IST Digital Entrepreneurship & Innovation Strategic Plan Presentation to IST Advisory Board July 12, 2013

IST Team commissioned to develop a strategic plan related to entrepreneurship and innovation for the College: »Lee Erickson »Irene Petrick »Shawn Clark »Jim Jansen IST Entrepreneurship & Innovation Strategic Planning Team

Penn State Entrepreneurship & Innovation Eco-System Recent increase in interest and momentum around e-ship and innovation across Penn State New approach to IP policy State College Intercollege Minor in Entrepreneurship & Innovation (ENTI) Expansion of Startup Week Increase in business competitions/idea pitches across campus New Leaf 2.0 and co.space initiatives Happy Valley Startup networking site Business leaders reaching out to University 1.Facilitating e- ship/innovation for faculty, grad students, post-docs 1.Increased interest at undergraduate level 2.Increased activity within surrounding entrepreneurial community

Faculty working group established summer 2012 to: »Develop IST courses in support of ENTI Minor »Coordinate and advance the cause of IST e-ship courses, facilities, activities, and events »Improve communications within and beyond the College Deliverables: »ENTI Minor Cluster proposal and piloting of courses: Digital E&I Design and Innovation (Fall 2012) Digital E&I Business Fundamentals (Spring 2013) Applications, Technologies, and Tools for Entrepreneurs (Fall 2013) »B.A. Template with concentration in e-ship »Penn State Eco-System Handbook »Strategic Plan Defining IST’s Role in E-ship at Penn State

Benchmarking: Top 25 Undergraduate E-ship Programs Princeton University Study, data Average Enrollment (rounded) Average Length Offering Major Scholarship Money Available Grads Starting a Business Business Plan Competition $ Awarded 771 students 19 yrs (oldest: 1971 newest: 2008) $1,482,48024%$73,597/yr

IST’s Sweet Spot: Digital Entrepreneurship & Innovation Based on benchmarking, visits to E-ship schools, conversations with Directors of E-ship centers, it is the recommendation that IST focus its efforts on: Critical role of IT and IT-driven innovation in today’s marketplace Limited programs focused on digital entre/intrapreneurship 1.A digital emphasis Extends current majors/options Produces more competitive students Builds on current success with student acceptance into leadership programs 54% of young Americans (18-34) interested in e-ship 2.An undergraduate focus 3.Emphasis beyond venture capital Less than 1% of U.S. companies are VC funded Increases in other funding sources (e.g., crowdsourcing, angel, etc.) 4.A regional mid-Atlantic presence IST is late to the table Reachable yet stretch goal considering investment and resources needed

Vision & Goals IST’s Digital Entrepreneurship & Innovation program is designed to provide undergraduate students with the technical, business, and leaderships skills needed to start their own businesses, work with others starting new businesses, or become leaders of IT-driven innovation within traditional businesses by exposing them to cutting- edge digital technologies, new digital business models, and hands-on exploration and experimentation.

Design and implement a culture and programs within IST that foster innovation and entrepreneurship and prepare undergraduates with the skills, knowledge, and resources needed to start up new digital businesses and pursue successful careers as leaders of innovative digital business units, products, and services in established organizations Academic Year Phase 1: Prepare & Build Phase 1: Prepare & Build Achieve the long-term sustainability of a successful Digital E&I program by establishing and expanding the visibility of key entrepreneurship activities such as education, recruitment, career development, and mentoring, and by effectively engaging and supporting the entrepreneurial interests of IST students, faculty, staff, and alumni Academic Years Phase 2: Expand & Extend Phase 2: Expand & Extend Establish a formal Digital E&I program that achieves regional recognition and positive economic impact by providing incentives to support and participate in entrepreneurial efforts through the active engagement of key stakeholders involved in entrepreneurship such as educators, corporate sponsors, community leaders, and students and Beyond Phase 3: Grow & Lead Phase 3: Grow & Lead

2013 Academic Year 2013 Academic Year Phase 1: Prepare & Build Phase 1: Prepare & Build Phase 1: Prepare & Build Goal 1: Develop Digital E&I curriculum; align and build connections to current IST majors and options. Goal 2: Create engaging and meaningful hands-on experiences for IST students related to Digital E&I. Goal 3:Support and build connections to potential sources of funding for scholarships, seed money, and event sponsorship. Goal 4: Build faculty expertise in entrepreneurship and innovation education. Goal 5: Demonstrate leadership and facilitate awareness of e-ship and innovation activities across Penn State. Goal 6: Promote the visibility of Digital E&I within IST and across the University. Goal 7: Engage IST undergraduate student leaders in establishing and promoting Digital E&I events and activities.

Leveraging Internal & External Resources Connecting with Entrepreneurs Hands-On Experiences Promoting Events & Clubs Mentoring/Coaching Internships/Shadowing Emerging Entrepreneur ScholarshipEntrepreneur-in-Residence Scholarship Business Plan CompetitionElevator Speech Comp Class projects with local/regional businesses Student Incubator/Sandbox Startup Week Hack-a-thons Networking Events Alumni/Local/Regional Entrepreneurs, Investors, and Accelerators Cross-departmental Activities Club Events (e.g., WIST, SRA, TechPreneur) IST 110 Information, People & Technology IST 110 Information, People & Technology MGMT/ENGR 297 Entrepreneurial Mindset ENGR/ENTR 310 Entrepreneurial Leadership ENGR/ENTR 310 Entrepreneurial Leadership IST 3XX Digital E&I Internet, Mobile Applications & Tools IST 3XX Digital E&I Internet, Mobile Applications & Tools IST 4XX Digital E&I Design & Innovation IST 4XX Digital E&I Design & Innovation IST 2XX Digital E&I Business Fundamentals IST 2XX Digital E&I Business Fundamentals MGMT/ENGR/IST 425 New Venture Creation MGMT/ENGR/IST 425 New Venture Creation IST Digital E&I Cluster Required Courses Suggested IST Discovery Course Semesters 1-3 (Not Part of Minor) Semesters 1-4Semesters 4-6 University Minor Core Required Course Semesters 1-4 Semesters 6-8 University Minor Core Required Course Digital E&I Studio/Club In-class Speakers Global Entrepreneurship week

Academic Years Academic Years Phase 2: Expand & Extend Phase 2: Expand & Extend Phase 2: Expand & Extend Goal 8:Extend opportunities for IST students at UP and non-UP campuses to participate in Digital E&I courses. Goal 9: Expand opportunities to collaborate with other Penn State Colleges/Schools. Goal 10:Expand outreach outside IST to increase enrollment and interest in Digital E&I. Goal 11:Expand participation of alumni and corporate sponsors in Digital E&I activities. Goal 12:Extend reach regionally and expand opportunities for students to network by actively engaging entre/intrapreneurs and support organizations entrepreneurial organizations in Digital E&I activities.

2016 And Beyond 2016 And Beyond Phase 3: Grow & Lead Phase 3: Grow & Lead Phase 3: Grow & Lead Goal 13:Increase current faculty involvement in Digital E&I activities and grow Digital E&I faculty. Goal 14: Grow participation and leadership in regional mid-Atlantic Digital E&I activities.

Jul Develop Curriculum Proposals AugSeptNovDecJanFebMarAprMayJuneOct Update Eco-system Handbook Distribute Eco-system Handbook Designate Director Hire Admin Support Create Advis. Brd Develop E-ship Portal Attend GCEC Conf. IST Idea Pitch mHealth for GEW Generate Awareness of IST Scholarships Outreach to DUS Students Startup Wk Formalize Mentoring Program Faculty Senate Approval of Minor Integrate Consulting Solutions Program Host Bootcamp s Develop End-of-Yr Report Recruit New Scholarship Applicants Startup Showcase Build Digital E&I BrandRun Awareness/Marketing Campaign Open Studio Launch Club Identify Student Ldr Create LinkedIn Outreach to Alumni, Corporate Partners, Community, Funding Sources Connect Students to D&I Events across Penn State Tentative 1 st Year Timetable Silicon Valley Shadow Trip

Estimated Costs, Year 1 * * estimates are for personnel/resources/events outside those currently funded

Next Steps 1.Seek Advisory Board feedback 2.Socialize with IST faculty 3.Obtain approval and funding for specific activities 4.Prepare course proposals for IST ENTI Minor 5.Launch Phase 1 (Fall 2013) Phase 1: Prepare & Build Phase 1: Prepare & Build Phase 2: Expand & Extend Phase 2: Expand & Extend Phase 3: Grow & Lead Phase 3: Grow & Lead Digital Entrepreneurship & Innovation