DEVELOPMENT OF AN ENTREPRENEURSHIP MINOR AND OTHER ENTREPRENEURSHIP EDUCATION FOR ALL ENGINEERS Tom Mason Rose-Hulman Institute of Technology

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DEVELOPMENT OF AN ENTREPRENEURSHIP MINOR AND
OTHER ENTREPRENEURSHIP EDUCATION FOR ALL
ENGINEERSTom MasonRose-Hulman Institute of
Technology

• REE USA Stanford University

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DEFINITION OF ENTREPRENEURSHIP

• Combination or recombination of resources in
  innovative and valuable ways.
• Invention is only the beginning of innovation
• Emerson was wrong The world will not beat a
  path to the inventors door
• Entrepreneurship need not be a new business

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IMPORTANCE OF ENTREPRENEURSHIP

• Jobs and prosperity
• Global competition ? THE DAYS OF DILBERT ARE
  DONE!!!!!!
• Entrepreneurial skills are complements to
  technical skills
• New enterprises seldom fail due to technical
  failure
• Best technology does not always win

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EDUCATION AND BUSINESS DIFFERENCES

• Pursuing truth is not the same as pursuing
  profits
• Academic time is different from business time
• Business allocates resources for value, not
  fairness
• Business values ambitious failures much less

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ENTREPRENEURSHIP AT ROSE-HULMAN

• A course since the mid-80s
• Entrepreneur-in-residence program
• Project-based education
• Rose-Hulman Ventures
• Engenius Solutions
• Recent developments
• Multidisciplinary entrepreneurial design courses
• Minors for B.S. And M.S. Students
• Still in approval process
• Master In Technology Entrepreneurship

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SPECTRUM OF OPPORTUNITIES
RHV Success Fund
RHIT
CTRI
RHV
Engenius Solutions
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ROSE-HULMAN VENTURES THE MISSION

• Foster creation and growth of innovation-based
  businesses by providing access to
• Infrastructure
• Technical Support
• Business Support
• Capital
• Thereby providing
• Faculty/student educational experiences
• Economic growth for Terre Haute and Indiana

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EDUCATIONAL BENEFITS

• Over 300 student faculty experiences
• Faculty
• Intellectual stretch great experiences
• Students
• Excitement of real engineering
• Learned things not evident in courses labs
• Requirements shift
• Business realities such as deadlines cash
• Aids the job search even in big companies!!

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MULTIDISCIPLINARY ENTREPRENEURIAL DESIGN COURSES

• A dozen engineering science faculty members
  involved
• Modules on project management, creativity,
  business plans, etc.
• Innovative projects for students
• NCIIA grant received for course development

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UNDERGRADUATE ENTREPRENEURSHIP MINOR

• VA453 The Entrepreneur
• VA498 Technology Management Forecasting
• or EMGT423 Intro. To Marketing for
  Technical Products (not yet available)
• EMGT427 Project Management
• SL350 Managerial Accounting
• VA454 Financial Economics
• Participation in an approved entrepreneurial
  senior design experience

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GRADUATE ENTREPRENEURSHIP MINOR

• MG 532 Technical Entrepreneurship
• Mg5xx Marketing New Technology Or MG526 Tech.
  Mgt. Forecasting
• MG520 Accounting For Technical Managers Or MGXX
  Entrepreneurial Finance
• MG527 Project Management
• MG5XX Implementing Innovation Or Other MSTE
  Course Approved By MSEM Director
• A Thesis Experience Which Includes An
  Entrepreneurial Or Commercialization Dimension.

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MASTER OF TECHNOLOGY ENTREPRENEURSHIP

• Builds on the successful MS in Engineering
  Management Program
• Focused courses to acquire needed business skills
• Blends academic work with early stage work on
  innovations

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MASTER OF TECHNOLOGY ENTREPRENEURSHIPUnder
consideration!

• MG 532 Technical Entrepreneurship 4
• MG 526 Technology Management Forecasting 4
• MG 520 Accounting for Technical Managers
  4
• MG 522 Organizational Management 4
• MG 527 Project Management 4
• MG 5XX Marketing New Technology 4
• MG 5XX Implementation of Innovations 4
• MG 5XX Entrepreneurial Finance 4
• Electives (Courses, especially technical )
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• GS 515 Selling Technology 1
• GS 5XX Fundamentals of Intellectual Property
  1
• GS 5XX A Global Perspective on Technical
  Entrepreneurship 1
• MG 5XX Business Plan Development Project
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• - COURSES TO BE DEVELOPED

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CHALLENGES RESPONSES

• Rigid Curricula
• Emphasize outcomes desired for the majors
• Students overload if they see value
• Worry about technical rigor
• Involve respected technical professors

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CHALLENGES RESPONSES

• Worry about loss of elective enrollments
• Involve technical faculty in entrepreneurship
  courses
• Breadth without depth - Now they know about
  marketing and finance.
• No but they know they need to learn more.