Description
On this brief information in regard to fostering an entrepreneurial spirit educating and launching entrepreneurs in a university setting.
Fostering an Entrepreneurial Spirit:
Educating and Launching Entrepreneurs in a
University Setting
Presented By:
Daniel Satinsky
V.P. Business Development, Foresight Science & Technology, Inc.
Adapted from a Presentation By:
Dan Gregory
Co-Director Center for Entrepreneurship Education, Northeastern University
With Advice From:
Professor Daniel McCarthy
Co-director of the Center; Alan S. McKim and Richard A. D'Amore Distinguished
Professor of Global Management and Innovation
1
2
Northeastern University – Cooperative
Education
• Private, non-profit
research university
founded in 1898.
• Main campus –
Boston
• Undergrads – 16,000
• Grad students – 8,000
• Largest number of
foreign students in
Boston area
• One of the largest &
oldest coop programs
in US.
3
Relevance of Coop Education to
Entrepreneurship?
? Difference between Coop and Internship.
– Originally developed for training engineers.
– Expanded to other disciplines to join work & academics.
? NU has extensive business networks from coop program.
– 3,000 Coop employers –companies, hospitals, universities,
government bodies and non-profits.
? Now using these to focus on experiential entrepreneurship
education.
– IDEA
– NU Center for Entrepreneurship Education
– Social Enterprise Institute
– Student Entrepreneurship Club
– Undergrad and grad degrees in entrepreneurship
4
Educating students, faculty and alumni from all Colleges in innovation and
entrepreneurship, and helping them launch new ventures
Incubate Educate Launch
• DMSB concentration
• Minors
• Innovation! Course
• Co-ops
• Lab-to-Ventures
• Alumni and Veteran
boot camps
• Business planning
process
• Coaching
• Mentoring
• Gap funding
• Service providers
• Pitches
• Networking
• Incubators such as
MassChallenge, Tech
Stars
• Counsel
5
Building an Entrepreneurial Ecosystem on
Basis of Coop Education
Key Characteristics:
• Peer-to-Peer Relationship Among Young Entrepreneurs
• Staged gate Development with Company Specific Teaching
• Mentoring by alums & business community through Mentor Network
• Investor Network for Later Stage Feedback and Funding
Stage Gates: Tracking Progress of
Ventures
Ready Set Go
Business
Strategy Pitch
Business Model
Pitch
Business Plan
Value
Proposition
Coaches, Workshops Service Providers, Mentors Gap Funding, Investor Network
Active ventures: 125 (fluctuates)
89 16 20
? Staffed by 20 undergraduate
managers, led by a CEO.
? 30-35 Graduate and
Undergraduate Coaches.
? Peer-to-peer exchanges and
vetting lead to proliferation of
new ventures (20/month).
? 400 ventures since January,
2010.
? 125 Active Ventures at any
one time.
? As many fail as move on in
the process.
7
Peer-to-Peer Relationship Among Young
Entrepreneurs
? Fortifying
Northeastern’s
innovative culture.
? Venture Mentor Service
with volunteer alumni
and other industry
professionals.
? Currently around 50
? Quality more important
than quantity.
8
Venture Mentoring Network
? Database of investors
invited to Pitch-a-thons
(50-60) listen to 12+
ventures who have
passed through staged
development.
? In last 15-18 months, 30
have raised over $12.5
million from angel
investors.
9
Investor Network – Feedback & Funding
? Company Formation:
– 450 ventures since 2010, with 20 new
ventures/month - 125-150 ventures capacity
– 36 ventures have received Gap Funding
– 30 ventures have raised outside funding (equity or
grant) of $13 million in last 18 months.
? Case Study: “Bureo” – changing plastic waste
from Chile’s oceans into skateboards
10
Key IDEA Results
? Engage entire community-
ventures come from across
campus and across disciplines.
? Integrate classroom and
experiential learning –staged gate.
? Peer-to-Peer early stage
development.
? Teaching linked to specifics of
individual project.
? Network of experienced mentors
and early-stage investors.
? Metrics for success not just
success of the ventures, but the
careers of the young people
touched through the program.
11
Summary Points:
doc_220346919.pdf
On this brief information in regard to fostering an entrepreneurial spirit educating and launching entrepreneurs in a university setting.
Fostering an Entrepreneurial Spirit:
Educating and Launching Entrepreneurs in a
University Setting
Presented By:
Daniel Satinsky
V.P. Business Development, Foresight Science & Technology, Inc.
Adapted from a Presentation By:
Dan Gregory
Co-Director Center for Entrepreneurship Education, Northeastern University
With Advice From:
Professor Daniel McCarthy
Co-director of the Center; Alan S. McKim and Richard A. D'Amore Distinguished
Professor of Global Management and Innovation
1
2
Northeastern University – Cooperative
Education
• Private, non-profit
research university
founded in 1898.
• Main campus –
Boston
• Undergrads – 16,000
• Grad students – 8,000
• Largest number of
foreign students in
Boston area
• One of the largest &
oldest coop programs
in US.
3
Relevance of Coop Education to
Entrepreneurship?
? Difference between Coop and Internship.
– Originally developed for training engineers.
– Expanded to other disciplines to join work & academics.
? NU has extensive business networks from coop program.
– 3,000 Coop employers –companies, hospitals, universities,
government bodies and non-profits.
? Now using these to focus on experiential entrepreneurship
education.
– IDEA
– NU Center for Entrepreneurship Education
– Social Enterprise Institute
– Student Entrepreneurship Club
– Undergrad and grad degrees in entrepreneurship
4
Educating students, faculty and alumni from all Colleges in innovation and
entrepreneurship, and helping them launch new ventures
Incubate Educate Launch
• DMSB concentration
• Minors
• Innovation! Course
• Co-ops
• Lab-to-Ventures
• Alumni and Veteran
boot camps
• Business planning
process
• Coaching
• Mentoring
• Gap funding
• Service providers
• Pitches
• Networking
• Incubators such as
MassChallenge, Tech
Stars
• Counsel
5
Building an Entrepreneurial Ecosystem on
Basis of Coop Education
Key Characteristics:
• Peer-to-Peer Relationship Among Young Entrepreneurs
• Staged gate Development with Company Specific Teaching
• Mentoring by alums & business community through Mentor Network
• Investor Network for Later Stage Feedback and Funding
Stage Gates: Tracking Progress of
Ventures
Ready Set Go
Business
Strategy Pitch
Business Model
Pitch
Business Plan
Value
Proposition
Coaches, Workshops Service Providers, Mentors Gap Funding, Investor Network
Active ventures: 125 (fluctuates)
89 16 20
? Staffed by 20 undergraduate
managers, led by a CEO.
? 30-35 Graduate and
Undergraduate Coaches.
? Peer-to-peer exchanges and
vetting lead to proliferation of
new ventures (20/month).
? 400 ventures since January,
2010.
? 125 Active Ventures at any
one time.
? As many fail as move on in
the process.
7
Peer-to-Peer Relationship Among Young
Entrepreneurs
? Fortifying
Northeastern’s
innovative culture.
? Venture Mentor Service
with volunteer alumni
and other industry
professionals.
? Currently around 50
? Quality more important
than quantity.
8
Venture Mentoring Network
? Database of investors
invited to Pitch-a-thons
(50-60) listen to 12+
ventures who have
passed through staged
development.
? In last 15-18 months, 30
have raised over $12.5
million from angel
investors.
9
Investor Network – Feedback & Funding
? Company Formation:
– 450 ventures since 2010, with 20 new
ventures/month - 125-150 ventures capacity
– 36 ventures have received Gap Funding
– 30 ventures have raised outside funding (equity or
grant) of $13 million in last 18 months.
? Case Study: “Bureo” – changing plastic waste
from Chile’s oceans into skateboards
10
Key IDEA Results
? Engage entire community-
ventures come from across
campus and across disciplines.
? Integrate classroom and
experiential learning –staged gate.
? Peer-to-Peer early stage
development.
? Teaching linked to specifics of
individual project.
? Network of experienced mentors
and early-stage investors.
? Metrics for success not just
success of the ventures, but the
careers of the young people
touched through the program.
11
Summary Points:
doc_220346919.pdf