As a coach and a mentor, I’m often asked for advice from job seekers. We are in a unique job market right now, a recent survey by Bankrate shows that 55% of Americans anticipate looking for a new job over the next year. This phenomenon has been nicknamed the Great Resignation by media outlets.
In response to the pandemic, “there have been a lot of epiphanies and reckonings that have occurred … with respect with how we’re prioritizing ultimately our values, and of course how work fits into that,” says Mark Hamrick, senior economic analyst at Bankrate, the company that conducted the research. Americans are prioritizing flexible work arrangements, higher pay, and job security in their search.
Flexibility is now the fastest-rising job priority in the U.S., according to a poll of more than 5,000 LinkedIn members. Working parents want to adjust their hours to suit their parenting schedules, single people want the freedom to change cities, while still keeping the same employer. Freedom and personal control within a job feel like much more vital priorities.
And yet, there hasn’t been much change in the hiring and recruiting process. As companies look to fill roles, there are too few people for open positions. Hiring managers and staff are investing more of their own time and paying recruiters, but jobs remain open. It’s time to shake up the process and hire for aptitude and then invest in training good people.
According to the Bureau of Labor Statistics, job openings surged to an all-time high of 10.1 million at the end of June, outnumbering the 8.7 million unemployed individuals. Given these stats, you would think that companies would be trying hard to connect with job seekers and make the right fit to fill these open positions. But companies and hiring managers need to think outside the box and expand their horizons. Are you actively looking to recruit women who have taken a break from the workforce with flexibility and daycare options? Are you proactively reaching out to diverse talent sourcing and recruiting associations? Have you considered making your educational requirements less stringent to open the pool of candidates to those with relevant life experience? Are you considering the value of older candidates who can bring years of knowledge and mentorship to the position?
Rather than stick to the way your company has always done things, focus on aptitude, empathy, and coachability. Here are some insightful questions that should prompt real conversations about success that can be accomplished if the company and candidate end up working together.
Tell me about an achievement that you are proud of – either personal or professional – and what you did to make that happen. This is very open ended and lets the candidate demonstrate goals and success.
In your research on our company, what is something you found that we could change or do differently to be more successful? This will let the candidate know you are open to their input and will may uncover some new ideas from a fresh perspective.
How do you think you can make a difference in our organization? Again, it gives the candidate a chance to show big picture thinking and define what success could look like.
What skills are you working on improving, and how do you plan to get there? The opposite of the “weakness” question, this is a positive spin on skill development and opportunities, and shows if someone is a lifelong learner.
Do you feel that you would be a good cultural fit here? If not, what could we do differently? This can start discussions on diversity and supporting all employees. Although some candidates may not feel comfortable opening up, if the interviewer lets the candidate know they are striving to be inclusive, it may go a long way.
An interview shouldn’t be an interrogation or include tricks or puzzles to solve to make it to the next level. Adam Grant, organizational psychologist at Wharton, recently wrote an article for The Wall Street Journal, titled, The Real Meaning of Freedom at Work, in which he states, “For several generations, we’ve organized our lives around our work. Our jobs have determined where we make our homes, when we see our families and what we can squeeze in during our downtime. It might be time to start planning our work around our lives.”
As you are recruiting to fill open roles in your organization, do so with the goal of truly assessing the fit of this person for this role and your organization – and do so with an open mind toward hiring for aptitude.
Recently, I left my job at MIT, and I don’t have another job. As the Executive Director of the Martin Trust Center for MIT Entrepreneurship, my days (and many nights) were filled with activity – working with students, teaching, and shaping entrepreneurship education programs. All that has stopped, and I’ve taken time to be still, breathe, take stock, and think.
This time of reflection is providing me a much clearer view of what is possible—and realizing the big picture is even bigger than I thought. Quitting your job is not for everyone (and I am very fortunate that I’m in a position where I could do that), however, taking time to make room for other activities is something I highly recommend to everyone. Creating space to see that there are other opportunities, different ways to work, new skills to learn, and passions to embrace is enlightening. (My new passion is tennis! Who knew?)
I have had three acts thus far in my career. I held roles from engineer to executive in tech companies. Then, as an entrepreneur, I navigated two startups through to IPOs, and my third act was a career in academia teaching entrepreneurship in the classroom and through hands-on programs. Each transition had its moments where I said, “What did I get myself into?!” Yet, digging in and being open to learning proved to be rewarding in every case. I’ve had great rides with successful companies, enjoyed relationships with diverse and interesting colleagues, and embarked on learning experiences I could never have imagined. I have traveled the world, thrived in new environments, and have seen colleagues soar and cheered on their success. I’ve learned so much about people and how they think, work, celebrate, and come back from setbacks. It makes you realize that the people you work with truly can make or break any job experience.
As someone with many, varied job experiences, I’ve realized that experience is double-edged sword. On the one hand, you know how to do things, and perhaps you have even forgotten what others have not yet learned. However, experience also can leave you in a lane you know too well and prevent you from taking the risk of trying—and potentially failing—at new skills. When you are starting fresh, you know there will be new risks, new failures, and new experiences.
I am extremely fortunate to have enjoyed every job I’ve had, but I do realize my enjoyment of work is dependent on my own attitude and approach. Approaching each new role as a learning experience helps you get over the hurdles and enjoy the successes. I’ve worked with folks who had deep expertise but lacked some of the skills I have, and we ended up being a terrific team. I am fortunate to have friends from my very first job and from my most recent job, and I make a concerted effort to keep in touch with these people. My network—and talent tree—is something that was built organically with people I enjoy, and it makes a career so rewarding.
In my research findings for my doctorate, it wasn’t a real surprise that matching new graduates with seasoned employees in data analytics roles was a recipe for success. The veterans could contextualize situations for the students based on experience, and the recent graduates would apply that context to achieve a much more robust analysis. Later, my work at MIT included building mentorship programs and creating networking relationships between students, alumni, and startup founders. When I was no longer running these programs, I realized I needed to apply my networking and mentorship skills to myself as well.
Although I am a certified professional coach, it’s true that even coaches need a coach. If you want to do something different and are unsure about how to get there, working with a coach is a perfect way to figure out these decisions. I needed a coach to look at why I was working so hard; although I enjoyed the work and the people, it didn’t feel like it was enough for me at the time. My coach helped me realign my values and aspirations—something that had not been done for quite some time.
I have always been curious, optimistic, and a contributor, but I needed more balance, less commuting (yes, I still commuted through most of the pandemic!), and a good challenge to be passionate about. The first two were difficult to manage in my last job, but there was no lack of challenge, in fact, there were actually too many challenges! I spread myself so thin because I wanted to do everything and for everyone—and this led to an erosion in my passion for my job.
So, as I take time to reflect, I’m betting on myself and focusing on balance. Just creating the space to reflect has let me think about of all sorts of exciting things I can do next, both professionally and personally. I am enthusiastic about the future and approaching new challenges with the renewed energy that taking a break has given me. I hope my story inspires you to give yourself some space to think, reflect and renew!
Have you ever finished a riveting book and realized that the plot, characters, and setting have left an indelible mark on your being? That is how I will always remember the Martin Trust Center for MIT Entrepreneurship – the people, energy, and ideas will forever imprint the fabric of my life.
When I joined the Trust Center nearly six years ago, I blogged about Disciplined Entrepreneurship – the framework we use for the entrepreneurship program at MIT’s Trust Center based on the book by Bill Aulet, the Center’s Managing Director. One of the ideas that resonated with me then, and continues to do so, is that “ideas mean nothing without execution.”
Reflecting on the past six years, I realize that my time at MIT was about more than a job, it was about the execution of entrepreneurship. It was a chance to shape the lives of aspiring entrepreneurs who had big dreams and ideas to change the world for the better and help them to shape and execute those ideas into concrete plans. At the Trust Center, we like to say that MIT’s student entrepreneurs tackle the world’s big problems, and it was exciting to help make that happen.
Here’s the synopsis of how I landed at the Trust Center, and filled many roles, ultimately becoming the Director of MIT delta v, as well as an Entrepreneur-in-Residence and a lecturer at the MIT Sloan School of Management on entrepreneurship topics.
In 2014, I had completed my doctorate in work-based learning at the University of Pennsylvania’s Chief Learning Officer program, and I wasn’t sure what my next step should be. I had the option to get back into the corporate world and focus on business analytics, but instead decided to pursue a role in education. I was hired by MIT as an Entrepreneur-in-Residence and to help lead the student venture accelerator program, which is now known as delta v. From there, my role has expanded to teaching entrepreneurship classes, spearheading global programs, and becoming a spokesperson and thought leader representing MIT’s entrepreneurship initiatives.
This was definitely something new and different for me, and I had to push myself out of my comfort zone and embrace the challenge. The results achieved have certainly been beyond what I could have anticipated six years ago, including the expansion of the Trust Center – both physically and via online with Orbit, growing delta v both in size and in scope, partnerships with other universities, and instituting a flagship program to support the mental health of entrepreneurs. There were also many awards and accolades along the way, both personally and for the program.
But I’m not here to toot my own horn … I want to sincerely thank the whole team at the Trust Center for their support, teamwork, and camaraderie over the years – our group is quite the entrepreneurial talent tree. I’d also like to thank all the students who I was able to work with and mentor on their entrepreneurial journeys. Your enthusiasm and bright light made the hard parts of this job rewarding and worthwhile.
For those of you who are rethinking your own career situation, after the past year this may be exactly the right time to open yourself up to new experiences and find that that your next chapter was better than your last. I am leaving a job I love for the unknown – of course, this is a risk, but as an entrepreneur you bet on yourself, and make the choice to wake up with a “wow” in terms of what is going to happen today.
For me, this is the time to move beyond what has become well-loved and comfortable, and to take a leap into the next chapter – the fourth in my career. First, I was an engineer who moved up through the executive ranks. Second, I focused on startups, leading two companies to successful exits. Third, was my move into academia at MIT by leveraging my startup experience. And, for the fourth chapter, I’m not 100% sure what it will be yet, but stay tuned – that is the exciting part!
Last November, the Martin Trust Center for MIT Entrepreneurship celebrated Women’s Entrepreneurship Month by featuring a different female entrepreneur each day on Instagram. Accompanying each photo was a short Q&A with questions about their entrepreneurship journey, including, “What are 3 words to describe entrepreneurs who are female?”
One response, in particular, stood out to me. Sonal Singh, founder of Spatio Metrics, said, “I struggle with this one – I’m proud to represent female and minority founders because we’re tenacious, grounded, and human. But at the end of the day, I’m like every other entrepreneur. No preface, no modifier, no disclaimer.”
Do you see yourself simply as an entrepreneur? A female entrepreneur? A Black female entrepreneur? Do you use the modifier or not? Do you see yourself differently? Do you feel that others note your gender, race, or ethnicity when describing you? There is no right or wrong answer here.
Sonal’s quote made me think. Is our goal as underrepresented entrepreneurs to be evaluated on exactly the same playing field? Or, should we be thinking about equality versus equity – that is, distributing resources based on the needs of the recipients? Should women and people of color be afforded a leg up until they can catch up? How can established entrepreneurs (of any gender or race) help others who are trying to succeed in launching their own ventures?
To the entrepreneurs reading this blog, my goal is to present information, ideas, and resources as you undertake your entrepreneurial journey. Learn from those who have taken this path before you and be prepared to blaze your own trail, sharing your lessons with those who follow.
Susanne Althoff, the author of the book Launching While Female: Smashing the System That Holds Women Entrepreneurs Back conducted over four years of research on entrepreneurship and gender, race, ethnicity, LGBTQ status, disability status, and other identities. “The entrepreneurial path is harder than it should be [for these groups],” she states. “We’re all missing out on innovation when we do not see full entrepreneurial participation in this country.” If this topic is of interest, be sure to watch the Trust Center’s Speaker Series event featuring Susanne. She urges taking action by being a mentor or a sponsor to help underrepresented entrepreneurs.
Perhaps our differences are what set us apart and make us unique. In this Business Insider article, Simmone Taitt, founder and CEO of Poppy Seed Health, says, “I’m a Black woman in tech, and for some people that counts as being ‘different,’ but for me, it’s just me moving through the world as the person that I am. That doesn’t mean that it hasn’t come with challenges. Early in my career I would scratch my head trying to figure out if I was given opportunities or not given opportunities because of my gender, race, or both.”
As today’s underrepresented entrepreneurs try to establish themselves, it’s important to understand some of the challenges they may face.
Women started an average of 1,817 new businesses per day in the U.S.
This now represents 42% of nearly 13 million businesses overall
These businesses employ 9.4 million workers and generate revenue of $1.9 trillion
Women-owned businesses are growing 2X faster on average than all businesses nationwide
Women of color are starting businesses at 4.5X the rate of all businesses
Women of color represent 39% of the total female population in the U.S. but account for 89% of the net new women-owned businesses per day (1,625)
The greatest growth in women-owned businesses happened at the two extremes of the spectrum: low-revenue companies and million-dollar-plus businesses.
What does this mean for you? Maybe it means you are not alone in your pursuits. Underrepresented entrepreneurs are making an impact despite the challenges.
Access to Funding
One of the major challenges for underrepresented entrepreneurs is access to capital to grow their business. Although it is probably not a conscious decision, investors tend to give venture money to people that look like them – they see the potential of people who remind them of themselves. This unconscious bias and lens of exclusion keeps funding away from underrepresented groups.
Another interesting point to consider is that raising money in a “friends and family” round is often the first access to capital for entrepreneurs – but, what if your friends and family don’t have anything to spare?
A CNN Business article interviewed Serena Williams on why Black female founders are often counted out right from the start. Williams has started the venture capital firm Serena Ventures, which invests in companies that embrace diverse leadership, individual empowerment, creativity, and opportunity. Statistics from the article show the discrepancies that face some entrepreneurs.
Black women rarely have a wealthy network they can call upon for early investment. The average Black household had a net worth of $17,150 in 2016, nearly 10 times less than their white counterparts.
Only 4% of the people who work in venture capital are Black, and only 3% of the people actually leading investments are Black, according to data from the National Venture Capital Association.
In 2018 and 2019, Black women founders raised only 0.27% of venture capital according to a data report by digitalundivided.
The Tech Inclusion blog explores similar stats in the technology industry and states, “there’s a reason why the Silicon Valley investor community has been called a ‘good old boys network.’ This is also borne out in the numbers.” One of the sticking points today is that female-founder companies don’t scale to the same level as those started by men. Also, there is a rather large drop off of female founders past the Series B level. They tend to get pushed out one way or another, and this is a very real problem that nobody talks about.
The Tech Inclusion blog post is a call to the technology industry “that lives off of and trumpets disruption” and suggests “it’s time for it to disrupt its own patterns of entrenched bias and elitism.” If you are part of the VC industry, think about how you can recognize and strip away your own unconscious biases. If you are an underrepresented entrepreneur seeking funds, look at a VC firm’s record of investments to see if they support diversity. Or investigate funds and organizations run by women or people of color – such as these VC firms that are bridging the gap – who make it part of their mission to support other underrepresented entrepreneurs.
Access to Networks
In a recent Fast Company article, Shelly Bell, founder of Black Girl Ventures, says, “I experienced firsthand how relationships and introductions are essential to open doors to new opportunities as a serial entrepreneur. I can not emphasize this enough: Black and Brown entrepreneurs, especially women, need access to new networks.” She continues, “I believe in the power of building community to bring about systemic change…Everyone can play a part. Donate your time, expertise, or money to ecosystem builders. Bring diverse voices to the table and listen to what they have to say.”
A related area where women are advancing is representation on corporate boards, enabling access to the networking opportunities they provide. California was the first state to sign a Women on Boards bill into law in 2018 to advance equitable gender representation on California corporate boards. At least 11 other states have enacted or are considering board diversity legislation, according to the Harvard Law School Forum on Corporate Governance. The Forum reports, “The statutes are grounded on a large body of empirical evidence that board diversity contributes significantly to ‘good governance’ and improved financial performance. Businesses must focus on enhancing the diversity of their boards to both comply with the new statutory requirements and secure the underlying benefits to their performance.”
Despite Lack of Access, Women Entrepreneurs Deliver a Better Return
Yet, despite a lack of access to funding and networks, there is data that women-run businesses are more successful than those run by men. Boston Consulting Group (BCG) wrote an in-depth, research-based article on “Why Women-Owned Startups Are a Better Bet.” According to their research, the investment gap is real. When women business owners pitch their ideas to investors for early-stage capital, they receive on average $1 million less than men. Yet businesses founded by women ultimately deliver higher revenue – more than twice as much per dollar invested – than those founded by men, making women-owned companies better investments for financial backers.
Why? The article postulates several reasons, including that women founders and their presentations are subject to more challenges and pushback – this may ultimately mean they are more rigorously screened. Secondly, male founders are more likely to make bold projections and assumptions in their pitches – and this may backfire in the long run.
How can you use this information to your advantage? BCG’s advice is that women entrepreneurs (and by extension all underrepresented entrepreneurs) should ask for bigger investments during pitches, and also ask more frequently. They should avoid underselling their companies and focus on the positives. They should arm themselves with objective data and be prepared to deflect and defend against unwarranted criticisms.
The Issue of Scale. What Are Your Goals?
Of course, as an entrepreneur, it’s important to assess your personal goals. We hear about Jeff Bezos and Elon Musk jockeying to be the richest entrepreneur in the world with wealth measured in the hundreds of billions of dollars. But not all entrepreneurs have the same aspirations.
Almost 90% of businesses owned by women generate no more than $100,000 yearly, according to the What to Become blog. Is this because women focus more on B2C rather than B2B businesses – and often in the health and beauty industries? Half of all women-owned businesses are in the categories of personal services, healthcare and social assistance, or professional and technical services, according to the American Express State of Women-Owned Businesses Report. We also need to remember that not all entrepreneurs work full time – this may be their goal for purposes of work/life balance, or the entrepreneurship gig may be a side hustle to supplement income.
This report states that “as work trends shift towards side hustles and the gig economy, so does female entrepreneurship…part-time entrepreneurship, often referred to as ‘sidepreneurship,’ is providing additional options to traditional employment and entrepreneurship for women.” This points to the conclusion that more underrepresented entrepreneurs may be considered need-based versus innovation-based entrepreneurs. Need-based entrepreneurs may start their own business after losing a job, to supplement their income, or to gain the flexibility they need in their lives. The What to Become blog states that “flexibility related to family care is the main reason why women start their businesses…women choose to be self-employed five times more often than men because of their families.”
At the Trust Center, our focus is innovation-based entrepreneurs, and these are typically the entrepreneurs vying for venture capital. However, that doesn’t discount the efforts of need-based entrepreneurs who are seeking the benefits of being your own boss, flexibility with childcare or elder care, and providing opportunities for yourself that a company can’t. All entrepreneurs deserve a shot at the funding and networks needed to help their businesses thrive.
“Women-owned businesses are driving economic growth in the United States…Yet there is a significant size disparity between these businesses and others,” states the State of Women-Owned Business Report. “Closing the gap benefits everyone, not just women…[this] requires changes in policies, business practices and attitudes. Some changes, such as family leave and affordable childcare, impact all working women while others, such as training and access to capital and markets, are specific to particular segments of business owners.”
The economic realities of the current pandemic may serve to jump start entrepreneurial activity according to The Boston Globe. “One team of researchers estimated that if U.S. women launched high-growth firms at the same rate as men, we’d add 15 million jobs in only two years. If we hope to turn around our pandemic-ravaged economy, we’re going to need lots more entrepreneurs.”
In summary, as a community we need to recognize how much underrepresented entrepreneurs bring to the table – and how much more they could bring with the right support.
How can you find support?
Listed below are some resources, studies, and reports as a starting point.
Wisdom from the Women Who Support MIT’s Entrepreneurs
Today, November 19, is Women’s Entrepreneurship Day, a day celebrating and encouraging female entrepreneurship. Our student venture accelerator program, delta v, has launched some amazing female entrepreneurs – and our historical data show us that the women-led delta v companies surpass our very impressive overall stat that 3 of every 4 delta v startups are still operating. At MIT, our goal is to support all our entrepreneurs and make them as successful as possible. That is why we are thrilled when we hear feedback like the quote below – it shows us that we are succeeding in our support of diverse entrepreneurs, and neutralizing any implicit biases.
“In the Trust Center, gender, age, race, culture, even hierarchy, are invisible. It’s the only space I’ve ever walked into where all that baggage was truly left at the door. This almost disorienting sense of equality allows for a re-imagining of identity.” Joan Kelly, delta v entrepreneur and CEO of Abound
For the entire month of November, we’re profiling some of our women entrepreneurs, faculty, and Trust Center staff on our Instagram feed (@eshipMIT) with the tag #WEMatMIT (which stands for Women’s Entrepreneur Month at MIT). Follow the feed and be inspired!
Here is our lineup of stellar women supporting MIT’s entrepreneurship community and their responses to our questions on entrepreneurship. As I reflect on the contributions of these women, it is evident that the strong entrepreneurial ecosystems at MIT did not just materialize – they are nurtured, fostered, and improved upon by these individuals. They all bring a focused passion to their roles – with a lack of ego, they meet students where they are on their journeys to become entrepreneurs and help them flourish.
What advice can you share with aspiring entrepreneurs?
“Just start! Usually that first step is the hardest one. If you just start you will see that anyone can get started. Figure out what that first step is and do it. And if your first step was to make a PowerPoint, nice job doing that first step, but now get out of PowerPoint and talk to humans!!” – Kit Hickey
“Admit what you don’t know. Share your idea and take every opportunity to learn from those around you. This isn’t always a comfortable way for talented, high performers to operate. But it is critical. Rather than always looking for validation of your ideas, look for evidence that reveals weaknesses in your hypotheses.” – Megan Mitchell
“Seek a broad range of advisors, mentors, colleagues – diversity in terms of age, gender, experience, outlook on life and don’t limit it to people you think you align with – so that you are challenged to move beyond your comfort zone.” – Lesley Millar-Nicholson
“Follow your intuition and do what you feel is right. Women have stronger emotional intelligence, use this to make appropriate decisions and follow through with persistence.” – Karen Golmer
“Remain open-minded to what you learn through research. Approach research with curiosity, rather than an opportunity to reinforce and validate your current assumptions. Embrace surprising results and be ready to go back to the drawing board and adapt your solutions to a deeper understanding of the problem you’re looking to solve.” – Jinane Abounadi
“The outcome of any entrepreneurial endeavor is extremely uncertain, so you should be really excited about the journey. And surround yourself with people you like and respect, because you’ll be spending a lot of time together!” – Carly Chase
What do you believe female entrepreneurs need to do more of/better/differently to be successful?
“Unfortunately, we still need to have incredibly thick skin because the industry is not yet as equitable as it should be. Given the inequities, we’ve got to support and stick up for one another, in both small and big ways.” – Carly Chase
“Recognize that there are fewer female-backed startup companies, fewer women on Boards of companies, fewer patent holding female scientists – but don’t let that be a hurdle. In fact, find those who have or are those things – and learn from them, what inspires them, what tricks and tools have they created to achieve what they have achieved.” – Lesley Millar-Nicholson
“Really examine what YOU want out of your entrepreneurial journey. We spend so much of our lives being told what we should be, it is a challenge to break away from that and define what success is for you. Success for you may be completely different than what success means for your classmate, and that’s OK. By actually defining success for yourself, you can have a much more meaningful, impactful and enjoyable career.” – Kit Hickey
“Female entrepreneurs need to own their space, their knowledge, and their brilliance. Women have to be deliberate in the words they use when they speak about their experience and their ventures. Please don’t say, ‘If the pilot is successful, we will…” Come from an affirmative position. Trade that language for something more like: “Following our successful pilot, we will…” – Megan Mitchell
“Speak up more often (males don’t wait for their turn to speak ) – so don’t wait to be asked, offer up your opinions, experience, insight and do it in a thoughtful and measured way – so people are keen to listen.” – Lesley Millar-Nicholson
Female entrepreneurs need to work together and hold one another accountable when they see another not owning her own power. Women working together will elevate all.” – Megan Mitchell
“Own your ‘imposter syndrome’ and don’t let it come an excuse to demonstrate your knowledge, passion and capabilities – in fact, challenge that feeling by speaking up.” – Lesley Millar-Nicholson
“Don’t back down, instead listen with respect and learn about other perspectives. When feeling blocked or ignored, don’t speak louder to be heard – try a different approach.” – Karen Golmer
“Try not to take it personally when you hit a roadblock, or your initial ideas get rejected. Be confident in your talent and your ability to overcome hurdles and challenges. Use a network of caring mentors to get honest feedback and be open to listening and growing in the process.” – Jinane Abounadi
How do you, personally, keep inspired and moving forward?
“I look for and accept the challenges that appear – one at a time. When I end up in a conflict or uncomfortable situation, I use humor to diffuse the tension and redirect to move forward.” – Karen Golmer
“For me, the inspiration at his phase of my career comes from stepping back and hearing about stories of other amazing women that have worked hard and persevered to make a difference. I felt so inspired when I heard that there was a woman scientist (Ozlem Tureci) behind the [COVID-19] Pfizer vaccine. In my role, I see the potential of so many of our brilliant female students (undergrad or graduate) to make significant impact in the future and I will feel proud to have been part of their journey.” – Jinane Abounadi
“I love engaging with people – the passion, diversity and new ideas at MIT keep me inspired every day. Every day I learn from a student, and I love it! Being at a place where you continue to learn, can engage with amazing people, and have the autonomy to solve hard problems you are interested in, is what I love about being an EIR at MIT.” – Kit Hickey
“It is the entrepreneurs, their individual stories and passion that inspire me and keep me moving forward. Each entrepreneur has a story that connects them to the problem they are trying to solve. Often that story is deeply personal and offers me insights not only into who they are as individuals, but also the worlds in which they come from.” – Megan Mitchell
“Recognizing that I am part of a community and my contribution (or lack of it) has impact on others and what they can or cannot achieve because of my actions.” – Lesley Millar-Nicholson
“Building businesses from scratch is an incredibly difficult, gritty, and uncomfortable experience that forces you to grow in ways you didn’t even know you needed to! I’m addicted to not only the constant growth I personally get from being an entrepreneur, but also to the people who it attracts – they are the most exciting people in the world to be working alongside.” – Carly Chase
At MIT, our definition of entrepreneurship has evolved from a focus on startups to an entrepreneurial mindset – we see entrepreneurship as a skillset and a way of operating. We need entrepreneurial attributes in all our organizations – whether it is within a big company, a small company, or a university environment. These women bring that entrepreneurial mindset to their roles in helping curious entrepreneurs in corporate environments, ready-to-go entrepreneurs, and amplifiers in their communities. They cover the developing world, emerging markets, and corporate innovation. We live in a changing world with changing needs, and students need to test and adapt their entrepreneurial skills. Thank you to Jinane, Carly, Karen, Kit, Lesley, and Megan for your invaluable guidance to MIT’s student entrepreneurs! As we all work together at MIT, we see all boats rise which is what makes the MIT community an amazing ecosystem.
The pandemic affects everyone. Today, we are all dealing with a different model for living – many people are working or attending school virtually, there is less social interaction, greater isolation, more juggling of home and work duties, and of course the anxiety and pain if loved ones become sick or die from COVID-19. A study by the CDC in June of this year reported 40% of US adults are struggling with mental health or substance abuse – substantially higher figures than in 2019.
Where does that leave our entrepreneurs? Beginning in March, the Martin Trust Center for MIT Entrepreneurship closed its doors until further notice. We are continuing to support MIT’s entrepreneurship community virtually, including via online resources like Orbit. This past summer, our delta v accelerator moved to a completely virtual experience, including online Demo Day presentations.
One question we continue to ask ourselves is: How has the pandemic affected the mental health of entrepreneurs?
Building Entrepreneurial Confidence
As we look to answer that question, we realize we were fortunate that MIT started the first self-awareness program for entrepreneurs last year – the Entrepreneurial Confidence and Communication (ECC) Program. We piloted this program with the delta v accelerator class of 2019 to help student entrepreneurs prioritize their own individual well-being while building their businesses. The culture of entrepreneurship celebrates working 24/7 to demonstrate passion and dedication for your business. A founder’s self-identity is often tied to the success of their startup, and as a result, entrepreneurs often experience loneliness, depression, and anxiety as they work through the normal ups and downs of startup life. This has only been magnified by the COVID-19 pandemic which has caused delays, roadblocks, and failures for many startups.
Traditionally, entrepreneurs have lacked the support and tools to improve their mental well-being. The ECC pilot program, created by MIT Sloan MBA alumna Kathleen Stetson, taught MIT student entrepreneurs the tools and benefits of self-awareness; they then applied their learnings – discussing key choices entrepreneurs face, such as: taking breaks vs. spending all your time on your startup, working through limiting beliefs, considering others’ perspectives, and approaching challenges with fear or curiosity. The results were impressive, after taking part in the program 93% of participants felt that a self-awareness practice could help entrepreneurs create more successful businesses.
This year, because of the additional stress due to the pandemic, and the need for teams to feel connected when working remotely, we added two simple elements to the small groups within the ECC program that startup teams could quickly and easily implement in their own team interactions:
Red/yellow/green check-in– this not only encouraged small group members to practice self-awareness during small group, but many teams took this check-in strategy back to their teams, practicing it at the beginning of each of their standups.
A more structured way to give and receive help – after a small group member expressed a challenge they were facing, small group members asked clarifying questions rather than immediately jumping into solutions and advice. This not only made the speaker feel that they were heard, but helped participants practice active listening. They then took this back to their team interactions, helping them better understand their team members’ perspectives.
In a Fast Company article, Kathleen Stetson explains, “The 24/7, hustle-till-you-drop attitude has been a problematic fixture of startup culture for years. And now, due to the pandemic, sustaining one’s health is even harder. ‘I don’t know a startup founder who’s not burned out,’ a founder friend of mine told me recently.”
The Pivot: A Key Pandemic Strategy
“Pivot” has become the go-to word for 2020. People are pivoting with career changes and businesses are pivoting with strategies, as we all try to keep moving forward dealing with the unanticipated changes brought by a global pandemic. Entrepreneurs need to realize that a startup failure can be due to external circumstances, and the founders are not marked with a scarlet “F” for failure. A change in business strategy or taking a break from trying to start your own company is a pivot that will make you stronger the next time.
One of our delta v teams faced this type of challenge recently. Easel was a startup service that matched parents with top quality centers for last-minute childcare needs. The company was a member of the delta v class of 2019 and was faced with the tough decision to wind down the business this year. With the COVID-19 pandemic, so many people have transitioned to working from home that their childcare model was no longer sustainable. Although childcare continues to be a huge need, co-founders Neha Sharma and Michael Leonard realized they would need to shelve their plans for Easel and pivot to the next chapter in their lives. However, as delta v’s Managing Director Bill Aulet stated, “I still chalk these up to success for sure. They are much stronger than when they got here.” That strength, in part, came from MIT’s ECC program.
This type of a transition is one that often tests an entrepreneur’s sense of worth and purpose. They have put blood, sweat, and tears into their business only to watch their dreams fade. As stated in the Thrive Global article I co-authored with Kathleen Stetson, startup founders “tend to connect their self-worth and identity to their start-ups, which can lead to feelings of depression if their start-up fails.” Yet, we’ve found data affirming that when entrepreneurs understand their thoughts, feelings, and biases, it is useful in managing stress – and this is a skill that can be taught. This is why MIT is proud to host the Entrepreneurial Confidence and Communication program – the first comprehensive program to address mental health challenges in the start-up community and teach entrepreneurs how to effectively manage stress.
At MIT, entrepreneurship programs run wide and deep – but across the board, student entrepreneurs know they can count on the university’s Entrepreneurs-in-Residence (EIRs) for their wisdom, experience, and advice.
We caught up with some former EIRs who have represented the Martin Trust Center for MIT Entrepreneurship. They have been part of a rotational program spearheaded by Bill Aulet, the Center’s Managing Director. The concept of rotating experienced entrepreneurs through the Trust Center has been extremely successful – it gives students a sounding board for their questions and benefits the EIRs as well, enabling them to recharge and rejuvenate before their next venture.
Aulet likes to call the network of EIRs part of MIT’s Entrepreneurial Talent Tree. Many of these individuals have roots at MIT – they went into the world to become entrepreneurs, then touched back down at MIT as EIRs prior to moving on to do big things as entrepreneurs again, or in the entrepreneurial education community. Through this talent tree, the lessons and skills of MIT’s entrepreneurship program are widely shared, and a strong network is formed.
Elaine Chen, a former EIR who has recently been appointed as the Director of the Tufts Entrepreneurship Center (TEC) and the Cummings Family Professor of the Practice in Entrepreneurship, sums up the MIT EIR experience as an opportunity to give back to the entrepreneurial community by helping them learn. “We draw on our own experiences to help students acquire an entrepreneurial mindset and skillset, which will help them succeed wherever they go in their careers.”
“We try to give entrepreneurs a safe, unbiased set of feedback,” comments Dip Patel, now CTO of Soluna. “In the entrepreneurship game, it’s very hard to get unbiased feedback. And it’s doubly hard to get unbiased feedback from people who have been operators or founders.”
“It’s better to give than to receive,” adds Will Sanchez, now at Gradient, his fourth startup. “But as MIT EIRs, we certainly receive a lot from the students as well. And we are doing this in a serving way.”
Donna Levin adds, “The EIR role enabled me to help provide students with actionable skills, proven frameworks, and a sense of urgency – what we called moving at founder speed.” Levin has moved on to head up Babson’s entrepreneurship program.
Nick Meyer, now a co-founder of Relativity6, remarks on the bond between the EIR group at the Trust Center. “Everyone’s always trying to help each other out and make introductions, and we still talk all the time.”
Introducing MIT EIRs: What they’re doing Now
As a brief introduction, here’s a quick snapshot of the former EIRs interviewed for this article and what they are doing now. Each EIR explains what they felt they were able to share with the student entrepreneurs, and what they received in return.
Elaine Chen continues to expand entrepreneurial education in the Boston area as the Director of the Tufts Entrepreneurship Center and the Cummings Family Professor of the Practice in Entrepreneurship, following her nine years at MIT as an EIR and Senior Lecturer. Chen will work with students in all majors – including liberal arts, medical, dental, etc. Building on her MIT experience, this was a fantastic career opportunity and Chen looks forward to the year ahead.
Nick Meyer is now a co-founder and Chief Product Officer of Relativity6, a company that uses AI to increase customer retention and lifetime value, currently focusing on the insurance broker industry. Key to Relativity6’s success is how to be predictive, without using personal information. The company looks at patterns developing over the course of people’s lives.
Will Sanchez is now The VP of Business and Customer Development and a founding advisor at Gradient, a cybersecurity company that is working to reimagine digital trust from the very beginning. The 14-person, Boston-based startup is still very much in the jungle stage – no paved roads – and he’s learning tons of new things to satisfy his infinite curiosity.
Dip Patel, is now the CTO at Soluna, a company launched in 2018 that is building a new type of data center that combines with renewable power plants – grid operators can plug into and turn on and off whenever they want. The company’s mission is to make renewable energy the primary power source, using computing as a catalyst.
Giving to, and Gaining from, MIT’s Student Entrepreneurs
It’s evident that this is a smart and talented group. We are fortunate each of them shared their time and talents with the student entrepreneurs at MIT. Here’s how they felt they gave back to the entrepreneurship community, and what they gained in return.
Elaine Chen comments she was known as a “hardware person” at the Trust Center and was able to leverage her background at Rethink Robotics, Zeemote, SensAble Technologies, and other hardware-related startups, to help guide students with startups in that sector. She feels that she was able to share her experience having seen a lot of different scenarios and give students a dose of reality.
Working with the students, she learned a lot about different businesses – from bitcoin to chip design – because they researched it and learned it together. She also worked with current EIR Paul Cheek as product manager for MIT Orbit, and helped build up the knowledge base with over 600 unique articles for entrepreneurs.
Donna Levin explains, “We were able to create a safe environment and meet students wherever they were on their entrepreneurial journey. From ideation, market selection, to product market fit – early stage entrepreneurs craved the ability to have a conversation about the problem they were trying to tackle today or this week.”
She was constantly inspired by the societal problems the students are tackling in the world and learning about new technology and scientific discoveries. Levin says serving as an EIR was one of the most rewarding experiences of her career.
Nick Meyer believes he helped students navigate the MIT culture and break out of the mental blocks that can come from overthinking things. Many students at MIT have such confidence in their ability to build things, and build things quickly, that they default to building instead of first figuring out what should be built. Meyer was able to aid students by sharing a lot of stories of what’s practical and what has worked at his startups.
In turn, he reports that telling his stories to the students helped him created a narrative of what happened in his career, as opposed to how the startup made him feel. “You can build up this narrative that’s not the healthiest because there aren’t that many levels of success in startups. There is kind of ‘billionaire or bust’ mentality, so, most of your time is spent dealing in failure and not reflecting on everything you’ve learned, what you’re good at, and being helpful. I’ve learned from the students how valuable all my startup experiences really were, and just who I am and what I’ve learned, and how to approach things.”
Will Sanchez sayson the first day of the delta v kickoff, he introduced himself to the cohort as, “I’m Will, New York City kid. I don’t know how I can help you, but I will ask you the tough questions – the more awkward, the better.” He reports that seemed to have resonated well not only with the delta v team but with the cohort and students in general.
What he learned from the students was that there’s so much he had to offer. “Going into it, I didn’t know what I could possibly offer these brilliant students and faculty, I just ran a small start-up that was somewhat successful. It was surprising to me how much I could add as a generalist.”
Dip Patel explains he was always extremely candid about his past and showing his vulnerability to the students – from sharing what it was like to fire his best friend to landing a million-dollar deal. “I think that what I brought as an EIR is candid vulnerability, plus realism as to what they are signing up for. And the energy, I think I brought energy.”
In terms of learning from the students, he comments, “It is extremely motivating that I get to meet students who share their dreams with me. The fact that I’m able to help them achieve their dreams, and they are grateful for that, motivates me as an entrepreneur.”
Keeping it Fresh
In other businesses, employee churn is generally seen as a negative. However, at MIT, the EIR position is designed to be part of a rotational model that keeps things fresh for both the students and the experienced entrepreneurs. EIRs find that the role of being an advisor to students lets them recharge their entrepreneurial batteries and unwind after the stress of starting a new company – and, the Trust Center gets the benefit of new and different experiences with each EIR.
Patel comments, “When you sell a company, even if you make millions of dollars, you’re losing a big piece of who you are. A lot of people say you shouldn’t connect your professional life with who you are, but it’s really hard for an entrepreneur to do that – damn near impossible. So, when that company ends, for whatever reason, it really takes a toll.” The beauty of the EIR role is that it lets entrepreneurs decompress and figure out what’s next. However, he continues, “After we started Soluna, I missed the Trust Center and wanted to get back involved, so now I’ve come back as a lecturer, co-teaching one entrepreneurship class each semester.”
Meyer says that when he was first approached for the EIR position, he was in the middle of a starting a new company, so he declined. “About three months later, I realized that I was in no mental space to be doing another start-up, because it was like my seventh or something, starting from when I was in high school,” comments Meyer. “I knew I did not have the grit or energy built up to last for another three, four, or five years working at another startup. I just needed a break.” After a short stint as a ski instructor in Switzerland, he joined MIT as an EIR for about two years. Along with helping students, it let him reflect on the best way to move forward. “I’d say MIT encourages people to move on after spending some time as an EIR. Very few people camp out for a long time.”
“MIT is a special place. It’s a place where people truly believe the impossible can work,” explains Patel, and this belief resonates in the discussions with all of the EIRs. Chen adds, “Being an EIR in MIT’s strong entrepreneurial ecosystem was an amazing opportunity.”
Sanchez reflects, “As EIRs, we’re all sorts of shapes and sizes and colors, but we all want to add the human dynamic to entrepreneurship – the stuff you can’t just Google or read about in a class.” Patel continues, “The EIRs are truly there to help, but the entrepreneurs have to ask. And you have to get comfortable asking for help – that’s another piece of advice. It’s a sign of strength, not weakness, to ask for help.”
As this group of EIRs blazes new trails, they are each still inextricably tied to their EIR cohort and the student entrepreneurs they advised while at MIT’s Trust Center. This network runs deep, and the talent tree continues to grow.
This summer, MIT’s delta v accelerator program for student entrepreneurs was adapted as a virtual experience. Although this called for a flexibility and creativity all around, one of the benefits was that we were able to virtually connect with some amazing speakers.
Our Founder’s Talk Series let us hear about journeys of successful entrepreneurs, the challenges they’ve had to face, and their advice for our students. This year, we were lucky enough to hear from: Eleanor Carey, an Australian adventurer who gave an inspiring talk relating to the realities of entrepreneurship; George Petrovas, a serial entrepreneur who shared his founder journey; John Belizaire, CEO of Soluna, who spoke about leadership; Perry Cohen, Founder and Executive Director of The Venture Out Project who spoke about his journey; and Ed Baker, Investor, Entrepreneur, and Growth Specialist, previously with Uber and Facebook, who talked to students on scaling their businesses.
We concluded the series by speaking with Hayley Sudbury, founder and CEO of WERKIN, a company that raises the visibility of underrepresented talent. What Hayley and her team are doing at WERKIN is extremely important because although people talk about diversity and inclusion in companies, they don’t always know what to do about it. Here’s a short recap of what we learned from Hayley during her Founder’s Talk.
Overlapping Boundaries between Work and Life
Hayley commented that the boundaries between work and life have formally collapsed since March 2020 when the pandemic hit, and we all went remote. But also, there’s a bit of a trend toward moving back to our true humanity of who we are as people and the businesses we want to build to create change.
As an Aussie Brit, openly gay, tech, female CEO, Hayley jokes that she seems to tick a few boxes around “different.” She comments that getting a more diverse mix of founders will help create change in the world.
Driving Forces for Founding WERKIN
From her job at large bank managing a £ 50 billion balance sheet, Hayley notes she looked around and realized, there were no women above her, and there were certainly no gay women.
Even for the most extroverted types, it’s important to be able to see the version of yourself in life, as you look to create an aspirational pathway for your career or the businesses that you’re building. For Hayley, this was a real motivation to kind of get out and do something different.
Creating Inclusivity and Belonging at Scale for Business
WERKIN is very much focused on helping companies create inclusion and belonging at scale. The name comes from “We Are Kin” – and is dedicated to building a kinship and community within a workplace, helping employees feel visible and supported every day.
With the death of George Floyd earlier this year, there is a greater global awareness that we’re operating in a world where not all is equal. Race is a very important conversation that’s being had right now. This has opened up a broader conversation around consumers demanding more from companies – both companies we work for, and companies that we want to purchase from. Whoever we are, and whatever our lived experience or background is, how we choose to spend our money creates power.
Millennials, particularly, make decisions around wanting to work for a purpose-led organization. They expect more. They expect organizations to not only talk about being equal and fair and transparent, they demand that they are. And they’re looking for the data to kind of back that up as well.
WERKIN has been on a mission for quite a long time around helping organizations create this and inclusion and belonging. But now it feels like there’s much more of a sense of urgency and importance. CEOs are realizing if you really want a different result, you must do different things, and this year has really tipped the balance.
It Started with Mentoring
The seed for WERKIN starting with mentoring and sponsorship, which essentially go hand-in-hand. It’s the stuff that people do for you. It’s the doors that get opened. It’s the connection that someone makes for you to a colleague. It’s those small actions.
So, we looked at ways to democratize this idea of access to the right people, so that you’re visible, and the traditional “having beers in the pub” is not the only way to build rapport. WERKIN was created help that accessibility be open and available to more people.
We then leveraged technology to manage and measure these programs and demonstrate ROI. For us, it is very much a data play, as we create this digital standard for inclusion and belonging.
Love Your Customers, Not Your Product.
Falling in love with your product is a very easy thing to happen. You can see the pain point, for example, but if you fall into the trap of being product-first, not customer-first, it’s very easy to miss the real opportunity to create change.
At WERKIN, we think about how we want to change someone’s journey inside an organization so that they are seen, they are heard, they are visible to a larger percentage of the population. But not only that, they have a clear pathway to accelerate through to the highest levels that are, obviously, economically beneficial for that individual, but also allow them to influence the outcome of the organization.
Embrace the Most Exciting Time in our Lifetimes
While it may look terrifying from an economic outlook, if you’re in the business of building new ways to do things, this is probably the most exciting time in our lifetimes. Both from a change in civil rights, equality, and the move towards shutting down this very separate life we had between work and life, and actually coming back to our humanity. This means businesses that are purpose-driven, sustainability-focused, forward-looking, tech-enabled and changing the way we work, are all presented with massive opportunities right now.
The entrepreneurial journey is certainly a roller coaster ride – enjoy it!
2020 is a year we’ll remember for many things, but 2020 graduates will certainly remember how typically crowd-filled graduation ceremonies were transformed into unique and socially distanced celebration amid COVID-19 restrictions. At MIT’s delta v, we can relate. We are just starting our summer-long student venture accelerator program, and, our entire program – start-to-finish will be virtual this year.
What does that mean? Although our fantastic space at the Martin Trust Center – usually buzzing with activity – will be dark, we’ve created a virtual model to provide a unique experience and lots of new and different opportunities for our student-entrepreneurs. At the end of the summer, these students will kick-start their ventures and reach escape velocity with a final presentation of their startup companies at Demo Day. We anticipate seeing some of the best and brightest new startups ever to come out of MIT, because – as said by Benjamin Franklin – “Out of adversity comes opportunity.”
Prepping to Go Virtual
The delta v program has become known as a “transformative experience that only MIT could provide,” and the entrepreneurs that go through this program are truly helping to make the world a better place (Check out this video for 2-minute synopsis.) Many MIT programs were cancelled this summer, but thanks to Managing Director Bill Aulet’s advocacy across MIT and with the Trust Center donors, this summer’s virtual delta v program has become a reality.
Students joining this program, and the whole MIT community, have major expectations of delta v. So, we knew we would need to go beyond just transitioning to Zoom meetings and putting our content online. We looked at what worked for MIT’s remote learning classes in the spring, and also reached out to our entrepreneurial education colleagues at other universities to gain their insight.
We held brainstorming sessions and many, many meetings to figure out how we could make this year’s delta v experience engaging and interactive. We honestly looked at the challenges and worked hard to address issues like onboarding, the lack of personal connections, less-than-ideal work from home situations, and “Zoom fatigue.” We knew that engagement, high-touch experiences, and cohort learning would all be essential for making this a success, and we put in extra effort to ensure delta v would not lose its special touch.
The 2020 Cohort
Our 2020 cohort of delta v teams was the smallest we’ve had in six years – 11 teams in Cambridge and six in New York City. We purposely selected fewer teams to allow for more individualized attention from our Entrepreneurs-in-Residence (EIRs), who are spending dedicated online time mentoring each team. (This also means if you didn’t get selected this year, think about applying again for 2021!)
This infographic shows the makeup of our 2020 delta cohort. Each year, we work on trying to get a diverse and balanced group of entrepreneurs tackling problems in a variety of industries.
A big part of delta v is learning from the pros. One of the benefits of our virtual session this summer is the sheer number of experts we’ve been able to line up. In fact, in the month of June alone, the delta v teams will have opportunities to hear from 21 different speakers delivering workshops.
With a virtual program, we have the benefit of being able to approach experts who are located anywhere, rather than focusing only on local resources or those willing to travel to the MIT campus. This summer, our students are fortunate enough to learn from many outstanding experts, including the following people:
Ryan Choi, MIT Alum, now with Y Combinator for a discussion on finding product-market fit and will be back for a discussion on hiring
Eleanor Carey, who spent 62 days at sea, rowing from California to Hawaii, gave an inspiring talk relating to the realities of entrepreneurship
James Baum, technology leader, investor, and advisor, who shared his advice on managing boards and will be back for office hours
George Petrovas, serial entrepreneur, who shared his founder journey and is on a delta v mock board
Brad Feld, Managing Director at Foundry Group will talk about fundraising in a Covid-19 environment
Perry Cohen, Founder Executive Director of The Venture Out Project will speak about his journey
Plus, our amazing faculty including Kirk Arnold, Kit Hickey, Erin Scott, Jason Jay, Bill Aulet, Paul Cheek, and Dip Patel.
This year at delta v, we will build on our Entrepreneurial Confidence and Communication (ECC) program to teach tools for self-awareness and mindfulness with the goal of better mental health and “anti-fragility” for entrepreneurs. We recently wrote about this program for the Harvard Business Review, and it has been well-received by students and the community. We believe that if we teach new entrepreneurs how to work through the stresses of entrepreneurship more effectively, it will lead to better decision making and healthier choices for their life and their business.
An interesting dimension to this year’s delta v cohort is that they are particularly receptive to learning about meditation and mindfulness for stress reduction, according to Kathleen Stetson, our ECC coach and creator of the program. She believes this is a direct result of the proliferation of information in the news and on social media about mental health concerns during the pandemic.
This year, Demo Day may be where we see the biggest impact of going virtual. Traditionally, at the end of the summer, all of the delta v teams gather to formally present their startups to the MIT entrepreneurship community. Things will change this year, but we are making some amazing plans for Demo Day and a post-event networking experience.
We will also hold a Virtual Investor Day, which is new this summer. This will focus specifically on the financial foundation of the startups and will allow the final Demo Day pitches to be a bit shorter. Students will benefit by having two completed pitches when they finish the program.
Conducting the delta v accelerator program virtually is a first for all of us – we are learning too. We strive to bring this year’s delta v cohort an incredible and rewarding experience, and we are open to feedback and suggestions.
The delta v student venture accelerator is the most inspiring environment I can think of for an entrepreneur. There’s an energy here that propels each of our teams forward. For 90 days, our student-entrepreneurs will eat, sleep, and breathe their startups. They will be guided through a process that makes them really think through the realities of starting an actual business, not just chasing a cool idea. Our fervent desire is that some of our student-entrepreneurs will create companies that will help to solve some of the big, global problems we are seeing in our world today – such as preventing the next pandemic or eradicating racism.
As the delta v leadership team, our opportunity this summer is to assist our students in their educational journeys as entrepreneurs and to guide them in making entrepreneurship a force for good.
At MIT, the delta v accelerator is our capstone entrepreneurial experience for students. As educators, we always want to know what students gained from our programs and how it helped them in their post-MIT life. We recently interviewed delta v alumni to understand how their entrepreneurship education has had an impact on their life, and we wanted to share the findings.
We reached out to over 400 delta v alums from 2012-2019 with 60 responses.
87% Consider Entrepreneurial Skills a Core Competency
Slightly more than four out of five survey respondents currently consider themselves entrepreneurs. However, the vast majority of alumni (87%) view entrepreneurial skills as a core competency by 87% of respondents – rather than just a means to start their own business. These people may be creating their own ventures now, but they may transition throughout their careers between entrepreneurship and other roles. It’s important that these entrepreneurial skills will support them in either situation.
Respondents consider who consider entrepreneurship a core competency credit both the MIT program as well as the importance of hands-on experience to develop their entrepreneurial skillset. Many also noted they view entrepreneurship as a set of skills that must be honed through practice.
Entrepreneurship is Seen as an Important Part of People’s Identity
Many alumni view entrepreneurship as a way to solve important problems and pursue their visions. Entrepreneurship is the lens through which they approach these challenges and visions, with 62% of respondents reporting that an entrepreneurial outlook is an important part of their identity.
However, a select few respondents see entrepreneurship as a strict occupation, and not a core part of their identity. Others described themselves as entrepreneurs within their specific field or company, for example, an “entrepreneurial scientist.”
92% Say MIT Entrepreneurship Classes Support their Current Role
The classwork that delta v alumni participated in has proven to be on target. A full 92% of respondents either strongly agreed or agreed that what they learned in MIT entrepreneurship classes supports their current role, even if they are not an entrepreneur today.
Specifically, delta v alumni said the skills learned in the classroom help them in the following situations:
It gave me a playbook when I have to do things I have not done before.
I use what I learned at MIT every single day, in working with my team, financial planning/strategy, product development and management, and making sure I am looking at the right problems, in various different ways.
I focus a lot on management – and classes in particular help understand people and teams.
I need to assess new technologies according to their business promise and their technical risks.
I can more effectively voice my concerns and disagreements.
I can think about problems from a variety of different angles – rather than just technically.
The classwork provided a structured approach to innovation.
The presentation skills and network taught in delta v are still used to this day.
Entrepreneurial Skills are Marketable
Respondents feel that the entrepreneurial skills they learned while at MIT are marketable with 79% strongly agreeing or agreeing with that statement. They feel that:
The skills are an asset in their current role (86%)
The skills will be an asset in their future roles (68%)
The skills will help them in landing a future job (37%)
Some of the general entrepreneurial skills respondents bring to the table include customer identification/market research, Identifying competitive positioning and use cases, product design, business modeling, and scaling a business.
MIT’s entrepreneurship courses benefit participants by providing frameworks, structure, and discipline to their ideas. It also gave them opportunities to test out ideas and take risks, iterating those ideas in a supportive and knowledge-based environment. Many respondents mentioned the supportive delta v ecosystem and cohort, providing mentors in the entrepreneurship community and a network that gave the entrepreneurs confidence.
One of the delta v alumni sums it up nicely, saying:
“delta v gives people the opportunity to create transformational value in society. It gives young people the tools and skills they need to make that happen. The future rests on the next wave of entrepreneurs to bring about that change and growth.”