Category Archives: founders

A Customized Learning Opportunity: Coaching in Executive Education

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Coaching, in general, is best for those who are truly invested in transformation. When coaching is integrated into executive education programs, it can provide a premium and personalized experience that bridges the gap between theoretical concepts and practical application. Over the last few weeks, I have been coaching in a few of MIT Sloan’s Executive Education Programs.  And although coaching is not built into every executive education program, when personalized coaching is offered, it can provide a customized learning opportunity that guides participants on how to apply what they are learning to their own unique situation. This process not only enhances retention but also empowers executives to implement changes in their organizations with confidence.

For instance, a participant in an executive education program might work with a coach to develop a plan for implementing a new organizational change model after an in-class presentation.  The coach helps them tailor the model to their specific context, considering factors like company culture and team dynamics. This personalized guidance ensures that when the executive returns to work, they have a concrete, actionable plan ready to execute. Coaching also plays a crucial role in addressing specific challenges executives face in their roles. Whether it’s navigating team conflicts, finding their leadership voice, or developing new strategies, individualized support from a coach can make a significant difference. It’s about acquiring skills for the future and moving on to the next challenge with confidence and clarity.

I have participated in executive education programs at MIT, Northeastern, Babson, Harvard Business School, and the University of Pennsylvania that have profoundly impacted my skills and knowledge. My experience with these programs has taught me the value of technology, culture, leadership skills, and team dynamics. Each course has provided new tools and perspectives that I have applied to my work, constantly striving for personal and professional growth. Throughout my career, I have seen firsthand the transformative power of executive education, and in my current role coaching senior executives and entrepreneurs at MIT, I’ve experienced how a coaching element in executive education strengthens the entire program.

The Executive Coaching Experience

At its core, executive education is designed to equip leaders with the skills, knowledge, and insights necessary to navigate complex business challenges. Individuals and companies alike seek out these programs for various reasons—whether it’s to stay ahead of industry trends, prepare for organizational changes, or simply to gain a competitive edge. But beyond the curriculum and the esteemed faculty, I believe the real transformative power of executive education often lies in the coaching component.

Here are some real-world reactions I’ve encountered when coaching executives, and how I’ve been able to work with participants to help them gain value from the coaching experience:

  •  “You have my DISC and 360 Assessment [self-awareness tools used in coaching]. Tell me where I need to improve.” 
    When a participant approaches coaching like this, my response is that coaching is all about showing up with a critical eye for yourself and improving your performance overall. No coach can tell you exactly what you need to do, but coaching can help you unlock areas where you can grow as a leader.
  • “What I am learning in the classroom is great, but what I really need is help figuring out what I do next because the current situation at work is not working.” 
    This is where coaching can shine. When an executive realizes they can reinforce their classroom experience with customized work that applies to their specific situation, they are two steps ahead and can more effectively integrate their learnings into their organization.
  • “I am taking the class, and I don’t see anyone of my level that I can connect with.”
    Hearing this type of comment makes me think that an executive was recommended to the program and may not have made the decision to attend themselves. They have some work to do on their leadership style, and I would encourage a participant like this to be more open to what they can learn from others, as well as offering their expertise for others to learn from them. 

Coaching has been proven as an effective support mechanism for learning. Research indicates that traditional training methods are often insufficient for long-term retention and application of new knowledge.  However, active learning approaches, which include coaching, can dramatically improve retention. A 2022 study revealed that active learners retained 93.5% of information after one month, compared to 79% for passive learners. This underscores the importance of incorporating active learning strategies, such as coaching, into executive education.

Conclusion

Within the MIT Sloan Executive Education programs and my own coaching practice, I see the impact of coaching every day. Participants emerge from programs and coaching not just with new knowledge, but with a renewed sense of purpose and the confidence to tackle their most pressing challenges. The one-on-one aspect of coaching, combined with the collaborative team projects, creates a rich, engaging learning environment that truly transforms these leaders.

As we continue to navigate an increasingly complex business landscape, the role of coaching, whether in executive education, in corporations, or through self-discovery becomes more impactful.  By providing personalized support and fostering an environment of active learning, coaching helps executives retain and apply new knowledge, and drives meaningful change within their organizations. It’s an investment in the future success of these leaders and the success of their companies.

In addition to coaching for MIT Sloan’s Executive Education programs, I also provide one-on-one leadership and entrepreneurship coaching for individuals. If you are interested in learning more, please contact me at Patricia Cotter patriciacotter76@gmail.com.

A Bold Journey

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Living life boldly means exposing yourself to all sorts of risk – risk of loss, risk of criticism and judgement, risk of mental, emotional, or physical distress. It’s no wonder, so many of us are raised to not live boldly, to not take risks, to not push ourselves to reach our highest potential.  

Bold Journey, an online magazine, asks people to share the story of their lives and how they got to where they are today. Their mission is to create a space for all of us to learn from each other. They recently reached out to profile my bold journey – the interview is shared below.

Trish, thank you so much for joining us today. Let’s jump right into something we’re really interested in hearing about from you – being the only one in the room. So many of us find ourselves as the only woman in the room, the only immigrant or the only artist in the room, etc. Can you talk to us about how you have learned to be effective and successful in situations where you are the only one in the room like you?

I began my career in the chemical industry, initially working in the lab and later as an engineer running a plating line. I was often the only woman in meetings, in the manufacturing area, and at lunch. My upbringing with six brothers (and two sisters) and playing team sports prepared me for that experience. As the only female, I was frequently offered training programs aimed at increasing diversity. Early in my career, my boss would joke that I went to another facility for lunch because there were more women, and he was right. I did feel lonely and excluded at times, but being the only female also brought unique opportunities. The support, mentorship, and sponsorship I received from men far outweighed the challenges I faced.

Thanks, so before we move on maybe you can share a bit more about yourself?

I am currently in the fourth stage of my career. I started as an engineer making circuit boards and gradually expanded to building various computer components and ultimately overseeing comprehensive product testing. Moving laterally within the company proved to be a transformative experience, allowing me to work with new people in a management role and learn skills and techniques I would call upon for years – this was the second stage of my career.

In my third stage, I ventured into academia, teaching entrepreneurship at MIT and spearheading its capstone accelerator, delta v. This experience was exceptional, immersing me in cutting-edge technology daily and mentoring students eager to make a positive impact on the world. It also provided opportunities to research entrepreneurial ventures globally (check out my free ebook on Start-up Accelerator Programs Around the World).

I continue to collaborate with MIT in the fourth stage of my career, contributing to partner programs in entrepreneurship education. Additionally, I focus on entrepreneurship and energy coaching through my own business. This work has been particularly inspiring, enabling me to help clients maximize their positive impact through enhanced focus and joy in their lives.

There is so much advice out there about all the different skills and qualities folks need to develop in order to succeed in today’s highly competitive environment and often it can feel overwhelming. So, if we had to break it down to just the three that matter most, which three skills or qualities would you focus on?

My career success is significantly attributed to the invaluable mentorship and sponsorship I received, which provided me with a solid foundation of technical, leadership, and personal skills. Several mentors offered training opportunities, and sponsors recommended I transition into the executive ranks. Without their support, I don’t believe my career would have been as successful.

A mentor encouraged me to explore opportunities in the startup realm, a decision that proved to be highly rewarding. I played a pivotal role in the remarkable growth of two startups, helping the first grow to over $100M, and the second to over $225M before it was acquired by IBM.

At MIT, I dedicated my tenure to sharing my entrepreneurship experience and preparing students to excel in business. Over six years, I worked with a fantastic team to teach and develop the skills of student entrepreneurs. Our energy coaching program empowered them to understand their professional presence better and take control of their business and career. We also introduced a mental health aspect into the entrepreneurial journey, a focus that was previously absent. I co-authored an article for HBR about this program titled, “Passion for Your Startup Doesn’t Have to Mean Constant Stress.” This investment in the mental health of entrepreneurs has created a more resilient generation of business leaders ready to face the challenges of the outside world.

We’ve all got limited resources, time, energy, focus, etc. – so if you had to choose between going all in on your strengths or working on areas where you aren’t as strong, what would you choose?

A well-rounded approach will serve you well. Some skills that I’ve developed include the ability to take risks, a strong work ethic, and being a good listener.

I never considered myself a risk taker until my dad, who had been with an employer forever, asked why I was changing jobs. My reason was that there was so much more in the world to learn. I moved from making computers to testing them, using them, monitoring them, and analyzing data. This wasn’t a wild risk, but the shift from large companies to startups was viewed as one. However, as the companies got smaller, I had more control and impact.

I knew that no one would outwork me, and I surrounded myself with a great group of people in a culture I crafted. In this environment, work was recognized, teams were rewarded, and customers received value from our products. I also knew I needed to get comfortable with being uncomfortable, learning from intelligent people who had clever ways to solve problems, regardless of their position.

A learning mindset serves you well. Good listening skills help you zero in on the root cause of issues rather than revisiting them repeatedly. As an entrepreneur, you’re not just taking risks; you’re mitigating them every day. The key is to surround yourself with intelligent and creative people who can build a team where – even if we miss – we win by learning together.

The original article was published in Bold Journey here: “Meet Dr. Trish Cotter.”
Thank you for the opportunity!

The Second Lieutenant Advantage: Embracing Collaboration in Entrepreneurship

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Not everyone aspires to be the leader. Some individuals find genuine fulfillment in supporting their teams — stepping into the limelight when necessary, and gracefully stepping back when it’s time for others to shine. In the fast-paced world of entrepreneurship, where the prevailing stereotype often emphasizes the leader persona, there is immense value in fostering a collaborative environment where everyone’s contributions are recognized.

The Happiness in the Shadows

For some, the limelight can be daunting. I, for one, appreciate having my moments but find satisfaction in letting others take center stage. It’s not about avoiding responsibility or lacking ambition; it’s about finding happiness, acceptance, and humility in being part of a team where everyone’s efforts contribute to the collective success.

When I watched the CBS News video, “Sidemen, Backups, and Understudies: Playing in the Shadows,” it really resonated with me. I encourage you to take a few minutes and watch it. The segment features Mark Rivera, Billy Joel’s sideman and saxophone player; retired baseball catcher Erik Kratz, who spent 11 seasons with 14 different major league organizations; and Kayla Pecchioni, a Broadway understudy who often steps into the shoes of the star. These professionals play in the background or are called up when the stars aren’t available — and they all embrace their position as #2.

These very accomplished individuals understand the importance of their role and talent and a humility that allows them to shine even when they’re not number one. One thing that stood out to me was their “team first” attitude. They work just as hard as the superstars to be the best that they can be for the team.

Rivera explains he’s been the frontman, and he feels he has a much better gig now. Katz comments that the lesson is about finding contentment built on a foundation of humility and gratitude. While Pecchioni talks about looking for glimmers and being appreciative of the everyday. While we may not know their names, these team players help ensure their organizations are successful.

The Desire to Belong

In today’s entrepreneurial landscape, people are increasingly seeking to be part of something bigger than themselves. While not everyone can, or wants to, assume a leadership role, we are more dependent than ever on individuals who can step up when needed. However, it’s crucial to do a better job of recognizing and appreciating these contributors beyond just the top leadership echelon.

Entrepreneur magazine advises how leaders can foster a sense of belonging in the workplace, and how this helps employees feel free to be their authentic, true selves, which makes it easier to show up, engage with others, create solutions, and perform well.

In a study cited in the article, a high sense of belonging among employees was strongly linked with a 56% increase in job performance, a 50% decrease in risk of leaving, and a 75% reduction in sick days. For a company of 10,000 people, this could mean annual savings of more than $52 million.

Social belonging is a fundamental need. Entrepreneurial leaders need to remind themselves that the hard-working team members who may be playing in the shadows need to feel included, and as leaders, they should proactively create a workplace of belonging for everyone.

Creating a Culture of Recognition

Not everyone can be a general; not everyone can be a second lieutenant. However, everyone can be recognized for their unique contributions. The key lies in acknowledging the diverse roles within a team and ensuring that each person’s efforts are valued.

When I worked as the executive director of MIT’s Martin Trust Center for Entrepreneurship, I was involved in almost every aspect of the Trust Center and the delta v accelerator, which is the capstone entrepreneurial experience for students at MIT. However, although I was not the face of theCenter or the program, I was the “glue” that held it together. For me, this was a role I preferred, and it gave me the opportunity to make the team and the delta v program shine.

I also played a similar “second lieutenant” role at startups that I helped to grow. I realized that providing direction and support, and letting others lead when necessary, yielded better results than anyone had projected.

Being “on” all the time can be exhausting for some of us. By surrounding ourselves with a collaborative team, we not only get to experience our moments of success but also share in the success of others. This sense of camaraderie builds a strong team spirit and reinforces the notion that everyone is supported. However, the leaders in the organization must recognize all the behind-the-scenes people that are essential to their success.

Balancing Ambition and Contentment to Gain a Sense of Fulfillment

Many individuals today seek better balance in their lives. It’s not a lack of ambition or a fear of challenges; rather, it’s a conscious choice to find happiness in what they do and contribute to a collaborative effort. Recognizing and motivating teams is now more critical than ever, especially in a hybrid work environment where face-to-face workplace connections are not as strong since daily interactions may be limited.

A sense of fulfillment at work goes beyond a mere paycheck. It’s about having the opportunity to step into the limelight, share achievements with the team, and then step back and continue contributing. A culture of mutual respect, where individuals rotate in and out of the spotlight, fosters a positive and supportive work environment.

Another interesting perspective is to look at how different generations view leadership and management positions. According to an article in Business Insider, many Gen Zers are saying “no thanks” to promotions because they feel that doing more work to get promoted is not worth the pay or the accompanying stress.

Work-life balance has become a bigger part of the conversation for this newest generation in the workforce, and bosses need to think about what other incentives might entice Gen Z (born from 1997 onward). Meaningful work, career development, mentorship, transparency, caring leadership, and an entrepreneurial culture are all factors that may motivate Gen Zers more than a bigger paycheck or a promotion.

In any generation, embracing the concept of allowing oneself to learn from others is pivotal. Observing and enabling the growth of team members allows for collective progress. It’s about moving away from the notion that everyone should constantly be climbing the corporate ladder and, instead, recognizing the potential for growth within the existing environment.

Conclusion

In the ever-evolving landscape of entrepreneurship, it’s time to break free from the misconception that success is synonymous with leadership. The strength of being a second lieutenant lies in recognizing the power of collaboration, appreciating diverse contributions, and fostering a culture where everyone can shine. In the hybrid world of work, where connections are not as visible, creating an environment that values every individual’s role is not just a strategic move; it’s a necessity for sustained success.

When Entrepreneurship and Antifragility Collide

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Think like an entrepreneur to cultivate creativity and innovation in your role.

As a learning and development (L&D) professional, you may not think of yourself as an entrepreneur, but embracing an entrepreneurial mindset can help you foster creativity and innovation in your organization. Understanding how you can encourage an antifragile approach to deal with internal forces as challenges arise within your company is essential. Connect that to how you show up in your job and how it affects both your own effectiveness as well as co-workers’ effectiveness.

What it is

The pursuit of entrepreneurship in the context of an existing organization is often called corporate entrepreneurship or intrapreneurship – whether it is a for-profit corporation, a not-for-profit organization, a government agency, or any other type of company.

Corporate entrepreneurship is a method used to develop new businesses, products, services, or processes inside of an existing organization to create value and generate new revenue growth through entrepreneurial thought and action. People who see themselves as corporate entrepreneurs are the engines of growth within a company; they are often corporate leaders or develop into leadership roles.

L&D professionals are well positioned to harness their intrinsic entrepreneurial skills to create value in their organizations given their roles entail working with both internal customers and a variety of other stakeholders. Further, the skills, knowledge, and ability L&D practitioners possess can help them solve corporate problems by thinking like an entrepreneur.

How it works

Here’s an example: The operations team at a small technology company in the data analytics space had a major problem – the startup competed against industry giants such as IBM. As the old saying goes, “Nobody ever got fired for buying IBM.” The team leader needed to figure out how the company could compete and get the attention of prospects to have them take the leap of faith to buy from a smaller, unproven vendor.

Operations team members assessed the skills, knowledge, and abilities in terms of how they could take an entrepreneurial approach to solve that problem. The team identified the company’s customers and their compelling needs. Because people were tired of waiting on hold and dealing with multiple customer service representatives who couldn’t solve their problems, the startup began taking a customer-centric approach. The team figured out that one way it could differentiate was by gearing all its operational decisions toward how to best serve the customer and provide an excellent customer experience.

The operations team simplified the process for the customer – from being able to always talk to a knowledgeable person to easy, one-page contracts – which helped the business succeed. As the company grew from a startup to a more established business, customers still valued and encouraged the founders’ entrepreneurial spirit and mindset. The happy ending to this story is that IBM acquired the company after seeing the value it provided to customers.

Guidelines

As corporate entrepreneurs start activating their ideas, they should aim small so that if they succeed, they can build on that success; if they miss, they may learn even more from that experience, which will help in the future.

Corporate entrepreneurs should also look to cultivate an antifragile mindset, a concept taken from Nassim Nicholas Taleb’s book Antifragile. His premise is that many things in life benefit from stress, disorder, volatility, and turmoil — they not only gain from chaos but need it to survive and flourish. To be antifragile, individuals must bend but be strong enough not to break.

In a talk by GE Ventures CEO Sue Siegel to entrepreneurs at the Massachusetts Institute of Technology, she said, “The pace of change today is the slowest it will ever be.” People with an entrepreneurial and antifragile mindset can prepare themselves and their organizations for rapid change and disruption. They get stronger in the face of adversity.

Results

The outcomes of corporate entrepreneurship will be evident once individuals start thinking like an entrepreneur and moving forward with this mindset, which opens up a world of possibilities – such as IBM acquiring your startup business. Set a vision and create a team of people with credibility and a good understanding of the problem you are trying to solve.

One of the biggest obstacles is overcoming initial inertia. The do-nothing strategy tends to be easier for corporate employees than embracing change. To combat this, align yourself with employees who have a compelling reason to change, and educate them on how the new product or service or way of doing things will address their problem.

As Netflix co-founder Marc Randolph, states, “If you are unwilling to disrupt your business, there will always be someone willing to do it for you.” Demonstrate that you are able to stand in the storm and provide leadership as a change agent for your organization.

Checklist

  • What is the problem you are trying to solve? What benefits will it deliver to your customers?
  • Define the problem, quantify it. Can you do primary market research with open-ended questions to validate your hypothesis?
  • Come up with solutions. Does your solution solve a compelling need? Does it make monetary sense?
  • De-risk your solutions. How can these solutions be adopted by your prospects with a low risk to them?
  • Identify a team to help. Success is more likely when you are backed by a team. Entrepreneurship is not a solo sport!

Resources

Disciplined Entrepreneurship,Bill Aulet

Antifragile, Nassim Nicholas Taleb

An Introduction to Start-up Accelerators Around the World, Trish Cotter

Personal Branding and Marketing Yourself, Rita Balian Allen

About the authors

Patricia “Trish” Cotter is an entrepreneurship consultant and coach as well as a past director of MIT’s delta v student venture accelerator program;  patriciacotter76@gmail.com.

Rita Balian Allen is an executive coach focused on leadership development, management training and career development; rita@ritaballenassociates.com.

Note: This article is the property of ATD. It was published August 1, 2023 in TD Magazine:
https://www.td.org/magazines/td-magazine/when-entrepreneurship-and-antifragility-collide

What is Disciplined Entrepreneurship? A Short Overview for the Uninitiated.

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When I recently presented at the Association of Talent Development’s ATD ’23 conference, our session was focused on how to Think Like an Entrepreneur and Foster Creativity in Your Organization. This was geared to help learning & development (L&D) professionals take lessons from entrepreneurship and apply them to their organizations.

One of the topics that we touched upon was Disciplined Entrepreneurship. The Disciplined Entrepreneurship approach was such an important and ingrained part of the entrepreneurship program at MIT, that I had to step back and realize that this was new information to most of the ATD ’23 attendees. (In fact, I’m currently preparing materials to teach Disciplined Entrepreneurship content via a partnership between MIT and Dalhousie University in Nova Scotia.) 

Since I had a lot of follow up questions on Disciplined Entrepreneurship, I thought I’d give a little more background on the approach and how it works in this blog post. Disciplined Entrepreneurship – or DE as we like to call it – is an approach to help you think about how you start to get your product or service to move forward.

This methodology assists the start of an entrepreneurship journey, and Bill Aulet, Managing Director of The Martin Trust Center for MIT Entrepreneurship, has documented this in his Disciplined Entrepreneurship book.  This is a great place to start if you are looking for an accessible and methodical approach to entrepreneurship. (Plus, the illustrations are fantastic!)

Source: Disciplined Entrepreneurship

The focus is that entrepreneurship can be broken down into 24 steps based on six themes. The discipline comes in by following these steps.

Six Major Themes of Entrepreneurship

As you’ll see in the DE map, the themes are color-coded. The six themes are:

  1. Who is your customer?
  2. What can you do for your customer?
  3. How does your customer acquire your product?
  4. How do you make money off your product?
  5. How do you design and test (prototype) your product? and
  6. How do you scale your business?

(This process does not include sales, sales tactics, marketing, raising capital, team building, etc. but if you are thinking about a venture this is a good place to start.)

De-Risking Your Venture

A disciplined approach focuses on de-risking the venture by understanding your customer’s needs and providing value, so they become paying customers. It will help you establish your business and understand how customers are going to find you (along with where you will find your customers). You also need to thoroughly understand how you will make money (renewals, add-ons, etc.).

The book takes you takes you through important steps that are often overlooked – like hypothesis testing and concept validation. It also talks about how you need to focus on designing a prototype or minimum viable product (MVP), as well as how you are going to scale.

People think it is risky to be an entrepreneur. Yet, as discussed in the ATD23 session, an entrepreneur is adaptable and willing to focus on a core group of customers to build the business rather than trying to be everything to everyone.

How do you start?

Start with the first theme—what problem are you solving and for whom? You need to move from concept through qualitative interviews (talk to humans), then quantitative research if required. Find a core group with a message that resonates and a problem you can solve; this is problem research.  

If you start with an open-ended question about what you do on a typical day? Ask open-ended questions (Tell me more? What about that product or service that is going well? What is not? etc.). There is a free e-book online called Talking to Humans by Giff Constable that can help with this. This is a process that continually refines and tests your hypotheses. Your primary market research (PMR) will help you understand your potential customers’ pain points.

Giff also has a book (another short read) called Testing with Humans.  At the end of the problem research, if customers didn’t mention the problem that you are building or providing a solution to, then move on to others, and if you can’t find your core, you may want to revisit your core assumptions.

Once you have a core that has the compelling problem then work with that set to review potential solutions. You then will move to what value they will achieve from your solution so you can gauge purchase intent.  

As you explore entrepreneurship further, make sure you are thinking from a global perspective. My ebook on Startup Accelerator Programs Around the World can help entrepreneurs find accelerator resources, with a focus outside the US.

This blog post presents a quick overview of Disciplined Entrepreneurship that gives a little more information that was possible in my session, but there are many resources for you to delve into further.  For those looking for ideas and ways to potentially introduce entrepreneurship ideas into their corporation, there is a short blog explaining the four models of corporate entrepreneurship and a more in-depth article from MIT on the four models.

More Entrepreneurship Resources

For further reading, viewing, or participation, here are some additional resources on entrepreneurship:

A New Resource for Global Entrepreneurs

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In my mind, entrepreneurs are the “grittiest” types of people around – I’ve been one and I’ve taught entrepreneurship to hundreds of students through the entrepreneurship programs at MIT, including my five years as the director of MIT’s delta v student venture accelerator program, which launches student start-ups into the real world.

“The harder the challenge, the more it builds you up,” explains Leslie Feinzaig, founder and managing director of the Graham & Walker Venture Fund, when discussing the recent Silicon Valley Bank collapse. “The best entrepreneurs I know will face a hundred insurmountable obstacles – and come back for the 101st because they actively believe that with enough time and opportunity, they will come out victorious.”

If this is your mindset, my new ebook was written for you. It is a resource for entrepreneurs as they face challenges unique to start-up founders.

As more people become entrepreneurs, they claim ownership of their future and help to drive the economy of their own country – and potentially global economies as well. Start-up companies fuel world economies and have created a $6.4 trillion start-up economy.

Exploring Start-Up Accelerator Programs Worldwide

During the time I spent at the Martin Trust Center for MIT Entrepreneurship, I was fully immersed in a wide variety of innovative technologies and start-ups – including working with students who had come to MIT from all over the world. I also traveled to various countries to present and share our insights on entrepreneurship and to gain knowledge from programs abroad. And while there are many programs to support entrepreneurs in the United States, I realized that start-up founders from other countries have fewer resources available to guide them.

That planted a seed in my mind to create a guide for entrepreneurs who may be exploring ways to start their own businesses, especially in countries outside the U.S. In my current role as an entrepreneurship consultant and coach, I’ve taken on a project to develop this resource. I also hope this ebook serves as a resource for global accelerators, governments, and other stakeholders as well.

Global Venture Funding Activity

According to data compiled by Crunchbase, global venture funding in 2022 totaled $445 billion — 35% lower as compared to 2021, but $100 billion more than invested in 2020. Regionally, the U.S. secures most of this investment at nearly 50%, followed by China (10%), the U.K. (6%), and India (5%) based on Dealroom data.

Some entrepreneurs may think that they need to be in the United States because of the amount of investment money here, but we’re seeing more money flow to other regions as well. Today, there are lots of options for entrepreneurs globally. Often, students I worked with at MIT realized they needed more time to get the required product fit and build the company with customer feedback. The growth of accelerators worldwide provides options if they decide to leave the U.S. and grow their companies in another part of the world – whether it is their home country or a region that is a good launching pad for their product or service. This growth of accelerators, government support, and growing entrepreneurial communities worldwide can provide entrepreneurs with this needed support.

Diversity, thought leadership, and collaboration all work together to make the global ecosystem of entrepreneurs a much richer place. I hope that the information I’ve collected about entrepreneurship around the world and how different countries support their entrepreneurs is helpful in your pursuits.

As a note, this ebook is NOT meant to be comprehensive – it is more of a directional guide. It does not cover all regions or all countries in any region. I also realize that entrepreneurial ecosystems are continuously evolving, so new information will always be coming to light. To that end, I’ve published this ebook under a Creative Commons license – I am open to other contributors who want to add to this resource from here – please feel free to reach out.

Take the Next Step to Entrepreneurship

If you are a student, an entrepreneur, an entrepreneur-to-be, or you work in an accelerator or government that is working to encourage entrepreneurship, I hope this ebook provides you with insight and resources to explore entrepreneurship further in a global sense!

Download the PDF ebook:

 An Introduction to Start-Up Accelerator Programs around the World

This free ebook was designed to be shared – you don’t even need to fill out any forms to gain access.

Celebrating Our Entrepreneurs

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Photo credit: MIT

It is with fond memories that I watched this year’s MIT delta v Demo Day presentations. Even though I was traveling out of the country, Demo Day generates the kind of enthusiasm and excitement that had me tuning in and watching the passion of these student entrepreneurs. (You can catch the replay of the Cambridge presentation here. The group also presented in San Francisco and New York City.)

MIT delta v Demo Day

Demo Day is an annual event that showcases the culmination of three months of work with the intensive delta v capstone educational accelerator program. Why am I so passionate about delta v? For five years I served as the director of this MIT program – a full immersion into a wide variety of innovative technologies and startups.

This year, watching from abroad, I saw a new cohort of entrepreneurs pitch their innovative and potentially world-changing companies to an audience of MIT students, mentors, friends, investors, and perhaps even customers. Kudos to Executive Director Paul Cheek, Jenny Larios Berlin, and Ben Soltoff, along with the entire Martin Trust Center staff for a successful Demo Day! Like any successful performance, there is an immense amount of hard work and preparation that goes into the final production. Like a proud parent, it was gratifying to pass the torch and see the program grow and move forward.

delta v 10-year Impact Study

In addition to celebrating this year’s delta v entrepreneurs, MIT just released an in-depth longitudinal study of the impact of delta v. I’d like to highlight some of the findings here to show how much this program has meant to the students and their startup companies, the MIT community, and to demonstrate the overall economic impact of the program.

The study was based on 10 cohorts of delta v students who comprised 181 teams. There were 692 participants during that time (67% were MIT students), and 322 of them (47%) responded to the survey. Some of the highlights include:

  • Survival Rate: Since its inception, 61% of delta v projects have become real companies that either continue to exist to this day or have been acquired. (For companies from the past five years of delta v, that number increases to 69%.)
  • Attractiveness to Investors: 63% of all the projects have resulted in companies that raised money.
  • Funding Attracted: The companies that have raised funding to date have totaled over $1 billion, and that continues to grow.
  • Founding Other Companies: Over 130 new additional companies have been created and raised an additional $2 billion beyond the companies started from the projects worked on in delta v.
  • Broader Entrepreneurship Communities: 68 (37.5%) of delta v startups were accepted into external, private/for-profit accelerators, including Y Combinator, TechStars, and Mass Challenge.
  • Connected Community: 83% of survey respondents say they are still in touch with their delta v cohort.

What’s Next for Me?

So, how can we help the next generation of entrepreneurs around the world be successful in their endeavors? Now that I’m working on the “fourth act” of my career, I’m working one-on-one with entrepreneurs and their startups in a consulting and coaching role.

These days I’m also traveling more for both pleasure and business. And, I’m working on an e-book resource on Global Entrepreneurship and Accelerator Programs around the World.

Interested in the e-book? Sign up here and I’ll send you a copy once it’s completed.

A Coach’s Insider Advice for Filling Open Positions

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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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Celebrating Women’s Entrepreneurship Day

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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!

Today, the Martin Trust Center for MIT Entrepreneurship celebrates Women’s Entrepreneurship Day by focusing on the women at MIT who support all of our entrepreneurs, and sharing their wisdom.

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

Conclusion

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.

Pivots, a Pandemic, and Startup Founders’ Mental Health

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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.