open2012 first-year-review-innovation-program

First-year review of a new living-learning entrepreneurship and innovation program for Honors College freshmen and sophomores at the University of Maryland

James Green, Director – Entrepreneurship Education, Mtech & Hinman CEOs Program Jay Smith, Director – Entrepreneurship & Innovation Program

Jaclin Warner, Coordinator – Entrepreneurship & Innovation Program

Agenda• Genesis and Goals • Student Recruitment-Selection• Living Community• Learning Curriculum• New Venture Creation• Lessons Learned

Entrepreneurship and Innovation Program (EIP) eip.umd.edu

Genesis & Goals • The Entrepreneurship and Innovation Program (EIP) is a

two-year, freshman-sophomore living-learning program serving approximately 70-75 students per class year– Launched in fall 2010 to meet surging demand for

undergraduate courses and programs in entrepreneurship and innovation at UMd and throughout the country

– Help build students’ entrepreneurial skills in opportunity discovery, creativity, innovation, and venture creation

– Awarded Honors College-EIP citation upon completion

• Joint program of the University of Maryland Honors College and the Maryland Technology Enterprise Institute (Mtech) of the A. James Clark School of Engineering

~ 1,000 students/class year = ~ 4,000 students (1/6 of total undergrads)

Fall2010

Fall2010

Fall2011

Expansion of Honors College Thematic LLPs

70-75 70-75 70-75 70-75150-200 400-500FreshmanCohort

UMd Strategic Plan Alignment• GOAL 1: THE UNIVERSITY WILL IMPLEMENT A NUMBER OF INITIATIVES TO IMPROVE THE QUALITY OF

UNDERGRADUATE EDUCATION. OUR PROGRAMS WILL BE COMPREHENSIVE AND CHALLENGING, WILL MATCH OR EXCEED STUDENTS’ LEARNING GOALS, AND WILL SERVE THEM WELL AS A FOUNDATION FOR THE WORKPLACE OR ADVANCED STUDY AND FOR A MORE FULFILLING LIFE.

• GOAL 2: THE UNIVERSITY WILL ATTRACT A LARGER POOL OF APPLICATIONS FROM ACADEMICALLY TALENTED STUDENTS, ENROLL MORE STUDENTS FROM UNDERREPRESENTED GROUPS, ENROLL AN INCREASINGLY STRONGER GROUP OF FRESHMAN AND TRANSFER STUDENTS, AND BECOME THE SCHOOL OF CHOICE FOR MORE OF THE HIGHEST ACHIEVING STUDENTS GRADUATING FROM MARYLAND HIGH SCHOOLS.

• GOAL 3: THE UNIVERSITY WILL SET HIGH EXPECTATIONS FOR STUDENT SUCCESS AND WILL ACT TO ENSURE THAT UNDERGRADUATE STUDENTS MEET THEIR EDUCATIONAL GOALS IN TIMELY FASHION.

• GOAL 4: PRIMARILY THROUGH THE LEADERSHIP OF THE STUDENT AFFAIRS DIVISION THE UNIVERSITY WILL CREATE A NOURISHING CLIMATE THAT PROMOTES THE PERSONAL GROWTH OF STUDENTS AND ENCOURAGES THEM TO PARTICIPATE IN THE WEALTH OF SHARED SOCIAL, ATHLETIC, CULTURAL, AND TRADITIONAL ACTIVITIES THAT PROMOTE A SENSE OF COMMUNITY AMONG THE STUDENT BODY.

Living-learning programs can have significant impact on

“students’ perceived openness to new ideas and concepts.”

(Inkelas, Johnson, et.al. 2006)

Funding

• Total $235,000 / year– Provost/Honors College: $175,000– A. James Clark School of Engineering $25,000– Mtech $35,000 (in-kind operational support)

• $1,567/ student at 150 student capacity– ½ of Hinman CEOs per student rate

• Facilities remodeling funded additionally by Resident Life

Maryland Technology Enterprise Institute

Education- Hinman CEOs- Entrepreneurship & Innovation Program- Hillman Entrepreneurs- Entrepreneurship courses- Tech Startup Boot Camp - Business Plan Competition- Tech. Entrepreneurship Minor

Venture Development- TERP Startup Lab- Venture Accelerator (VA)- Tech. Advancement Program On-campus Incubator (TAP)- 2nd Stage Incubator (TVB)

Industry Partnerships- Product R&D (MIPS)- International Incubator (MI2)- Biotech Scale-Up and Education (BREP)- Manufacturing (UMMAP)

Entrepreneur Office Hours, MIPLRC, Mentoring, Seed & Venture Funding, Venture Fairs

~$28 billion impact since 1983

Entrepreneurship & Innovation Ecosystem

Mtech.umd.edu

Gap in Mtech Education Offerings

2011: Technology Entrepreneurship Minor

69 freshmen applied for the Hinman CEOs program (2008)

• LIVE with aspiring and active entrepreneurs

– Dynamic residential experience– Incubator setting– On-demand mentoring and coaching

• LEARN in a vibrant experiential environment

– Courses, seminars, competitions, workshops, internships, and volunteering

• LAUNCH real companies– 25% of students launch revenue-

generating new ventures while still in the program

– All develop skills and relationships to launch and manage startups and corporate ventures throughout their career

EIP is based on Mtech’s award-winning Hinman CEOs LLPthe Nation’s 1st Living-Learning Entrepreneurship Program

Hinman CEOs launched in 1999 to foster undergraduates’ entrepreneurial spirit, create a sense of community & cooperation for student entrepreneurs, & develop leaders

Senior Mtech Leadership Support

Jay A. Smith, Director25+ years international business innovation and entrepreneurship

• Educator– Joined University of Maryland June 2010– 5 yrs. Assoc. Prof. Kagoshima (National) Univ., Japan

• Program endowed by founder of Kyocera, KDDI, Kyoto Prize

• Entrepreneur: Co-Founder Tokyo-based Internet Co• Advisor: Management consultant - NY/NJ & Tokyo• Finance: Sr. VP Investment Banking – Jefferies & Co., SF • BA, Rutgers – Honors in Economics & Physics • MBA, Harvard Business School

Jaclin (Jackie) WarnerCoordinator

• Rejoined University of Maryland Dec. 2010• Coordinates EIP operational functions, marketing

initiatives, curricular support, and related activities • Held roles in advising, academic and student affairs,

and project coordination at UMCP, UMUC, and Bowie State

• BA & MA in sociology from Stanford University• MBA, Darden Graduate School of Business, UVa.

– Launched Batten Institute Incubator company

EIP Student Profile• Freshman & Sophomore Cohorts

– 70~75 students per class year (140~150 total at full load) (vs. 90 Hinman CEOs)

– 70% from Maryland (vs. 74% for University overall)– Currently 2/3 Male, 1/3 Female – Singers, Dancers, Musicians, Athletes, Designers, “Hackers”

• Diverse majors, double-majors, double-degrees – Business (~35%) , Engineering (~35%) – Arts, sciences, and humanities (~30%)

• Honors students - highest academic performers at UMD– Sophomore, junior, senior credit standing– High credit loads in challenging majors– 17 % Banneker Key academic scholarships– 28% had 4.0 GPA after first semester, 25% 4.0 GPA in third semester– 60% had 3.5 or above in first semester, 90% had 3.0 or above

• Aspire to start ventures/be entrepreneurial/innovative in careers

Student Recruitment-Selection:Multi-Step Entry Process

~25,000 Apply to UMd

by 11/1 Early Decision Date

~10,000Accepted to UMd

~3,000

Invited to Honors College

~2,500 Stu

dents

Rank LLP Preferences

LLP Directors Invite

based

on Profiles , Targets

Students Matriculate

No Separate Application

EIP looks for desire, goals, entrepreneurial experiences/drive, leadership, diversity.

Near 100% of 1st preference acceptance to date (33% yield)

Increasingly AttractiveYear: 1st Pref. EIP2010 1842011 2402012 290 (est.)

High School Outreach

• Open houses• Banneker/Key Days• Maryland Day

Young Scholars Program!

• Campus Visits• Email/advertising• Student-student

Online Resources

• eip.umd.edu • eip@umd.edu , mail list• Twitter: eipumd• Facebook:

– Entrepreneurship & Innovation Program page – EIP group

• Mtech.umd.edu (Mtech info)• honors.umd.edu (Honors College info)

– listserv.umd.edu/archives/umhonors.html

EIP MissionTo foster an entrepreneurial spirit, create a sense of community and cooperation, and develop ethical and innovative leaders.

Entrepreneurship as means to:

• Personal Development – Self-knowledge, Self-discovery – Self-expression, Self-actualization

• Academic and Professional Development– Applying entrepreneurial mindset and innovation to all academic

and professional pursuits– Leaders and change makers in their fields

• Venture Creation and Development– Launching business at university or afterward– Create positive change in the world

“I believe that we can use television and film to be an influence for good; that we can help to shape the thoughts of children and adults in a positive way.”

Jim HensonUMd ‘60

Creativity Leverage Impact⋅ ⋅

Living Community

Building the Living Community• All students required to reside in the program residence hall for their

freshman and sophomore years. – Unique among Honors LLPs – Invaluable to community building – Requirement based on Hinman CEOs experience

• Program offices, some classrooms and other facilities in residence hall – Retrofit of existing spaces– Facilitates mentoring and coaching– Creates an incubator-like setting

• Coordinate with Resident Life & Resident Facilities at multiple levels– Activities: Senior staff, community director, residence director, RAs – Issues: Resident room assignments, rights, responsibilities, adjudication– Facilities redesign planning process - primarily funded by Res. Facilities

La Plata Hall, North Campus

New Fall 2011: Honors College Community (EIP, GEMS, ILS, UHP)

College Park ScholarsCommunity

(Mtech HQ)

(TAP Incubator)

+ Air Conditioning

Built 1968

EIP Residents - Floors 2-4

EIP, ILS, HC Resident Life Offices - Floor 1

Newly Built Work/Study Team Rooms

Learning Curriculum• Experiential-learning model which includes:

– Living-learning community – Honors-level courses and seminars– Guest speakers, case studies, simulations, workshops– Creativity and design projects– Team-building/leadership development activities– Business competitions and venture creation activities– Internships, volunteer activities on campus and in DC area– Hinman, EIP alums as teaching assistants

• 15 credits required for completion of the program – 9-credit series of 4 courses created exclusively for EIP student cohorts across

their first four semesters– 6 credits (2 courses) honors seminars– 1 credit HEIP 100 discontinued from fall 2012

Entrepreneurship & InnovationProgram (EIP)

Entrepreneurship & InnovationProgram (EIP)

Internships w/ Startups

& VCs

Internships w/ Startups

& VCs

Seed FundSeed Fund

Facilities & EquipmentFacilities & Equipment

International

Perspective

International

Perspective

Tools & Resources Tools &

Resources

Events & Competition

s

Events & Competition

s

Entrepreneur Office Hours

Entrepreneur Office Hours

Law & Accounting

Services

Law & Accounting

Services

Student Leadership Opportuniti

es

Student Leadership Opportuniti

es

Small Group

Discussions

Small Group

Discussions

Alumni ProgramsAlumni

Programs

AcademicsAcademics Philanthropy

Philanthropy

Coaching & Mentoring

Coaching & Mentoring

Surround the Student

Plus 2 Honors Seminars or I-Series courses (6 credits), totaling 15 credits (from fall 2012)

Core Curriculum

(1 section) (3 sections)

(3 sections) (2 sections)

Course Assignments

HEIP 143 Foundations of Entrepreneurship & Innovation (1 credit, 1 section of 70-75)• Lecture, Guest Speakers, Discussions, Video• Admired Company• Business Ethical Conflicts/Issues• Leader in your life• Expectations for 2030, Desired 2030• Life Cards• Leadership Style Assessment (Bateman Snell)• Entrepreneur Interview• Entrepreneurial Plan (Timmons Spinelli)

HEIP 144 Contemporary Issues in Entrepreneurship & Innovation (3 credits x 3 sections 10-28 students)• Lecture, Discussion, Projects, Video• Sources of Innovation (Drucker)• Attend events & competitions (BPC, DOE, SVC)• Campus problem solving (bottlenecks, process)• Marketing an intangible (brand value, ideavirus)• Redesign the alphabet (lateral thinking)• Product development case (United Beverages)• Rapid prototyping a solution (IDEO)• Final: Innovative solution to important issue

HEIP 240 Exploring International Entrepreneurship & Innovation (3 credits x 3 sections 10-28 students)• Lecture, Guest Speakers, Discussions, Video• Skype sessions • Case studies• Business simulations (Go Venture)• Cumulative team international project

– Business concept with international aspect(s)– Opportunity and market analysis– Business model, marketing, operations– Financials and implementation plan

HEIP 241 EIP Capstone: Creating Enterprise with Social Impact (2 credits x 2 sections 25-38 students)• Lecture, Discussion, Projects, Guest Speakers• 8 Case studies: Walmart, White Dog• Reaction and opinion papers• Attend events & competitions• Cumulative team double/triple bottom line project

– Business concept with international aspect(s)– Mission, Opportunity and market analysis– Business model, marketing, operations– Financials and implementation plan

FALL Spring

Fres

hman

Soph

omor

e

Venture Creation

• In-class team projects develop skills, ideas• Mentoring and coaching to help students in

founding and managing start-ups • Venture creation events and support activities• Companies are 100% student-owned

– No equity sharing with university– No fee for participation in the program

• ~10% of students involved in developing ventures• On-campus and DC area internships

Support Programs and Activities

• Networking Events• EIP Start-up subgroup/workshops• Entrepreneur office hours• TERP Incubator• UMd School of Law legal services team• Mtech Impact Seed Fund (Up to $50,000/year)

– Business concepts that provide social impact– $500-$5,000 for R&D, prototyping, legal, marketing

Lessons (Being) Learned

• Dual Parentage Benefits/Challenges• Resident Life - historically separated

– Communications challenges– Mixed EIP/non-EIP floors

• Building constraints• IP issues: disclosure, co-claimant, first-to-file• Students’ different majors, skills and goals• Ongoing adjustments based on feedback/results

– ~10% attrition: housing, course load, priorities

Assessments

• Student quick intro survey (at entry)• Course evaluation (mid-course, semester)• Program longitudinal survey (annual)• Report to provost (annual)

Longitudinal Survey

98% agreed or strongly agreed

eip.umd.edu

Additional Resources

• eip.umd.edu (general EIP info)• eip@umd.edu• Twitter: eipumd• Facebook:

– Entrepreneurship & Innovation Program page – EIP group

• Mtech.umd.edu (Mtech info)• honors.umd.edu (Honors College info)

– listserv.umd.edu/archives/umhonors.html

eip.umd.edu

EIP: A Great Place to LaunchENTREPRENEURSHIP & INNOVATION PROGRAM

• Honors College + Maryland Technology Enterprise Institute (Clark School of Engineering)– New Honors College Living-Learning Program launched Fall 2010– Mtech: $28 billion impact on the Maryland economy since 1983– Based on Mtech’s award-winning Hinman CEOs living-learning program for juniors and seniors

• Develop entrepreneurial spirit, community, cooperation, and ethical, innovative leaders– Educate: Experiential learning, leadership, management, creativity, case studies, internships – Create: New products/services, new businesses, seed funding, coaching, mentoring – Connect: Speakers, events, competitions, group activities, professional networking

• For any entering Honors College student interested in entrepreneurship and innovation– Diverse Majors: Business, Engineering, Sciences, Psychology, Math, Government, Linguistics– Both for business start-ups as well as for being entrepreneurial & innovative in any organization

• Students & program reside together in La Plata Residence Hall (freshman & sophomore requirement) – Jay Smith: Harvard MBA, BA Rutgers (Econ+Physics) 25yrs. Int’l venture biz, consulting, finance, ed.– Jaclin Warner: U Va. MBA, MA/BA Stanford (Sociology) Grad/Undergrad student advisor– David F. Barbe: Johns Hopkins PhD (EE), Director Mtech, Award-winning entrepreneurship educator

Entrepreneurship and Innovation Program (EIP) eip.umd.edu