VentureWell Open conference presentation March 25 2017 v2 bill copy
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Bill Aulet's presentation at the VentureWell Open conference in Washington DC to entrepreneurship educators with material on his just being released Disciplined Entrepreneurship Workbook
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VentureWell Open conference presentation March 25 2017 v2 bill copy
- 1. DISCIPLINED ENTREPRENEURSHIP 1 Bill Aulet @BillAulet – tweet me questions Managing Director, Martin Trust Center for MIT Entrepreneurship What Does Really Mean & Why Should You Care?
- 2. Purpose of this Presentation We are all entrepreneurship educators The world needs us more than ever before We can do better How we can up our game 2
- 3. Innovation = Invention*Commercialization Definition of Innovation
- 4. 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 4
- 5. 5 Being an entrepreneur is the new “cool” thing. As a result, demand for entrepreneurship is blowing up!
- 6. 6 But is there sufficient understanding of the topic? Hmmm….
- 7. DISCIPLINED ENTREPRENEURSHIP Definition of Entrepreneurship – 2 Types Entrepreneurship SME (Small Medium Enterprise) Local Market Focus Restaurants, Dry Cleaners, Services IDE (Innovation-Driven Enterprise) Global Market Focus Products w/ Innovation at Core • Δt is short • Linear growth (capped) • Less investment required • Δt is long • Exponential growth (uncapped) • A lot of investment required
- 8. Other Questions for Entrepreneurship Education 1. Why 2. Can 3. How 8
- 9. 9 Crisis in entrepreneurial education Demand Supply of quality Time Storytelling
- 11. 11 Spirit + Skills Successful Entrepreneurship
- 12. How Entrepreneurship Should Be Taught 1. Open (common language & best tools) 2. Systems Approach (integrated & prescriptive) 3. Rigorous but Practical (mens et manus) 4. Use Our Own Methodology 12
- 13. How 24 Steps Was Put Together 13
- 14. 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 14
- 15. 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 15
- 16. Market Segmentation: Personas Exploratory/ Curious Ready-to-Go Entrepreneurship 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 16
- 17. Needs Assessment: Business Essentials* 17 Defining & Refining Product Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance Communications Sector Deep Dives Customer Acquisition Strategy Product Design Product Development Leadership & Culture Negotiations Scaling - Manufacturing Work-Life Balance Financing HR Project Management Dealing with Adversity Core Entrepreneurship Specific Skills : Corporate Entreprnrship Corporate Strategy “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Product Management Legal Business Model & Pricing Scaling: Process & Infrastructure General Skills Valuable to Entrepreneurs: Essential Skills for Entrepreneurs (Semi-Customized): Building Eship Systems * - An open framework built for constant refinement
- 18. 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)
- 19. Offerings Mapping to Needs 19 Defining & Refining Product Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance Communications Sector Deep Dives Customer Acquisition Strategy Product Design Product Development Leadership & Culture Negotiations Scaling - Manufacturing Work-Life Balance Financing HR Project Management Dealing with Adversity Core Entrepreneurship Specific Skills : Corporate Entreprnrship Corporate Strategy “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Product Management Legal Business Model & Pricing Scaling: Process & Infrastructure General Skills Valuable to Entrepreneurs: Essential Skills for Entrepreneurs (Semi-Customized): Building Eship Systems Ideation Classes: • 6.933: Founders’ Journey (1 class) • 15.390: New Enterprises (2 classes) • Also included in 2.75: Medical Device Design, 3.042: Materials Project Lab, 2.009: Prod Engineering Process, ESD.051J: Eng Innovation & Design • IAP class: “Figuring Out the Next Big Thing” IAP.123 edX: • Watch this space … Extra-Curricular & Clubs: • Sloan Design Club • Hackathons (e.g MIT Hacking Medicine) • $100K Brainstorming sessions SnackPacs • t=0 Brainstorming Sessions • Lecture series (at least every 2 months) Online/Library: • Videos (IDEO, Improv, plus others) • Tina Seelig online class • Add books Professional Advisor Network Contacts • Main contact: Sam Breen • Specialist: Elaine Chen* • Gordon Contact: Blade Kotelly • VMS Contact: Roman Lubensky
- 20. Clarity of Mission: What Makes Us Different? – “Raison d’Etre” We help create entrepreneurs not companies. 20
- 21. But Let’s Now Get Specific
- 22. Beachhead Market “Ready to Go” Chris had his business idea even before the school year began and the drive to start his business ASAP. Chris is already meeting other students so he can find his co- founder, securing mentors, and building his network. He is taking the course for some guidance, but he would have started his business even without the class. 22
- 23. Comprehensive Curriculum Tile Approach 23 Defining & Refining Product Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance Communications Sector Deep Dives Customer Acquisition Strategy Product Design Product Development Leadership & Culture Negotiations Scaling - Manufacturing Work-Life Balance Financing HR Project Management Dealing with Adversity Core Entrepreneurship Specific Skills : Corporate Entreprnrship Corporate Strategy “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Product Management Legal Business Model & Pricing Scaling: Process & Infrastructure General Skills Valuable to Entrepreneurs: Essential Skills for Entrepreneurs (Semi-Customized): Building Eship Systems * - An open framework built for constant refinement
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- 31. Benefits of Approach Comprehensive yet Practical Integrated Proven & Tested – To Stand the Test of Time Sequential/Prescriptive Creates Common Language for Knowledge Transfer and Accumulation 31
- 33. Product Development Must be a Rapid & Continuous Process 33 © Ash Maurya, “Running Lean”, www.ashmaurya.com
- 35. 35 “I'm actually as proud of the things we haven't done as the things I have done.” —Steve Jobs
- 36. Examples of Disciplined Entrepreneurship 36 Raised $118M since founded in 2013 Nima Sensor Raised $13.2M since founded in 2013 “Best Inventions of 2015” – Time “Most Important Health Innovations of 2016” – Popular Science For dozens more, go to our web site and look at the presentations by our teams of all types and varieties that go through our Capstone summer accelerator program delta v – http://entrepreneurship.mit.edu/accelerator/program/
- 38. But There is Much More … 38
- 40. Other Tools to Help Educators Progress Dashboard www.detoolbox.com 40 • Dropbox Teaching folder w/ teaching materials • Youtube videos • Slideshare.net • www.EEF.io • Trust Center Annual Report • Open Source/Creative Commons arrangement • entrepreneurship.mit.edu • January Entrepreneurship Development Program @ MIT • Articles • www.disciplinedentrepreneurship.com
- 41. Articles 41 “The Most Overrated Thing in Entrepreneurship” “How Acceleration Trumps Incubation” “Culture Eats Strategy for Breakfast” “Our Dangerous Obsession with the MVP”
- 42. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 42 +
- 44. “You learn so much more after you write a book than while you are doing it” – Charlie Fine 44
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- 46. Disciplined Entrepreneurship Workbook • More guidance on how to do each step • Worksheets, exercises, case studies, more depth • More surrounding material • Step 0, additional other sources, brainstorming • 3 new big items: • DE Canvas • Primary Market Research (PMR) guide • Windows of Opportunities and Triggers 46
- 48. Illustrations done by the great Marius Ursache - @mariusursache on twitter 48
- 49. Appendices 49
- 50. 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 6.933
- 51. 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! 51
- 52. 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, …