Welcome to MBA4PhD! 09:00 Welcome to MBA4PhD Introduction of MBA4PhD team Introduction of participants Orientation to entrepreneurship and business studies Learning process in MBA4PhD 12:15 Lunch 13:00 Brief to forthcoming learning activities Experiences and benefits from entrepreneurship focused MBA – Aleksandra Karimaa, PhD 14:30 Coffee BID – An Introduction - A special unit at the University of Turku conducting research and providing education in innovation and entrepreneurship and in information technology - We are three professors, ten doctors and over 60 experts in the field of business and information technology - We have a long experience in research and development projects – we have carried over 2.000 projects in more than 100 countries - Common topics include product and service concepts, commercialisation, business opportunities and business models, new ventures and business development... What Does BID Stand for? - BUSINESS • start-ups, business opportunities and business models, new venture creation - INNOVATION • part of the University’s innovation system, innovation and entrepreneurship education, new ventures and new technologies - DEVELOPMENT • business development and improvement Team and Experts - UTU Antti Paasio Pasi Malinen Sari StenvallVirtanen Valtteri Kaartemo Kirsi Peura Kaisu Paasio Vesa Hautala Nina Ellfolk Veijo Pönni Team and Experts - External Jussi Paasio Juhani Lahdenperä Thomas Hedner Aslak Felin Tapani Saarinen Olli Lassila Dylan Jones-Evans Greetings from the Programme Director Professor Pasi Malinen Our Challenges... I Input - The Finnish innovation system development since 1979 - Universities, research units, science parks, etc. - Large R&D spending (#3 in the world/capita), TEKES Output - Low entrepreneurial activity (GEM) - Too few research-based innovations and companies - Too few growth companies in knowledge -intensive areas Our Challenges... - II High number of PhDs Abundance of PhDs, > 1600 per year Compared to 90s, approx. 500 per year Approx. 2,4 % unemployed (increasing) Most serious situation in biology and biochemistry Our Challenges... III Where are the future jobs? - Academia – limited number of positions - Industry – companies are cautious to recruit R&D due to the economic climate - Incentives for business start-up - “Unconventional” jobs Recent survey at the UTU (2012, with 46 % response rate) - 36,5 % in permanent employment - 45 % in temporary employment (part-time and fulltime) - 0,4 % as entrepreneurs Entrepreneurship is Important - Society & economics – entrepreneurs create jobs and welfare - Organisation perspective – intrapreneurship is an important recourse for innovativeness and renewal - Human perspective – entrepreneurial attitude and mindset are important to everyone no matter what they do MBA4PhD Programme • New and innovative educational initiative • PhD+MBA = MBA4PhD • Entrepreneurship and new venture creation in focus • Tailored and contextualised to the field of life science • Target-driven with the aim to support the personal learning objectives MBA4PhD Aims... - To develop entrepreneurial post-graduates by fostering the entrepreneurial mindset; - To increase the understanding of the target group in business competence, business logics, start-ups and commercialisation; - To increase the employability of the doctoral candidates; - To train skilled and knowledgeable professionals that are able to respond to the current and future needs of the industry and future employers (whether in academia or industry); - To create a platform and network for sustaining innovation projects. Let’s Get to Know Each Other! Write in the paper: 1. Your name (first name) 2. Your favorite hobby / interest 3. Your special skill Class 2013 Profile Admissions Country of citizenship • Inquiries received 47 • Finland 3 • Accepted 10 (21%) • India 3 Age • Iran 1 • Mean 30 • Poland 1 • Range 26-36 • USA 1 Gender • Colombia 1 • Male 7 • Female 3 Class 2013 Profile - Discipline Biochemistry Pharmacology Adolescent psychiatry Biomaterials science Biomedical sciences Neurobiology and stem cell research Molecular medicine Chemical engineering Class 2013 Profile – Entry & Est. Completion Year Year of entry to PhD studies Estimated year of completion 2005 2013 2009 2013 / 2014 2009 2014 2009 2014 2011 2015 2011 2015 2012 2014 2012 2014 2012 2016 2012 2016 Class 2013 Profile Prior business education, if any • 4 Participants • Mean 23 ECTS • Range 15 – 30 ECTS Industry experience • Yes 5 • No 5 Areas of experience • Marketing • Social entrepreneurship • Sales and marketing • Proprietorship • Founding partner in a company What do these concepts mean? “Entrepreneurship” “Entrepreneurial Opportunity” “Entrepreneurial” The Three Things Entrepreneurs Do Let’s compare what you got and what is said here! http://www.youtube.com/watch?v=M7VZIbeUrSU What is E-ship about? - Entrepreneurship is (mainly) about two things: - Opportunity recognition (OR) - (Opportunity assessment, OA) Opportunity exploitation (OE) - Well-known concepts related to e-ship also: - Creative destruction (Schumpeter) - Effectual entrepreneurship (Sarasvathy) Opportunity Recognition - Considered the first critical step in starting up a business - Person’s past experiences, also risks and market trends have an effect - Does only people with an entrepreneurial mindset recognise opportunities? - ”Chance favours only the prepared mind” (Louis Pasteur) - Continuous information seeking: (1) questioning; (2) observing; (3) experimenting; and (4) idea networking - OR is not important only when beginning a new business, but throughout the entire lifetime of any enterprise (opportunity orientation) Opportunity Exploitation - “Get it done” phase - Involves the decision to act upon a perceived opportunity - During opportunity exploitation people acquire and organise requisite resources and competences to develop a product or service and take it to an existing or new market - Not all opportunities being perceived are acted upon - Two factors influence whether or not individuals choose to exploit discovered opportunities - The nature of the opportunity - The nature of the individual Seeing the Unexpected http://www.youtube.com/watch?v=rVRaGaMG7eg Key Entrepreneurial Behaviour - WHAT? - Bring ideas to action that lead to change that has value to others - Taking initiatives Seeing, grasping, creating opportunities - Being innovative - Taking responsibility - Holistically managing business/projects/situations Key Entrepreneurial Skills - HOW? - Creative problem solving - Intuitive decision making under uncertainty - Team working and networking - Communication - Negotiating - Selling - Strategic thinking Relevance of Being Entrepreneurial Capacity to behave enterprisingly/entrepreneurially A globally influenced ‘life-world’ of greater uncertainty and complexity Setting up and growing a business/ organisation immediately? Establishing/ Designing/Working in entrepreneurial organisations of all kinds Enjoying and creating enterprising life style Setting up and growing a business/ organisation eventually Allan Gibb Attributes of Highly Entrepreneurial Employees - Ability to deal with risk Results oriented Energy Growth potential Team player Multitasking ability Improvement oriented J. Hadzima, MIT Sloan School of Management Key Competences for Lifelong Learning (in Europe) Knowledge, skills and attitutes in the knowledgebased society - should be acquired by everyone: 1. communication in the mother tongue 2. communication in foreign languages 3. mathematical competence and basic competences in science and technology 4. digital competence 5. learning to learn 6. social and civic competences 7. sense of initiative and entrepreneurship 8. cultural awareness and expression Personal Learning Objective • Opportunity to work on concrete issues through the learning experience – this can be many different things • Defining the learning objective will help you • get the most of the programme; • reach conrete goals (no matter what they are); • With completing the programme requirements including the thesis Your personal learning objective Put it in form of a drawing with 2 sections: Where I am now – Where I want to be Causal vs. Effectual Reasoning Causation vs. Effectuation Causation: The focus is on achieving a desired goal through a specific set of given means. Causation invokes search and select tactics and under-lies most good management theories. Causal thinkers believe that “If I can predict the future, I can control it.” Effectuation: The focus is on using a set of evolving means to achieve new and different goals. Effectuation evokes creative and transformative tactics. Effectual thinkers believe that “If I can control the future, I do not need to predict it.” A Quick Snapshot to Entrepreneurial Principles - Lemonade Principle Bird in the Hand Affordable Loss Crazy Quilt Sarasvathy et al. 2010; Sarasvathy 2008 Bird in Hand Principle – Start with Your Means Don’t wait for the perfect opportunity. Start taking action, based on what you have readily available: who you are, what you know, and who you know. Crazy-Quilt Principle – Form Partnerships Form partnerships with people and organizations willing to make a real commitment to jointly creating the future—product, firm, market—with you. Don’t worry so much about competitive analyses and strategic planning. Lemonade Principle – Leverage Contingencies Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals. Affordable Loss Principle – Set Affordable Loss Evaluate opportunities based on whether the downside is acceptable, rather than on the attractiveness of the predicted upside. Perceptions of Academics - PhDs are usually considered too theoretical - Lack of practical application skills and knowledge - Risk averse, security driven - Individualism during the PhD process should be diverted into team work and value building for others Skills Needed in the Industry I Scientific thinking forms the basis: - Scientific thinking – true measure of understanding the content - Professional success is dependent on how one can translate an idea into a successful result (publication, product etc.) Skills Needed in the Industry II Structuring and planning tools: - Strategic thinking, e.g. international competitor analysis - Basic understanding of the status of the healthcare systems Skills Needed in the Industry III Other skills: - Understanding principles of developing products - Understanding principles of the value added by a product in terms of customer point of view - Understanding the purpose of the IPR - Basic project management skills - Basic principles of quality management General Requirements - Career paths versatile (as opposed to linear) - Ambiguity and insecurity tolerance - Networks (LinkedIn etc.) - Team work and team building - Project management - Sales is needed everywhere(!) MBA4PhD Programme - The programme is 120 ECTS in total - The length of the programme is 2,5 years - Modular structure - Entrepreneurship and Innovation (30 ECTS) New Venture Creation (30 ECTS) Growth Management (30 ECTS) - MBA Thesis (30 ECTS) Modes of Study - Contact courses - Include lectures, require attendance - Group learning sessions led by academics and industry experts - E-learning courses - Web-based, active participation required - Self-studying with given deadlines - Self-directed learning - Written assignments (e.g conference papers…) - Content and scope to be agreed with coordinator / programme director - Flexibility in terms of time Programme Structure Entrepreneurship and Innovation (30 ECTS) - MBA4PhD Kick-off (2,5 ECTS) Introduction to Innovation and Business (5 ECTS) Business Management of Start-ups (3 ECTS) Business Development Laboratory (7 ECTS) Intellectual Property Management (7,5 ECTS) MBA4PhD Special Topics (3 ECTS) Group Learning Sessions (2 ECTS) New Venture Creation (30 ECTS) - Growth Management (30 ECTS) - Basic Delivery and Production (2 ECTS) Entrepreneurship and Business Growth (5 ECTS) Management of Entrepreneurial Organizations (5 ECTS) Innovation Management (5 ECTS) Marketing of High-tech Innovation (5 ECTS) Business Development and Sales Process (2 ECTS) MBA4PhD Special Topics (4 ECTS) Group Learning Sessions (2 ECTS) Opportunity Recognition (6 ECTS) Start-up Journey (10 ECTS) / Alternative Summer Studies (10 ECTS) Project Management (7 ECTS) Understanding Business Numbers (3 ECTS) Life science Strategy and Start-up Funding (2 ECTS) MBA4PhD Special Topics (2 ECTS) MBA Thesis (30 ECTS) - Seminar Series for MBA Thesis MBA Thesis Entrepreneurship and Innovation (30 ECTS) - MBA4PhD Kick-off (2,5 ECTS) - Introduction to Innovation and Business (5 ECTS) - Business Management of Start-ups (3 ECTS) - Business Development Laboratory (7 ECTS) - Intellectual Property Management (7,5 ECTS) - MBA4PhD Special Topics (3 ECTS) - Group Learning Sessions (2 ECTS) New Venture Creation (30 ECTS) - Opportunity Recognition (6 ECTS) - Start-up Journey (10 ECTS) / Alternative Summer Studies (10 ECTS) - Project Management (7 ECTS) - Understanding Business Numbers (3 ECTS) - Life science Strategy and Start-up Funding (2 ECTS) - MBA4PhD Special Topics (2 ECTS) Growth Management (30 ECTS) - Basic Delivery and Production (2 ECTS) - Entrepreneurship and Business Growth (5 ECTS) - Management of Entrepreneurial Organizations (5 ECTS) - Innovation Management (5 ECTS) - Marketing of High-tech Innovation (5 ECTS) - Business Development and Management of Sales Process (2 ECTS) - MBA4PhD Special Topics (4 ECTS) - Group Learning Sessions (2 ECTS) MBA Thesis (30 ECTS) - Seminar Series for MBA Thesis - MBA Thesis Introduction to Innovation and Business - Course is on a virtual learning platform, and will be opened on Wednesday - https://moodle.bidedu.fi/ - Are you familiar with Moodle? - We have created user names and passwords for you, and an invite will be sent to you on Wednesday Go Be an Entrepreneur! http://www.youtube.com/watch?v=FOFm8fPP2Kc Kick-off Post-assignment - Read the following articles: - Saras D. Sarasvathy (2001) What Makes Entrepreneurs Entrepreneurial? Harvard Business Review, 2001 168.144.175.22. - Jonathan T. Eckhardt and Scott A. Shane (2003) Opportunities and Entrepreneurship. Journal of Management 2003 29: 333. - Write a 4-6 six pages long reaction paper. Submit it by e-mail to Kirsi and Kaisu (dl. 13.10.2013) - NOTE! You are to react on texts of the articles -> reveal, justify and explain your reasoning.