Here are some of the key messages on entrepreneurship from the visits to leading US universities:
The maturation of university startups is becoming professionalized
A number of the large venture capital firms that specialize in early stage entrepreneurs and
startups are changing their setup and strategy. Previously, the good ideas were found by sending representatives to listen to an endless number of presentations and pitches from startup companies, and then selecting a few for further collaboration. The success rate of this model was very small. Therefore, some venture capital firms have transitioned from selecting ideas to selecting individual talents or teams. These talents then participate in courses designed to generate and mature ideas that can provide the foundation for new companies. One example is the incubator Flagship Pioneering in Cambridge, near Boston. Talent development in entrepreneurship has likewise become a strategic priority at MIT, and the process of establishing the Proto Venture Initiative is underway. The initiative identifies exceptionally talented researchers with entrepreneurial ambitions and provides them with resources to gather a team of fellow researchers to generate and mature ideas.
There is no trade-off between world class research and entrepreneurship
Universities like Stanford and MIT prioritize creating and researching something fundamentally new that solves great challenges or raises the bar for the capability of technology. In the process of answering research questions, opportunities to mature inventions and develop products often arise.
Success is not the result of comprehensive plans
The successful and well-functioning educational and idea-generating centres around MIT, Harvard, Berkeley and Stanford is not the result of a comprehensive plan, carefully thought-out years ago.
The success is more likely due to the principle of letting 1000 flowers bloom; a range of initiatives have been allowed to flourish, and together they form a successful eco-system through diverse mutual support. Some initiatives are the result of strategic efforts by the university leadership, but most of the activities have started in a bottom-up fashion, by enterprising professors or external businesses or organizations. Substantial efforts by the student communities at the university has also had a considerable effect on the success of entrepreneurship initiatives.
Entrepreneurship classes are practical and hands-on
The differences between teaching entrepreneurship to undergraduates or ph.d.- and postdocs are negligible. Entrepreneurship courses are mostly practical, where you learn a set of skills by solving concrete challenges, such as examining market potential, meeting the requirements to speak with investors and building business models.
This process teaches not only how to start your own business, but also teaches more general idea development, which is applicable in many other contexts including in larger, established companies.
Last but not least, the courses are often taught by people with hands-on experience with entrepreneurship.
Diversity in focus
American universities have been more preoccupied with gender and ethnicity when enrolling new students. Universities like MIT and Stanford, where STEM disciplines are prevalent, have particularly prioritized the enrolment of female students. A skewed gender balance in enrolment simply led to a lack of female talent. The problem is constantly articulated and addressed, and it has yielded results. The effort has been successful, and every program tracks diversity with data the development of female participation. In Silicon Valley there is a lively debate on the importance of ethnic diversity for the startup environment. Research shows that more than half of startups in Silicon Valley are started by immigrants, and therefore universities also emphasize the importance of creating diversity in the entrepreneurship environments on campus.
Entrepreneurship Academy is aimed at Danish universities and stakeholders with an interest in entrepreneurship in higher education. If you’re interested in learning more, please contact: Torben Orla Nielsen (Boston) or Jeppe Dørup Olesen (Silicon Valley).
