ENTREPRENEURSHIP AS DRIVER OF B-SCHOOL AND UNIVERSITY TRANSFORMATION Dr. Michael H. Morris Professor and N. Malone Mitchell Chair Dept. of Entrepreneurship Oklahoma State University Stillwater, Oklahoma, USA AOM-USASBE Joint Session Academy of Management Meetings, Chicago August, 2009

An Entrepreneurial Revolution...  1 million new ventures a year in U.S. alone  rate of non-profit new venture launch  well over half the GDP  85% of the new jobs  new product/service introduction rate  new patent issuance rate  rate of wealth creation  it’s a democratic revolution  it’s a global revolution

The Revolution… An age of omnipresent entrepreneurship: more choices, more innovation, more technological advances, more change, more opportunity, more possibilities

E as the Dynamic  Entrepreneurship provides the dynamic that drives economies, communities, and organizations---especially in turbulent times  Not about absolute numbers of small businesses-- -but about entries and exits of new profit-seeking and social ventures, new business models, new products and services  Absent the entrepreneurial dynamic, the result is not a static state---there is decline over time  This dynamic is starting to take root in universities

The at-risk student is the student not prepared for the entrepreneurial age

E as a Lifetime Philosophy Attitude - - I can affect change - - There is a better way - - Opportunities are everywhere - - Embrace innovation, change & growth - - Failure is learning Behavior - - Pursue opportunity - - Innovate - - Persevere - - Act as a guerrilla - - Manage risks - - Leverage resources Professionally -Entrepreneuring in different ways over one’s career life cycle In One’s Life - - In the family - - In church activities - - In community involvement - -In personal relationships - - In managing personal finances - - In dealing with personal change

TheEntrepreneurialCareer Create a Social or Nonprofit Venture Start a Business Take Over a Family Business Act Entrepreneurially in a Profession or the Arts Work in a Fast-Growth Venture Purchase an Existing Business Act as Entrepreneur in Larger Private or Public Organization

Deconstructing E: Core Competencies  Recognizing Opportunity  Assessing Opportunity  Creative Problem-solving  Leveraging Resources  Guerrilla Skills  Mitigating and Managing Risk  Planning When Nothing Exists  Innovation---Developing Ideas that Work  Building and Managing Social Networks  The Ability to Maintain Focus Yet Adapt  Implementation of Something Novel or New

Inside the B-school Undergraduate Minors in Entrepreneurship Undergraduate Majors in Entrepreneurship Graduate Certificates in Entrepreneurship MBA Concentrations in Entrepreneurship MSE: Master’s in Entrepreneurship Ph.D. in Entrepreneurship

Underlying Logic in Designing the EEE Curriculum ContextsFacilitators Start-up Ventures Early growth firms Family Businesses Rapid Growth Ventures Corporate Entrepreneurship Entrepreneurship within Professions & Disciplines Non-Profit & Social Entrepreneurship Public sector Entrepreneurship Cultural Entrepreneurship Academic Entrepreneurship Opportunity Identification Planning Risk Management Guerrilla Techniques Building the E Team New Product- Service- Process Development Creativity/Ideation Resource Leveraging Networking Legal & Ethical Insights Technology Venture Financing Implementation Skills

Logical Design of E Curriculum Cornerstone Courses 1. Foundation or introductory (survey) course 2. Ideation and opportunity recognition course Core Content Courses 3. Drill down functional area courses (e.g., entrepreneurial marketing, entrepreneurial finance, new product development, corporate entrepreneurship, entrepreneurial law) 4. Experiential courses (small business consulting, entrepreneurship practicum, credit for incubator participation, entrepreneurial internship) Capstone Experience 5. Business plan course

Curriculum Undergraduate Courses: EEE 100 Discovering the Entrepreneur Within EEE 370 Introduction to Entrepreneurship EEE 375 Entrepreneurial and Family Business Management EEE 378 Imagination EEE 382 Entrepreneurial Marketing EEE 400 Minority and Women’s Entrepreneurship EEE 420 Corporate Entrepreneurship EEE 439 Entrepreneurship and Digital Commerce EEE 442 Emerging Enterprise Law EEE 451 Finance for Emerging Enterprises EEE 443 Emerging Enterprise Consulting EEE 444 The Entrepreneurs: Dilemmas and Debates MAR 425 New Product Management EEE 457 Strategic and Entrepreneurial Management (capstone) EEE 458 Business Plan Laboratory EEE 470 Riata Entrepreneurial Internship EEE 490 Entrepreneurship Empowerment in South Africa

Curriculum MBA Entrepreneurship Concentration EEE 610 Opportunity Recognition and Ideation EEE 620 Foundations of Entrepreneurship EEE 625 Venture Capital EEE 678 Entrepreneurial Marketing EEE 643 Consulting to Entrepreneurial Enterprises EEE 644 Dilemmas and Debates in Entrepreneurship EEE 610 Entrepreneurship in Engineering and Science MAR 752 Introduction to Innovation Management MAR 757 Managing Product Development MAR 761 Marketing Strategies for Innovation EEE 647 Entrepreneurial Practicum EEE 670 Riata Entrepreneurial Internship EEE 690 Entrepreneurship Empowerment in South Africa Ph.D. in Entrepreneurship--four doctoral seminars

Leading the Way: experiential learning  Student incubators  Tech commercialization teams  Small business consulting projects  Entrepreneurial audits  Marketing inventions  Creativity field experiences (e.g., the Lowe’s experience)  Simulations  Entrepreneurs in the classroom  Interviews of E’s  Unique internships  Mentorships and job shadowing  Role plays (VC’s, family firms, etc.)  Business models  Business plans and competitions  Cases  Social entrepreneurship projects in the community

Engagement: Reach Out and Touch Someone  Native American Entrepreneurship Academy  Community Microcredit Fund  Entrepreneurship Empowerment in South Africa  Inner City Engagement  Disabled Veterans Bootcamp  OSU Entrepreneur’s Bootcamp  Riata Business Plan Competition  Entrepreneurial Mentors Program  OSU Technology Commercialization Initiative  Dilemmas and Debates (bi-weekly public forum)  Enterprise Creation Competition, a national business plan competition  Women Igniting the Spirit of Entrepreneurship  The Experiential Classroom  Riata Entrepreneurial Internships  Distinguished Lectures & Workshops  Commercial Test Kitchen

The Emergence of Specialty Programs Outside the B-school  Health care entrepreneurship  Community-based entrepreneurship  Hospitality entrepreneurship  Arts entrepreneurship  Green entrepreneurship  Public sector entrepreneurship  Social entrepreneurship  Engineering entrepreneurship  Agricultural entrepreneurship  Pharmacy entrepreneurship  Women’s entrepreneurship  Native American entrepreneurship  International entrepreneurship

The University-wide Concept  Beyond the narrow confines of the business school  Developing curriculum, research and outreach across the campus  Engaging all faculty, staff and students  Three models: hub, diffusion, hybrid

Intellectual E  The university as home for faculty who innovate, take calculated risks, and act in a proactive manner  Academic entrepreneurs exploiting opportunity, leveraging resources, creating change  Engagement: the university as vehicle for economic and social change

Transformation: How E Manifests Itself in a University Technology commercialization Commercialization of other intellectual property Creativity, innovation and entrepreneurship learning communities Cross-disciplinary research grants The creativity challenge Innovative new programs (e.g., the Health Entrepreneurship Program) Cross-disciplinary research forums Collaborative community engagement initiatives Ideabounce--- open idea jams Unique speaker series Incubators (faculty, student) Curriculum—courses, modules in every school and college Campus-wide business plan competitions Student-run campus ventures Study abroad programs centered on entrepreneurship

Interdisciplinary Research... Opportunity recognition Entrepreneurial cognition History of entrepreneurship Economic development Technology transfer Public sector entrepreneurship Community development and entrepreneurship Gender and ethnic studies Family enterprise Social capital and networks PedagogyVenture finance Social change and entrepreneurship Values Emotion, intuition & experiencing Emergence

Conclusions... We are changing the curriculum to touch every student on the campus We are at the center of the movement toward experiential learning We are helping the redefine the role of the faculty member as academic entrepreneur We are changing the funding models within the university We are helping to redefine the mission of the university and its role in social and economic change We are at the forefront in terms of interdisciplinary teaching, research and outreach Entrepreneurship is a major driver of change both within the business school and across the campus