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“The Art & Science of Entrepreneurship: People, Technology, and Innovation”
Dr. Charles H. Matthews Distinguished Teaching Professor
Carl H. Lindner College of Business University of Cincinnati
Cincinnati, OH
18 November 2014
Fiord along the quay in Bodø, Norway ©Charles H. Matthews
2 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
Agenda • What is Entrepreneurship?
• A Conundrum
• People
• Technology
• Innovation/Tech in Practice
• Entrepreneurship Process Model
• Entrepreneurship and the Future
• Q & A
Footbridge, Xiando, China ©Charles H. Matthews
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What is Entrepreneurship?
© Dr. Charles H. Matthews
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ü Entrepreneurship is an economic phenomenon, a scholarly domain, and a teaching subject (Shane & Venkataram, 2000)
ü Entrepreneurship is itself a multi-faceted, complex, social and economic phenomenon. (Auderetsch, 2002)
ü It is a way of thinking! ü Above all – it about starting a new venture
Entrepreneurship
© Dr. Charles H. Matthews
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ü Entrepreneurship is the process of creating venture and value for multiple constituencies, including, but not limited to customers, employees, communities, and countries.
Entrepreneurship
ü Entrepreneurs are the individuals, acting alone or with others, who take the risk and action to create the venture and value for those multiple constituencies.
ü Entrepreneurial is an adjective that has become meaningless through over use and misuse.
© Dr. Charles H. Matthews
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What is Entrepreneurship?
Sales
Accounting
Supply Chain Management
Information Systems
Marketing
Finance
Operations
R&D
Human Resources
Entrepreneurship
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What is Entrepreneurship?
Engineering
New Knowledge
Innovation
Arts & Sciences
Discovery
Design
Invention
Technology
Medicine
Entrepreneurship
© Dr. Charles H. Matthews
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Where is Entrepreneurship?
Individual Entrepreneurship: 95% of firms are Small and Medium Sized Enterprises
Corporate Entrepreneurship: Large firms often need to compete through corporate entrepreneurship (i.e., innovation, venturing, and strategic renewal)
Social Entrepreneurship: not-for-profit ventures
© Dr. Charles H. Matthews
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We understand life backwards…
But we live life forwards… Søren Kierkegaard
© Dr. Charles H. Matthews
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The Entrepreneurship Conundrum
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The Entrepreneurship Continuums
Accelerated/Scalable Business Venture
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The Entrepreneurship Continuums
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The Entrepreneurship Continuums
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The Entrepreneurship Continuums
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The Entrepreneurship Continuums Accelerated/Scalable
Business Venture
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1. The unexpected 2. The incongruity
3. Innovation based on process need
4. Changes in industry or
market structure
Sources of Innovation (Peter Drucker, 1986)
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5. Demographics 6. Changes in perception,
mood, and meaning 7. New knowledge
Sources of Innovation (Peter Drucker, 1986)
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© Dr. Charles H. Matthews
Process
Entrepreneur
Environment
Focus
Opportunity Resources
Team
Creativity Leadership
Communication
Uncertainty Ambiguity
Outside Forces
Value Creation/Proposition © Dr. Charles H. Matthews
Product Customer
Competition
The Entrepreneurial Process
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ü Entrepreneurship is creating venture and value…
ü Innovation is a new idea, device, or method; the act or process of introducing new ideas, devices or methods…
ü People and technology interact via multiple elements and competencies of innovation to create the nexus of innovation and entrepreneurship.
Entrepreneurship: People, Technology, and Innovation
© Dr. Charles H. Matthews
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© Dr. Charles H. Matthews and Ralph Brueggemann
23 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
© Dr. Charles H. Matthews and Ralph Brueggemann
Dr. Ralph Katerberg: Professor and Department Head Dr. Charles H. Matthews: Distinguished Professor and Founder
Dr. Thomas Dalziel: Associate Professor and Director Dr. Sid Barton: Associate Professor Emeritus and Academic
Director Family Business
Center for Entrepreneurship
Education & Research CARL H. LINDNER College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165
phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu
University of Cincinnati
Preparing the next generation of entrepreneurs…
25 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
In the LCB, since 1972, we have developed an entrepreneurship curriculum, teaching, research, and outreach agenda focusing on:
ü new venture creation (individual, corporate, social); ü the formation, management, and growth of small,
entrepreneurial, and family-owned ventures; ü faculty-guided, student-based field case consulting
model.
© Dr. Charles H. Matthews
26 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
Department of Management Global ♦ Entrepreneurship ♦ Management
• Major and Minor in International Business
• Major and Minor in Entrepreneurship • Certificate in Family Business • Certificate in Innovation Transformation • Core and elective courses in
Management, Leadership, Strategy, Organizational Behavior, and more….
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ü ~ 180 Undergraduate
Entrepreneurship majors and double majors; 3rd largest in LCB and 7th largest at UC;
ü ~ 45 MBA/MS students; ü 2 Doctoral students; ü The Outstanding Student in
Business has been an Entrepreneurship Major two times in the four years;
ü Over 460 students took at least one ENTR course at both the undergrad and grad. level during the academic year.
UC Entrepreneurship By the Numbers:
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Award winning faculty and students across multiple departments and colleges
ü Faculty include two recipients of the EXCEL Award, the LCB’s highest award for teaching and a University Distinguished Teaching Professor;
ü Award winning student venture plans; ü In the past six years, five start-ups with
assistance from the Bearcat Bridge Fund.
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Notable Success ü One of the top 50 schools for entrepreneurship (Success Magazine, March 2001)
ü One of the Top 100 Entrepreneurial Colleges (Entrepreneur Magazine, April 2003, 2004, 2005)
ü One of the Top 25 Undergrad. Entrepreneurship Programs (Princeton Review, Oct. , 2008)
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30 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
Curriculum Undergraduate Major 18 hrs. (BBA)
Three Required Courses Students must complete six (6) courses in the
Entrepreneurship/Family Business major. • FIN 4008 New Venture Finance; • ENTR 5070 Entrepreneurship; • ENTR 5098 Capstone in Entrepreneurship
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Curriculum Undergraduate Major 18 hrs. (BBA) Three Electives from the following
• ENTR 4001 Intro to Innovation; • ENTR 4010 Mgmt. of Closely Held Firms; • ENTR 4060 Fin. Mgmt. in Privately Held Firms; • BLAW 4035 Legal Aspects of Entrepreneurship; • ENTR 5001 Corporate Entrepreneurship; • ACCT 6076 Not-for-Profit Accounting; • MKTG 5000 Intro to Direct Marketing; • ENTR 5099 Guided Study in Entrepreneurship; and • ENTR 5093 Special Topics in Entrepreneurship
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Curriculum Graduate (MBA) Concentration Courses offered:
ü ENTR 7005 Entrepreneurship: New Venture Creation; ü ENTR 7015 Entrepreneurship & E-Business; ü ENTR 7025 Global Entrepreneurship; and ü ENTR 7035 Management of Closely Held and Family Business ü ENTR 7082* Special Topics: Managing and Growing the
Entrepreneurial Venture ü ENTR 7089 Entrepreneurship and Strategy Implementation
ü *Currently, students also have the opportunity to conduct faculty-guided, student-based field case studies in ENTR 7082 Special Topics.
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Notable Success
ü Field Case of the Year Int’l Competition (SBI)
§ 1st Place (‘01, ‘03, ‘04, ‘08, ‘09, ‘10); 2nd Place (‘09, ‘10); 3rd Place (’05, ’07, ;’11)
ü 8th Annual Tepper Venture Challenge Carnegie Mellon University
§ Top 6 out of 25 teams ü University of Oregon New Venture
Championships § Top five first year competing § First Place – Lightning Round 2002 § Second Place – Lightning Round
2006 ü MBA Jungle Business Plan Competition
§ One of only eight teams out of 225 invited to final round of 8
ü Venture Labs (MOOT Corp®) 2012, Isciban Neural Engineering; 2nd Runner-Up; 2006, Best New Technology, Progressive Cooling
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Reality Check Cross-Town Business Plan Shoot Out
ü Morning Preliminary Round – 5 Schools, 2 teams each ü Announcement Luncheon ü Final Five ü Championship Round ü Awards Ceremony
™
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Launched in 2005, the UC Spirit of Enterprise Graduate Business Plan Competition:
ü Focus on new venture creation; ü Forum to “road-test” venture concept; ü Concept and skill enhancing; network driven.
© Dr. Charles H. Matthews
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UC Spirit of Enterprise Intercollegiate Graduate Business Plan Competition
Past Participants
Loyola Marymount Univ. The Ohio State Univ. Univ. of Arizona Univ. of Cincinnati Univ. of Georgia Univ. of Illinois-Chicago Univ. of Louisville Univ. of Michigan
Univ. of Manitoba Univ. of Oregon Univ. of Wisconsin Wake Forest Univ. Northern Kentucky U. Xavier Univ.
Boston Univ. Brown Univ. Case Western Reserve U. Carnegie Melon Univ. Cornell Univ. DePaul Univ. Duke University Kennesaw State Univ.
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UC Spirit of Enterprise MBA Business Plan Competition Multiple Rounds….
ü Exhibition, Reception and Tech Check ü Morning Preliminary Round – 4 tracks 5 teams each ü Announcement Luncheon ü Final Five – Track Winner + Wild Card ü Taxi/Limo Round ü Championship Round ü Awards Dinner
© Dr. Charles H. Matthews
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UC Spirit of Enterprise MBA Business Plan Competition 21-22 February 2013
$10,000 Cincom Systems Spirit of Enterprise Champion Prize, plus additional place prizes and
Award for Best Technology Business Plan Automatic Bid to MOOT CORP® Competition
Networking, feedback, and more… Additional Sponsors Include:
ü Meridian Bioscience, Inc. ü Keating Muething Klekamp LLP ü Queen City Angels First Fund ü CincyTech ü Fort Washington Capital Advisors
ü The Ohio Capital Fund ü CincyBusiness ü The Greater Cincinnati Venture Association ü River Cities Capital Funds ü Big Joe’s Limos
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39 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
ü New Venture Curriculum • Course offerings
ü New Venture Competitions • Internal and external
ü Bearcat Bridge Fund • Seed capital for student ventures
ü Bearcat Launch Pad • Strategic alliances with area partners to
provide an acceleration program and low cost office space for student and faculty venture launch.
“Removing barriers…Creating gateways…”
© Dr. Charles H. Matthews
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LCB Engineering
Law
Medicine
DAAP
ü New Venture Focus ü Technology ü Legal Environment ü Bio Tech ü Urban Competitiveness ü Global Markets ü Research ü Creating the Future
CCM
A&S
© Dr. Charles H. Matthews
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Grassroots Initiatives
Universities Support
Incubators Events
Network
Gov’t
Angel Funds
VC Funds
© Dr. Charles H. Matthews
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The Entrepreneurship Process
ü Challenge Traditional Definitions of Value
ü Entrepreneurship thrives on market inefficiencies
ü Customers seek improvement
© Dr. Charles H. Matthews
43 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
The State of Small Business ü Coping with uncertainty ü Managing effective cash flow
management ü Accessing timely, accurate and usable
information ü Leveraging social, mobile, viral media ü Establish trust with customers
© Dr. Charles H. Matthews
44 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
Future Directions: • Change • Renewal • Leadership
© Dr. Charles H. Matthews
Questions and Answers
Center for Entrepreneurship
Education & Research
University of Cincinnati
Preparing the next generation of entrepreneurs…
Lindner College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165 phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu
46 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
State of the art….
Future of Transportation Virgin Galactic GoPro 60 Minutes Spirit of Enterprise Google Search Stories UC Center for Entrepreneurship Where good ideas come from –
VideoScribe Steve Johnson Environments that facilitate innovative
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UC3
conceptualize
commercialize
change!
A certificate in Innovation Transformation.
© Dr. Charles H. Matthews
48 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
Concept-‐Commercializa0on-‐Entrepreneurism
© Dr. Charles H. Matthews
49 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati
50 Dr. Charles H. Matthews Lindner College of Business | University of Cincinnati © Dr. Charles H. Matthews
Questions and Answers
Center for Entrepreneurship
Education & Research
University of Cincinnati
Preparing the next generation of entrepreneurs…
Lindner College of Business ♦ Carl H. Lindner Hall ♦ Cincinnati, OH 45221-0165 phone: (513) 556-7133 ♦ fax: (513) 556-5499 ♦ email: [email protected] ♦ web: www.ecenter.uc.edu