1 University of Stavanger Overview of Program Why be an ...¸gskolen ved UiS/… · Builders Unique...
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Monday May 20, 2019
Bill AuletManaging Director,
Martin Trust Center
for MIT Entrepreneurship
University of Stavanger
Overview of Program
Why be an entrepreneur? What does it take?
Why scale?
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DISCIPLINED ENTREPRENEURSHIP
Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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DISCIPLINED ENTREPRENEURSHIP
What is Entrepreneurship?3
The formation of a new venture that produces a
product (which includes in my definition an offering as
well) that creates some value for which your new
venture can capture some value to make it
economically sustainable.
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DISCIPLINED ENTREPRENEURSHIP
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
Further Refinement of this Definition
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DISCIPLINED ENTREPRENEURSHIP
Innovation = Invention*Commercialization
Definition of Innovation
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DISCIPLINED ENTREPRENEURSHIP
What Is Entrepreneurship?
Invention
* Technology essentials
* Knowledge of science & engineering
* Skills to develop
* Skills to build
Commercialization
* Business essentials
* Venture engineering
* Knowledge to frame decisions
* Skills to start
* Skills to grow
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Misperceptions7
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7 Whopping LiesTold About
Entrepreneurs Which are Actually Damaging to All Parties Involved
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DISCIPLINED ENTREPRENEURSHIP
#1 -“Entrepreneurs are
mercurial individualists”
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#2 -“Entrepreneurs are the smartest & most high
achieving people in the room”
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#3 -“Entrepreneurs are born,
not made”
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#4 -“Entrepreneurs love risk”
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#5 -“Entrepreneurs are successful because they are charismatic”
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#6 -“Entrepreneurs are lucky”
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#7 -“Entrepreneurs are undisciplined”
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One Other Misperceptions …
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DISCIPLINED ENTREPRENEURSHIP
The Truth
• Relevant elements of a craft: Accessible
Builders
Unique Products
Learnable
First Principles Exist But Don’t Assure Success
Apprenticeship
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Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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Importance of Spirit21
Willingness and even joy in being
different …
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Importance of Spirit22
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Spirit + Skills
Successful Entrepreneurship
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Successful Entrepreneurship=
Spiritof a pirate
Skillsof a Navy Seal
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+
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Specifically Knowledge of the Process – First Principles
• Domain expertise will be covered on Ocean Industry in
this school as well
• Domain experistise is essential but it should build off
general first principles – which may be bent or altered
but there is no reason to start over everytime
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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
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The MTC4ME Entrepreneurship Ramp
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Inspiration: Idea,
Technology
Application:Extra-Curricular
Acceleration: Fully Immersive
Capstone
Fundamentals:Classroom
Exploration:Workshops, Grants, EIR’s
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The Experience for the Student …38
SeptDemo Day
(Sat)“Yes I Can!”
thenT=0 Festival
(M-Th)Gettingstarted
FallLow Friction
Events, Classes,
Clubs“Increasingexposure”
IAPFUSE,
StartMIT,$100K Pre-Accelerator
Treks,Internships“Starting
to commit”
SpringMore
AdvancedClasses,
Competitions,Ind. Studies,
Services“In the race”
Summerdelta v
Accelerator,Plus other
Fullcommitment
options“Full
immersion –all in for summer”
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Integrated but highly Customizable
as well
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What Does this Look Like on the Ground?
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DISCIPLINED ENTREPRENEURSHIP
The Story of Reo, Rita, Natalie, Chuan & Gavin
Start IAPJan 2015
15.390Feb – May 2015
delta vJune – Aug 2015
BCG
Hacking Arts
PowderWave
GSDSept – Jan 2015
IDEOSumo Logic
TA
6.933
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Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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What is Scaling?44
To take a small venture and make it a big one – in
impact.
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Sense of Urgency45
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Other Examples46