HBCU Deans Seminar 2005

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Published on October 1, 2007

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2005 HBCU Dean/Faculty Development Seminar :  2005 HBCU Dean/Faculty Development Seminar Developing a Sustainable Entrepreneurship Center and Effective Teaching in Entrepreneurship Stephen Spinelli, Jr., Ph.D. Vice Provost for Entrepreneurship April 9, 2005 The Objectives for Entrepreneurship:  The Objectives for Entrepreneurship Sustainable Entrepreneurship Center Effective Teaching in Entrepreneurship Anchored in a belief Entrepreneurship:  Anchored in a belief Entrepreneurship Slide4:  $ Slide5:  Three Classic Life Cycles -2 -1 0 1 2 3 4 5 6 7 8 9 10 Time (years) 1 5 10 15 20 High Potential Firm Foundation Firm Lifestyle Firm Time for new technologies to reach 25% of the U.S. population:  Time for new technologies to reach 25% of the U.S. population Household electricity (1873) 46 years Telephone (1875) 35 years Automobile (1885) 55 years Airplane travel (1903) 54 years Radio (1906) 22 years Television (1925) 26 years VCR (1952) 34 years PC (1975) 15 years Cellular phone 13 years World Wide Web 7 years source: Wall Street Journal, June 1997 Entrepreneurship’s Perfect Storm:  Entrepreneurship’s Perfect Storm College and University funding model requires increased endowments Technology driven marketplace change is accelerating Student demand is irrepressible Slide8:  Teaching Outreach Research Three Imperatives Curriculum Development Finance Operations Marketing Economics Management Entrepreneurship and Student Demand:  Entrepreneurship and Student Demand A growing number of students wish to immediately start a company or become employed, with equity, by a young rapidly growing company. Currently we recommend these students take the three core courses and carefully consider Field Studies and the eBusiness practicum or Extended Enterprise Management. We then recommend counsel with the entrepreneurship faculty in taking a number of support and specialty courses. Many students want to take a position in finance which directly impacts start ups. These students should take the core courses plus Venture and Growth Capital, and carefully consider other options such as MBO/MBI. Most students will take an industry position which gives them line experience, brand management or special projects responsibilities. These student should take the core courses plus carefully considering Entrepreneurial Marketing, Entrepreneurship in Larger Organizations, or, if you have a specialty focus, one of the other extended entrepreneurship courses. Start-up Finance Industry New Venture Creation: Start-to-Finish-to-Restart:  New Venture Creation: Start-to-Finish-to-Restart Knowledge Skills Awareness Involvement Framework Text Case studies Hands-on exercises Five Key Parts:  Five Key Parts Part 1: The Discovery of Real Opportunities Part 2: The Entrepreneurial Team Part 3: Resources and developing the business plan Part 4: Entrepreneurial Finance Part 5: Managing Rapid Growth and Harvesting Part 1: the discovery of real opportunities:  Part 1: the discovery of real opportunities The Entrepreneurial Revolution The Entrepreneurial Process The Opportunity:Creating, Shaping… Screening Venture Opportunities Entrepreneurs and Sustainability Part 2: The Entrepreneurial Team:  Part 2: The Entrepreneurial Team The Entrepreneurial Mind in Thought and Action The Entrepreneurial Manager The New Venture Team Personal Ethics and the Entrepreneur Part 3: Resources and developing the business plan:  Part 3: Resources and developing the business plan Resource Requirements The Business Plan Part 4: Financing Entrepreneurial Ventures:  Part 4: Financing Entrepreneurial Ventures Entrepreneurial Finance Obtaining Venture and Growth Capital The Deal: Valuation, Structure and Negotiation Obtaining Debt Capital Part 5: Managing Rapid Growth and Harvesting:  Part 5: Managing Rapid Growth and Harvesting Managing Rapid Growth The Entrepreneur and the Troubled Company The Harvest and Beyond Curriculum Development Options:  Curriculum Development Options In House Faculty Stealth Mode Focused and Succinct Survey Course and Evolve Foundation of Entrepreneurship Courses A Massive Onslaught Strategic Alliance…with an option to evolve Outsourcing Faculty Exchange Stealth Mode:  Stealth Mode Resistance from Faculty or Administration Cultivating market demand Student groups Alumni involvement Hidden in the Finance Discipline: “Entrepreneurial Finance” The corollary is borrowing faculty from related disciplines Focused and Succinct:  Focused and Succinct “Opportunity Recognition” “The E-Team” “New Venture Resources” “Entrepreneurial Finance” “Managing the Growing Business and Harvest” Survey Course and Evolve/ Foundation of Entrepreneurship Courses:  Survey Course and Evolve/ Foundation of Entrepreneurship Courses “Entrepreneurship and the Business Plan” then… “Managing the Growing Business” then… “Entrepreneurial Finance” Undergraduate Courses Offered:  Undergraduate Courses Offered Foundation Management Experience Intermediate Management Core New Venture Creation and the Business Plan Financing the Entrepreneurial Venture Managing the Growing Business Field Studies Entrepreneurship eBusiness Practicum Extended Enterprise Management Franchising, Licensing and Distributorships Corporate Entrepreneurship Equity and Venture Capital Social Entrepreneurship Entrepreneurial Marketing Family Enterprising MBA Courses Offered:  MBA Courses Offered 1st Year MBA Modules New Venture Creation and the Business Plan Financing the Entrepreneurial Venture Managing a Growing Business Equity and Venture Capital Extended Enterprise Management Franchising, Licensing and Distributorships Entrepreneurial Marketing MBO/MBI Corporate Entrepreneurship Family Enterprising Social Entrepreneurship Entrepreneurship Career Path: Process:  Entrepreneurship Career Path: Process Mandate from administration Interview of all EPS faculty and a majority of adjuncts Preliminary internal report from the champion Special Task Force of faculty, entrepreneur community and students Report review by faculty, entrepreneur faculty, select students and entrepreneur alums Report to the administration Execution design made final Presentation to the entire faculty Recruitment of students Implementation Slide24:  Embracing Entrepreneurship FME Foundation Every student is required to take FME and IMC, which reflect idea to inception through growth and maturity of a business. Entrepreneurs or entrepreneurial executives should take the EPS foundation courses. Students may wish to pursue specialized pathways to an entrepreneurial career in the EPS specialty offerings. EPS support courses provide in depth knowledge, tools and skills in focused aspects of entrepreneurship. Entrepreneurship &The Business Plan Entrepreneurial Finance Managing A Growing Business Prerequisites per the catalog Family Enterprising Franchising, Licensing, Distributorships Equity and Venture Capital Entrepreneurial Marketing MBO/MBI Entrepreneurship in organizations Independent Research in Entrepreneurship Social Entrepreneurship Business & Tax planning EPS Specialty Support IMC eBusiness Practicum Field Studies 4. Team request for funding 7. Action Plan 5. Sub-group plan development 8. Operations 6. Final Request for Funding 9. Report to the Community Perspectives in Management Management Diagnosis and Analysis Management in Action Slide25:  Embracing Entrepreneurship Module I Creative Management in Dynamic Orgs Module II Opportunity Assessment Module III Designing And Managing the Delivery System Module IV Growing a Business in Changing Environment Modules 1. Every student is required to take the first year modules, which reflect idea to inception through growth of a business. 2. Entrepreneurs or entrepreneurial executives should take the EPS foundation courses. 3. Students may wish to pursue specialized pathways to an entrepreneurial career in the EPS specialty offerings. 4. EPS support courses provide in depth knowledge, tools and skills in focused aspects of entrepreneurship. EPS Support IMMERSION EXPLORATION INVESTIGATION REFINEMENT LAUNCH Specialty Foundation Support EIT Slide26:  MODULE TITLE IMMERSION EXPLORATION INVESTIGATION REFINEMENT LAUNCH Timing 5/1 to 8/31 9/1 to 10/15 10/15 to 12/15 1/3 to 3/1 3/1 to 4/30 Integrated Strategy Marketing Product Design Finance EEM Learning3 technical support sessions Add support/interface people with movement to each module, ie add brain trust to student/entrepreneur/professor when going from IMMERSION to EXPLORATION. Input from these disciplines re compression course development and we recommend but do not require these courses for the “other” activities of the 2nd year MBAs. 1 Adhesion Events Internship Presentation ethics roundtable Product Fair roundtable BP Competition compression Entrepreneurship Intensity Track Creating Collisions: Classroom and “Clash room”:  Creating Collisions: Classroom and “Clash room” NVC Rocket Pitch Event Business Plan Competitions Seed Funding Hatchery MGB Incubators Venture and Growth Funding Growth Plan Competition Internships FEV Founder’s Fund Outreach and Collaboration:  Outreach and Collaboration Price-Babson Symposium for Entrepreneurship Educators Babson Entrepreneurship Research Conference Babson Entrepreneurial Exchange Academy of Distinguished Entrepreneurs Hatchery Space Incubator Relationships Seed Fund Business Plan Competitions (undergrad, MBA, Moot Corp et al) IBM-Babson Technology Licensing Program Babson Technology Venture Group Entrepreneurial Management Program Angel Investment Club Initiatives Venture Fund Review Program Senior Executive Franchise Forum Babson-Battelle Partnership Slide29:  The Arthur M. Blank Center for Entrepreneurship Fred Alper Sushil Bhatia Jean Luc Boulnois Michael Caslin Les Charm Barbara Finer Michael Gordon Leonard Green Bill Johnston Glenn Kaplus Bruce Kasanoff Edward Marram Kevin Mulvaney Ernie Parizeau Elizabeth Riley Robert Rosenberg William Taylor Thomas Stallkamp Entrepreneur Faculty Shared Faculty Abdul Ali (Marketing) John Bourne (Olin) Allen Cohen (Mgmt) Neil Harris (Economics) Maria Minniti (Economics) Mark Rice (Dean) Steve Schiffman (Olin) Staff Marcia Cole Gail Daniels Valerie Duffy Carolynn Henderson Mary Layton Jim McKellar Georgia Papavasiliou Andrea Ross Janet Strimaitis Partnering:  Partnering Joint Ventures Variable Cost Model Single Courses Models Programs Evolve faculty at your pace Alliances Faculty and student exchanges Joint research projects Research:  Research Ongoing Faculty Research 2004 Journal Publications New Venture Creation Venture Capital Decision Making Family Enterprising Resource Marshaling Entrepreneurial Teams Corporate Entrepreneurship Technology Transfer Alliances Corporate Entrepreneurship Social Entrepreneurship Entrepreneurship Pedagogy Entrepreneurship Theory Development Books Raising Capital.Timmons, Spinelli, Zacharaki, McGraw-Hill, fall 2004 Franchising: Pathway to Wealth Creation. Spinelli, S., Birley, S. & Rosenberg, R. Prentice Hall-Financial Times, Summer 2003.  New Venture Creation for the 21st Century, (sixth edition), Spinelli, S. & Timmons, J. McGraw-Hill, Spring 2003. Getting Bigger by Growing Smaller. Shulman, J. & Stallkamp, T. Prentice Hall Financial Times, fall 2003. 151 popular press interviews, articles and stories Global Entrepreneurship Monitor------Babson Kauffman Entrepreneurial Research Conference Outsourcing:  Outsourcing Consortium Mission and Objectives:  Consortium Mission and Objectives To raise the level and awareness of entrepreneurial activity in and among the African-American community African-Americans are 50% more likely to start a business than Whites. This difference is even more noticeable among populations with advanced degrees: African-American males with graduate degrees are 2.6 times more likely to start a business than their Caucasian counterparts (The 2002 Panel Study of Entrepreneurial Dynamics; Babson College, Ewing Marion Kauffman Foundation) To create cases and curricula that focuses specifically on African-American entrepreneurs. A survey of the case libraries of a five leading business schools shows that cases dealing with minority-owned businesses represents less that 1% of their total case collection (Making the Argument for More Minority-Oriented Business Cases; 2000 Morgan & Gagnon, North Carolina A&T) Writing the Cases:  Writing the Cases Each case is property of writer/writing institution with publication rights to consortium endorsed venues Goal of 16 cases written by Consortium member schools Top 10 or so included in Case Book in Entrepreneurship…peer reviewed selection process Case Writing Process: $1,000 for case application acceptance $2,000 for submitted draft (submitted for peer review) $2,000 for approved final draft Case, Teaching Note & Abstract Why Entrepreneurship at the HBCU?:  Why Entrepreneurship at the HBCU? If entrepreneurship is the liberal arts of business… and requires multiple lenses for better decision making…then HBCUs have a competitive advantage African American culture is clearly entrepreneurial but must think in terms of the high potential venture Parity and equality on both social and economic levels is not enough…leadership is required 2004 HBCU Dean/Faculty Development Seminar :  2004 HBCU Dean/Faculty Development Seminar Developing a Sustainable Entrepreneurship Center and Effective Teaching in Entrepreneurship Stephen Spinelli, Jr., Ph.D. April 17, 2004 Making Friends, Capturing Ideas, Creating Opportunities:  Making Friends, Capturing Ideas, Creating Opportunities Formal Alliance (firms, labs, Venture Capitalists, other schools) Faculty research Internships and Jobs Faculty Consulting and Executive Education Alumni Coaching and mentoring Internships and Jobs Investment Opportunities Babson based Personal Formal Angel Networks Host Support Research

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