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Bill Aulet GEC2016 keynote speech March 16 2016 Medellin Colombia

Bill Aulet's keynote speech at 2016 Global Entrepreneurship Conference in Medellin Colombia. Focus on the past, present and future of entrepreneurship educaiton and what needs to be done.

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# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
#GEC2016
@GECGLOBAL
GEC.CO
# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
Bill Aulet
Managing Director, Martin Trust Center for MIT Entrepreneurship & Author of
“Disciplined Entrepreneurship”
# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
Purpose of this Presentation
• We are all interested in entrepreneurship
• The world needs entrepreneurs more than ever before
• To have more entrepreneurs, we need to educate/train more
and higher quality
• We can do better
• How we can improve entrepreneurship education
3
# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
What Is Entrepreneurship?
4
# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
Innovation = Invention*Commercialization
Definition of Innovation
# G E C 2 0 1 6 | @ G E C G L O B A L | G E C .
C O
What Is Entrepreneurship?
Innovation
* Technology
essentials
* Knowledge of
science &
engineering
* Skills to develop
* Skills to build
Entrepreneurship
* Business
essentials
* Venture
engineering
* Knowledge to
frame decisions
* Skills to start
* Skills to grow
6

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Bill Aulet GEC2016 keynote speech March 16 2016 Medellin Colombia

  • 1. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O #GEC2016 @GECGLOBAL GEC.CO
  • 2. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship & Author of “Disciplined Entrepreneurship”
  • 3. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Purpose of this Presentation • We are all interested in entrepreneurship • The world needs entrepreneurs more than ever before • To have more entrepreneurs, we need to educate/train more and higher quality • We can do better • How we can improve entrepreneurship education 3
  • 4. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O What Is Entrepreneurship? 4
  • 5. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Innovation = Invention*Commercialization Definition of Innovation
  • 6. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O What Is Entrepreneurship? Innovation * Technology essentials * Knowledge of science & engineering * Skills to develop * Skills to build Entrepreneurship * Business essentials * Venture engineering * Knowledge to frame decisions * Skills to start * Skills to grow 6
  • 7. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Past 1. Practitioner or Academic 2. Little differentiation between types of entrepreneurship 3. Demand was relatively small & field was seen as a niche (orphan?) 4. Not perceived as a worthy academic pursuit 5. Can it be taught? Should it be taught? 7
  • 8. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 8 • Being an entrepreneur is the new “cool” thing. As a result, demand for entrepreneurship is blowing up! Present
  • 9. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Present 1. Demand sky rockets 2. Overflows from academic institutions 3. Gap filled predominantly with practitioners 4. Shortage of academics 5. Coming crisis in entrepreneurship education (Sept 2013) 9
  • 10. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 10
  • 11. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 11 Crisis in Entrepreneurial Education Demand Supply of quality Time Storytelling
  • 12. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Importance of Spirit 12
  • 13. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 13 Spirit + Skills Successful Entrepreneurship
  • 14. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 14 +
  • 15. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Future 1. Serious academic and professional field 2. Rigorous but practical 3. New type of product a) Segmentation of market b) Dynamic system to adjust c) Value-based as opposed to Credential-centric d) JIT delivery model 4. Need to differentiate from private models 15
  • 16. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Process •Start with market segmentation to identify different types of students in classes today Segmentation •Real representative examples (MIT) •Significant shift in demandPersonas •Identify needs by persona •Note common areas as wellNeeds •Modular for flexibility & customization, as well as rigor & quality •What is our current set of offerings?Design •Multiple mechanisms for delivery •Giving options to customers (students)Delivery •Research best practices •Identify gaps and areas of weakness  Remediation plans developed & implementedAction 16
  • 17. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Example: Target Customer Definition & Segmentation for MIT • MIT students • Undergraduate (UG) • Graduate Student – MBAs (MBA) • Graduate Student – other Masters or PhD (Grad) • Post Doctoral Student* (PostDoc) • Any of the five schools at MIT • We will further distinguish between all of these categories of students by their interests using the persona methodology • Again, we focus on IDE not SME entrepreneurship 17
  • 18. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Market Segmentation: Personas Exploratory/ Curious Ready-to-Go Entrepreneurshi p Amplifier Corporate Entrepreneur Description of Persona Interested but has no driving idea or team; is in exploratory mode; starts here but will migrate to another state or out of entrepreneurship Chomping at the bit & just wants help to get going – has idea, tech &/or core of team Interested in understanding enough to successfully promote in their org (e.g., gov, corp, family business) but is not the entrepreneur Wants to be an entrepreneur in a large organization Needs at a High Level Need info on career choice, soft skills, ideation, team building and then some first-hand experience to get a sense of the process Wants specific skills and lots of them, very quickly; less on the upfront things emphasized for the “curious” persona; wants the deep, immersive experience of being an entrepreneur on her idea/technology Interested in all steps in some depth but even more interested in strategy, policy and economic impact of the field. Will want to have the experience of being an entrepreneur so can empathize but more interested in the process than the idea or team Wants depth in executing the process so comfortable doing it again but less tied to the idea or team; more interested in organizational issues and environment issues 18
  • 19. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement Aggregate Needs Assessment: Business Essentials*
  • 20. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement General Road Map for Needs of Curious Entrep*
  • 21. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement General Road Map for Ready To Go Entrep*
  • 22. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement General Road Map for Entrepreneurship Amplifier*
  • 23. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement General Road Map for Corporate Entrep*
  • 24. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Fulfillment Mechanisms 1. Residential Classes (Full Semester, Half Semester, Short Classes) 2. Online Classes (e.g., edX/MITx/OpenCourseWare) 3. Lecture Series and/or Workshops (“SnackPacks”) 4. Extra or Co-Curricular Clubs/Activities (e.g., Competitions, Hackathons) 5. Resources Page (Supplementary materials, e.g., blog posts, podcasts, video or other materials) 6. Advisory Network (Specialists, Coaches, Mentors)
  • 25. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O * - An open framework built for constant refinement Full Suite of Offerings Within Each Tile
  • 26. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Most Fundamental Questions for Entrepreneurship Education 1. Why 2. Can 3. How 26
  • 27. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 27
  • 28. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O How • How should entrepreneurship be taught? 1. Open (common language & best tools) 2. Systems Approach (integrated & prescriptive) 3. Rigorous but Practical (mens et manus) 28
  • 29. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Student Personas 29
  • 30. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Comprehensive Curriculum Tile Approach 30 * - An open framework built for constant refinement
  • 31. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O How 24 Steps Was Put Together 31
  • 32. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 32
  • 33. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 33
  • 34. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 34
  • 35. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 35
  • 36. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 36
  • 37. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 37
  • 38. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 38
  • 39. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Action • Entrepreneurship Educators Forum
  • 40. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O The mission: Improve entrepreneurship education, and make it more rigorous and professional • How? – An open-source, collaborative platform for curated high quality entrepreneurship teaching materials – A community to discuss challenges, share best practices and drive innovation in entrepreneurship education – Guidance and support from an advisory council – leaders of entrepreneurship education in top institutions • What? – An online platform (MVP launched @ www.eef.io) – The MIT entrepreneurship programming roadmap as a base to get going – A series of webinars focusing on the “tiles” in the framework, recorded and available on the website – often including syllabi and other teaching materials – All free and open to all
  • 41. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 41 Michal Gilon-Yanai
  • 42. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Future 1. Serious academic and professional field 2. Rigorous but practical 3. New type of product a) Segmentation of market b) Dynamic system to adjust c) Value-based as opposed to Credential-centric d) JIT delivery model 4. Need to differentiate from private models 42
  • 43. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O What Differentiates Us? • We help create entrepreneurs not companies. 43
  • 44. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O What We Are Not … o Economic development organizations o It is a by product but not the focus o This makes us unique in an entrepreneurial ecosystem and we should be proud and steadfast in our commitment to our mission and role 44
  • 45. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O More Info The Book www.disciplinedentrepreneurship.com Progress Dashboard www.detoolbox.com 45
  • 46. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Also Available in Spanish
  • 47. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O 47 Free* Online Courses
  • 48. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Other Relevant Material I
  • 49. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Other Relevant Material II
  • 50. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O
  • 51. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O End Questions? 51 Twitter: @billaulet
  • 52. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Appendices 52
  • 53. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Story of Reo, Rita, Natalie, Chuan & Gavin Start IAP Jan 2015 15.390 Feb – May 2015 GFSA June – Aug 2015 BCG Hacking Arts PowderWave GSD Sept – Jan 2015 IDEOSumo Logic TA 6.93 3
  • 54. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Key Take Aways • Entrepreneurship can be taught and it is effectively with a good process • The students appreciate there is value in a rigorous/disciplined process for entrepreneurship – it is not just magic and mentorship • Entrepreneurs and companies evolve over time in a Darwinian manner – fluid teams are essential to optimize the learning process (as well as success) • By the way, note the diversity in the teams! 54
  • 55. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O Validation Designing Team Building Check Points on the Entrepreneurship Education Ramp Inspiration, Idea, Technology Classroom Extra- Curricular Accelerator Key Points to Form/Reform Team: V1, V2, V3, V4, …
  • 56. # G E C 2 0 1 6 | @ G E C G L O B A L | G E C . C O #GEC2016 @GECGLOBAL GEC.CO