As Entrepreneurs-in-Residence Rotate, MIT’s Talent Tree Grows

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.

Another former MIT EIR, Donna Levin, heads up Babson’s Arthur M. Blank School for Entrepreneurial Leadership as CEO. While Chen and Levin are cultivating entrepreneurship in educational leadership roles, other EIRs have gone on to start their next venture.

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.”

Conclusion

“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.

MIT Study: Entrepreneurship Education delivers Value beyond Startups

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.”

An Entrepreneurial Partnership: Wellesley College and MIT students team up for delta v 2020

This week, I had a chance to meet with Wellesley students at an on-campus event and experience their passion for entrepreneurship. They had an excellent reason to be excited. Wellesley has just announced its Batchelor Feld Entrepreneurship Fellowship program.

Amy Batchelor and Brad Feld are known as a power couple in entrepreneurship, venture capital, and philanthropic circles. Amy is a Wellesley grad and Brad is an MIT grad, so creating a partnership between the two schools made sense for them.

The Batchelor Feld Fellowship program

Wellesley students will now have the opportunity to apply to the 2020 MIT delta v summer accelerator program, made possible by a grant from the Batchelor Feld Fellowship program. (Applications close Monday, March 30, 2020 at 8 pm EDT, so if you are interested, start the application process now!)

As a bit of additional background on the program founders, Brad Feld has been an early stage investor and entrepreneur since 1987. Prior to co-founding Foundry Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Brad is also a co-founder of Techstars. As a long-time venture capitalist who has supported entrepreneurship in the for-profit sector, he also provides his expertise and leadership to non-profits. Brad holds Bachelor of Science and Master of Science degrees in Management Science from the Massachusetts Institute of Technology.

Amy Batchelor is a writer and community leader who has been deeply involved in non-profit activity for two decades. She is the co-author of the book Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur. Amy graduated from Wellesley College in 1988 with a B.A. in Political Philosophy, and she served on the Board of Trustees at Wellesley College from 2009 to 2015, and 2018 to the present.

Their generosity has enabled Wellesley students to apply to be a Batchelor Feld Entrepreneurship fellow and be full participants in the MIT delta v program in either Cambridge or New York City, alongside the MIT students.

We are excited to have Amy and Brad join our long list of generous donors that have made this program possible, including Jack and Anne Goss who helped get delta v off the ground. It is the generosity of these philanthropists and their support of entrepreneurship that allows us to continue to innovate and elevate our entrepreneurship programs.

What is delta v?

MIT delta v is MIT’s student venture accelerator, providing a capstone educational opportunity for MIT student entrepreneurs that prepares them to hit escape velocity and launch into the real world. The name delta v literally means a change in velocity, and this program has been called the gold standard of academic entrepreneurship accelerators.

From June to early September, teams work on their ventures full-time for the whole summer. Teams will define and refine their target market, conduct primary market research and build knowledge about their customers and users.  They will use the Disciplined Entrepreneurship approach to building their ventures. At the end of the summer, the delta v teams formally present their startups at the culmination of the program on Demo Day.

Here are the basics to consider as students think about the program:

  • All Wellesley students are eligible to apply as individuals or as a team
  • Full participation in delta v in either Cambridge or New York City
  • Up to $20,000 in equity-free funding available
  • $2,000/month per student to cover living expenses in June, July, and August
  • Monthly video mentorship meetings with Amy Batchelor and Brad Feld
  • Join a cohort of peers changing the world through entrepreneurship
  •  Become part strong network of delta v alumni teams with a proven track record

Thanks to our Wellesley team!

I’d like to give a special thank you to Anabel Springer and Carolyn Price at Wellesley College. These two women are co-founders of NRICH Invest, a fintech startup designed to motivate college students to invest and save, and they drove the charge for this program. The pair worked as a part of the MIT Sandbox Innovation Fund’s Fall 2019 cohort, so are familiar with the benefits of the MIT entrepreneurship community, such as mentorship, funding and peer support.

In speaking about the program, Anabel Springer said, “We are ecstatic that this opportunity will provide a way for Wellesley students to engage with entrepreneurship and the larger startup community. Cheers to growing this community and supporting more women and nonbinary student founding teams. Let’s celebrate this moment for entrepreneurship!”

Carolyn Price added, “The fellowship program is an unparalleled opportunity for Wellesley student entrepreneurs to learn and create within Massachusetts Institute of Technology’s entrepreneurship accelerator program, delta v.”

In addition, Celine Christory, head of WeStart, and Tarushi Nigam Sinha, president of Wellesley Women in Business (WWIB) also supported us with this program.

Application, Deadline and Planning for Summer

As a reminder, applications are due at 8:00 pm EDT on Monday, March 30th. You can apply at: https://bit.ly/deltav-wellesley 

We hope to welcome several Batchelor Feld Entrepreneurship Fellows to delta v this summer! For any questions, please email mtc-deltav20@mit.edu or visit deltav.mit.edu.

As we respond to the COVID-19 outbreak and make every effort to keep our students, faculty and staff healthy, both MIT and Wellesley are conducting classes virtually for the remainder of the Spring 2020 semester.

Our physical space at the Martin Trust Center for MIT Entrepreneurship is currently closed, but we have committed to making delta v a reality this year and are still exploring different formats if they are needed. We will keep our applicants and the Entrepreneurship community updated.

Finding the “Aha!” moment at MIT’s Entrepreneur Development Program

“Enjoy every moment of being fire-hosed.”

This slightly scary piece of encouragement might leave you with a bit of trepidation. But, an alum of MIT’s week-long Entrepreneurship Development Program (EDP) vows this program changed her business completely.

So, what is MIT’s Entrepreneurship Development Program? Let me offer a peek inside the program from the view of a faculty member and coach. I personally find it fascinating part to witness professionals experience their “Aha!” moment during the program – that sudden moment of realization, inspiration, and insight in their entrepreneurial journey.

Bill Aulet kicks off a session on Disciplined Entrepreneurship

For the third year in a row I recently assisted in teaching and facilitating this MIT Executive Education program with Bill Aulet. The group of people who attend EDP are highly motivated, driven, and want to make a positive impact in the world. These individuals are seasoned professionals who are used to delivering results, so we needed to provide the material in a way so that it can be applied to their real world. The MIT style of learning “mens et manus” (which translates from Latin to mind and hand) is a good match for the EDP cohorts. MIT provides the theory and reinforces it with the practical.

The global life experiences in the class make for such a vibrant community. They ask questions to deepen their understanding, and by doing so, we become better educators. The 2020 week-long program had 104 participants from 27 countries and six continents. The participants listen to a MIT fire hose of information during the day and apply the lessons in teams during the evening by going through simulations with coaching from experienced entrepreneurs.

Participants come together on their first day, and we put them through an introduction, then they jump right into entrepreneurial speed dating, pitching ideas, and form teams before they leave that evening. The balance of the rest of the week consists of the Disciplined Entrepreneurship (DE) framework, coaching, and ecosystem tours. The program is not for the faint of heart. It truly is a constant fire hose of content. EDP is more than an entrepreneurial mindset as these folks are building out ecosystems, starting companies, and came to the Entrepreneurship Development Program specifically to learn Disciplined Entrepreneurship. 

These entrepreneurs see the effect they can have in the world through entrepreneurship. After recovery from the week, one participant said, “I am already working on the social enterprise that I have been wanting to build for 10 years, but I didn’t know how to make it into a business.” I appreciate the opportunity to teach and coach in such a results-based program.

During the school year, 90% of my day to day is made up of teaching, leading programs, and supporting current MIT Students. About 10% of my day is working in Executive Education and community building. EDP is such an essential part of our ecosystem as it brings frameworks, application, and experience to people from all over the globe who are experienced executives but are looking to take their entrepreneurial initiatives to the next level.

EDP coaches

However, our MIT educators are not the only ones teaching about the entrepreneurial ecosystem. In EDP, we bring entrepreneurs who have launched after participating in our various entrepreneurship programs. Companies like AirWorks, Floating Point Group, CaroCare, and Ministry of Supply. We also introduce non-MIT related support like Greentown Labs and the Cambridge Innovation Center (CIC).

No one program can claim the success of any MIT startup, as it is the collective ecosystem that encourages those at MIT to reach back into the community to help others rise up. Many of the people who come to the Entrepreneurship Development Program are already active in their entrepreneurship ecosystems, bringing the Disciplined Entrepreneurship lessons to others. This is the impact of EDP.  We continue to foster the community.

Here is some of the feedback from participants:

MIT Entrepreneur Development Program, class of 2020

Dale Cree, CEO, 3EN Cloud ltd
“At the end of the day, it was absolute proof, you need to complete the 24 steps to have any chance at all. Greatest foundation for any business journey. MIT EDP.”

Kasper Juul, Director, External Innovation at LEO Science & Tech Hub
“The combination of inspiring lectures and practical exercises, with the support of experienced entrepreneurial mentors is simply invaluable. This makes for a very intense course with a steep learning curve that will push you to your limit while having lots of fun. Most importantly EPD makes you feel part of a community that will continue to support you on the entrepreneurial journey.”

Mariam AlEissa, Ph.D., Postdoctoral Research Fellow at MIT
“I’m so grateful to be part of the Entrepreneurship Development Program where I learned innovative ideas can’t be delivered without entrepreneurial skills. As a Saudi woman, I’m fortunate to live in a time where women empowered as part of 2030 vision and I’m trying my best to be ready to play an active role in my community at all levels.”

Dr. Dani Abu Ghaida, Technology Leader working with Middle East organizations to create, build and launch new ventures
“What particularly attracted me [to EDP] is to find answers on what I did wrong in the ventures I have led and that failed prior to EDP. EDP not only answered this question but gave me the motivation to move ahead and pursue multiple programs at MIT leading to the ACE [Advanced Executive Certificate] qualification I have now. This journey has equipped me with the tools that I need to answer all the management, strategy, innovation, operations, and supply chain challenges I can face as a venture leader, business executive, and a person who wants to change the world.”

Mary Rodgers, Innovation Community Manager, PorterShed (past participant)
“Since returning to Galway, MIT EDP has become an integral part of our daily working lives. Managing a co-working Tech Hub, I regularly meet with entrepreneurs at different stages of their life cycle. I used the DE [Disciplined Entrepreneurship] roadmap to refocus the companies, and provide an objective, practical, advice and actions to progress.”

Want to learn more? Visit these websites:

Entrepreneurship Development Program

Disciplined Entrepreneurship