1.2 Department(s) or Functional Equivalent(s) Sponsoring the Certificate

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1 Attachment 4 LSB Doc. #1028 RECOMMENDATION OF THE FACULTY OF THE SHELDON B. LUBAR SCHOOL OF BUSINESS AND THE COLLEGE OF ENGINEERING AND APPLIED SCIENCE TO ESTABLISH AN UNDERGRADUATE CERTIFICATE IN TECHNOLOGY ENTREPRENEURSHIP I. PROGRAM IDENTIFICATION Title of Proposed Undergraduate Certificate Undergraduate Certificate in Technology Entrepreneurship 1.2 Department(s) or Functional Equivalent(s) Sponsoring the Certificate Lubar School of Business CEAS: Mechanical Engineering; Electrical Engineering 1.3 College(s), School(s) or Functional Equivalent(s) Sheldon B. Lubar School of Business College of Engineering & Applied Science 1.4 Timetable for Initiation Fall 2014 II. RATIONALE Entrepreneurial thinking has assumed considerable importance in organizations, both new and established, as technological and market turbulences demand continuous innovation in products, services, business models and processes. It has become imperative that we inculcate entrepreneurial thinking among our students, and towards this extent we need to provide avenues for them to learn the core skills related to entrepreneurial thinking and to practice and demonstrate such skills and capabilities. The proposed undergraduate certificate program in technology entrepreneurship is motivated by this need. A task force comprising three Lubar School of Business faculty members and two CEAS faculty members was formed in October 2011 to explore the possibility of a new joint Lubar/CEAS undergraduate certificate in Technology Entrepreneurship. The task force members benchmarked graduate and undergraduate entrepreneurship and technology management programs at several premier business schools as well as those offered by peer and aspirant schools. This included the Hoeft Technology Management program at UIUC (business-engineering joint program); Georgia Tech (business and engineering); Case Western Reserve University (business); Indiana University (business); Stanford (business and engineering); MIT (business); Northwestern (business and engineering); Marquette (business), UW-Madison (business), and Tufts University (engineering). As noted, some of these are joint business-engineering programs on entrepreneurship and/or technology management. The benchmarking revealed rapidly increasing student enrolment in most of these programs - typically, the programs had anywhere from 50 to 150 students enrolled and had experienced around 20-30% annual growth in the past decade or so. The steady

2 enrollment numbers are illustrative of overall interest in entrepreneurship programs (particularly among business and engineering students) as well as emphasis placed by employers on students with skills and capabilities associated with innovation management and entrepreneurship. This latter point was further revealed by discussions that the task force chair had with senior executives in some prominent companies in the Milwaukee area. Specifically, the chair made a detailed presentation on the proposal program to around 10 senior executives at Rockwell Automation including Mike Laszkiewicz (VP) and James Trubshaw (R&D Director). In addition, the chair also had extensive discussions with senior level executives elsewhere such as Rick Carpenter (Briggs & Stratton), John Torinus (Serigraph), etc. These discussions highlighted the potential demand from these companies for students with functional skills in business or engineering combined with broad exposure to how new technologies, products, and services are conceptualized, developed, and commercialized in a global business environment. These issues were further highlighted in a recent four-part special report on innovation and entrepreneurship in the Milwaukee region published in the Milwaukee Journal Sentinel (April 2013). As the report noted, there is growing recognition among business, policy, and government agencies and organizations about the importance of entrepreneurship for regional growth and this is reflected in a greater level of willingness to promote and incentivize university-based entrepreneurship programs and initiatives. Based on the benchmarking and review process, the task force identified several key topics that would make the certificate attractive to business and engineering students and their potential employers. Those topics include: a) technology venturing; b) product and service development; c) corporate entrepreneurship; d) technology commercialization; e) technology strategy; and f) global collaborative innovation. Further, our interviews with company executives indicated the contemporary significance of three foundational skills: entrepreneurial thinking; interdisciplinary integrative thinking; and global collaboration skills. These topics and foundational skills have been woven into the fabric of this undergraduate certificate program. The Lubar School of Business and the College of Engineering & Applied Science are uniquely positioned to serve educational needs in the Entrepreneurship and Technology Management area by leveraging the knowledge and expertise of faculty members in Management, Supply Chain & Operations, Mechanical Engineering, and Electrical Engineering. The Lubar School offers an extensive set of entrepreneurship-related activities (such as a business plan competition) that could complement the course work in this area. CEAS offers sophisticated lab facilities for product innovation and prototyping that also could complement the project work in this area. These resources and assets can be brought together to cater to a potentially expanding market current business and engineering students and recent graduates (from UWM and elsewhere) who are interested in acquiring a broader set of skills and capabilities related to entrepreneurship and innovation management. Further, by offering online courses, the target market can be widened to include those residing outside Milwaukee. The certificate in technology entrepreneurship is geared toward students who wish to enhance their entrepreneurial skills and their understanding of technological innovation and commercialization. Business undergraduate students will develop an in-depth understanding of the technological and engineering environment within which innovative ideas and solutions are generated and evolve. Engineering undergraduate students will acquire a broad awareness of the business environment within which such ideas and solutions have to evolve further and flourish to achieve commercialization success in the market place. 2

3 Further, the joint (Lubar/CEAS) nature of the certificate program provides an excellent venue for business and engineering students to work together on technology management and entrepreneurship issues so that they can develop a deep understanding and appreciation for both the engineering and the business perspectives in problem solving. Such an experience will be a unique feature of this undergraduate certificate program and will benefit the students as they enter the workplace where integrative and inter-disciplinary thinking is highly valued. III. INSTITUTIONAL CONTEXT Relationship to Mission of Institution The mission statement of the Lubar School of Business, as well as UWM, indicates we should deliver high-quality management education to our students and practicing professionals. The mission statement of the College of Engineering & Applied Science emphasizes the need to prepare engineers who can navigate and become leaders in an increasingly dynamic and global technological environment. Recently, UWM s Chancellor expressed the importance of entrepreneurship for the entire campus community and the need for UWM to take a lead in contributing to the region in facilitating new venture creation and other entrepreneurial activities. Given the express need for entrepreneurial thinking among employees for organizations to survive and the increasing significance of technology in contemporary business organizations, it is important that the Lubar School and CEAS jointly address a key challenge for the business community preparing tomorrow s engineers and business professionals to think entrepreneurially and to expand their understanding of operating and managing in a technologyintensive world. The Undergraduate Certificate in Technology Entrepreneurship is designed to provide engineering and business students with knowledge and skills related to innovative and entrepreneurial thinking that are in high demand and short supply globally. It is meant to be a stand-alone certificate that can be completed by any individual admitted to Lubar School of Business or CEAS, students outside UWM pursuing a business or engineering degree at a school recognized as a degree-granting institution under the UWM Transfer Credit Policy, and business or engineering graduates who desire to return for a post baccalaureate Technology Entrepreneurship certificate. Relationship to/impact on Other UWM Programs This undergraduate certificate will provide a value-added component to any student who wants to include entrepreneurship and technology innovation and commercialization in his/her skill set for pursuing job opportunities in one of the professional career paths. It will provide students with exposure to interdisciplinary thinking on how technologies are created, developed, and commercialized. IV. NEED The focus of this online Undergraduate Certificate in Technology Entrepreneurship is on preparing individuals to think innovatively and to pursue the commercialization of their innovative ideas and technological solutions, either independently or within the confines of an established organization. Such entrepreneurial capabilities are in high demand in the global workplace (and not just in Silicon Valley). Most corporations place considerable emphasis on 3

4 potential employee s demonstrated capabilities to think beyond their immediate context and available resources in solving business and technological problems or commercializing new technologies. The entrepreneurial skills and experience acquired through this undergraduate certificate will enable students to position themselves not merely as technologists or business specialists but as innovators and entrepreneurs, whether they intend to pursue their own new venture initiatives or careers in established companies. More specifically, this program will allow: Business students (marketing, IT, and management majors) to acquire an in-depth awareness of product and market development in technology (or IT) -based industries and prepare them to work with engineering and product development teams as marketing specialists, IT specialists, and HR specialists in conceptualizing, developing, and marketing technologybased (and IT-based or digital) products and services in both new ventures and established companies; Business students (finance majors) to acquire an in-depth understanding of the unique characteristics of the technology industry that affect the valuation and success of technology new ventures and internal technology commercialization or corporate entrepreneurship projects and prepare them to assume the role of finance specialists in technology-based new ventures and large companies; and Engineering students (EE and ME majors) to acquire an in-depth knowledge of the business, market and organizational context within which technological innovation and entrepreneurship occurs, and prepare them to work together with business managers in conceptualizing, planning, and pursuing technology based entrepreneurial or intrapreneurial projects. V. PROGRAM DESCRIPTION AND EVALUATION 5.1 Description: The Undergraduate Certificate in Technology Entrepreneurship consists of 15 credits Define the nature of the program: The goal of this certificate program is to provide expertise, skills, and experience in technology entrepreneurship. The program will also provide business and engineering students with the valuable experience of working together and developing a deep appreciation for both engineering and business perspectives in problem solving Define the level of the program: The undergraduate online certificate is designed for currently enrolled business and engineering undergraduate students or graduates who wish to acquire technology entrepreneurship skills but who may not wish to enroll in a full-fledged program in engineering or business Learning objectives and competencies that will be attained through this certificate: A student who completes the certificate will be able to: 4

5 i. Recognize viable entrepreneurial opportunities in the technology landscape ii. Analyze entrepreneurial opportunities and devise appropriate business models and plans to pursue those opportunities iii. Communicate the business story related to a technology venture to external stakeholders iv. Develop an in-depth understanding of how ideas get transformed into new products/services v. Identify sources for acquiring different types of resources for technology ventures vi. Acknowledge key issues and challenges that underlie technology entrepreneurship in the contemporary business world vii. Develop critical and analytical thinking skills related to technology innovation management in a global context viii. Be able to integrate ideas and knowledge from multiple fields (disciplines) to develop a new product or service concept Discuss any anticipated alternative instructional models. An important feature of the certificate program is that all courses will be offered online to enhance the flexibility and convenience for potential students. As such, students will be able to complete this online certificate program whether they reside in Milwaukee or elsewhere. 5.2 Curriculum Courses and Credits: The program curriculum has been planned such that a student, if desired, may complete the certificate in two semesters (Fall start) or three semesters (Spring start). Undergraduate students are strongly encouraged to declare the certificate program during the junior year to provide ample time to complete all certificate requirements along with degree requirements. Required Courses (15 credits) Bus Adm/ME 542 (U) Fall Introduction to Technology Entrepreneurship Bus Adm/ME 543 (U) Fall Introduction to Technology Management and Innovation Bus Adm/ME 544 (U/G) Spring New Product Development Bus Adm/ME 546 (U/G) Spring Global Innovation Management Bus Adm /ME 548 (U) Fall/Spring Technology Venturing Project (capstone) Note: ME=MechEng Professional activities (0 credits) Students will be required to participate in a set of pre-approved professional activities as part of the certificate program. Students will be allowed to develop their own personal plan for participating in such professional activities. Activities may include entrepreneurship-related conferences and workshops, business plan competitions, etc. that are being held at the geographical area where a student is located. For students in the Milwaukee area, entrepreneurship events at UWM (for example, the Lubar/CEAS Annual ETM Workshop; Lubar Business Plan Competition, etc.) will be appropriate. The program administration will approve the professional activity plan for individual students and also confirm the execution of such plans. Such confirmation from the program administration will be necessary for satisfactory completion of the certificate program requirements. 5

6 Note: A maximum of 6 credits from the Undergraduate Certificate in Technology Entrepreneurship may also count toward other UWM undergraduate degrees. 5.3 Admission Requirements and Procedures: Students applying for the certificate program must be in good standing seeking a business or engineering bachelor s degree. Admissions is also open to those students who have previously earned a bachelor s degree from either the business school or the engineering school at UWM or from any other accredited business or engineering baccalaureate program. 5.4 Continuation and exit requirements: Students must complete all coursework required for the certificate with at least a 2.5 GPA to have the certificate posted on the transcript at graduation. 5.5 Allowance for transfer credit (if any): None. 5.6 Certificate conferral: The certificate will be awarded upon successful completion of all certificate program requirements. 5.7 Program administration: Selected faculty members from Lubar School and CEAS will oversee program administration with assistance of the undergraduate program committees in the two schools. 5.8 Participating faculty: The following faculty/staff are potential participants in the program: Introduction to Technology Entrepreneurship Introduction to Technology Management and Innovation New Product Development Global Innovation Management Technology Venturing Project Wright Nambisan, Levitas Nambisan/CEAS Faculty Nambisan Nambisan (Spring)/Thompson (Fall) VI. RESOURCES It is not anticipated that additional resources will be required for the certificate. VII. BULLETIN COPY Certificate Program (Undergraduate) Catalog Copy Certificate in Technology Entrepreneurship The online Certificate in Technology Entrepreneurship is designed for business or engineering students who desire a sequence of undergraduate level courses that focus specifically on 6

7 Technology Entrepreneurship and that are delivered through an online instructional environment. The focus of the certificate is to prepare students to meet the growing global need for individuals who can think innovatively and successfully pursue the commercialization of their innovative ideas and technological solutions, either independently or within the confines of an established organization. Students who complete this certificate will gain a substantial competitive edge in pursuing a career either as an engineer or as a business specialist by combining their entrepreneurial skills and capabilities with their particular field of expertise. The program will prepare students for fast-track leadership positions in technology-based and/or manufacturing companies. Eligibility Students currently enrolled in a UWM business or engineering undergraduate program (or at any other accredited engineering or business baccalaureate program) are eligible to earn the Certificate in Technology Entrepreneurship. This certificate is also open to business and engineering graduates. For more information regarding the application process, business majors may contact the Lubar School of Business Undergraduate Student Services Center (LUB N297) or call , and CEAS majors may contact the Student Advising Office (EMS E386) or call Curriculum Required Courses (15 cr.) Bus Adm/MechEng 542 Bus Adm/MechEng 543 Bus Adm/MechEng 544 Bus Adm/MechEng 546 Bus Adm/MechEng 548 Introduction to Technology Entrepreneurship Introduction to Technology Management and Innovation New Product Development Global Innovation Management Technology Venturing Project In addition, to fulfill graduation requirements, students will complete pre-approved, zero-credit professional activities. A maximum of 6 credits from the Undergraduate Certificate in Technology Entrepreneurship may also count toward other UWM undergraduate degrees. Graduation Requirements Students must complete all coursework required for the certificate with at least a 2.5 GPA to have the certificate posted on the transcript at graduation. Students must complete all certificate courses within 3 years of initial enrollment in the certificate program. 7