SHIDLER COLLEGE OF BUSINESS GRADUATE CERTIFICATE IN ENTREPRENEURSHIP PROPOSAL

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1 SHIDLER COLLEGE OF BUSINESS GRADUATE CERTIFICATE IN ENTREPRENEURSHIP PROPOSAL 1

2 TABLE OF CONTENTS Graduate Certificate in Entrepreneurship Proposal Purpose and Objective...3 Program Administration 3 Implementation 3 Population Served by the Program 3 Program Organization 3 Program Organization 4-5 Appendix A (Authorization to Plan an Academic Program at Manoa) Approval Letter from Vice Chancellor of Academic Affairs to Plan..12 Sub-Appendix A (MBA Entrepreneurship Certificate Proposal) Sub-Appendix B (List of Colleges with Majors in Entrepreneurship) Sub-Appendix C (Entrepreneurial Support Organizations in Hawaii) 21 Sub-Appendix D (Entrepreneurial Education at Peer Universities) Sub-Appendix E (Revenues and Expenses) Sub-Appendix F (Advantages and Disadvantages of Certificate Program) UHM1 Course Additions UHM1 for MGT UHM1 for MGT UHM1 for MGT Syllabi: Special Topic Courses New Venture Marketing (MKT 690a) US Marketing. in the Information Age (MKT 690b)

3 SHIDLER COLLEGE OF BUSINESS GRADUATE CERTIFICATE IN ENTREPRENEURSHIP PROPOSAL Purpose and Objective: The graduate certificate in entrepreneurship will provide a mechanism for students admitted to and in good academic standing at University of Hawaii s graduate programs to obtain the knowledge and skills needed to successfully start a new business, commercially develop new technology, or work in an entrepreneurial enterprise. Its objective is to promote research applications, commercialization and culturally sensitive economic development in services, high technology, diversified agriculture, tourism and other emerging sectors important to the continuous economic development of the state. This program is directly related to the Shidler College s existing programs by virtue of the fact that the courses needed to complete the certificate are available for all graduate students to take as part of their graduate degree programs. Program Administration: The program will be administered by the Department of Management and Industrial Relations. For students enrolled in the Shidler College of Business, advising will be done by the staff advisors in the Office of Student Academic Services. Students enrolled in other units of the University of Hawaii will be advised by one of the faculty associated with the Pacific Asian Center for Entrepreneurship or the Department of Management. Implementation: Four academic departments (Financial Economics and Institutions, Information Technology Management and Management and Industrial Relations, Marketing) will participate in providing courses for the certificate. Faculty involved in the planning process and changed with implementing the program includes Dr. Elaine Bailey, Dr. John Butler, Dr. James Richardson, Dr. Shirley Daniel, Dr. Rick Kazman and Dr. Erica Okada. Dean V. Vance Roley and Assoc. Dean William Chismar and Interim Associate Dean of Academic Programs David Yang have also been involved at the planning stage and will be actively involved in implementing this new program. Population Served by the Program: The certificate program in entrepreneurship will serve all part-time and full-time graduate students enrolled in degree programs at the university. We would expect it to be most relevant to business, law, science and engineering students but expect the certificate program to also generate interest and participation from students at other UH units. We anticipate that approximately 30 students will earn a graduate certificate in entrepreneurship each year (See Appendix A and sub-appendices A to F for details related to expected demand). 3

4 Program Organization Foundation Courses and Prerequisites: Students must be accepted and enrolled in a University of Hawaii graduate program of studies and in good academic standing. Students in areas outside of business wishing to enroll in the Entrepreneurial Finance (FIN 641) course may need to take a basic finance course or cover the material in a basic course on an independent basis before enrolling in FIN 641. Fields of Concentration: There are no sub-concentrations within the concentration. Credits required: The certificate requires 15 credits of study. There are two required courses and a choice of three electives. Students must take at least one of the three Initial Required Courses (MGT 645, MGT 651 and MGT 681). Students may take more than one course from this set and the additional courses will count as one of their three electives. Students must take either the MBA Consulting Practicum (BUS 696) or the Internship (BUS 695) as their culminating experience required course. Three elective courses are required, but BUS 696 and BUS 695 may not be counted as elective courses. Required Courses: Initial Required Courses: One of three: New Venture Management (MGT 645) Instructors: Richardson, Robinson Corporate Entrepreneurship (MGT 651) Instructor: Richardson Asian/Pacific Entrepreneurship (MGT 681) Instructor: Butler Culminating Experience Required Courses: One of two: MBA Consulting Practicum (BUS 696) Instructor: Butler, Doktor, Richardson Internships (BUS 695) Instructor: Varley Elective Courses: Entrepreneurial Finance (FIN 641) Instructor: Mais Family Business (MGT 450) Instructor: Butler Electronic Commerce (ITM 685) Instructor: Bui New Venture Marketing (MKT 690a) Instructor: Okada Entrepreneurship for Science and Technology (MGT 680) Instructor: Daniel, Butler Creativity in Marketing (MKT 656) Instructor: Wills US Marketing. in the Information Age (MKT 690b) Instructor: Chen Practicum and Internships: Either the MBA consulting practicum or an internship is required. The professors currently teaching BUS 696 will direct Certificate in Entrepreneurship students to a consulting project that involves a new firm, or an entrepreneurial venture by an existing firm. Certificate students, taking an 4

5 internship with a firm that is a startup, or involved in a new venture or product development, will be supervised by the instructor of BUS 695. Culminating Experience: The practicum or internship will serve as the program culminating experience. In addition, most business students will have an integrative course in their major program. Additional Resources: The certificate program does not require any additional resources (See Appendix A, and Sub-appendix E). All elective and required courses, in the certificate program, are currently offered or were planned to be included in our course offerings as part of our ongoing curriculum development process Program Effective and Assessment of Student Learning: The effectiveness of the certificate program will be measured by demand for the program, completion rates, ratings on course offerings, and completion interviews with those obtaining certificates. Interviews with non-graduate business students will be a special focus of program assessment. Assessment of student learning will be done through the use of examinations, judging of business plans, assessment of practicum consulting performance, and feedback from supervisors of students doing internships. Appropriateness and Relationship to Campus Mission: The courses offered as part of this certificate program represent essential and important material that is currently offered in our graduate degree programs and is consistent with the types of courses offered and material included in entrepreneurship and business courses at most highly regarded schools of business. The certificate program in entrepreneurship is consistent with several of the strategic initiatives of the University of Hawaii at Manoa. These include (1) Promote research applications, commercialization of intellectual property rights, and entrepreneurship, (2) create employment opportunities for students both on campus and in the community, and (3) promote environmentally and culturally sensitive economic development in services, high technology, diversified agriculture, tourism, and emerging sectors. In fact, the impetus for this certificate program was driven by the University s mission of contributing to the economic development of our state. 5

6 Appendix A Graduate Certificate in Entrepreneurship 6

7 AUTHORIZATION TO PLAN AN ACADEMIC PROGRAM AT MANOA 1. Locus: Management and Industrial Relations Department (MIR) and the Pacific Asia Center for Entrepreneurship and E-Business (PACE), Shidler College of Business 2. Chair / Convener of Planning Committee: Elaine Bailey, Chair, Management and Industrial Relations Department 3. Program category: New 4. Department / Unit / Program: Management and Industrial Relations and the Pacific Asia Center for Entrepreneurship 5. Level of Certificate: Graduate 6. Certificate proposed: MBA Certificate in Entrepreneurship 7. Proposed planning period: September 2006 December Proposed date of implementation: January Program description: The Graduate Certificate in Entrepreneurship will provide a mechanism for MBA students in the Shidler College of Business to obtain the knowledge and skills needed to successfully start a new business or work in an entrepreneurial enterprise. MBA students will learn about the technology commercialization process and will obtain an understanding of opportunity identification, opportunity screening, market research; business plan development, and financing for new ventures. The Certificate program is consistent with the UHM mission s Core Commitment to Economic Development. This Certificate program is also consistent with the Shidler College of Business strategic objective to establish a national ranking in the field of entrepreneurship. The Shidler College of Business developed and offered new courses in entrepreneurship at the undergraduate and graduate levels over the past five years (Appendix A [sub-appendix A in full proposal). Establishing the Certificate program increases a commitment to offering a well-planned and structured curriculum in department will offer the majority of the courses, entrepreneurship spans all the departments in the College. All five departments in the college may offer elective courses suitable for this certificate. The Certificate directly addresses the strategic imperatives to: Promote research applications, commercialization and culturally sensitive economic 7

8 development in services, high technology, diversified agriculture, tourism and other emerging sectors. 10. Program Justification: Nationally and internationally, there has been a growing demand for entrepreneurship courses, certificates and degrees. Appendix B [Sub-Appendix B in full proposal], which was compiled by Dr. Jerry Katz at Saint Louis University, contains a list of most 200 universities that had some type of program in entrepreneurship in The list indicates that the demand for entrepreneurship programs is geographically dispersed and covers a wide range of universities. In 1985 there were only two or three schools that had any type of entrepreneurship program so the numbers of universities on this list indicates the rapid growth in demand that has occurred. The University of Hawaii at Manoa (UHM) is a world-class research university. However, with regard to our peer institutions, we lag behind in the number of disclosures, licensing income, new venture spin-offs and other products of technology commercialization that would benefit both the UHM and the State of Hawaii. The creation of an MBA Certificate in Entrepreneurship addresses this need by providing a comprehensive curriculum that will enable MBA and graduate students to better enhance their knowledge and skills in enabling the transfer of new technologies to the private sector. The Certificate in Entrepreneurship program will promote innovation and collegiality to leverage the strengths of the Shidler College of Business and its various centers. Indicators of Local Demand In addition to the demand for entrepreneurship subjects offered by the Shidler College of Business, other universities in Hawaii have also responded to student interest in this area. Hawaii Pacific University has both an entrepreneurship major and minor and Chaminade University recently initiated an entrepreneurship program with 17 graduates in Brigham Young University recently established a Center for Entrepreneurship and Technology and offers several entrepreneurship courses. In addition to university efforts to meet the needs and demands of both potential and practicing entrepreneurs, there are a number of incubators, venture capital associations, government and private organizations that act to assist both potential and practicing entrepreneurs. Appendix C [sub-appendix C in full proposal] contains a list of over 30 such organizations. The existence of these organizations indicates that the need for the Certificate in Entrepreneurship is high, a need unmet. Support From Business Community 8

9 The local business community has been extremely supportive of the efforts of the Shidler College of Business to increase both its entrepreneurial offerings and outreach efforts. Local donors have funded two chairs and an entrepreneurship center. The business community has also provided funds for an annual business plan competition, and the Asian Moot Corporation competition. Local entrepreneurs have taught entrepreneurship courses, and along with venture capitalists have participated in entrepreneurship classes as guest lecturers. Input from current donors and members of various advisory boards indicate they view a Certificate in Entrepreneurship very favorably, and will continue to support the Shidler College of Business efforts in this endeavor Peer and Benchmark Universities A number of peer schools such as Louisiana State University and the University of North Carolina offer concentrations or certificates in entrepreneurship. A fairly large number of peer and benchmark schools (Appendix D [sub-appendix d in full proposal]) offer extensive entrepreneurship programs for MBA students. Thus, in terms of developing and offering the Certificate, the Shidler College of Business would be similar to top entrepreneurship programs that exist at benchmark schools such as Indiana University and University of Colorado, which are usually highly ranked. 11. Activities to be undertaken in the planning phase: A series of meetings and discussions between faculty and department chairs in the Shidler College of Business will consider the sequencing of courses and further development of courses to meet the needs of the MBA populations. In addition, private sector support and federal and private grant resources for additional curriculum development and scholarships will be explored. 12. Description of resources required and statue of sources: No significant additional resources will be required for this program. Existing faculty have been teaching a wide range of entrepreneurship courses. If demand for these courses is increased as a result of the Certificate and additional sections are required, the tuition from the increased enrollments will cover the cost of the additional sections. In addition, private sector support and federal and private grant resources will be explored. Library resources, physical resources and any other resources required for the Certificate currently exist in the Shidler College of Business. The program will better utilize existing resources at the Shidler College of Business. 9

10 13. Five-year business plan: The projected revenues and costs for this program are outlined in Appendix E [sub-appendix E in full proposal]. it should be noted that all of these courses are currently being offered, so that additional revenue to support their delivery are not anticipated or budgeted. 14. Doest the current or proposed budget include funds or a request for funds for the proposed program? Please provide details. No additional budget resources are requested. The Shidler College Business has two chaired professors of entrepreneurship and a number of other faculty who teach entrepreneurship courses. There is an entrepreneurship center and a business plan competition that brings entrepreneurs on campus to both judge and a mentor the students. The College is currently running a prototype technology transfer program with OTTED. Several courses are offered at both the undergraduate and MBA level. The Shidler College of Business also had a Kauffman entrepreneur internship program for several years. The students have formed an entrepreneurship club, and there are a variety of events that bring guests speakers on campus. 15. Given a flat budget situation, how will the proposed program be funded? No additional resources are requested for the program, which will be funded by allocation of existing resources. However, it is anticipated that the program will be of interest to private donors and will also position the UHM for increased research funding that may support participating MBA and other graduate students. 16. Impact on current courses or programs. The courses are currently being offered in a random manner. The Certificate will structure the curriculum, and courses will be offered in a sequential and planned manner enhancing the educational experience. 17. If this program is multidisciplinary, provide evidence of commitment for support from the colleges, departments, programs, and / or individuals expected to participate. Over the past five years graduate students have participated in the UH business plan competition and many attended elective courses to gain knowledge about entrepreneurship. The proposed Certificate will allow these students to obtain a more comprehensive course of study that will be recognized on their transcript. A similar program was developed at the University of Washing ton and proved very popular with graduate and undergraduate students and helped them obtain a premium salary in the job market (Appendix B [sub-appendix B in full proposal]) 10

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13 Sub-Appendix A MBA Entrepreneurship Certificate Proposal It is proposed to offer a new certificate at the MBA level in Entrepreneurship. The certificate will draw expertise from across the College. Departments and Schools are invited to add appropriate electives to the certificate curriculum. The Management and Industrial Relations Department offers to be the administrative home for the certificate. With the approval of the certificate, it is proposed that the designation of MBA courses listed below be changed from MGT to ENT. They are indicated below by MGT/ACC ###/ENT### Certificate Required Courses (two 2): MGT 645 / ENT 645: New Venture Management (3) Technical aspects of entrepreneurship, components and requirements for developing a business plan. FIN 641 / ENT 641: Entrepreneurial Finance (3) Assessment of financial needs, arranging venture financing, assessing value to the entrepreneur and the investor(s), financial aspects of strategic planning, analyzing the tradeoffs between alternative financing choices and flexibility and control, harvesting the investment. Pre: BUS 617 or consent. Certificate Elective Courses (select three (3)) ACC 425 / ENT 425: Accounting for Entrepreneurs (3) Accounting, tax, and legal issues encountered by individuals who start a new business. Stresses accounting controls, accounting software, taxes and reporting requirements for state and local governments that would be encountered by entrepreneurs. (re: 202 (or consent?)) MGT 461 / ENT 461: Corporate Entrepreneurship (3) Exploration of the nature and role of entrepreneurial behavior inside larger, established organizations. An examination of obstacles to entrepreneurial activity and approaches to creating work environments that foster entrepreneurship. Pre: ENT 320 or consent. MGT 450 / ENT 450: Family Business (3) The exploration of business personal and interpersonal issues, associated with a family owned and managed company. Topics include: family psychology and organizational structure, life cycles in family businesses, strategic family and business planning, succession planning, family business conflict and resolution, estate planning, the role of professional managers, and others. This is not a course about how to become an entrepreneur or how to start (or manage) a business. It is most appropriate for those students who are part of a family that owns and manages a business. Pre: BUS 613 or consent 13

14 ITM 685: Electronic Commerce (3) Fundamentals of electronic commerce technology and business strategy issues. The use of the Internet for marketing, supply-chain management, and retailing; an overview of networking technologies; the development of Web-based applications; policy, legal and ethical issues. Pre: BUS 619 or consent. MGT 670e / ENT 681: Asian/Pacific Entrepreneurship (3) Entrepreneurship and innovation related to the Asian/Pacific region. Innovative ventures, issues related to conceptualizing, starting and growing a new venture specific to Asian/Pacific region. MGT 670k: International Management of Technology (3) MGT 670p / ENT 682: International Transfer of Technology (3) BUS 696: Entrepreneurial Field Studies (3) Comprehensive study of (B) audit of existing entrepreneurial enterprise. Problems and solutions, or feasibility, of personally experienced entrepreneurial business as opposed to text case studies. BUS 695: Entrepreneurial Internship (3) On-the-job experience in an entrepreneurial business. Project paper and meeting with faculty adviser required. A-F only. Pre: consent NEW COURSE ENT 680: Entrepreneurship for Science and Technology (3) Recognize and screen technology opportunities in diverse disciplines (to include information systems, engineering, telecommunications, ocean and biological sciences, biomedical and biotechnology). Commercialization process, intellectual property, licensing, interaction with entrepreneurs. 14

15 Sub-Appendix B List of Colleges With Majors In Entrepreneurship or Small Business 1 List of Colleges With Majors or Courses in Entrepreneurship or Small Business The list below gives schools which have a major in entrepreneurship [or small business]. It is a passive response list, and is more inclusive than many other Internet lists. It was built from several other active response lists, including Entrepreneurship Compendium authored by Karl Vesper and Bill Gartner the GWU/SBA Survey (www.nationalsurvey.org) Petersons.com Online Expanded List of Undergraduate Majors National Consortium of Entrepreneurship Centers members list, and A Google search using the terms "entrepreneurship major" and "small business major" Please note that some of the pages link to course catalogs and other university pages that might be of a transitory nature. If you get a "link not found" or "link broken" error, try going to the college's home page, look for "Search" and type in "entrepreneurship major". And please let me know of the new link. The list below gives schools that have a major in entrepreneurship [or small business]. It is a passive response list, and is more inclusive than many other Internet lists. It was built from several other active response lists. Alfred University American International College 1 Dowloaded 9/1/2007 from the Web page of the John Cooke School of Business at Saint Lousi University (http://www.slu.edu/x17964.xml) 15

16 Arizona State University Babson College Ball State University Baruch College Baylor University Bentley College Black Hills State Bocconi (Italy) Bodo (Norway) Boise State University Boston University Brigham Young University Brisbane Graduate School of Business Brock University (Canada) Cal State, Fresno Cal State, Hayward California State University - Long Beach California State University Monterey Bay Canasius College Carnegie Mellon University Case Western Reserve University Central Michigan University Chapman Chatham College Claremont Clarkson College College of Charleston Colorado State University Columbia University Columbia College (SC) Community College of Indiana Confederation Cornell University Council for Entrepreneurial Development Cranfield University (UK) Creighton University Curtin Institute of Technology (Austrailia) Dalhousie University (Canada) Davenport University DeMontfort University DePaul University University of Dublin Eastern Michigan University Ecole des Hautes Etudes Commerciales (Canada) Edith Cowan University (Australia) [Small Business Major] EM Lyon 16

17 Fairleigh Dickinson University. Undergraduate Major in Entrepreneurship Florida Atlantic University [Small Business Major] Florida International University Florida State University Fordham GEA College of Entrepreneurship (Slovenia) George Mason University George Washington Georgia State University Georgia Institute of Technology Glasgow Caledonian Grand Valley Hampton University?s Harvard Hawaii Pacific University HEC (France) Howard Paine University Husson College Idaho State University [Small Business Major] Illinois State Imperial College (UK) India School of Business Indiana University Iowa State University John Carroll University Johnson & Wales University Johnson County Keio (Japan) Kendall College Kennesaw State University Kingston (UK) La Salle University - Manila, Phillipines Laval (Canada) Linköping (Sweden) London Business School (UK) Louisiana State Loyola Marymount University Lyceum-Northwestern University (Phillipines) Massachusetts Institute of Technology Massey University (New Zealand) [Small Business Major] McGill University (Canada) Miami University Michigan State Middle Tennessee State University MIT Nanyang (Singapore) 17

18 Napier Nazareth College New England College New Mexico State University [Small Business Major] New York University 0. Norfolk State. Northeastern State University 2. Northeastern University. Northern Kentucky University 4. Northern Michigan University. Northwestern University 6. Notre Dame 7. Ohio University 8. Pace 9. Penn State 0. PHILSSEC Institute of Technology (Philippines). Quinnipiac University 2. Rensselaer Polytechnic Institute. Rice 4. Rider University. Robert Gordon 6. Rutgers 7. Ryerson Polytechnic University (Canada) 8. Saint Louis 9. Salem State 0. San Diego State University. San Francisco State University 2. Savannah State University. Seton Hall College 4. Sierra Nevada College. Southampton College 6. Southeastern Oklahoma 7. Southern Methodist 8. St. Mary's University of Minnesota 9. St. Marys University of San Antonio 0. St. Cloud State. Stanford - Business 2. Stanford - Engineering. Sterling College 4. Stillman University. Suffolk University 6. Swinburne (Australia) 7. Syracuse University 8. Tarlac State University (Philippines) 9. Temple University 0. Texas Christian University 18

19 . Thomas College 2. Thomas Edison State College. Thunderbird 4. Trinity Christian College. Troy State University 6. Tulane 7. University of Akron 8. University of Alabama 9. University of Alberta (Canada) 0. University of Arizona. University of Arkansas at Little Rock 2. University of Baltimore. University of Calgary (Canada) 4. University of California Berkeley. University of California Riverside 6. University of Cape Town (South Africa) 7. University of Chicago 8. University of Cincinnati 9. University of Colorado- Boulder 0. University of Colorado, Denver. University of Dayton 2. University of Denver. University of Durham (UK) 4. University of Georgia. University of Ghent (Belgium) 6. University of Groningen (Netherlands) 7. University of Hartford 8. University of Hawaii 9. University of Houston (Marketing & Entrepreneurship Dept.) 0. University of Houston Center for Entrepreneurship. University of Illinois Chicago 2. University of Iowa. University of Jyvaskyla (Finland) 4. University of Kentucky. University of Limerick (Ireland) 6. University of Louisville 7. University of Maryland, College Park 8. University of Michigan 9. University of Minnesota 0. University of Manitoba (Canada). University of Massachusetts, Amherst 2. University of Missouri, Kansas City. University of Nebraska, Lincoln 4. University of North Carolina. University of North Dakota 6. University of North Texas 19

20 7. University of Oregon 8. University of Pennsylvania (Wharton) 9. University of Portland 0. University of Quebec (Canada). University of San Jose-Recoletos (Philippines) 2. University of Santa Catarina (Brazil). University of South 4. Africa-Capetown. University of South Carolina 6. University of Southern California 7. University of St. Thomas 8. University of Stirling (UK) 9. University of Strathclyde International (UK) 0. University of Technology Sydney (Australia) [Small Business Major]. University of Texas Austin 2. University of Texas at El Paso. University of Victoria (Canada) 4. University of Virginia. University of Washington 6. University of Wisconsin-Madison 7. UCLA 8. UFMG (Brazil) 9. University of the Findlay 0. University Of Vaasa (Finland). University of Virginia 2. University of Washington. University of Wyoming 4. US International University. Vaxjo (Sweden) 6. Vienna Univ. (Austria) 7. Wake Forest 8. Washington State University 9. Western Carolina University 0. Wichita State University. Wits (South Africa) 2. Wright State University. Xavier University 4. York University (Canada) 20

21 Sub- Appendix C Entrepreneurial Support Organizations in Hawaii 2 Business Incubators & Accelerators Hawaii Health Care Business Incubator Hawaii Business and Entrepreneur Acceleration Mentors (HiBEAM) Manoa Innovation Center Venture Capital Organizations Hawaii Venture Capital Association Hawaii Venture Group, LLP HMS Hawaii, L.P MN Capital Partners, LLC PacificCap Ventures Hawaii, L.P. University of Hawaii Angels Alternative Financing Organizations Hawaii Community Loan Fund Native Hawaiian Revolving Loan Fund - Office of Hawaiian Affairs Pacific Gateway Center Small Business Administration Loan Program 1 High Tech Organizations Hawaii Technology Trade Association High Technology Development Corporation Private Organizations with Entrepreneurial Services Alu Like, Inc. Chamber of Commerce of Hawaii Enterprise Honolulu Hawaii Business League National Federation of Independent Businesses (Hawaii Chapter) Pacific Business Forum Small Business Hawaii Public Organizations with Entrepreneurial Service Business Information and Counseling Center Office of Economic Development Department of Commerce & Consumer Affairs Hawaii Department of Business, Economic Development & Tourism Hawaii Strategic Development Corporation Hawaii Women s Business Center SCORE Small Business Administration (Hawaii District Office) 2 Information extracted from Entrepreneurial Guide compiled by Sean Rostron, Hongan Entrepreneur Center, Chaminade University,

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