SPECIAL REPORT ACADEMIC PRIORITIES, GRADUATE AND PROGRAM AND BUDGET COUNCILS MASTER IN BUSINESS ADMINISTRATION (MBA) WITH A FOCUS IN ENTREPRENEURSHIP

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1 SPECIAL REPORT of the ACADEMIC PRIORITIES, GRADUATE AND PROGRAM AND BUDGET COUNCILS concerning a MASTER IN BUSINESS ADMINISTRATION (MBA) WITH A FOCUS IN ENTREPRENEURSHIP Presented at the 722 nd Regular Meeting of the Faculty Senate December 11, 2012 COUNCIL MEMBERSHIP ACADEMIC PRIORITIES COUNCIL Margaret Allard, Richard Bogartz (Chair), Elizabeth Chilton, W. Curt Conner, Kathleen Debevec, Bryan Harvey, A Yemisi Jimoh, John Kingston, Ernest May, J. Eliot Moss, Deborah Picking, Monroe Rabin, James Rinderle, Jan Servaes, Barbara Stanley, Scott Stangroom, Susan Sturgeon, Savannah Van Leuvan- Smith, Jerri Willett GRADUATE COUNCIL Neal Abraham, Jane Baran, Lori Baronas, Tom Braden, D. Anthony Butterfield, Leslie Button, Derek Doughty, David Ford, Linda Griffin (Chair), Cynthia Jacelon, A Yemisi Jimoh, Arthur Kinney, Keven Klement, Beth Lang, John Lopes, Michael Malone, Ernest May, John McCarthy, Dominic Poccia, Alan Robinson, Frederic Schaffer, Jan Servaes, Jocelyn Silverlight, Howard Stidham, Anna Strowe, Patrick Sullivan, Nathan Therien, David Vaillancourt PROGRAM AND BUDGET COUNCIL Danielle Allessio, Robin Anderson, D. Anthony Butterfield, Genevieve Chandler, Elizabeth Chang, Stephen Clingman, Nancy Cohen, Robert Faulkner, Patricia Galvis-Assmus, Bryan Harvey, Julie Hayes, Jennifer Healy, Akshay Kapoor, Michael Leto, Lisa Liebowitz, Andrew Mangels, Joel Martin, Gail Matthews, Ernest May, John McCarthy, Alex Phillips, Jay Schafer, Stephen Schreiber, Anurag Sharma (Chair), James Sheehan, Norman Sims, Michael Sugerman, Donald Tomaskovic-Devey, Julian Tyson, Ralph Whitehead, Donna Zucker

2 ACADEMIC PRIORITIES COUNCIL The questions concerning the Master in Business Administration (MBA) with a Focus in Entrepreneurship raised at the October 4, 2012 meeting having been answered in an from Alan Robinson, the Council voted unanimously to endorse approval of the Master in Business Administration (MBA) with a Focus in Entrepreneurship at its meeting on October 18, GRADUATE COUNCIL The Academic Standards and Curriculum Committee (ASCC) of the Graduate Council met on November 7, 2012 and reviewed the proposal for the MBA with a focus in Entrepreneurship Revision. The ASCC recommended this proposal for approval. On Wednesday, November 14, 2012 the Graduate Council met and approved the MBA with a focus in Entrepreneurship Revision. PROGRAM AND BUDGET COUNCIL The Masters in Business Administration (MBA) with a focus in Entrepreneurship was unanimously approved by the Program & Budget Council on October 17, MOVED: That the Faculty Senate approve the Master in Business Administration (MBA) with a focus in Entrepreneurship, as presented in Sen. Doc. No

3 FORM RR UNIVERSITY OF MASSACHUSETTS AMHERST OFFICE OF THE SECRETARY THE FACULTY SENATE PROGRAM REVISION APPROVAL FORM 35 COPIES REQUIRED PROGRAM TITLE: Master in Business Administration (MBA) with a Focus 1 in Entrepreneurship PLEASE CHECK: GRADUATE XXX UNDERGRADUATE DEPARTMENT: Graduate Programs HEAD/CHAIR: Alan G. Robinson, Associate Dean for Full-Time MBA SCHOOL OR COLLEGE: Isenberg School of Management DEAN: Mark Fuller, Dean Submission Date: 05/04/12 Proposed Starting Date: 09/04/2012 I. PROPOSAL DEVELOPMENT A. Describe the Proposal. The proposed Full-Time MBA with a Focus in Entrepreneurship entails the completion of 13 required courses (for a total of 42 credits), 4 credits of general electives and 9 credits of electives in the field of entrepreneurship resulting in a 55-credit degree. (See attached proposal for a more detailed description of the Full-Time MBA with a Focus in Entrepreneurship.) B. Provide a brief overview of the process for developing the Proposal. The Graduate Programs Office in the Isenberg School of Management met with Professor James Theroux, the head of the Center for Entrepreneurship and Innovation Management, for an initial discussion of what entrepreneurship electives would be appropriate. Professor Theroux consulted with the other management faculty to refine the specific courses involved and to ensure faculty buy-in. As part of this process, we prioritized selection of a significant number of electives that will be offered on an ongoing and consistent basis. Before submitting the proposal for Faculty Senate approval, it was sent to Professor Theroux and the management faculty for review. II. PURPOSE AND GOALS Describe the Proposal s purpose and the particular knowledge and skills to be acquired. The MBA with a Focus in Entrepreneurship can be targeted toward any student with an interest in acquiring advanced entrepreneurship knowledge, skills and expertise. Specific knowledge and skills include (but are not limited to): Business Plans, Venture Capital, Growth Management, Social Entrepreneurship, Sustainable Entrepreneurship, and Corporate Entrepreneurship. III. RESOURCES If this proposal requires no additional resources, say so and briefly explain why. If this proposal requires additional resources, explain how they will be paid for. For proposals involving instruction, indicate how many new enrollments are expected and whether the courses have room to accommodate them. The proposal requires no additional resources as all of the courses are already currently offered by the Management Department within the Isenberg School of Management. As a result, we anticipate little or no additional teaching load on our faculty. Expected enrollment is difficult to predict as the MBA program is currently committed to growing its enrollment across the board; however, when surveyed regarded course interest, approximately 10 percent of the class indicated Entrepreneurship. Conservatively, we are expecting an initial enrollment of 3-5 students in 2012, but as overall program enrollment increases, so will the number of student electing to focus in entrepreneurship. 1 In the interest of consistency, we would like to use the term Focus in lieu of Concentration as we already have three areas of Focus that we offer.

4 Curricular Comparison Chart: Full Time MBA vs. Full-Time MBA with a Focus in Entrepreneurship Full-Time MBA MBA with Focus in Entrepreneurship Required Courses SCH-MGMT 797FR Financial Reporting for Decision Makers (4- SCH-MGMT 632 Information Management (3- SCH-MGMT 640 Financial Analysis and Decisions (3- SCH-MGMT 650 Business Data Analysis (3- SCH-MGMT 660 Marketing Management (3- SCH-MGMT 670 Production Operations Management (3- SCH-MGMT 697BB Managing Organizations and People (3- SCH-MGMT 689 Organizational Planning and Strategy (3- SCH-MGMT 770 Human Resource Management (3- SCH-MGMT 783 Business and Its Environment (3- SCH-MGMT 640 Managerial Economics (3- SCH-MGMT 698 Practicum (6- SCH-MGMT 691F Professional Development Seminar (2- SCH-MGMT 797FR Financial Reporting for Decision Makers (4- SCH-MGMT 632 Information Management (3- SCH-MGMT 640 Financial Analysis and Decisions (3- SCH-MGMT 650 Business Data Analysis (3- SCH-MGMT 660 Marketing Management (3- SCH-MGMT 670 Production Operations Management (3- SCH-MGMT 697BB Managing Organizations and People (3- SCH-MGMT 689 Organizational Planning and Strategy (3- SCH-MGMT 770 Human Resource Management (3- SCH-MGMT 783 Business and Its Environment (3- SCH-MGMT 640 Managerial Economics (3- SCH-MGMT 698 Practicum (6- SCH-MGMT 691F Professional Development Seminar (2- Electives 13 Additional Elective Credit Hours 4 Additional Elective Credit Hours 9 Entrepreneurship Elective Credit Hours

5 Proposal: Full-Time MBA with a Focus in Entrepreneurship Overview Note: Prepared for Faculty Senate Review This proposal outlines a new Focus in Entrepreneurship that will be a part of the existing Full-Time Masters in Business and Administration (MBA) degree offered through the Isenberg School of Management. This proposed concentration represents a new non-thesis concentration in our existing MBA program. The goal of the Entrepreneurship Focus is to provide students with opportunity to acquire advanced knowledge, skills and expertise that will allow them to understand and address key issues in entrepreneurship. Specific knowledge and skills include (but are not limited to): Business Plans, Venture Capital, Growth Management, Social Entrepreneurship, Sustainable Entrepreneurship, and Corporate Entrepreneurship. The MBA program has a long-standing history of attracting students with an interest in entrepreneurship. The recruiting efforts of the MBA program will be strengthened by offering students an opportunity to focus, which will help increase revenue for the University. Program Details Admission: A minimum of a bachelor s degree. Format: Courses are offered in either in person, online or both. Required Curriculum: To satisfy the requirements for earning a Full-Time MBA with a Focus in Entrepreneurship, students must take the required Full-Time MBA curriculum (42 credit hours), as well as 4 credit hours of general electives and 9 credit hours of entrepreneurship electives for a total of 55 credit hours. Entrepreneurship Focus Electives 2 (9 Credit Hours Required) SCH-MGMT/ENGIN 597B/797B Technology Management: Innovation and Entrepreneurship ~ This course will prepare students for the technology and information economy by providing the knowledge and skills necessary for technology innovation and entrepreneurship. The technology domains are broad and include but are not limited to mechanical, electrical, chemical, civil, and environmental engineering, as well as technologies with roots in biological, biomedical, healthcare, computer, materials, and environmental sciences. Course topics include concept development, team-building, business models, business plan structure and development, market analysis and strategy, intellectual property, sources of capital, cash flow management and financial modeling. The course format is in essence a project or workshop. Although it includes readings, lectures by the instructors and guests, and discussions, the course primarily involves learning by doing. Each student will engage in the process of commercializing technology, rather than just reading about it. (3 credit course) SCH-MGMT 697ET Entrepreneurship ~ Addressed the needs of students considering starting their own business or purchasing and managing a business or franchise. Areas to be covered during the class are idea generation and importance of differentiation. Choosing the appropriate business structure: Limited Liability Company, Subchapter C Corporation, Subchapter S Corporation. Developing the business plan: gathering and preparing the proper information to attract financing. Funding your business: identifying sources of funding such as Venture Capital, Private Equity, partners, lenders. Human resources: hiring your first employee, evaluating potential sales people, choosing incentive programs. Successful marketing strategies: numerous examples of creative and effective marketing decisions propelling companies forward. Successful sales strategies: numerous examples of tactics designed to get consumers to buy. 2 This is not an exhaustive list of electives. Any graduate level courses offered by the University of Massachusetts with an appropriate entrepreneurship focus would be eligible to count as elective credit towards a Full-Time MBA with a Focus in Entrepreneurship. These electives will of course change over time as the field continues to develop.

6 Exit strategies: selling to private firms, going public, maintaining partial ownership while remaining in management. (3-credit course) SCH-MGMT 797AG Developing a Business Plan ~ Requires students prepare a detailed three year plan for a business based on an idea that the student must have before the start of the course. Sub-topics include idea generation and evaluation, business model development and evaluation, conducting market and operational research and organizational and operational planning. (3-credit course) SCH-MGMT 697RE Real Estate Entrepreneurship: Analysis, Finance and Investment ~ Includes the study of commercial real estate, real estate finance and real estate investment, taught from an entrepreneurial perspective. The goal is to develop an understanding of the concepts and techniques required to evaluate, acquire and finance income-producing property. Topics will include: the nature and return characteristics of commercial real estate, the commercial real estate loan and the use of leverage, commercial leases and the real estate default, work outs and bankruptcy. Financial modeling and the analysis of cash flows to determine valuation, capital requirement, returns on capital and deal feasibility. (3-credit course) SCH-MGMT 792G Venture Capital ~ Provides students with real-world, real-time immersion in the venture capital and angel process. The class will evaluate actual business plans that will be under consideration by venture capitalists at the time the course begins. Students will gain insight into the methodologies and principals that VC s use in deciding which ventures get funding. Students will study the venture capitalist industry, the nature of angel investing, and a variety of alternative sources of funds for new ventures. (3-credit course) Faculty: For information on our Entrepreneurship faculty, please visit Degree Requirements: The Full-Time MBA degree is awarded to students completing the required courses and credit requirements with an average grade of a "B" or better. All courses must be taken through UMass Amherst and/or Continuing & Professional Education. Degree Process: Upon meeting the degree requirements, the student must submit a degree eligibility form to have their transcript audited by the Graduate Programs office in the Isenberg School of Management. For more information: Dedicated Advisor for MBA with a Focus in Entrepreneurship: Bobbi Hopkins, Student Support Coordinator Phone: bhopkins@isenberg.umass.edu