Training The Entrepreneurship Educators. Angela Hamouda & Colman Ledwith The Symposium for Entrepreneurship Educators { SEE } at Babson College, Massachusetts.
ACE Initiative SEE Programme. Integration of the SEE into DKIT Summer Venture Programme
ACE ~ April 2008 to August 2011 4 Phases 4 Targeted Actions Project supported under the SIF II programme by the HEA. Collaboration between 5 colleges. DKIT, NUIG, ITB, Cork IT, IT Sligo Initiatives Developed B.Sc Engineering Entrepreneurship Level 8 @ Dkit Masters Programme @ ITB Comprehensive Research Report Level 6 to Level 9 Modules Developed across the 5 colleges Student Internships ~ Mary, Ronan, Emma, Catherine, +2011 Entrepreneurship Training Programmes, Dkit, CIT, ITS Case Study Publications Sustainability Strategy
Entrepreneurship educators and entrepreneurs together as a means of fostering entrepreneurial growth and economic development through entrepreneurship education. Designed by Jeffery Timmons who was one of the pioneers of entrepreneurship education and research in America and was launched in 1985 with the aim of improving teaching and research by teaming highly successful entrepreneurs with experienced educators. The Programme has attracted over1400 from more than over 300 colleges across the globe. Babson College partners with academic institutions, governments, corporations and foundations around the world to deliver SEE programs.
SEE ~ Learning Objectives Understand and integrate the complementary logic underlying Entrepreneurial Thought & Action (ETA). Experience a variety of pedagogies that can help students practice entrepreneurship. Co-create new tools (prediction or creation) to teach Entrepreneurial Thought & Action (ETA). Reflect on personal teaching philosophies and styles in order to better develop a pedagogy portfolio to teach the next generation of entrepreneurs. Build a network of like-minded educators who are dedicated to innovation in entrepreneurship education.
The Entrepreneurial Teacher Are you prepared to teach the next generation of entrepreneurs? THE LOGICS OF ENTREPRENEURSHIP Prediction Logic Dominant teaching paradigm Process Focus Modeling on historical data Evaluate opportunities Think-Learn-Do Entrepreneurial Thought & Action Babson College educates leaders who create great economic and social value everywhere Entrepreneurship as a Method Learning entrepreneurship requires practice. Creation Logic How entrepreneurs think Action focus Means versus ends Make opportunities Do-Learn-Think BABSON PEDAGOGY PORTFOLIO Student Self-understanding Observation and Creating Opportunities Idea Generation Methods Constructing the Initial Resource Base Experiential to Immersion-based Courses Market Tests Business Model Creation Entrepreneurial Finance Managing a Growing Venture Assessment & Assurance of Learning SEE PARTICIPANTS EXPERIENCE Experiential Exercises Cases Group Projects Interactive Lectures Design Thinking Creativity Starting New Businesses Experiments Video games Multi-media Reflective Practice The Rocket Pitch Event Creative Teaching Tools
Entrepreneurial Thought and Action Foundation of Management & Entrepreneurship. Self Understanding Reflection The Rocket Pitch
The central theme of the SEE is ETA. This teaches students to be entrepreneurial in their behaviour. Allow them to explore and create opportunities rather than being able to plan and predict the outcome to every problem. ETA was in evidence throughout lectures and assignments. Creation operates on the basis of do-learn-think. Prediction operates on the basis of think-learn-do using historical data to generate results or solve problems.
Popular Views of Entrepreneurs Visionary Determined Self Confident Foresee the future Egotistical Creative Appetite for risk Decisive Overcontrolling Passionate Adapted from: Entrepreneurial Thought & Action How Entrepreneurs Really Think and Act By Les Schlesinger 1 st June 2010 at Babson College 12
Closer to the Truth Low appetite for risk; adept at reducing & syndicating it Often start without a sharply defined goal or vision Distrust projections, extrapolations, studies, etc. that purport to predict the future Creative = Original?, not necessarily. Creator of new business, yes. Self-confident? No more than anyone else Determined? Yes. Over-controlling? Sometimes, but so are others Decisive? Yes. but then so are others Egotistical? Sometimes, and sometimes not Adapted from: Entrepreneurial Thought & Action How Entrepreneurs Really Think and Act By Les Schlesinger 1 st June 2010 at Babson College 13
We are all entrepreneurs only too few of us get to practice it! Mohammad Yunus Nobel Prize Winner Grameen Bank Adapted from: Entrepreneurial Thought & Action How Entrepreneurs Really Think and Act By Les Schlesinger 1 st June 2010 at Babson College 14
Work groups with 6 were asked to solve a jigsaw puzzle. After a few minutes one member was asked to leave their group and go to a different location. On the way they had to pick up six pieces of cloth from a large pile and go to another room and start making a quilt on the floor. After a few minutes more a second member of the jig saw group was asked to leave, pick up six pieces of cloth and go to the quilt making room. This process continued every few minutes until all participants had moved to quilt making. After the first person started making their quilt, everyone who followed could either partner with someone else in the room or start making their own quilt. The quilt making comprised of individuals and different sized groups.
With the jig saw there was order. Groups tended to plan and organize. They knew what was required, by way of a picture. They arranged themselves maximised their effort and executed a plan. One person might take on the task of collecting all the pieces with a straight edge. Another might consider looking at the sky section. Groups developed a strategy and they could measure progress. The quilt making it was unpredictable, no visibility of the end goal. Individuals and groups were working with their own imagination. They had resources, which they had to maximize. The development of the groups was by self-selection. Individuals & groups recognized the greater possibilities ~ there was more to be gained by collaborating. The quilt making relates to the world in which the entrepreneur must operate.
Jig saw there was order. Groups planned and organized, arranged themselves & maximised their effort. There was visibility. Groups developed a strategy and they could measure progress. Quilt making was unpredictable. No visibility of the end goal. Individuals and groups were working with their own imagination. They had resources, which they had to maximize. The development of the groups was by self-selection. Individuals & groups recognized the greater possibilities ~ there was more to be gained by collaborating. The quilt making relates to the world in which the entrepreneur must operate.
Mandatory year long freshman module. Student groups of approx 28 per group. A loan of $3000 per group to develop a business. Business structure, complete set of accounts. Fall semester = idea generation, market research, & business planning. Spring semester = implementation, managing and harvesting the business. Individual participation & assignments = 65% Project team & business = 35%. Babson absorb any losses incurred, profits made are given to charity. Average sum donated to charity was over a ten year period is in excess of $30,000 per year
Mandatory year long freshman module. Student groups of approx 28 per group. A loan of $3000 Collective per group Results to develop for a one business. particular year Business structure, complete set of accounts. Sales ($) Profit ($) Expense ($) Fall semester = idea generation, market research, & business Average planning. 9000 2398 6685 Spring semester = implementation, managing and High 58704 14873 43830 harvesting the business. Individual Low participation 2649 & assignments (407) = 1407 65% Project team & business = 35%. Babson absorb any losses incurred, profits made are given to charity. Average sum donated to charity was over a ten year period is in excess of $30,000 per year
Lecture on Self Understanding
Reflection is an important aspect of the Price Babson SEE Programme. By engaging in reflective practice it is considered that the educator is in a better position to teach reflective practice. As part of the SEE program, participants are required to reflect on each days activities. Spend some time individually reflecting on the day using each of the five types of reflective practices outlined. Each group meets to discuss individual reflections and develop a group reflection. Express reflections in an honest, professional manner. Candor is useful as long as it is constructively presented. There is no set length to the reflections. Longer is by no means better. Good short writing is a difficult but very valuable skill. Post the daily reflection to the Blackboard Discussion Board. Each group should be prepared to report out to the larger SEE group when called upon.
The Rocket Pitch Throughout the week, working groups were assigned a task of creating a new innovative teaching tool which could be used to improve the teaching of entrepreneurial thought and action. Some or all of the teaching tools, techniques discussed throughout the programme could be incorporated. Groups were free to develop either a creation teaching tool or a prediction teaching tool or a combination of both. The rocket pitch affords each group the opportunity to present their work and share the new teaching tool with all participants, by way of a three minutes presentation & using only three power point slides. The following slide provides a list of the presentations
Intense week of study Accommodation provided on the campus. Multicultural participants 66 participants from Canada, China, Denmark, Dominican Republic, France, Germany, Guatemala, Ireland, Japan, Puerto Rico, Singapore and the USA. Global experiences ~ possibility of networking. Academics and Entrepreneurs combined 40 Academics and 26 entrepreneurs Innovative Pedagogies Rocket Pitch Babson College Founded 1919 by Roger Babson to provide a different type of education Always in the top business/entrepreneurship in the world
Integration of the SEE into DKIT The Rocket Pitch
A powerful and disciplined format to present a new business idea Provides a vehicle for describing an opportunity for a business idea in a clear concise manner The challenge is to frame the idea and message clearly and consistently within a 5 minute timeframe
Main goal is to illustrate the business opportunity Preparation is key to ensuring that every single person in the room has a vivid picture of the opportunity identified and the value that could be created if acted upon A pitch needs to be clear, straightforward and not over technical
160 Students in Semester 1 (BS3 Level 7 and BAPR3 Level 8), Teams of 3-4. All groups were given a common problem statement from which they initially identified three business ideas (at least one product). Asked to develop a Feasibility Analysis for one idea and prepare a rocket pitch presentation.
According to the Irish Health Service Executive's (HSE) 2009 report on the Health of the Nation,. "The prevalence of overweight and obesity in Ireland is now higher than most countries in the EU."
Industry Analysis Illustration of idea and depict value from customer s perspective Outline of PROBLEM from customer s perspective (supporting pain statements) Key factors creating opportunity for the idea Preliminary Market and Competitor Analysis Overall viability of idea (based on information so far)
Rocket Pitch Students were not allowed to use any notes for reference during the pitch so preparation was key. Pitch was timed officially and students were asked questions afterwards and given feedback on their idea going forward. Feasibility study notes submitted at the same time as Rocket Pitch.
This very different presentation format provided a challenge for students, demanding a lot of preparation to ensure precision and an attention grabbing pitch.
Be confident Show passion, enthusiasm and be in command Have effective coordination between narratives and slides Use mock ups, props be creative! It s not just about content, its about style
Grab the attention of the audience Identify the customer problem/pain Highlight competitive advantage through value proposition Focus on the opportunity (describe it clearly) Practice and Polish Pitch
Rules Do not speak too fast (time each slide) Do not use a lot of technical jargon (keep it simple) Do not show operational details that will be difficult to follow in a short period of time Do not read slides Do not exceed the time limit but use all the time allocated
Content/Level of Research Conducted Structure, Preparation, Coherency Oral Presentation Style Visuals and Supports Q&A Feasibility Study Notes Feed Back from Students Very Positive
Summer Venture Programme Babson College Massachusetts.
Is a 10-week intensive experience designed to accelerate the development of student entrepreneurial ventures. Undergraduates and graduate students from Babson & students of Franklin W. Olin College of Engineering. 20 teams participate in the programme. Housing, work space, mentors, a speaker series & other resources to help their businesses develop. Concludes with a Demonstration Day where each team presents in front of professional investors and the Babson community.