexpertjudges;andrefineandimprovetheirbusinessplans.AttheendoftheSpringquarter,thetop10teamsadvancetothefinalscompetitionwhichisheldinlateMay/earlyJune.AttheNVCFinals,teamspresenttheirinvestorpitchtoapanelofjudgesandcompetefor$1M+inprizesandbusinessservices.

3. TheProgramforEntrepreneurs(P4E),DukeUniversity,theFuquaSchoolof

Business:TheProgramforEntrepreneurs(P4E)isanexperientiallearningprogramthatusestheprocessofstartinganewventureasavehicleforeducation.Itcomprisesathree-coursesequencehousedintheBusinessSchoolalongwithsupportingresourcesandactivities,includingaseriesofworkshopsandmeetingsinpreparationfortheprogramfocusedonteamformationandprojectselection.Thedurationoftheprogramisnominally18–24months.

4. TechnologicalInnovation:GeneratingEconomicResults(TI:GER®),Georgia

InstituteofTechnology,TheSchellerCollegeofBusiness:TheTI:GERprogramisamultidisciplinary,experientiallearningprogramfocusedontechnologyentrepreneurship.TheprogramteamsPhDstudentsinscienceandengineeringwithMBAandJDstudentstoexamineissuessurroundingthepotentialforcommercializationofthePhDstudentthesisresearch.StudentstakethethreecourseTI:GERsequencewhilecontinuingtopursuetheirdegrees.Eachteamhasalegalandabusinessmentor,andisgivenmultipleopportunitiestointeractwithindustryadvisorsandthegreaterentrepreneurialcommunity.Theprogramisa12credithourprogram,9creditsofwhichcanbeusedasaminorforthePhDstudentsintheprogram.

5. deltavaccelerator,MIT:MITdeltavisaneducationalacceleratorforMITstudent

entrepreneurstohelpthemacceleratetheirgrowthinbuildingviable,sustainableventures.TheprogramisacapstoneeducationalopportunityforMITentrepreneursbeforetheylaunchintotherealworld.Deltavtakesthebestteamswithaninterestingideaorproofofconceptandfocusesoncreatingimpactful,innovation-drivenstartups.For2016,17teamsspenttheirsummermonthsworkingfull-timeattheMartinTrustCenterwithanemphasistowards:teambuilding/organizationdevelopmentanddynamics,understandingtheirtargetmarket,customers,andusers,learningthemechanicsofventurecreation(companyformation,legal,financial,raisingmoneyandmore).

6. Launchpad,D-School,StanfordUniversity:Launchpadisad.schoolclassat

Stanfordforentrepreneurs.Theteachingphilosophyisbuiltaroundthe

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cultureofstart-upsandwhatmakesthemtick.IntheclassStanfordstudentstakeanideaforaproductorserviceandstartacompanyin10weeks.Theemphasisisontheentrepreneur,nottheidea.Thefocusisondoing,notplanning.Itistotallydifferentthanotherincubatorsoraccelerators.Sincetheannualclassstartedin2009,90companieshavelaunchedandover50arestillinbusiness.

7. CreativeDestructionLab,UniversityofToronto,RotmanSchoolof

Management:ThefoundationfortheCreativeDestructionLabCourse(CDL)istheCDLhightechincubator.Thecourseisahands-onlearningexperiencewherestudentsarematchedtoreal,science-basedventuresintheprogram.TheMBAsdonotformtheirownventures;rather,theyprovideasupportingroleandhelpothersachievetheirobjectives.ThiscourseistakenduringthesecondyearoftheMBAprogramandrunsfromSeptember-April.Recently,ahandfulofcommerceundergraduateshavebeenacceptedtotaketheclass.

OverviewoftheframeworkCreatingaframeworktodescribeandcompareprogramsrequiresidentifyingthekeyfeaturesofentrepreneurshipprograms.Naturally,manydetailsandnuanceswillbeomitted.Butthisprojectshouldbejudgedultimatelybytwocriteria:

• Arealloftheimportantfeaturesforcomparingprogramsincluded?Inotherwords,canallimportantdifferencesbetweenprogramsbeidentifiedusingtheframework?

• Cantheframeworkserveasaguidetodesigninganewprogram?Arealltheimportantprogramdesigndecisionsrepresented?

Therearefivebasicdimensionsofourframework:objectives,selection,entrepreneurialprocess,pedagogy,andaccesstoresources.Despitebeingasimplification,weintendthisframeworktocapturethemainfeaturesanddifferencesoftheprogramsconsidered.

Objectives:Theobjectivesofthesevariousprogramsareacombinationofpedagogyandnewventurecreation/development.Thatis,theresulttheprogramsaretryingtoachievewilleitherbelearningbystudentsorthecreationorfurtheringofanewventureorboth.

SelectionTherearetwomainconceptsthatweincludeunderselection:whatstudentsandwhatprojectsarethetargetsoftheprogramandhowselectiveistheprogram,thatis,howstrenuousistheadmissionprocess.Tothefirstquestion,wenotethatprogramsmayfocusonstudentsatvariouslevelsintheireducationorfocusonstudentsfromdifferentdisciplines.Andtheymaybemoreorlessinclusiveandmoreorlessinterdisciplinary.

PedagogyThisdimensioncontainsthefamiliarquestionsofwhoteachesthematerial,howisittaught,whatarethecoursereadingsanddeliverables.Mostinterestingforthecomparisonmaybethesubjectmatteroftheteaching.Weclassifythesubjectmatterunderfourheadings:

• Entrepreneurshipprinciples• Functionalareasinbusiness(marketing,finance,etc.)

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• Specificknowledgeofrelevanttechnicaldisciplines(areasofscience,engineering,etc.)

• Characterormindsetorientedmaterial

EntrepreneurialprocessThisisanareaofconsiderabledifferenceamongprograms.Thecentralideaiswhethertheprogramattemptstospelloutanentrepreneurialprocess.Suchaprocessinvolves,possibly,bothframeworksfororganizinginformationandchoices(theBusinessModelCanvasisapopularexample)andsomeformofdecisionprocessfordetermininganorderofexecution.Atoneendofthespectrum,programsrelyonexperiencedentrepreneursandinvestorstoprovideadhocadvice.Otherprogramshave,invaryingdegrees.moreformalanddocumentedprocessesthattheyexpectentrepreneurialteamstofollow.

AccesstoresourcesProgramsmayprovideaccesstovariouskindsofresourcesneededbyentrepreneurs.Firstandmostobviousisaccesstocapitalthroughassociatedinvestors.Inaddition,programsmayprovidelaboratoryandtechnicalresourcesfortesting,prototyping,etc.Healthcarerelatedstartupsusuallyrequireregulatoryexpertiseandprogramsmayhaveprovidedforthis.Finally,atsomepointallnewventuresrequireaccesstolegalresources—primarilycorporatelawbutoftenalsointellectualpropertylaw.

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ComparisontemplateObjectives Newventure

creation/advancementPrimaryorsecondary

Pedagogy PrimaryorsecondarySelection What Teams,students,projects Targetstudents School/level Degreeofinterdisciplinarity

ofteamsRequired,encouraged,ornot.Whatdisciplinesincluded

Projectstageatentry Nucleation/earlypre-company/earlycompanypre-revenue/earlyrevenue/scaling

Project:industry/market Tech/meddevice/consumer/… Selectivity—students Degreeofselectivity/applicationprocess:Thiscould

bemeasuredbythenumberofapplicationsandthepercentageaccepted

Selectivity—projects Degreeofselectivity/applicationprocess(measuredasabove)

Pedagogy Courses/duration Howmanycoursesoverwhatperiodoftime Instructors Researchfaculty,practitionerfaculty,non-faculty

practitioners:howorganized,%time Mentors Numberandkindsofmentors Learningoutcomes Entrepreneurialprinciples/functionaldisciplines/

specifictechnicalknowledge/characterormindset.Doestheprogramhavealistofthethingsanentrepreneurialstudentshouldknow?

Functionaldisciplinescovered

Strategy,marketing,finance…

Coursematerials/readings Requiredmaterial Deliverables Reports,presentations… Whojudgesorevaluates Faculty,investors… Tracks Bymarket/industry/technology…Entrepreneurialprocess Degreeofstructure High/low/none Documentation Reference Frameworksapplied

(evaluation&planning)Fiveforces/VRIN/businessmodelcanvas/…

Decisionprocess/sequence E.g.,leanexperiments—somedescriptionofthestepstobetaken

Accesstoresources Capital Competitions/accesstoangelorotherinvestors Affiliatedcompetition Yes/no;amount Testing Labfacilitiesandequipmentavailable Prototyping Facilitiestobuildmock-upsorfunctionprototypes Regulatory Accesstoregulatoryexpertise Legal Legalclinics/IPadvice/…

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Programdescriptions

1.TheeSeedChallenge,ArizonaStateUniversityObjectives Newventure

creation/advancementPrimary

Pedagogy SecondarySelection What Projects(studentsevaluatedaspartofprojects) Targetstudents Allstudents Degreeofinterdisciplinarity

ofteamsPreferred

Projectstageatentry Pre$5Kinfundingorrevenue Project:industry/market All Selectivity—students Selectionisprojectbased,studentsincludedin

project Selectivity—projects ModeratetohighPedagogy Courses/duration 1year/single1creditcourse Instructors Researchfaculty,non-facultypractitioners Mentors Yes Learningoutcomes Entrepreneurialexperience/careerdevelopment Functionaldisciplines

coveredMarketing/strategy/finance/operations

Coursematerials/readings None Deliverables Pitchdecks Whojudgesorevaluates Non-academicjudges Tracks Ed-tech,Energy/Clean-tech,Cybersecurity,

F&B/Hospitality,Hardware,IOT/Wearable,Media/Entertainment,Retail/Lifestyle,Social/Non-profit,Med-tech,Software/IT/e-com

Entrepreneurialprocess Degreeofstructure Low Documentation No Frameworksapplied

(evaluation&planning)“Evidence-based”template

Decisionprocess/sequence NoAccesstoresources Capital Yes Affiliatedcompetition Programisprimarilyacompetition,$6Kprize Testing Yes Prototyping Yes Regulatory Yes Legal Yes

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2.NewVentureChallenge,UChicagoObjectives Newventure

creation/advancementPrimary

Pedagogy PrimarySelection What Projects Targetstudents MBA/graduate,butopentoallstudents Degreeofinterdisciplinarity

ofteamsPreferred

Projectstageatentry Earlystagecompanies,usuallypreinvestment Project:industry/market All Selectivity—students Selectionisprojectbased,oneMBAstudentrequired Selectivity—projects HighPedagogy Courses/duration 1year/single1quartercourse Instructors Researchfaculty,practitionerfaculty Mentors Faculty+severalbusinessmentors Learningoutcomes Entrepreneurialexperienceandunderstanding Functionaldisciplines

coveredMarketing/strategy/finance/communication

Coursematerials/readings Nonebeyondwebsitematerial Deliverables Businessplan Whojudgesorevaluates Facultyandpanelofnon-academicjudges Tracks 4tracks—MBA,College,Executive,andSocialEntrepreneurialprocess Degreeofstructure Moderate Documentation http://research.chicagobooth.edu/nvc/traditional-

nvc/ Frameworksapplied

(evaluation&planning)UChicagoentrepreneurialframework

Decisionprocess/sequence HighlevelventuredevelopmentprocessAccesstoresources Capital Yes Affiliatedcompetition Programisprimarilyacompetition,$1Mtotalprize

moneyandservices Testing Yes Prototyping Yes Regulatory Yes Legal Yes

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3.TheProgramforEntrepreneurs(P4E),DukeUniversityObjectives Newventure

creation/advancementSecondary

Pedagogy PrimarySelection What Projectsandstudentteamstogether Targetstudents MBAbutopentoallstudents Degreeofinterdisciplinarity

ofteamsEncouragedbutnotrequired

Projectstageatentry Usuallyatideastage,mustbepre-investment/pre-revenue

Project:industry/market All Selectivity—students Selectionisprojectbasedwithsmallconsiderationto

students Selectivity—projects Verylowthreshold—teamsrarelynotadmittedPedagogy Courses/duration 1.5–2years/3coursesplusco-curricular Instructors Practitionerfaculty Mentors 1faculty+1ormorebusinessmentors Learningoutcomes Entrepreneurialexperience+focusonunderstanding

principlesunderlyingentrepreneurialaction Functionaldisciplines

coveredMarketing/strategy/finance

Coursematerials/readings Nonebeyondwebsitematerial Deliverables Reports+pitches;businessplanatconclusionof3rd

course Whojudgesorevaluates Primarilyinstructorswithinputfromoutside

advisors Tracks NoEntrepreneurialprocess Degreeofstructure Highlystructured Documentation http://www.dukep4e.org/;

http://www.dukeven.com/ Frameworksapplied

(evaluation&planning)Dukeentrepreneurialframework;somestrategyframeworks:VRINinparticular

Decisionprocess/sequence Specificattentionpaidtotheorderorsequenceofexecutionandplandevelopment

Accesstoresources Capital IntroductiontoinvestorsincludingDukeAngel

Networkifsufficientlyadvanced Affiliatedcompetition No(DukeStartupChallengeiscompletelyseparate) Testing No Prototyping No Regulatory AccesstoDukeClinicalResearchInstitute Legal Start-upLawClinicforcorporateissues,verylimited

IPhelp

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4.TI:GER®,GeorgiaInstituteofTechnologyObjectives Newventure

creation/advancementSecondary

Pedagogy PrimarySelection What Projectsandstudentteamstogether Targetstudents GradScienceorEngineering,MBA,JD Degreeofinterdisciplinarity

ofteamsRequired

Projectstageatentry Promisingtechnology Project:industry/market Science/engineeringbasedventures Selectivity—students High—stringentapplicationprocess Selectivity—projects ModeratePedagogy Courses/duration 2years/3coursesplusco-curricular Instructors Researchfaculty,non-facultypractitioners Mentors Academic+1ormorebusinessmentors Learningoutcomes Entrepreneurialexperience+focusonunderstanding

principlesunderlyingentrepreneurialaction Functionaldisciplines

coveredMarketing/strategy/finance/legal(IP)

Coursematerials/readings Textcitedbelow Deliverables Specificreports:IPassessment,marketassessment,

commercializationplan,grantapplications Whojudgesorevaluates Faculty+AdvisoryBoard(outsideadvisors—legal

andinvestors) Tracks NoEntrepreneurialprocess Degreeofstructure Highlystructured Documentation “TechnologicalInnovation:GeneratingEconomic

Results”2ndedition,”AdvancesintheStudyofEntrepreneurship,Innovation,andEconomicGrowthVolume26editedbySherryHoskinsonandMarieThursby,2016;andotherbooksintheseries

Frameworksapplied(evaluation&planning)

GATechentrepreneurialframework;severalstrategyframeworks:particularlyforindustryanalysis

Decisionprocess/sequence HighlevelventuredevelopmentsequenceAccesstoresources Capital Yes Affiliatedcompetition No Testing Yes Prototyping Yes Regulatory Yes Legal Yes

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5.deltavaccelerator,MITObjectives Newventure

creation/advancementSecondary

Pedagogy Primary—developingentrepreneurialskillsSelection What Studentteams Targetstudents Any Degreeofinterdisciplinarity

ofteamsStronglyencouraged

Projectstageatentry Early Project:industry/market Any Selectivity—students High—selectionisontheteam Selectivity—projects Low—“Peoplefirst,projectssecond”Pedagogy Courses/duration 90daysummerprogram—capstone

entrepreneurshipexperienceatMITbutnotacourse Instructors Practitionerfaculty,EIRs Mentors Many,specialistsasnecessary Learningoutcomes Entrepreneurialskills Functionaldisciplines

coveredCompanyformation,legal,financials,fundraising,sales,marketing,etc.

Coursematerials/readings DisciplinedEntrepreneurship(Aulet),EntrepreneurialStrategy(SternandGans),Founder’sDilemma(Wasserman)

Deliverables Monthlymilestonespresentedandgradedatboardmeetings

Whojudgesorevaluates Instructorsactingasa“board” Tracks NoneEntrepreneurialprocess Degreeofstructure Structured Documentation DisciplinedEntrepreneurship Frameworksapplied

(evaluation&planning)DesignThinking,experimentation,“crossingthechasm”

Decisionprocess/sequence “24steps”inDisciplinedEntrepreneurshipAccesstoresources Capital Grantsduringprogramthenintroductionto

investorsat“DemoDay” Affiliatedcompetition None Testing Yes Prototyping Yes Regulatory Yes Legal Yes

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6.Launchpad,StanfordObjectives Newventure

creation/advancementPrimary

Pedagogy Secondary(butprimaryinthesenseofproducingfounders)

Selection What Studentsactivelytakingstepstostartacompany Targetstudents Anystudentteamthatwantstostartacompany Degreeofinterdisciplinarity

ofteamsOpenbutactivelyrecruitfordiversityinthecohortofteams

Projectstageatentry Early—ideastage Project:industry/market Any Selectivity—students High—screeningforcommitmentandseriousintent Selectivity—projects LowPedagogy Courses/duration 110weekcoursewithfollow-onadvising Instructors Practitionerfaculty Mentors Many(entrepreneursandinvestors) Learningoutcomes Committedentrepreneurs Functionaldisciplines

coveredRapidprototyping/markettesting,pricing,entrepreneurialfinance,hiring/teambuilding,leadership

Coursematerials/readings None Deliverables ^15assignmentsover20classsessions Whojudgesorevaluates Instructors Tracks NoneEntrepreneurialprocess Degreeofstructure Highlystructured Documentation Launchpad:AFounder’sGuidetoStartingaCompany

(Klebahn&Utley),Variousarticlesonspecifictopics Frameworksapplied

(evaluation&planning)DolanPricingThermometer,VisualDesignforFounders

Decisionprocess/sequence ^15“missions”inLaunchpadAccesstoresources Capital IntroductionstoVCs Affiliatedcompetition None Testing None Prototyping None Regulatory None Legal None

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7.CreativeDestructionLab,UniversityofTorontoObjectives Newventure

creation/advancementPrimary

Pedagogy SecondarySelection What Projects(companies)andstudentsseparately Targetstudents MBA Degreeofinterdisciplinarity

ofteamsNA

Projectstageatentry Earlystagecompanies Project:industry/market All Selectivity—students Highlyselective(separatefromproject/company

selection) Selectivity—projects HighlyselectivePedagogy Courses/duration 1year/1course Instructors Academic Mentors Businessmentorsadvisecompanies(CDLincubator),

researchfacultydirectstudents Learningoutcomes Entrepreneurialunderstandingthroughimmersion

intheprocess Functionaldisciplines

coveredMarketing/strategy/finance

Coursematerials/readings GansEntrepreneurialStrategycourseforstudents,notcompanies

Deliverables Studentsproducereportstohelpcompanies Whojudgesorevaluates Communityentrepreneursandinvestors(“Groupof

Seven”) Tracks Opentrack&machinelearningtrackEntrepreneurialprocess Degreeofstructure None—adhocadvice:judgmentofexperienced

entrepreneursandinvestors Documentation NA Frameworksapplied

(evaluation&planning)None

Decisionprocess/sequence NoneAccesstoresources Capital Introductiontoinvestors Affiliatedcompetition No Testing No Prototyping No Regulatory No Legal Yes

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ProgramcomparisonsThissectioncontainsafewbroadcomparisonsbetweenthesesmallnumberofprogramsandalsospellsoutingreaterdetailtemplatesforcomparingprogramsinthetwoareasofpedagogyandentrepreneurialprocess.

ObjectiveProgramsdiffersignificantlyontheirobjectives.Althoughtheyallinvolvebothpedagogicandcommercializationobjectives,theydifferontherelativeemphasisontheseobjectives.Figure3depictswheretheprogramsstand.

Figure3

Asseemssomewhatnatural,theprogramswhoseetheirprimarypurposeaspedagogichavelessstringentadmissionsrequirements,focusonearlierstageprojects,haveamorestructuredanddocumentedprocessthattheyexpectstudentteamstofollow,andincludemorecoursework.Ontheotherhand,programsthatseetheirroleasmoretoadvanceactualventureshavemorestringententryrequirements,workonmoredevelopedventures,relyonexperiencedentrepreneursfordirectionratherthanaformalprocess,andinvolvelesscoursework.

SelectionProgramsdiffersubstantiallyintheirselectionprocess,inparticular,intheirdegreeofselectivity(ratioofacceptancestoapplications).Thedifferencesaresummarizedinthistable.

Pedagogic Bothequal

Newventureadvancement

P4E(Duke) TI:GER(GATech) deltav(MIT)

NVC(UChicago) Launchpad(Stanford)

CDL(UofT)

eSeed(ASU)

Programprimaryobjective

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Selection

eSeedChallenge,ASU

NewVentureChallenge,UChicago

P4E,Duke

TI:GER,GATech

deltav,MIT

Launchpad,Stanford

CDL,UofT

What Projects(studentsevaluatedaspartofprojects)

Projects Projectsandstudentteamstogether

Projectsandstudentteamstogether

Diverseteamsofstudententrepreneurs

Studententrepreneurs

Projectsandstudentsseparately

Targetstudents

Allstudents MBA/graduate,butopentoallstudents

MBAbutopentoallstudents

GradScienceorEngineering,MBA,JD

Opentoallstudents

Opentoallstudents

MBA

Degreeofinterdisciplinarityofteams

Preferred Preferred Preferred Required Notrequiredbutheavilyconsideredinselection

Notrequiredbutactiverecruitingfordiverscohort

NA

Projectstageatentry

Pre$5Kinfundingorrevenue

Preinvestment

Usuallyatideastage,pre-investment/pre-revenue

Promisingtechnology

Idea Idea Earlystagecompanies

Project:industry/market

All All All Science/engineeringbasedventures

Allbutmustbeambitiousinimpact

All All

Selectivity—students

Low Moderate Low Moderate High(team) High Highlyselective

Selectivity—projects

Moderatetohigh

Highlyselective

Low Moderate Moderate Low Highlyselective

Figure3

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Wecansummarize(andpossiblyoversimplify)thedifferencessurroundingselectionbydifferentiatingprogramsthatarehighlyselectivefromthosethatareintendedtoserveabroaderbaseofstudents.Highlyselectiveprogramsintendtoidentifythefewmostcommittedandcapablestudententrepreneurs.Theyguideandpushthesestudentstoadvancetheirentrepreneurialendeavors.Morebroad-basedprograms,ontheotherhand,attempttodevelopanentrepreneurialskillsetinamoreaveragestudentpopulation.Wesummarizetheprogramsconsideredhereinthistable. Highselectivity

(focusoncommittedstudententrepreneurs)

Lowselectivity(addressbroadsetof

students)

People

Launchpad(Stanford)

deltav(MIT)

P4E(Duke)

Projects

TI:GER(GATech) NVC(UChicago)

CDL(UofToronto)

eSeed(ASU)

Figure4Althoughallprogramsinvolvenewventurecreation,theydonotallfocusonthesamestageofthisprocess.Someprogramsconcentrateontheearlyphaseofshapingthecorebusinessideaandothersselectalreadywellformedideasandfocusongrowth.Tosomeextent,theobjectivesoftheprogramwillconstrainthechoiceregardingstage.Forexample,itwouldbedifficulttobuildaprogramaboutgrowthofentrepreneurialventures(theearlyrevenuephase)basedonstudentledteams.Also,thechoiceofstagewillhaveanumberofimplicationsforthedesignoftheprograms,forexample,whatmaterialortopicscanbecoveredandwhoarethebestadvisorsandinstructorstoinvolve.Sothelearningforstudentswillbepossiblyquitedifferentdependingonthestageofventuredevelopmentthatisthefocus.Figure5depictsthestageofventurethatisthefocusontheprograms.

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Figure5

PedagogicapproachesWecandescribepedagogicapproachesbyoutliningthreebasicdimensionsofteaching.

• Whoaretheinstructors,• Whattopicsaretaught,• Howaretheytaught.

Toaddressthefirstquestion,wenotethatalloftheprogramssurveyedhereinvolvemanypeopleinthepedagogicprocess.Soitisimportanttodistinguishthevariousrolesinvolved.Numbersarealsoimportantastheymayindicatebouttheintensityofengagementwithstudentsandthediversityofviewpoints.Todescribedifferencesamongprograms,weneedbothaclassificationofthekindsofindividualsparticipatingandthekindsofrolesinvolvedinthedeliveryoftheentrepreneurshipprogram.Obviouslybothclassificationswillobscurenuances.Firstwedistinguishfivekindsofindividualswhoplayaroleinthedeliveryofentrepreneurshipprograms.

1. Researchentrepreneurshipfaculty—facultywhoseprimaryroleisresearchinentrepreneurship.

2. Practitionerentrepreneurshipfaculty—regularfacultywhosecredentialsderiveprimarilyfromtheirbusinessexperience.Thesefacultymaydiffersignificantlyinthedegreeofengagementwithacademicresearch.

Company formation

“Nucleation” Comingupwiththeidea

Early(validation,testing,planning)

Earlyrevenue

Growth

eSeed(ASU) P4E(Duke) TI:GER(GATech)

NVC(UChicago) deltav(MIT) Launchpad(Stanford)

CDL(UofT)

19

3. Adjunctfacultyofentrepreneurship—part-timefacultyengagedinthedeliveryofentrepreneurshipprograms.

4. Managementandinvestmentprofessionals—individualswhoarecurrentlyorhaverecentlybeeninvolvedinthemanagementoforinvestinginentrepreneurialventures.

5. Universitystaffinvolvedintheadministrationofprogramsorworkingwithandadvisingstudents.

6. Subjectmatterexpertsinrelevantfieldsbutnotentrepreneurship.Thesepeoplemayrangeoveradiversesetoftopicsfromregulatoryissues,IPlawtoleadershipandteamdynamics.

Asonecansee,entrepreneurshipprogramsmayinvolvethecoordinatedeffortsofadiversesetofpeople.Similarly,thethingstobedone,therolesinvolvedinarobustprogramarealsodiverse.Wesummarizethemainrolesasfollows.

1. Design,organization,andoversightoftheprogram.2. Deliveryorcommunicationofspecificentrepreneurshipmaterialortopics—not

project-specific,forexampleworkshopsonraisingcapitalorminimumviableproduct.

3. Deliveryorcommunicationofmaterialnotspecifictoentrepreneurship,forexample,workshopsondesignthinking,marketintelligence,ormedicalreimbursement.

4. Advisingormentoringprojectteams—engaginginissuesthattheteamsarefacing.Armedwiththesetwoclassificationsandcalibratingforthesizeoftheprograms,wecancreateasimplerepresentationofwhoisinvolvedinthedeliveryofaprogramforacohortofstudentsandprojects.WeillustratewitharepresentationofthedeliveryofDuke’sP4Eforacohortofstudentsthatbeginswithaboutfortystudentsandfifteenprojectsandendswithtwentystudentsworkingonfourprojects(seefigure6).Thedurationofapassthroughtheprogramforonecohortiseighteenmonthsandcomprisesthreecourses.

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Illustration:PersonneldeliveringP4E(Duke)

Design,organization,oversight

Workshops/classesonentrepreneurshipmaterial

Workshops/classesonrelevantnon-entrepreneurshipmaterial

Mentoring/advisingprojectteams

Researchentrepreneurshipfaculty

6

Practitionerentrepreneurshipfaculty

1 1 1

Adjunctentrepreneurshipfaculty

Managementandinvestingprofessionals

10 18

Administrativestaff

1 1

Subjectmatterexperts

6

Figure6

Wecanperformasimilaranalysisregardingthequestionsofwhattopicsarecoveredandhowthatmaterialiscommunicated.Weorganizethesubjectscoveredintheprogramaccordingtofourbroadcategories:

• Principlesofentrepreneurship• Functionalbusinessdisciplines• Knowledgeoftechnicalsubjectsandrelevantenvironmentalfactors• Mindsetandemotionalpreparedness

Wealsoenumeratethreemethodsofhandlingspecifictopics.Thesemightbeseenasreflectingtheemphasisthattheprogramputsonthespecificsubjects,orthelevelofdepthofcoverage.Wesummarizetheseapproaches.

• Thereisacomprehensivearticulationofthesubjectmatterthatstudentsareexpectedtoapplytotheirprojects

• Thestudentsareexpectedtoadvancetheirprojectsrelativetothetopicandaregivenguidanceastheymakeprogress—inthiscase,theguidanceistailoredtotheproject

• Thestudentsmayormaynotaddressthetopicandaregivenadhocadviceasappropriate.

Acoupleofexamplesmayhelptoclarifytheseapproaches.Atsomestageoftheirdevelopment,almostallnewventureswillhavetocreateaforecastoffuturerevenue.

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Workingbackwardthroughthethreemethodsoutlinedabove,oneapproachmaybetowaituntilthetimewherearevenueforecastisrequiredandthensimplytoaskateamtobegintoestimaterevenue,possiblywithacoupleofgeneralbitsofadvice.Thenanadvisor,presumablyamentorwhohasbeenworkingwiththeteamwouldbegintochallengetheirassumptionsandhelpthemrefinetheirwork.Onthesecondapproach,everyteamwouldberequiredtocreatearevenueforecastbuttheguidelineswouldbesimilarlysparseasinthefirstapproach.Inthelastandmoststructuredmethod,principlesofdefiningtotaladdressablemarket,segmentingthemarket,evaluatingadoptionrates,etc.wouldbearticulatedinadvance,andthenteamswouldbeaskedtocompleteaforecast.Asecondexampleiscreatingacapitalizationtable.Thisisanexercisethatisoftennotrelevantforstudentledventuresastheyoftenabandontheprojectbeforeactuallyincorporating.Sooneapproachwouldbeonlytoaddresstheissuewhenitisactuallyrelevanttotheprojectandofferspecificadvicetotheteamastheycontemplateformingtheircompany.Themiddleapproachwouldbetorequireallteamstogothroughtheexercisebutwithminimaladvanceguidance.Andthemoststructuredapproachwouldbetoofferaframeworkandprinciplesandthenguidethestudentsthroughtheapplicationoftheseprinciples.Ifweareabletoenumerateacomprehensivelistofthepossiblyrelevanttopicstoanentrepreneurialteamandproject,andthendescribetheapproachormethodtaken,wewouldhaveaverydetaileddescriptionofthesubjectmattercoveredbyvariousentrepreneurshipprograms.Thisstructurewillalsoprovideacomprehensivemenuofthepossiblechoicesaseducatorscontemplatecreatingormodifyinganentrepreneurshipprogram(seefigure7foranillustration).

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Illustration:TopicsandpedagogyinP4E(Duke)

Topicarea PedagogicapproachTopicrequiredComprehensivedescriptioninadvance

TopicrequiredAdvicegivenasworkprogresses

TopicnotrequiredbutaddressedasappropriateAdvicegiven

Notcovered

Principlesofentrepreneurship Evaluatingan

opportunity✓

Entrepreneurialstrategy

✓

Teamformation/staffing

✓

Legal–incorporation

✓

Creatingproformafinancials

✓

Financing,raisingcapital

✓

Functionalbusinessdisciplines Marketing ✓ Finance ✓ Strategy ✓ Operations ✓ Accounting ✓ Technicalsubjects IPlaw ✓ Regulatory ✓ Engineering/

engineeringmanagement

✓

Venturecapital ✓ “Soft”skills Entrepreneurial

leadership ✓

Self-assessment ✓ Teambuilding ✓ Sales/

presentation ✓

Figure7

EntrepreneurialprocessandstructureWecomenowtoapossiblynotobviousdimensionofentrepreneurshipprograms.Thequestionatissueiswhethertheprogramsarebasedonanexplicitentrepreneurialprocessandifsowhatisit.Thisquestionwillhaveveryclosetiestothequestionsofpedagogy.

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Naturally,ifanentrepreneurialprocessformsthefoundationoftheprogram,itwillguidemanychoicesofwhattopicsshouldbecovered.Despitethisoverlapandattendantdifficultiesofseparatingtheissueofprocessfrompedagogy,webelievethatclarityonthissubjectisvitaltocomparingentrepreneurshipprograms.Theprocess,orlackofone,reflectsthetheoryofentrepreneurshipattheheartoftheprogram.Webeginbyobservingthatanentrepreneurialprocessshouldtellus:

• Whattodo• Whentodoit• Howtodoit

Answerstothesequestions,explicitlyorimplicitlyembodyatheoryofentrepreneurship.Theyreflectbeliefsaboutthescopeofentrepreneurialactionandtheactivitiesincludedwithinentrepreneurship.Thetheoryalsoincludesbeliefsaboutthefactorsanddriversofsuccess.Wearenotcontendingthatthereisagrandunifiedtheoryofentrepreneurshipnorthatanyprogramhassuchafoundation.Rather,programsseemtohaveassembledorcreatedvarioustheoreticalbuildingblocksandtohaveusedthemtodesignpartsoftheprogram.Wedivideouranalysisofthesetheoriesintotwoparts.Firstisthesetofframeworksusedtoguideanalysisandplanning.Insomecases,frameworksfromcoredisciplinesstrategy,industrialorganizationeconomics,ormarketingarebroughttobear.Butnewframeworkshavealsobeencreatedthatarefocusedonentrepreneurship.Frameworksarebasicallyastructuredsetofquestions.Theyguidethegatheringandanalysisofinformationand,insomecases,thechoicesmade.Weclassifyframeworksintothreegroups:1)industryandenvironmentalanalysis,e.g.,FiveForces,2)firmpositionandcompetitiveness,e.g.theVRINframeworkfromthecapabilitiesliteratureinstrategy,and3)specificallyentrepreneurialframeworks,e.g.,theBusinessModelCanvas.Weconsiderwhetherprogramsemployvariousframeworksorchecklists.Forexample,theframeworksmostprominentlyusedinDuke’sP4Eareasfollows:

• Industryandenvironmentalanalysis:o IPregimes/complementaryassets(Teece)o Competitoranalysis/Christensen’sRPV(resources,processes,values)

• Firmanalysis:o Industryvaluechaino VRIN(valuable,rare,inimitable,nonsubstitutable)

• Entrepreneurial:o Opportunityevaluation:fivequestionso Strategydevelopment:fourelements

Theseframeworksareguidestothequestionofwhattodo,buttheydonotaddressthequestionsofwhenorhow.SomeexamplesthataddressthewhenandhowareBillAulet’s24stepsofDisciplinedEntrepreneurshipandtheconceptofleanexperiments.Itisdifficulttogiveguidelinesthataregeneralsotheseguidesareoftentailoredtoaspecificdomain,forexample,techstartups.Asfarasdescribingentrepreneurshipprograms,thequestionis

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whethertheprograminvolvesprescriptionsregardingwhenandhowand,ifso,whataretheseprescriptionsandhowaretheydocumented.Thetopicofentrepreneurialprocessiscomplex.Thegraphicbelowsummarizesinbroadtermshowtheprogramsdifferandsoobscuresmanynuances. Structured

entrepreneurshipprocess,primaryinstructionanddirectionprovidedbyresearchorpractitioner

faculty

Targetedadvicewithoutadherencetoaprocess,primaryinstructionanddirectionprovidedby

practitioners

Target—people

P4E(Duke)

TI:GER(GATech)deltav(MIT)

Launchpad(Stanford)

Target—projects

eSeed(ASU)

NVC(UChicago)

CDL(UofToronto)

Figure8

AccesstoresourcesProgramsdiffersubstantiallyontheresourcesavailabletoparticipatingteams.Toalargeextent,thesedifferencesreflectdifferencesofmaturity,financialsupport,andorientationoftheprograms.Thedifferencesaresummarizedinthistable.

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Accesstoresources

eSeedChallenge,ASU

NewVentureChallenge,UChicago

P4E,Duke

TI:GER,GATech

deltav,MIT

Launchpad,Stanford

CDL,UofT

Capital Yes Yes Limited,DukeAngelNetwork

Yes IntroductiontoinvestorsatDemoDay

Introductiontoinvestors

Introductiontoinvestors

Affiliatedcompetition

Programisprimarilyacompetition$6Kprize

Programisprimarilyacompetition,$1Mtotalprizes

No(DukeStartupChallengecompletelyseparate)

No? $2Kgrantperstudent,upto$20Kduringprogram

No No

Testing Yes Yes No Yes Yes Yes NoPrototyping Yes Yes No Yes Yes Yes NoRegulatory Yes Yes Accessto

DukeClinicalResearchInstitute

Yes Yes No No

Legal Yes Yes Yes,limitedIPhelp

Yes Yes Yes No

Figure9

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SummaryAttheoutset,wesuggestedthatthespecificsofprogramsandthedifferencesbetweenthemwouldbedrivenprimarilybythreefactors:objectives,target(studentsandprojects),andtheunderlyingtheoryofentrepreneurship.Theobjectivesofallprogramsareacombinationofpedagogyandnewventuredevelopment.Howtheseobjectivesareblended,orreconciled,differs.Tothedegreethatnewventuredevelopmentisemphasized,careistakentoensurethatentrepreneurialteamsreceivethebestadvice.Andthisusuallyimpliesputtingexperiencedentrepreneursintheroleofprincipaladvisors.Thisapproachbringswithitlessformalstructure,lesstheory,andminimalconnectiontoacademicresearch.Tothedegreethatpedagogyisemphasized,thereismorestructure,moretheory,andagreaterconnectiontoacademicresearch.Theseobservationsperhapsreflectthatuniversityfaculty,whoareultimatelyresponsiblefortheseprograms,aremorecomfortablewithteachingandgeneralprinciplesthantheyaregivingspecificadvicetobusinesses.Correspondingly,thesefacultymaybelievethatpractitionerswhohaveexcellentjudgmentinparticularsituationsarenotwellqualifiedtoarticulategeneralprinciplesandtodevelopwellstructuredcurriculum.Inaddition,programsaregenerallydesignedtomeettheneedsoftheirtarget.Studentsmaybeatdifferentlevelsandindifferentfields.Teamsmayalsobemoreorlessdiverse.Sotheknowledgeandexpertisethatcanbepresumeddifferswidely.Furthermore,projectsmaybemoreorlessadvancedandcohortsofprojectsmaybediverseorconcentratedinparticularindustriesortechnicalfields.Alloftheseconsiderationswillinfluencematerialcovered,stylesofpedagogy,andoverallapproachtoentrepreneurship.Finally,thereistheunderlyingtheoryofentrepreneurship.Oneperspectiveisthatentrepreneurialactiondoesnotinvolveatheoryofentrepreneurship.Rather,thereisjudgmentformedthoughexperience,possiblycombinedwithinnateintuition.Otherpointsofviewwillsubsumeaspectsofentrepreneurialactionundergeneralprinciples,althoughtherearenosettledopinionsaboutprinciplesorthoseaspectsofentrepreneurshipthatmaybeexplainedbytheory.Notwithstandinggreatdifferencesofopinion,explicitandimplicit,beliefsabouttheseissuesplayanimportantroleinshapingentrepreneurshipprograms.

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Appendix:Programdescriptions

Faculty:Dr.BrentSebold+Dr.ScottShrake

Institution:ArizonaStateUniversityProgramname:FultonSchoolsofEngineering-GeneratorLabs-eSeedChallenge+AcceleratorProgram(http://links.asu.edu/eSeed)Briefdescription:TheeSeedChallengeispartofASU’sInnovationChallengeprogram,aseriesofcompetitionsthataredefinedandledbytheUniversity’scollegesandschools.TheASUInnovationChallengesengagestudentsintheNewAmericanUniversitydesignaspirationofvaluingentrepreneurshipandprovidingentrepreneurialexperiencestoallASUstudents.TheFultonSchoolsofEngineeringeSeedChallengeenablesstudentstowinupto$6,000inseedfundingandanall-expensespaidinnovationfieldtriptoadvancetheirentrepreneurialventure.

Objectives:TheeSeedChallengeisopentoallArizonaStateUniversitystudententrepreneurswhoaimtoproveordisprovethatthereisvaliddemandforaprototypedproductorservicebeyondaninitialbeneficiaryorcustomer.OrganizedbytheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering,this“topofthefunnel”competitionaimstostrategicallydevelopearly-stagestudentventuresthatmaybewellsuitedtocompeteforandwinotherASU,local,national,andglobalentrepreneurshipcompetitions.TheeSeedChallengealsohelpsallsupportedventurestodeveloprepeatableandscalablebusinessmodels,regardlessoffollow-onfundingorsupportopportunities.

SelectionProjects:Allsortsofprojectsareacceptable:forprofitornot-for-profit,andindustryormarket.However,theideamustbeconcreteenoughthatafairlyclearhypothesiscanbearticulatedregardingmarketneedandsolution.Allprojectsareattheveryearlieststagesofdevelopment.Teams:

● Allfull-orpart-timestudentsatArizonaStateUniversitymayapply/participate.● Individualstudentsorteamsareeligible.Multidisciplinaryteamsarepreferred.● Theteamleadermustbeafull-timeorpart-timeundergraduateorgraduatedegree-

seekingstudentintheIraA.FultonSchoolsofEngineeringduringtheprogramperiod.Finalistapplicantswillbeaskedtoprovideproofofenrollmentandwinnersmustbeingoodacademicanddisciplinarystandingatthetimeawardsarepresented.

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● Althoughteamsshouldseekadvicefrommentors,theprojectmustbestudent-led.● Projects,prototypes,venturesorpartnershipsthathavealreadyreceivedmorethan

$5,000inrevenueorgrants/awards/investmentsarenoteligibleforfunds.● Asmentioned,applicantsareencouragedtoincorporatemembersand/ormentors

fromdifferentdepartmentsorcollegeswithintheuniversity.Teamsmayalsohavememberswhoarenotaffiliatedwiththeuniversity(e.g.,friends,family,workcolleagues,etc.whoarenotASUstudents).

Screening:ForthefirstphaseoftheeSeedChallenge,anexpertpanelofcommunitymembersandASUaffiliatesevaluatethefollowingapplicationquestionresponses.(Applicantinstructions:Thefollowingfivequestionclustersshouldbeaddressedin300wordsperquestionviatheonlinesubmissionform).

1. Whatistheproblemyouaimtosolve?Howdidyouidentifythisproblem?2. Whatisyournovelsolution?Describehowitsolvestheprobleminthreesteps.If

youhaveanonlinedemo,what’stheURL?3. Whohastheproblemandwantsyoursolutionbadenoughtopayforit?Inother

words,whoisyourfirstcustomer?Thisappliestonon-profitventuresaswell.Inmanycases,thepersonororganizationwhousesthesolutionmaynotbethesameasthosewhopayforit.Describethesekeyindividualsororganizations.

4. Howwillyouspend$1,000inordertogetyourfirstpre-orders,crowdfundingcontributions,orsales?Inotherwords,listspecificactionsyouwilltake,orexperimentsyouwillrun,toproveordisprovethatthereisvaliddemandforyourprototypedsolutionbeyondyourinitialuserand/orpayer.

5. Listyourteammembers’names,emailaddressesandphonenumbers,alongwiththeirmajors,theiruniqueninjaskills,andwhytheyaresopassionateaboutsolvingthisproblem.Howdidyouallmeet?

Eachresponseisevaluatedquantitatively.Qualitativefeedbackmayalsobeprovidedinresponsestoaccumulativeanswers.TeamsthatreceivethehighestscoreswillbeadvancedaseSeedChallengeteams.eSeedAcceleratorventuresandprescottFellowfoundersareselectedbyjudgingpanelsviaaffiliatedDemoDayevents.

Process:TheeSeedChallengefeaturesthreehighlycompetitivephases.InPhaseOne,30challengeteamswereselectedfromentriesacrossASUandgiven$1,000tovalidateorrejecttheirkeybusinessmodelhypotheses.InPhaseTwo,thechallengeteamspresentedthestatusoftheirventuresandcompetedforadmissionintotheeSeedAcceleratorwhere10ofthe30teamswereawardedanadditional$5,000toincreasetractionwithintheirtargetmarkets.Finally,inPhaseThree,12oftheeSeedAcceleratorteamfounderswillbeselectedtoparticipateinanall-expensespaidinnovationretreat,hostedbyMr.TomPrescott,theeSeedChallenge’sleadbenefactor.

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Pedagogy:Instructors:TheprimaryinstructorisaLecturer(administrativefaculty)whoalsoservesasthedirectoroftheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering.ThesupportinginstructorsareAcademicAssociates(VentureMentors)whoarecommunity-basedserialentrepreneurs,retiredentrepreneurs,intrapreneurs,etc.Courses:TheacademiccoreoftheprogramisFSE494/594-VentureDevils,aonecredithouronlinecoursethatisrepeatableforcredit.Coursedeliverables:theeSeedprogramandtheaffiliatedFSE494/594-VentureDevilscoursehasbeendesignedtoenablestudentteamstopresentaminimumofthreeevidence-basedpitchdeckiterationsapproximatelyonceeverytwoweeksthroughouttherollingprogramperiod(s)--every7.5weeks.Webelievethatthisiterativeteaching/mentoringstructureisinnovativefortwomainreasons.First,weemploytheuseofan“evidence-based”pitchdeckmentoringtemplate.UnliketheBusinessModelCanvasasamentoringtool,theevidence-basedpitchdeckallowsformoreindividualcreativity,isoftenmoreengagingforallprogramparticipants,andalignsbetterwiththeexpectationsoftypicalstartupsupporters,judges,andinvestors.Andunlikeastandardinvestorpitchdeck,theevidence-basedpitchdeckincorporatesthe“fact-based”and“data-driven”proofthatisnowrequiredtoensuretransparency,authenticity,andtractionfortoday’sstudentinnovators.Second,afterseveralyearsofpreparingourstudentteamsforlocal,national,andinternationalstartupcompetitions,wehavefoundthataminimumofthreeiterativepresentationandfeedbackloopsarerequiredforeachteamtobebestpreparedforanyfollow-onsupportopportunities.Programandcourselearningobjectivesdictatethatuponcompletion,studentsshould:

● Understandthestrategicdecision-makingprocessassociatedwithstartinganewventure.

● Developprofessionalskillsandhabitsforworkingwithmentors,partners,andotherkeymembersoftheirnetwork.

● Learntacticsfornavigatingthevettingandlaunchingofanewbusinessinareasincludingbutnotlimitedtocustomeracquisition,financialforecasting,pitching,securingsuppliers,andearly-stagegrowth.

● Theoverarchinggoaloftheventure/mentormeetingsduringPhase1oftheprogramistoidentifythebesteSeedventuresandpreparethemtodeliverahighlyeffectivefive-minuteevidence-basedpitchtoapanelofjudgeswhowillgrantthe10bestventuresanadditional$5Kinseedfunding.

Mentors:EachteamisassignedoneVentureMentor(VM).VMsarenon-academics(e.g.,serialentrepreneurs,retiredentrepreneurs,intrapreneurs,etc.)whoarehiredasAcademicAssociatesandarecompensated($2K)toteachtheequivalentofa1credithourcourseeach15weekterm.ThegoalisthattheVMshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantstartup/industryexperience.eSeedfounderswillhave

30

accesstotheVMsonceeverytwoweeksandwillberequiredtomeetmilestonesagreeduponbyboththeirteamsandtheVM.Studentsmayberemovedfromtheprogram/courseiftheyfailtotakeitseriouslydonotshowupformeetings,orbehaveinappropriately(asdeemedbytheVMsandprogramsupervisors).VMswillnotdotheworkforstudents–studentsmustbepreparedtoworkveryhardandutilizeVMsasmentorsandguides.VMswillbeavailableforstudentventuremeetings3hourseachweekandwillrespondtostudentrequestswithin48hours.VMsmaynotinvestinorjoinstudentcompaniesuntiltheirroleasaVM(orotherASUrole)hascompleted;however,VMswillopendoorsandmakeintroductionsasitmakessenseforstudentstartupteamswhoareprepared.Instruction:Theinauguralcohortof30eSeedventures(approximately90students)wasassembledintosixventureclusters,comprisingfiveindustry-relatedteamseach.Inturn,eachclusterwasmatchedwithoneVM,relativetohis/herindustryexpertise.This“5:1venturetomentorratio”recognizesthatearlystageventurementorsandadvisorsmustbeempoweredtoprovidepersonalizededucationtothesupportedentrepreneurswhoarepragmaticallyalignedwiththeir“Socraticcircles4”ofinfluence.Accesstoresources:ThroughthecontactsoftheStartupCenterwithintheGeneratorLabsatFultonSchoolsofEngineering,studentteamshaveaccesstoawidevarietyofresources,butaccessisnotguaranteed.Theseresourcesinclude,butarenotlimitedto:

● Investors:manyinvestorsarepartofthenetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.Thisoccasionallybutnotoftenresultsinaninvestment.

● Labresources:teamsworkingonengineeringorsciencebasedprojectsoftenneedaccesstolabequipmentorprototypingfacilitiesviatheFultonTechnologyInnovationLab.

● Software/Hardwareengineering:Manyteamsneedaccesstoprogrammingandmanufacturingtalenttomovetheirprojectsahead.Theseresourcesmaybeactivatedviadiscipline-specificcapstonecourses/teams,aswellasiProjectreferrals.

● Prototyping/Fabrication:Oncampusworkshops,makerspaces,andfabricationfacilitiesareavailabletoeSeedventures.StudentsmayalsoleverageTechShopChandlerforadditionaltoolsandresources.

● Legal:AtASUthereisacomplementarylegalclinictogetguidanceonearlylegalissues,aswellasIPcounsel.

● IndustryandServiceProviderExperts:ASUprovidesofficehoursforvisitingexpertsintherealmsofstartup-stagefinanceandaccounting,PRandmarketing,businessdevelopment,ed-tech,med-tech,etc.

Tracks:TheeSeedmeta-cohortof30+venturesareorganizedintosub-cohortsandcategorizedtoalignwithoneofthefollowingindustryverticals: 4 http://www.davidgcohen.com/2011/08/28/the-mentor-manifesto/

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● Ed-tech● Energy/Clean-tech● Cybersecurity● F&B/Hospitality● Hardware● IOT/Wearable● Media/Entertainment● Retail/Lifestyle● Social/Non-profit● Med-tech● Software/IT/e-com

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Institution:UniversityofChicagoBoothSchoolofBusinessProgramname:EdwardL.Kaplan,’71,NewVentureChallenge–TraditionalTrackBriefdescription:Launchedin1996,theEdwardL.Kaplan,’71,NewVentureChallenge(NVC)programrunbythePolskyCenterforEntrepreneurshipandInnovationattheUniversityofChicagoisrecognizedasthetop-rankeduniversityacceleratorprograminthenation.Itisayear-long,intensivebusinesslaunchprogramthatbeginsintheFallacademicquarterwitheventsandresourcesaimedatsupportingideageneration,customerdiscovery,ideavalidation,andteamformation.TeamsreceiveadditionalresourcesandsupportheadingintotheWinterquarter.TheymustapplytotheNVCinearlyFebruary.OnlyteamswhoseproposalsshowsignificantpromiseareselectedtoadvanceintoPhaseIIoftheprogram–aSpringquarteracademicclass.Inthisclass,teamsreceivededicatedcoaching,feedbackandsupport;receiveaccessandintroductionstoavarietyofresourcesandmentorswithdomainexpertise;presenttheirbusinessplanstwicetoapanelofexpertjudges;andrefineandimprovetheirbusinessplans,AttheendoftheSpringquarter,thetop10teamsadvancetothefinalscompetitionwhichisheldinlateMay/earlyJune.AttheNVCFinals,teamspresenttheirinvestorpitchtoapanelofjudgesandcompetefor$1M+inprizesandbusinessservices.

Objectives:Bothtoteachstudentswhatittakestobuildahigh-potentialnewventureandtocreate,encourageandimprovehigh-potentialnewventures.

Selection:Projects:Thenewventureideashouldbeoriginalandhavecommercialpromise.Theentrymaybedevelopedinconjunctionwithacourseorresearchproject,andstudentsmayenlistfacultyaid.BusinessplansthathaveparticipatedinthepastaspartofotheruniversitybusinessplancompetitionsarenoteligibleunlessapprovedbyoneoftheNVCfacultyorcoaches.Businessplansforexistingearlyventuresareacceptableifthecompanyhasnotalreadyreceivedfundingfromventurecapitalistsand/orotherinvestors.TeamsthathavesecuredarrangementsforcapitalfromanysourcemustdisclosetheamountsandsourcesintheirPhaseIexecutivesummaries.Entriesthathavereceivedoutsideinvestmentfromventurecapitalfirms,privateinvestors,orotherindustrysourcesmaybeconsideredineligibletocompete.Teams:Thereisnominimumormaximumteamsize.However,eachteamisrequiredtohaveatleastonecurrentlyregisteredgraduatestudentfromtheUniversityofChicagoasanactivememberoftheteam.Thestudentshouldbeanintegralpartoftheteam.Thisisgenerallyevidencedbyanequitystakeofatleast10%inthecompany.Teamscomprisedofundergraduatestudentsareeligibleif:(1)TheteamhaspreviouslyparticipatedintheCollegeNVC,or(2)Theteamincludesatleastonecurrentgraduatestudent.TeamsarestronglyencouragedtoincludeatleastonestudentfromtheUniversityofChicagoBoothSchoolofBusiness(ChicagoBooth)ontheirteam.AllregisteredUniversityofChicagoundergraduateandgraduatestudents,fromanydepartment,areeligibletofillouttherestoftheteam.Inaddition,teamsmayhavememberswhoarenotaffiliatedwiththeUniversityofChicago.Teamsareencouragedtoidentifyindividuals,withinandexternaltotheUniversity,whocancontributeadditionalexpertiseandexperiencetohelptheteamsucceed.

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Screening:Toqualify,theUniversityofChicagostudentmustsubmitanapplicationbeforethePhaseIdeadline(usuallyinearlyFebruary)consistingofaFeasibilitySummary.ThisSummaryshouldcomprisenomorethaneight(8)typedanddouble-spacedpages.Itshouldinclude:

• Adescriptionofthebusinessopportunityandmarketneed,theproductorserviceidea(plusbrieftechnologyassessment,ifapplicable),preliminaryanalysisofthetargetmarket,andpotentialmarketsize.

• Abriefcompetitiveanalysis.• Abriefoutlineofkeystrategiesandobjectives.• Areviewofthemanagementteamandoutsideadvisors(ifapplicable).

Apanelofjudgesreviewsandscoreseachapplication.Onlytheteamswhoseproposalsshowsignificantpromisewillbeselectedassemi-finalistsandaskedtocontinuetoPhaseIIoftheprogram.

Process:TheNVCfollowsayear-longprogramthatfollowsahighly-structuredprocess.Stages:

• PhaseI:IdeaGeneration,BusinessIdeaValidation&TeamFormation• PhaseII:Selection• PhaseIII:Course-Mentoring,CriticalFeedback&BusinessPlanDevelopment• PhaseIV:FinalsCompetition

Functional:Throughtheprogram,teamsareexpectedtoidentifyamarketneed,createaminimumviableproduct(MVP)thatactsasthesolutiontothatmarketneed,specifycompetitiveissuesandoutlinetheirsolution’scompetitiveadvantage,developarobustbusinessplan,andcraftapersuasiveinvestorpitch.Documentation:http://research.chicagobooth.edu/nvc/traditional-nvcdescribestheprocessindetail.

Pedagogy:Instructors:PrimaryinstructorsaretheFacultyDirectorofthePolskyCenter(whoteachesoneclasssection)andtheExecutiveDirector/SeniorAdvisorofthePolskyCenter(whoteachestheothersection).TwoclasssectionsareofferedintheSpringquarter.TheadministrativefunctionsoftheprogramaresupportedbythePolskyCenterstaff.Course:ThecoreoftheprogramisaSpringquarteracademicclasscalledBUS34104SpecialTopicsinEntrepreneurship:DevelopingaNewVentureinwhichtwosectionsareoffered—oneduringthedayandoneintheevening.ThecourseisofferedattheMBAlevel,andatleastoneteammembermusttakethecourseforcredit.Coursedeliverables:Eachteamisexpectedtocreateawrittenbusinessplanandmustpresenttheircompanyplanandinvestorpitchtwicetoapanelofjudges.

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Mentors/Coaches:Eachteamisassignedanacademicfacultyadvisorandatleasttwobusinessmentors.Thegoalisforthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandproviderelevantindustryexperience.TeamsalsogetdedicatedsupportthroughNVCcoaches.Instruction:Thecourseisaninvertedclassroominwhichthereisamixofinstructionaboutspecifictopics,workshopsconductedbyguestspeakers,andopportunitiesforstudenttopresentandreceivefeedbackfromin-classjudges,mentors,andcoaches.Accesstoresources:ThroughthecontactsandservicesofthePolskyCenter,studentteamshaveaccesstoawidevarietyofresourcesthatcanassistthemduringtheNVCprogram:

• Investors:ManyinvestorsandVCsarepartofthegreaterUniversityofChicagoandChicagoBoothnetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.SeveraljudgesserveasmentorsandjudgesthroughouttheNVCprogram,advisingstudentsasneeded.AttheNVCFinalscompetition,studentspitchtheirideastoreal-lifeinvestors.Currently,OriginVentures,OCAVentures,andPritzkerGroupVentureCapitalcontributetothetotalNVCprizepackageforthetopwinningteams.Thesethreefirms,therefore,makeinvestmentsinthewinningNVCteams.TeamsalsofrequentlyraisecapitalfrominvestorstowhomtheyhavebeenintroducedduringtheNVC.

• Labresources:TeamsworkingonengineeringorsciencebasedprojectsareabletoaccesslabequipmentandprototypingsupportfromthePolskyCenter’sstate-of-the-artFabricationLab,whichislocatedon53rdStreet.Requiredtrainingandhands-onworkshopsareavailablefromthisofficetosupportaccesstotheseservicesandequipment.

• Softwareengineering:Manyteamsneedaccesstoprogrammingtalentinordertomovetheirprojectsahead.TheUniversityofChicagoBoothSchoolofBusinesshasadedicatedpartnershipwiththeUniversityofIllinois-UrbanaChampaign(UIUC)CollegeofEngineeringtocreatecollaborationopportunitiesbetweenUniversityofChicagoandUIUCstudents.Onegoalofthepartnershipistohelpmatchbusinessteamswithtechnicaltalent.

• Legal:ThePolskyCenterhaspartneredwiththeUniversityofChicagoLawSchooltosetupalegalclinictoprovideteamssupportandguidanceonlegalissues.ThisCorporateLabserviceisexclusivelyforteamsintheNVCprogram.Inaddition,thePolskyCenteralsoencompassestheuniversity’stechnologytransferoffice,wherethereisadditionalexpertiseintheareaofIP,technologylicensing,andproductcommercialization.Teamsareabletotapintotheseservicesasneeded.

Tracks:TherearecurrentlyfourtracksoftheNewVentureChallenge—Traditional,Social,Global,andCollege.TheSocialNVCfollowsthesameeligibilityandprocessastheTraditionaltrack,butincludesventuresthataimtohaveasocialimpactmission.TheGlobalNVCisadedicatedtrackfortheUniversityofChicagoBoothSchoolofBusinessExecutiveMBAstudentsattheChicago,HongKong,andLondoncampuses.TheCollegeNVCisexclusivelyforundergraduatestudentsattheUniversityofChicago.

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Institution:DukeUniversity(theFuquaSchoolofBusiness)Programname:ProgramforEntrepreneursBriefdescription:TheProgramforEntrepreneurs(P4E)isanexperientiallearningprogramthatusestheprocessofstartinganewventureasavehicleforeducation.Itcomprisesathree-coursesequencehousedintheBusinessSchoolalongwithsupportingresourcesandactivities,includingaseriesofworkshopsandmeetingsinpreparationfortheprogramfocusedonteamformationandprojectselection.Thedurationoftheprogramisnominally18–24months.

Objectives:TheprimaryobjectiveofP4Eiseducational.Thegoalistoenhancetheentrepreneurialskillsetofstudentsenrolledintheclasses.However,alloftheprojectsarepotentiallyrealventuresandatleastsomestudentsoneachteamareengagedwithaviewtostartingaventure.Newventurecreationissometimesahappyresultoftheprogram.

SelectionProjects:Allsortsofprojectsareacceptable:forprofitornot-for-profit,andindustryormarket.However,theideamustbeconcreteenoughthatafairlyclearhypothesiscanbearticulatedregardingmarketneedandsolution.Allprojectsareattheveryearlieststagesofdevelopment.Nocompanieswithfundingorrevenueareadmitted.Teams:Teamsmustconsistofatleasttwostudents,althoughthreeormorearepreferred.TeamsgenerallycontainatleastoneMBAstudentalthoughexceptionshavebeenmade.Itisnotyetaformalrequirementthattheteamsdemonstratethattheyhavealloftheskillsneededtoadvancetheirprojects.Inaddition,teamsmustrecruitabusinessmentortoworkwiththem.Screening:Thereisalightscreenbytheinstructor,butpermissiontoparticipateisrarelywithheld.Itisexpectedthatteamswillscreenthemselvesoutatthetransitionpoints(breaksbetweencourses)astheyrealizethattheirideasarenotviableornotasattractiveastheyhadoriginallythought.

Process:P4Efollowsafairlystructuredentrepreneurialprocess.Stages:

1. Teamformationandpreliminaryideaselection2. Validatingtheopportunity3. Creatingastrategy4. Creatinganoperatingplan

Thesestagesarethesameforallventures,buttherearemanydifferencesininterpretationandexecutionamongdifferentkindsofventures.

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Functional:Emphasisisonestablishingmarketneed,creatingaviableproductconcept,andestablishingsustainablecompetitiveissues.Sothefunctionalareasofstrategyandmarketinginanewventurearealwaysfrontandcenter.Issuesrelatedtoincorporation,financing,andotherdisciplinesaredealtwithasneededandsomewhatadhoc.Documentation:www.dukeven.comandwww.dukep4e.orgdescribetheprocessindetail.

Pedagogy:Instructors:PrimaryinstructorisaProfessorofthePractice(practitionerinstructor)withsignificantinvolvementbyaseniormemberofthestaffoftheCenterforEntrepreneurshipandInnovation.Courses:Thecoreoftheprogramisathree-coursesequencereflectingtheprocessdescribedabove.ThecoursesareofferedattheMBAlevel,butthroughcross-listingareavailabletoallstudentsattheuniversity.Non-MBAstudentscurrentlyconstitute10–15%ofthestudentsenrolled.Coursedeliverables:Eachcourserequiresawrittenreportaccordingtoatemplateinwhichtheteamdocumentstheirmainfindingsanddecisions.Thereisalsoapresentation,usuallytoapanelofinvestors.Mentors:Eachteamisassignedanacademicfacultyadvisorandatleastonebusinessmentor.Thegoalisthatthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantindustryexperience.Instruction:Thecoursesareamixofinstructionaboutspecifictopics,workshopsconductedbyguestspeakers,andopportunitiesforstudenttopresenttoeachotherandgiveandgetfeedback.Theworkofthestudentsisallintheirteamstryingtoadvancetheirproject.Accesstoresources:ThroughthecontactsoftheCenterforEntrepreneurshipandInnovation,studentteamshaveaccesstoawidevarietyofresources,butaccessisnotguaranteed.

• Investors:manyinvestorsarepartofthenetwork.Introductionsareusuallyprovidedforstudentteamstogetfeedback.Thisoccasionallybutnotoftenresultsinaninvestment.

• Labresources:teamsworkingonengineeringorsciencebasedprojectsoftenneedaccesstolabequipmentorprototypingfacilities.Theprogramhasaverylimitedabilitytohelpwiththis.

• Softwareengineering:Manyteamsneedaccesstoprogrammingtalenttomovetheirprojectsahead.Thereisnotorganizedwaytofacilitatethis,butstudentteamscanoftenfindtheresourcestheyneedattheuniversity.

• Legal:AtDukethereisacomplementarylegalclinictogetguidanceonearlylegalissues.ThisguidanceisverylimitedintheareaofIP.

Tracks:Therearecurrentlynotracksbyareaofinterest(e.g.,healthcare,tech,etc.),althoughthisiscontemplatedforthefuture.

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Marie Thursby

Institution: Georgia Institute of Technology (The Scheller College of Business) Program name: Technological Innovation: Generating Economic Results (TI:GER®) Brief description: The TI:GER program is a multidisciplinary, experiential learning program focused on technology entrepreneurship. The program teams PhD students in science and engineering with MBA and JD students to examine issues surrounding the potential for commercialization of the PhD student thesis research. Students take the three course TI:GER sequence while continuing to pursue their degrees. Each team has a legal and a business mentor, and is given multiple opportunities to interact with industry advisors and the greater entrepreneurial community. The program is a 12 credit hour program, 9 credits of which can be used as a minor for the PhD students in the program.

Objectives:

TI:GER is primarily educational, with three objectives, to:

(i) endow students with the multidisciplinary skills and entrepreneurial perspective needed to facilitate the creation and diffusion of new technology;

(ii) encourage graduate student research with both technical and market relevance; and

(iii) improve their understanding of how economic, regulatory, and legal mechanisms affect new venture creation, corporate entrepreneurship, and university-industry technology transfer.

Selection Projects: Teamwork is centered on the PhD students’ thesis research, which often produces platform technologies. Teams focus early on identifying opportunities for the research, as well as addressing which opportunities to tackle initially. In the second year of the program, students also participate in projects from the Atlanta Technology Development Center or from companies identified as TI:GER international projects. PhD projects are often in early stages of development, although some may be in prototype phase. Teams: Teams are self-formed in the first two months of the program and consist of 5 students, one PhD, two MBA, and two JD students per team. Screening: PhD students much be nominated by their advisor, submit an application including two letters of recommendation, a statement of their research, as well as a statement as to why they anticipate TI:GER participation benefitting their career goals. All PhD applicants are interviewed with a subset admitted, most with funding commitments from the Batts TI:GER endowment or other TI:GER source. MBA students apply when applying to Scheller and go through an interview process with TI:GER staff. JD students apply to the Emory TI:GER Director at the end of their first year at Emory Law.

Process: The TI:GER process is highly structured. Functional: The process is immersive process and comprised of team formation and coverage of team processes, identification of opportunities, intellectual property protection, industry analysis, strategy, customer discovery, and entrepreneurial finance

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Documentation: https://www.scheller.gatech.edu/centers-initiatives/tiger/

Pedagogy: Instructors: The instructors come from the Scheller and Emory Law faculty with significant involvement by members of the greater Atlanta entrepreneurial community. Courses: The core of the program is a three-course sequence reflecting the process described above. Course deliverables: The first course has two major deliverables: an IP assignment focused on patent search and freedom to operate, and an industry analysis. The deliverables for the second course are a finance assignment and commercialization plan. The third course has two deliverables: one for the PhD project, which may be a business plan, SBIR application or other real exercise; and one for the outside ATDC or international project, with the project depending on the outside company’s needs. Each semester teams present to the TI:GER Advisory Board. Mentors: Each team has a business mentor and a legal mentor. The mentor program is designed to connect TI:GER teams with professionals in Technology Commercialization who can help students learn from those currently active in the field about successfully taking technology from the lab to the marketplace.

§ Provide student teams with practical advice about technology business creation and development from business and legal perspectives.

§ Help students develop leadership and networking skills. § Help students learn about their target industry’s market opportunities and needs and

develop contacts in their selected industry. § Help students develop career paths.

Instruction: The courses are a mix of instruction and project work. The majority of the classes combine lectures with applications to the teams’ specific projects. Students are routinely expected to present in class and become adept at communicating their projects in non-enabling ways to outside audiences. Access to resources: Student teams have access to a wide array of resources through the Georgia Institute of Technology and Emory University. Along with the team mentors and TI:GER faculty, the TI:GER Advisory Board includes principals of law firms, venture angel investors prepared to introduce participants to the great entrepreneurial community. Curriculum materials: A volume covering the topics in the first two core classes is used, authored by TI:GER faculty, funded by the Kauffman Foundation, and published by Emerald Publishing. Now available in its 2nd edition, the volume is “Technological Innovation: Generating Economic Results” 2nd edition,” Advances in the Study of Entrepreneurship, Innovation, and Economic Growth Volume 26 edited by Sherry Hoskinson and Marie Thursby, 2016. Tracks: There are currently no tracks by area of interest; although a children’s healthcare track was provided in 2013. Other tracks may be considered in the future.

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Institution:MITProgramname:MITdeltavAccelerator(formerlyknownasGlobalFounders’SkillsAccelerator)(“deltav”standsforthederivativeofvelocitywhichisacceleration)Briefdescription:

• MITdeltavisanexperientialskillsacceleratorforMITstudententrepreneurstohelpthemdevelopdeepcapabilityandconfidenceinbuildingviable,sustainable&scalableventures.

• TheprogramisacapstoneeducationalopportunityforentrepreneurialMITstudents.

• Wetakethebestteams(“peoplefirst,projectssecond”)withaninterestingideaorproofofconceptandfocusontheprocessofcreatingimpactful,innovation-drivenstartups.

• For2016,17teamsspenttheirsummermonthsattheMartinTrustCenterwithanemphasisonintegratingrigorousmethodologywithexperientiallearninginafullyimmersivethreemonthenvironmentthatcovers:

o Teambuilding/organizationdevelopmentanddynamicso Understandingtheirtargetmarket,customers,andusersusingprimary

marketresearcho Creatingvaluethroughinnovation-drivenproductdefinition,prototyping,

iternationanddevelopmento Capturingvalueinaneconomicallysustainablewayviauniteconomic

analysiso Buildingouttherestoftheventure(companyformation,legal,financials,

fundraising,sales,marketing,etc.)• Weprovidespace(tobuildthecohortforlaterallearning),fellowships(of

$2K/monthperstudentsotheycanandmustbefulltime),structure(intheformofjustintimeeducation,weeklycheck-ins,monthlyboardmeetingsthatdecideonmilestonepaymentsupto$20Kperteamaswellasafullrangeofstandardsupportlikementoring,makerspaces,introductionstospecialist,etc.),status(intheformofexposurewithbigDemoDaysinBoston,NewYorkCityandSanFrancisco)

Objectives:Thisisthecapstoneeducationalprogramthatourtopstudentsaspiretoiftheyareseriousaboutentrepreneurship.Byitspresence,itmakesalltheothercoursesandprogramswerunandsupport,muchmoreeffective.

SelectionProjects:Allindustriesbuttheyhavetobeambitiousintheirimpact.Theycanbe“forprofit”or“notforprofit”newventures.Teams:Havetomorethanonepersonperteamandthereisastrongbiasinselectiontoheterogeneousteams.Infact,welookfornotonlydiverseteamsbutadiversecohortaswell.Screening:

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“Peoplefirst,projectssecond”asweaccepttheteamandexplicitlynottheidea.Theteamcanchangetheirmindbuttheteamneedstohaveanideatoapplyanditshouldbeanambitiousideabutweacceptthatitcan,andsometimesdoes,changedramaticallyaftertheyhavetimetodevelopitfurthernowthattheyarefulltime.

Process:Stages:

1. First30days:“Whoisyourcustomer?”Teamsdodeepprimarymarketresearch.

2. Next30days:“Whatcanyoudoforyourcustomer?”Teamsfocusondefiningtheproductandrefiningthiswiththewelldefinedcustomerfromfirstmonth.

3. Last30days:BuildouttherestoftheventureandprepareforDemoDays.Functional:Teaching,mentoring,workshops,monthlyboardmeetings.Documentation:Alargeportionoftheprogramfollowsthe24stepsinthe“DisciplinedEntrepreneurship”bookbuttheyalsodomore(e.g.,primarymarketresearch,financials,presentationskills,boardskills,etc.)

Pedagogy:Instructors:BillAulet,CatherinTucker,MattMarx,EIRs(TrishCotter,DonnaLevin,NickMeyer)andmanyspecialistsforCourses:Thisisnotacoursebutbuildsoffthecoursestheyhavealreadytakenandaggressivelyputswhattheylearnedintheseclassesintopractice.Coursedeliverables:MonthlymilestonespresentedandgradedatboardmeetingsMentors:EIRSInstruction:JustInTimeandmoreworkshoporiented.Accesstoresources:

• Investors:AtDemoDay• Labresources:Yes.MakerSpaceatTrustCenterbutlotsofotherlabsatMIT• Software/hardwareengineering:Yes• Legal:Yes• Industryandserviceproviderexperts:Yes

Tracks:All

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Institution:StanfordUniversityProgramname:LaunchPadBriefdescription:fromLaunchpad.stanford.edu:It's the game-changing d.school class at Stanford for entrepreneurs. Our teaching philosophy is built around the culture of start-ups and what makes them tick. In the class Stanford students take an idea for a product or service and start a company in 10 weeks. Maybe one of the reasons it works is because we put our emphasis on the entrepreneurs, not the idea. Or maybe it's because we focus on doing, not planning. Or maybe it's because we don't believe in failure, only evolution. All we know is that it's totally different than other incubators or accelerators, and the proof is in the numbers: Since the annual class started in 2009, we've coached 90 companies to launch and over 50 are still in business.

Objectives:

SelectionProjects:Wearenotfocusedontheideas,butthefoundersthemselves–welookhardattheapplicationpool(throughpersonalinterviewsonly)forfoundersthathaveshownpersistenceandahightoleranceofrisk.Teams:Opentoanystudentteamfromanydiscipline,solongastheyactuallywanttostartacompany.It’snotasurveyclass,oracasestudyclass,sohavingpeoplewhoarecommittedtoactuallylaunchingbusinessesiswhatiscritical.Screening:Wehostweekly“officehours”wherewemeetwithfounders.Wearealwaysscreeningforwillingnesstotakeaction,andrisktolerance.WelookforstudentswhoarealwaysDOINGinordertolearn,notplanningorresearching.Soifstudentscomebackhavingdonewhatweasked,wegivenewassignments(yes,evenbeforethey’reintheclass).Iftheyhaven’tdoneanythingsincethelastwespoke(researchisnotdoing),thenwerepeatwhatwealreadytoldthem.

Process:Stages:Theclassisaseriesof~15hurdlesmeaning15assignmentsover20classsessionsFunctional:Documentation:onlytheassignmentsandweuseSLACKtocommunicateoutsideoftheclass–studentareevaluatedbyuseandbytheircustomersateveryhurdleandthisisalltransparentwiththeLaunchpadclass.

Pedagogy:Instructors:PerryKlebahnandJeremyUtley

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Courses:LaunchPadCoursedeliverables:Everycoursehasanassignmentandassociateddeliverable.Ultimatedeliverableisastudent,entrepreneuring.Weconsideritagiftifastudentnolongerconsidersthemselvesanentrepreneur(ratherthanpersistinginsaying,“I’mkindathinkingaboutdoingthisthingsometime…),oratleastnolongerconsidersanideaworthyofpursuing,butourultimatedeliverableisafoundercapableofnavigatingtherisksandcomplexitiesofrunningastart-upintherealworld.Mentors:Manypractitionersandventurecapitalists.Instruction:Post-assignment-discussiondriven.Wegiveassignmentsandstudentsbringresultstoclass,andwediscusstheresults.Wealsosetafew“learningtraps”(surprises)thatthrowstudentsoffbalance.Accesstoresources:

• Investors:Weinviteagroupofinvestorstoafewclassestobringtheirlenstotheevaluationofaparticularhurdle

• Labresources:None• Software/hardwareengineering:None• Legal:None• Industryandserviceproviderexperts:None

Tracks:

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Institution:UniversityofToronto(RotmanSchoolofManagement)Programname:CreativeDestructionLabCourseBriefdescription:TheCreativeDestructionLabCourse(CDL)isahandsonlearningexperiencewherestudentspairupandapplytoreal,sciencebasedventuresinourprogram.TheMBAsdonotformtheirownventures,butrather,theyprovideasupportingroleandhelpothersachievetheirobjectives.ThiscourseistakenduringthesecondyearoftheMBAprogramandrunsfromSeptember-April.Recently,wehavebeguntoacceptahandfulofcommerceundergraduatestotaketheclass.

Objectives:TheprimaryobjectiveoftheCDLcourseisequityvaluecreationofourventures.TheMBAsaretodrawuponskillslearningintheirfirstyearandonpastexperiencesinordertoprovidebusinessdevelopmenthelpfortheventures.AlthoughwestrivetomakethisauniquelearningexperienceforourMBAs,themainobjectiveisalwaysequityvaluecreationofourventures.

SelectionMBAScreening:ThisisthemostcompetitivecoursetotakeatRotman.Itrequiresalengthywrittenapplication,andatleasttwointerviewsheldbyCDLteammembersandCDLcoursealumni.Thisisdonetoensurethatonlyseriousstudentsareadmittedtothecourse.VentureScreening:Venturesmustgothroughtheirownscreeningprocessthatinvolvesawrittenapplicationandmanyin-personinterviews.Outofhundredsofapplications,fiftyareacceptedtostartourprograminSeptember(25inMachineLearningand25ineverythingelse).Thelowestperformingventuresarecutthroughouttheyearandtypically24(12ineachstream)willgraduatefromourprograminJune.Venturesaretypicallyearlystage(notyetseedfunded)andaregenerallycompetingbasedontheirtechnologicaladvantage.

Process:

1. Studentsareputintogroupsandmustevaluateandrankastackofapplications2. Studentshavetheopportunitytointerviewtheventuresintheirstackandthen

mustre-ranktheseventures3. StudentshelptheCDLdecidewhich50venturestoacceptinSeptember4. Studentspairupandapplytoworkwithventures(afterinterviewsandapubnight,

ventureschoosewhichMBAgrouptheywillworkwithfortherestoftheyear)5. Studentsspendtherestoftheyearworkingcloselyworkingwiththeirventureand

areresponsibleforproducingfortheirventure(ataminimum):a. Financialmodelb. Marketevaluationc. Pitchdeckd. Investmentmemoe. Video(similartoa“Kickstarter”video)

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f. SalesorLOIsThisyear,itismandatoryforstudentstoalsotaketheCDLentrepreneurialstrategyclass.ThemainobjectiveinthisclassistodrawuptwobusinessplansforasingleCDLventure(ex.Oneforapaththattheytookandthenoneforanalternatepath).

Pedagogy:Instructors:PrimaryinstructorisProfessorAjayAgrawal.ProfessorJoshuaGansteachestheentrepreneurialstrategyclassandPhDstudentRachelHarrismanagesallthelogisticsbetweenandduringclasses.Coursedeliverables:Eachofthetwocourseshasitsownsetofassignments.AllassignmentsareconsideringtobeusefulforaCDLventure(ex.Financialmodel,etc.).Mentors:Eachteamisassignedanacademicfacultyadvisorandatleastonebusinessmentor.Thegoalisthatthebusinessmentorshaveboththeabilitytoadviseongeneralbusinessissuesandalsohavesomerelevantindustryexperience.Instruction:ThereislittleinstructioninthemainCDLcourse.ThereareaclusterofclassesinSeptember,butthatisitfortheyear.Studentsareencouragedtofigureoutconceptsontheirownandtolearnbydoing.Theentrepreneurialstrategyclasshassetinstructionclassesthroughouttheyearwherestudentslearnaboutdifferentstrategies(ex.Patentorcompete,pivots,etc.).Opportunities:WeprovidethestudentsintheCDLcoursewithmanydifferentopportunities(itisuptothemwhethertheytakethemornot):

1. To“testdrive”entrepreneurship2. TomeetTorontoandBayAreaVentureCapitalists3. TomeetsuccessfulCanadianandAmericanentrepreneurs,turnedangelinvestors4. Toworkforascience-basedventureandpotentiallygethiredbythem(thispast

year,10%ofourstudentsjoinedtheirventurefull-time,postMBA)5. TotestouttheskillstheylearnedintheirfirstyearoftheirMBA

Tracks:Therearecurrentlytwotracks:oneforMachineLearningandoneforeverythingelse.Astimeprogresses,wewillbegintoaddinadditionaltracks.