Why Give Back? Reflections from delta v Board Members

At MIT delta v, the capstone educational accelerator for MIT students run by the Martin Trust Center for MIT Entrepreneurship, our board members are a very special part of the entrepreneurial mix. Each summer, the student teams work extremely hard to identify their beachhead market, build the right product, and secure initial customers as they form and grow their startup companies. On a daily basis, they receive mentorship and coaching from the Trust Center staff and the Entrepreneurs in Residence, but the rubber really meets the road when it’s time for the board of directors meetings. The board members bring in their real life, outside perspectives as the teams prepare to formally present their startups at the culmination of the program on Demo Day.

The delta v students live and breathe each detail of their startups every day, and interactions with their board members gives the students a chance to step back, look at the big picture, and convince others of their vision. They must rise to the challenge of communicating their business plan clearly and succinctly. There is a huge opportunity to learn from people on the board, who know a great deal about business fundamentals and have tremendous networks that can help an entrepreneur.

Our board members are incredible! Each of them is assigned to a startup team based on their industry interest, and they dedicate a minimum of 90 minutes per month during the summer to these meetings, not even counting preparation and follow up. The board’s specific role is to evaluate a team’s progress based upon rubrics and metrics focusing on customer and market understanding in month one, product development in month two, and the readiness of the business to launch in month three. In each meeting, the board evaluates how successful the team has been in meeting benchmarks and then awards the team an associated amount of equity-free funding. As a result, both the teams and the members of the board take these meetings very seriously.

But what’s in it for these volunteer board members?

Each of these people are highly successful, incredibly busy business executives, entrepreneurs, faculty, or domain experts. I’m sure each and every one could use a little extra downtime in their lives – especially over the summer – but instead they choose to engage with us at delta v. None do so passively; they come prepared and are tough graders for these student teams. Since delta v is an education accelerator, none of them have an equity stake in the companies they advise.

So why give back? I reached out and asked board members why they chose to do this. Their answers are truly amazing and inspiring.

Why have you chosen to give of your time, talent, and wisdom?

“Entrepreneurship requires a support network. It is almost impossible to do it alone. I have received so much support from the MIT ecosystem (that) I want to do whatever I can to help provide the same support for others in the community.” Adam Blake, entrepreneur and investor, Board Member for Viridis

“To me, the energy that radiates from the MIT community is like no other in the world. The ‘pay-it-forward’ mindset is so intrinsic to the culture at MIT; thus, I feel honored to be able to share anything I have learned so far, which might be helpful to others.” Amanda von Goetz, FERMATA Profiling,
Board Member for
Season Three

“My brain finds all this engaging. The board members and the structure help these [students] move along on their developmental path, which in turn contributes to the world’s ‘good’ business karma.”
Antoinette Russell, Eaton Vance, Board Member for
CaroCare

“I have received a lot of help and encouragement in my career to take on tasks that seemed impossible (sort of like starting a company!), and this is my way of paying it forward.” Chris Zannetos, Covered Security, Board Member for Quantifai

“All the time I invest in it is well spent, for it’s equally inspiring and enriching to hear new ideas, thought processes, and extract so much from all this talented and diverse melting pot.” Jerome Selva, IBM Watson Customer Engagement, Board Member for Quantifai

“Entrepreneurship matters! It drives our society forward and helps us solve the world’s greatest problems. Giving our time and sharing our experience is how we keep the startup fire alive.” Max Faingezicht. Entrepreneur, Board Member for Precavida

“Servant leadership is very important to me – it’s all about enriching the lives of others, building better organizations and ultimately creating a world that is more caring and equitable.” Rita B. Allen, Rita B. Allen Associates, Board Member for CaroCare

With all the worthy causes, why delta v?

“It’s always as much of a learning experience for me to be a part of a team on the ground floor of some amazing ventures. It’s also a wonderful opportunity to network with students in the program, as well as colleagues and business professionals/executives throughout different disciplines and industries within the Boston community.” – Rita B. Allen

 “delta v is the program that I wish existed when I was a student. I believe it epitomizes the ‘manus’ part of the MIT motto ‘mens et manus’ and serves as one of the most important mechanisms for enabling MIT technology and talent to create value for the world.” Adam Blake

“It is an incredible opportunity to connect and reconnect with out-of-this-world alumni from all corners of the MIT community, to problem solve alongside diverse minds, and to continue learning and growing through the experiences of others.” – Amanda von Goetz

“delta v is a driving force of the entrepreneurial ecosystem where you mix talent with motivation to go out and change the world.” Max Faingezicht

What is one thing that you can look back on during this summer’s program that makes you say, “This was worthwhile”?

“The common passion and conviction embodied by the participants – alumni, faculty, and board of directors – to seek ways to make the world a better place.” – Jérôme Selva

“The team I worked with is moving to India to start the company that they worked on. I’d like to think that we helped them to refine their approach over the summer and seeing the team follow through with real action is very gratifying.” – Adam Blake

“To be able to be a part of the launch and initial pilots of CaroCare, a new venture founded by two visionary young women.” – Rita B. Allen

 “I have found the teams to be tremendously open to feedback and re-assessing their assumptions; seeing them not just take our advice on face value, but really evaluating the feedback and exploring whether it should impact their plans. That makes it worthwhile.” – Chris Zannetos

“Seeing the progress of the teams is humbling. The amount of work that happens in just a few weeks gives us a glimpse of what is possible when we are focused and determined.” Max Faingezicht

“The team’s energy, their passion, their pure and unbridled excitement for what they do, is contagious in the best possible way. This is positive energy that reinvigorates and re-inspires you, which you can then take back with you into your own respective spheres.” – Amanda von Goetz

If you could share one piece of advice with students as they launch their startups, what would it be?

“You need to lead. Never forget that pivoting – and communicating the pivots – is an integral component of building.  You cannot build this on your own – you need those teammates – but you also need to lead.” – Antoinette Russell

 “Try to get as far as you can with as little capital as you can before scaling up.” – Adam Blake

“Get physically fit and work as hard as possible to stay that way. Being a founder is not an easy job, and it comes with a pretty hefty amount of stress. For that reason, it is really important that you stay as strong and healthy as possible. Get into ‘fighting shape,’ not just for yourself, but also for your team, and for all of the people who believe in you.” – Amanda von Goetz

“Be intellectually honest about your assumptions and challenge them constantly.” – Chris Zannetos

“Follow your passion, fuel your conviction, focus on outcomes to succeed together! The results will come!” – Jérôme Selva

“It’s always about people. Don’t get lost in the minutia and forget about your team, your customers, your partners, or your investors. In the end, people make up the journey, and that will determine the breadth of your impact.” Max Faingezicht

“Stay humble, honest, paranoid, and ALWAYS hustle.” – Rita B. Allen

One final note …

I’d like to give a big thank you to Martin Trust and his family; without him there would be no platform for delta v. Marty Trust passed away recently, and he will be fondly remembered by all of us at the center that bears his name. To learn more about Marty and his legacy, read this tribute by our Managing Director, Bill Aulet.

MIT delta v 2019 Startups … and a Look Back at How Far We’ve Come!

MIT delta v Demo Day is TODAY, Friday, September 6 at 4:00 pm ET!

This is your chance to meet the next generation of world-changing startups …
If you’re on campus, join us at Kresge Auditorium; please register here. (Doors open at 3:30.) For everyone else, you can join us virtually by watching the Livestream link. You can also follow the Trust Center’s Twitter feed and the #MITdeltav hashtag.

A quick background … MIT delta v is MIT’s student venture accelerator providing a capstone educational opportunity for MIT student entrepreneurs who spend three months in the summer working in preparation to hit escape velocity and launch. Demo Day is the culmination of the program – the biggest day of the year for entrepreneurship on the MIT campus – so get ready to learn about the next wave of MIT startups that are ready to change the world!

Every summer we select the best of the teams that apply – students with an interesting idea or proof-of-concept – and we help them to create impactful, innovation-driven startups. For 2019, 17 teams worked full-time at the Martin Trust Center on MIT’s Cambridge campus, plus 7 teams that worked at the MIT NYC Startup Studio in New York City.

These teams were focused on:

  • Team building, organization development, and dynamics
  • Understanding their target market, customers, and users
  • Learning the mechanics of venture creation (company formation, legal, financial, raising money, and more)

This year’s delta v teams are listed below, with a brief description and the companies’ web sites. At Demo Day, each team will have an opportunity to launch their company to the world via a short intro video followed by a live presentation from the founders. (You can also see more in-depth overviews of the 2019 delta v teams on our website with each team’s Demo Day presentation shared on our website after the event.)

delta v startups – 2019 cohort

Abound
Early learning, without the screens https://aboundparenting.com/
Hardworkers
A digital community for working-class Americans hard-workers.com  
Ocular Technologies
Diagnostics at the speed of sight
www.ocular-tech.com  
Acoustic Wells
Intelligent IoT for the oil and gas market
www.acoustic-wells.com
Haystack Ag
Empowering a new generation of farmers www.haystackag.com
Precavida
One-stop shop healthcare platform with a personalized navigator www.precavida.com.br  
Alpaca Technology, Inc. Helping people find their homes www.rentalpaca.com  
Haystack Health Intelligent chronic disease management platform https://www.haystack.health/  

Quantifai
We scale low-touch customer success with machine learning www.quantif.ai
Atem Helping people breathe easy https://www.getatem.us/  

Insanirator
Solving urban sanitation, now https://www.insanirator.com/  
Season Three
Boots for Humans www.seasonthree.com  
auggi
Building AI technology for better gut health management www.auggi.ai  
Live Sports Markets Fantasy sports shouldn’t end when the game begins www.livesportsmarkets.com SirMixABot
Preferred drinks, preferred location https://www.sirmixabot.com/  
CaroCare
Personalized, on-demand care for new parents and their babies www.carocareco.com  
Lynx
Explore the city in a new way!
www.lynxsharing.com
Spatio Metrics
Enabling a future in which every building makes us healthier www.spatiometrics.com

Easel
Flexible Childcare, because life happens!
easel.care  

Mantle Biotech
Extreme biology, extreme impact http://mantlebiotech.com/  
TireTutor
Buying tires made easy https://tiretutor.co/    
Elemen Skin care so personalized that it evolves with you www.skinelemen.com   Nextiles Smart apparel for superior workout www.nextiles.tech    
Viridis
Enabling financial inclusion through affordable and scalable data solutions www.viridisrs.com  

As our 2019 teams have been preparing for Demo Day, I’ve been reflecting on my past five years as a leader of the program, and my current role as Executive Director of delta v. The program has evolved and changed during that time, and I believe it has gotten stronger each year.

My reflections on five years with delta v

My plan for the summer of 2015 was to take some time off, enjoy a little rest and relaxation, and figure out the next chapter of my life after serving as an IBM executive and completing my doctorate degree. I learned about MIT’s Martin Trust Center for MIT Entrepreneurship, which was a place where I could see ultimately merging two of my passions – education and entrepreneurship. That initial phone call from Bill Aulet, the Center’s Managing Director, meant my relaxing summer plans were ruined!

Bill talked to me about this accelerator program he had started and how he needed someone to run it for the summer. I had never met Bill, but his passion, energy, and approach to entrepreneurship was in sync with my experience, and his excitement was contagious – so I signed on for summer 2015.

Over the years, the program name has changed.

We’ve gone from the Beehive, to FSA, then GFSA, to delta v, a name that literally means a “change in velocity.” We believe delta v truly captures what happens to these students when they join us for MIT’s accelerator program. The venue for Demo Day at MIT has also changed as we keep growing and more people want to come and be the first to meet our teams!

We’ve experienced geographical expansion as well. After initially taking the Demo Day show on the road with invitation-only events in New York City and Silicon Valley/San Francisco, we’ve now completed the third successful year of the MIT NYC Startup Studio – a separate cohort run by Carly Chase. (Watch this NYC Startup Studio video for a quick overview.)

The teams are amazing, which has been a constant through the five years.  

Many teams from my first year (Sandymount, Woobo, Khethworks, Humon, Ori Systems, VS Particle, and Spyce) are still going strong and even growing by leaps and bounds. Each year we see delta v startups become successful; they gain funding, win awards, even get acquired.

Feedback from our students each year has helped shape the program along they way. They’ve let us know how they want to learn, what is valuable to them, and what is different from what they learn in their classes. The initial feedback was that delta v was too curriculum-based, and since MIT had a lot of entrepreneurship course work that students had previously taken, we pivoted and began bringing in outside subject matter expert speakers plus added the support of multiple Entrepreneurs-in-Residence (EIRs). The hands-on, experiential learning at delta v is what differentiates these successful startups.

Our board members are incredible.

The delta v teams are guided along the way by a mock board of directors. The board is made up of heavy hitters – business executives, entrepreneurs, faculty, and domain experts – who give generously of their time and talents. When I started in 2015, I reached into my community, particularly with The Boston Club and the Society of Women Engineers to increase the diversity and technical expertise on our boards.

We also familiarized the boards with our rubric, and the Disciplined Entrepreneurship vocabulary that is so central to our everyday discussions. Last year was the first where we added delta v alums to the board, allowing current teams to learn from their peers who had gone through the same process.

We’re constantly improving our storytelling.

The best startup idea in the world will fall flat if you can’t explain it effectively. Each year, we realize more and more how communication – within delta v, with the board members, and ultimately at launch – is just as essential as a team defining its target market or raising funds. This year we used more video, put a greater emphasis on storytelling for Demo Day, and introduced Entrepreneurship Confidence and Communication as part of our program.

We have fantastic stories to tell and inspiring businesses to launch. Tune in to Demo Day 2019!

Three Profiles of Cannabis Entrepreneurs

Over 35 million US citizens use marijuana every month, more than the number of Americans who smoke cigarettes, according to the Dennemeyer Group. Research shows that the number of cannabis users is growing at over 15% a year. Interestingly, since cannabis is still illegal at the federal level, the US Patent and Trademark Office must refuse all cannabis-related trademark applications, but that hasn’t stopped entrepreneurs.

As outlined in my previous blog post, there is a multi-billion dollar market for cannabis and CBD products, which opens up entrepreneurial opportunities in both the plant-touching and ancillary businesses. This post will look at profiles of three entrepreneurs working in cannabis-related start-ups and their views on the market space.

From helping growers, to distribution, to working with individual consumers, the cannabis market provides many opportunities.

AdaViv: Predictive Agriculture for Smarter Growing

Founded by an interdisciplinary team of MIT researchers and alumni, AdaViv emerged from MIT’s delta v accelerator.  Julian Ortiz, co-founder of AdaViv, explains how predictive agriculture can help cannabis growers to develop a competitive advantage: “We help producers grow smarter – from disease prevention to rapid experimentation, improving yields, and quality optimization.” 

The company uses computer vision and AI to uncover hidden plant biometrics, then translates this data into actionable insights for indoor and greenhouse growers. AdaViv aims to transform agriculture and deploy their technology to a variety of crops grown in controlled environments, though the founders initially are focusing on cannabis due to the high value in the crop, the level of quality control needed for the medical market, and the level of differentiation they can offer to growers. AdaViv has recently closed a $1 million funding round and has lined up initial customers. (See this video of AdaViv’s delta v Demo Day presentation.)

I Heart Jane: ECommerce Marketplace for More Efficient Distribution

Another cannabis company started out of MIT is Jane Technologies, Inc., a retail tech company that can be found online at IHeartJane.com. I Heart Jane is the cannabis industry’s only complete online marketplace where consumers can discover and order cannabis online. Founder Socrates Rosenfeld is a West Point grad and an Iraq War veteran. Suffering from PTSD after his return from combat, he realized the benefits of cannabis for symptoms such as sleeplessness and anxiety. After receiving his MBA from MIT, he founded the company with his brother using a business model similar to the Grubhub food delivery service. 

The company website states, “We believe in the cannabis industry’s ability to bring well-being, health, and love into this world, and it is our mission to bring confidence to the online cannabis shopping experience.”  Their online marketplace lets consumers shop for cannabis with the same ease and sophistication that they shop for everything else.

JBS Holistic Nutrition: Healing Alternatives for Consumers

The passage of the 2018 Farm Bill removes hemp (with less than 0.3% THC) from the Controlled Substances Act and propels hemp-derived CBD to be a potentially $22 billion market by 2022. While cannabis is still illegal in many states, CBD products are being embraced nationwide by both entrepreneurs and major retailers.

Joanne Burke-Sherman, owner of JBS Holistic Nutrition, works one-on-one with clients for health coaching and healing alternatives and offers CBD products. CBD, or cannabidiol, offers therapeutic benefits without the high. Clinical research on CBD includes preliminary studies of anxiety, cognition, movement disorders, and pain. Although CBD products are only one aspect of her business, she initially saw a lot of interest in CBD because everyone was curious. “I have seen many people supported in pain and anxiety,” said Burke-Sherman. “One client with addiction issues felt it truly helped and ‘saved his life.’  Others feel their joint pain is reduced and others say their anxiety is reduced.”

As the market gets more crowded and large chains start to carry CBD products, small entrepreneurs may be squeezed out. Burke-Sherman is concerned that most consumers will not know what to use. It is very similar to the existing nutritional supplement market – there is high-quality and low-quality. She would highly recommend going through a qualified person who has knowledge about the product in order to buy it.  Otherwise, a person should spend time doing research.  Some basic information is whether a product is organic (no pesticides and herbicides) and non-GMO.  Is there third-party testing?  What is tested? Consumers should check for solvents, heavy metals, or other harmful materials to make sure anything they use is safe.

Conclusion 

As the market opportunities continue to spark up, everyone from Gwyneth Paltrow to Jim Belushi to Jay-Z are getting involved in the blazing hot cannabis industry. But the hope is that there is plenty of green available for the less-famous entrepreneurs profiled here as well.

For more on the cannabis market, please read my last post, A Growing Market Sparks Up: Cannabis Opportunities for Entrepreneurs.

An abbreviated version of these posts was published in Xconomy, under the title, The Entrepreneurial Potential of Cannabis.

Women and Work: Intentional Invisibility?

Be seen. Speak up. Make your voice heard. These are lessons we are taught as we enter the workforce and climb the ladder to corporate success. Yet, many women are uncomfortable with this advice, even though they want to succeed

A recent article in the Harvard Business Review titled, “Why Women Stay out of the Spotlight at Work,” explores the concept of “intentional invisibility” and why some women use this as a strategy to navigate the workplace. Immersed in a women’s professional development program, the HBR authors learned how this cloak of invisibility enabled women to “get stuff done” and quietly move things forward without drawing attention to themselves. The drawback? Although these women were well-liked, they were underappreciated, (probably underpaid), and often overlooked for promotions.

Women tend to choose intentional invisibility for three reasons:

  1. to avoid conflict,
  2. to be authentic to their personalities, and
  3. to seek personal and professional balance.

The term intentional invisibility really clicked with me. I believe that looking at this issue more closely can help C-level executives and managers value and encourage leadership qualities in women they work with, even if those women may not lead in the same way as their male colleagues. Here are some examples I’ve encountered in my own life.

Conflict Avoidance when Choosing a Startup CEO
At MIT’s delta v, student venture accelerator program, I mentor entrepreneurs. During the program, student teams form startup companies and choose a management team. Although women are well-represented in delta v overall, we still have more male CEOs than female CEOs. Often, the most extroverted person in the group is rewarded with leadership responsibility, and more reserved women on the team defer and don’t put forth an argument as to why they should be considered as CEO. Later, I’ve had female team members share with me that it just wasn’t worth the fight, or that it doesn’t matter who has the CEO title, they will all work together. This conflict avoidance lets the team initially move forward more quickly, but hidden resentment sometimes bubbles up to cause problems later. Ultimately, if the company succeeds, it is important who is the CEO. I’m encouraged that a lot of women in the delta v program this year took advantage of the personal coaching sessions we offer to address imposter syndrome. As leaders, we should ensure employees are evaluated on several different, varied criteria because the person who speaks up the loudest is not always the best for the job.

Self-Identified in a Helper Role
In another example, many women I know (myself included) often end up in the job of the indispensable helper or chief assistant, the so-called right-hand man … only in this case, it’s a woman. Whether it’s as a COO, vice president, or research assistant, the right-hand woman makes it easy for her boss (usually a man) to be successful while she stays in the background. This role may be more aligned with her authentic sense of self, or it may be how she has been guided through the organization. When we meet these women, we wonder if their bosses could ever survive without them. In my opinion, many of these women would make excellent top executives themselves, but they may gravitate toward these roles because they define themselves as helpers. I’d encourage women to think about what they really enjoy in this role and find a voice. They should strive to shine independently and get credit for their accomplishments, not just enable their boss’ success. If they realize they’ve been hiding in their bosses’ shadow and would rather be the boss themselves, they should take the steps to grow into that position. I was fortunate enough to work with an executive coach who told me, “You don’t need a seat at the table, you already have it. Now, act like it.” No one had ever told me that before and it really re-framed the way I thought about my job.

The Balancing Act and the Second Shift
Finally, women tend to choose invisibility over face time when they need to balance responsibilities at work with those at home. However, what women really need is flexibility, not invisibility. Although the dynamic is changing, most of the women I know are still responsible for the lion’s share of household duties, our so called second shift – especially when it comes to parenting and elder care. While face time is important to get ahead in an organization, it becomes deprioritized for women who need the flexibility to bring a sick child or parent to the doctor, assist with after-school activities, or even to be the one who works from home when the cable guy is coming. Jobs that involve travel for work, networking events outside of regular work hours, or even casual after-work drinks often deliver undue stress for women. They know it’s good for their careers, but they either decline to attend or need to do a lot of juggling to make it happen. While the boss is getting chummy with the guys over a beer, often the female colleague is rushing home to pick up the kids, get dinner on the table, throw in a load of laundry, and get everyone ready to do it all over again tomorrow. When it comes time to pick someone for that plum assignment, Tom gets chosen because he’s a good guy and the project leader got to know him socially after work. This is a tough one, because it’s an implicit bias. I believe things will only change when both partners at home equally share responsibilities and both must deal with juggling the needs of a demanding job and home life. Of course, this is even trickier for single parents and caretakers.

Reality Check

As the HBR article explains, organizations value leaders who stand up, are visible, and take credit. But, this definition of leadership can leave women out in the cold because their behind-the-scenes contributions are overlooked or undervalued. It suggests that organizations value unconventional forms of leadership, fight implicit bias, and balance women’s second-shift responsibilities in order to make it easier for them to be seen and promoted. I wholeheartedly agree that today’s leaders must dig deeper to recognize and value the contributions and leadership qualities of women who are intentionally invisible in our workplaces. Most of these women truly don’t want to be invisible, so as leaders we need to see them, encourage their input, recognize their contributions, and offer flexibility. We need to make it OK to succeed by following a different path.

If you feel like you gravitate toward an intentionally invisible role at work, what can you do? Be mindful to push yourself out of your comfort zone and step in the spotlight. Find your voice and own your career, rather an allowing other people to do so. There are a lot of paths – you are allowed to do things your way and own your success!

Capturing the Promise of AI

robots-764951_960_720Capturing the promise of artificial intelligence (AI) will require that companies understand that their current software support infrastructure is inadequate. Right now – to the extent that AI exists in organizations – it exists in small models in distinct units.  These models are being created using unique data sets, targeted toward particular outcomes.  However, taking AI to scale and putting it in operationally critical places will require a more robust approach organizationally and therein lies the management challenge.

For example, today if you shop on Amazon, the company’s AI models will give you three related items to purchase – the risk of their being wrong is small to both the organization and the individual consumer.  However, when you are running or building gas pipelines or chemical manufacturing plants, the risks and dangers become much more significant if AI models in those places are wrong.

As we move AI models from small department level models to models that predict and decide in a way that removes important manual work (automating), we change the requirements of the model. Models will need to be more real-time, consistently accurate and available. In short, they will need to act like large-scale enterprise resource software commonly known as tier one software.

The challenge for most organizations and their senior leadership will be scaling up from small, bespoke department models to enterprise-wide models. If companies just take all the small models at the department level and put them into production across the business, you could end up with multiple models doing similar things.  Also, because models are, in essence, small pieces of software, without a strategy, you end up with a lot of custom software that needs to be supported and maintained.  If this software is automating core business decision areas, this becomes a serious problem.

Furthermore, models are like software on steroids –not only do you need to know that if you ping it, you will get a response, you need to decide whether you should use the response that you get. However, that ability to know whether you should trust the response lies in details of the data. For example, is it the same as the data the model was built on?

Finally, unlike software, for a model to be really good at solving a specific problem, it may have limited generalizability.  As a result, there will be strategic decisions and tradeoffs to be made about how when and where to train the model to solve a specific problem exactly and where to generalize and maybe lose some accuracy.

For that reason, the long-term care and feeding of the models themselves will be critical.  This represents a new and significant management challenge as senior executives struggle with the new technology.

Like other revolutionary technology advancements in the enterprise, the business value will only be realized if companies look beyond the technology, to the integration, maintenance and quality process required to scale business impact. Teams will need to develop tools and standards and adhere to appropriate testing and integration processes and develop governance structures that oversee these disciplines. In other words, the use of AI will need to become another well-managed business procedure as it matures in order to have impact enterprise-wide.

 

 

 

 

 

Giving Thanks for the Essence of Entrepreneurship

Recently, I spent time in Zurich, Munich and Milan meeting with MIT alumni, in the hopes of gaining philanthropic support for the programs run by the Martin Trust Center for MIT Entrepreneurship. As I talked with our alumni in these cities, it made me think of the Entrepreneurial Philanthropy practice put forward by lifelong entrepreneur and philanthropist, Naveen Jain. His promise is that philanthropy is at its best when it is founded on entrepreneurial zest and agility.

Naveen Jain states in a Huffington Post article, “True philanthropy requires a disruptive mindset, innovative thinking, and philosophy driven by entrepreneurial insights and creative opportunities. To disrupt the status quo, drive philanthropy at tremendous scale, and develop long-term economic vitality through giving, we must apply the same models for success in our philanthropic endeavors as we do in business.” I could not agree more.

MIT students are fortunate because they are encouraged to work on problems, projects, and ventures that will positively impact the world. During their journey, they are provided support through tailored classes, mentorship, access to Makerspaces, extracurricular programming, and competitions that offer opportunities for the application of learning and assessments. MIT alumni play a significant role in student support whether it is through mentoring, episodic coaching, programmatic support, introductions, or financial support.

Martin trust centerThe Martin Trust Center for MIT Entrepreneurship continuously finds new ways to encourage, advise, and champion aspiring entrepreneurs as they take new ventures from idea to reality. The Center’s goals are high, as are its needs; it provides the most innovative opportunities for learning and expands MIT’s global entrepreneurship ecosystem, but it depends on the support of philanthropic partners.

However, as I visited these cities, I had to ask myself – how do you raise funds to sustain entrepreneurship programs in a global environment that does not embrace it as a serious area of study, or in cultures where education is not necessarily the place you would direct your philanthropic funds, or where risk is not rewarded? Although entrepreneurship is part of our culture of innovation here in the States, it is viewed through a different lens in different cultures, as I learned in the Nordics earlier this year.

MIT alums think broadly. The people with whom I spoke on this trip are thinking about how to attract talent, innovate companies, inspire creativity – and they want out-of-the-box ideas for their communities. We had some spirited debates during our discussions as to the benefits of entrepreneurship to their particular ecosystems. The most common misconception was that entrepreneurship is about embracing repeated failure. However, I would argue that at the Trust Center, we try to mentor and guide students so that they are not repeating the failure of others. Our measure of success is that the student learns the skills to start their own businesses and that they self-identify as entrepreneurs. This lets them take risks while they’re here – ahead of the VC stage.

When I started in business out of college, it was a different time. Companies like Honeywell, IBM, HP, etc. all had training programs that cross-trained new graduates. That experience is not as prevalent today, and startups are a great way to get hands-on experience across multiple disciplines. As my expertise moved from engineering to manufacturing to service to sales operations to logistics to senior leadership etc. there mitsealwere always a willing set of mentors who helped me at critical points – for this, I am very thankful. At MIT, we teach a Disciplined Entrepreneurship approach – an approach I have seen work in practice. We have over 60 courses that provide the MIT “mens et manus” approach of mind and hand. Like my apprentice programs years ago, MIT offers hands-on programming to help students understand what working in a new business venture is like and teaches skills of finance, legal, marketing, sales, etc. with industry experience in biotech, healthcare, energy, fin-tech, and other industries.

For many of the alumni, these programs did not exist when they were at MIT. However, in speaking with them, they are confident in the educational and hands-on experiences that are available now to MIT students. Several alums said they would love to go back and be a student now. (Wouldn’t we all!?) Although the world is a different place now than even five years ago, the Trust Center keeps abreast of these changes as evidenced by the success of our MIT delta v teams. Our students are the pulse of change in the world.

Supporting an institution like MIT – and centers such as the Martin Trust Center that provide entrepreneurial programming – creates a workforce that has cross-disciplinary experience.

Demand for delta v has grown, while our budget has not increased for the program. We need funds to support these deserving student teams. As our success becomes public, so does the demand for our product, and increased resources enable us to teach others to become entrepreneurs wherever they are located. We cannot do it without a community and the philanthropy that will plant the seeds, so our students can positively impact the world.

 

How the MIT Ecosystem is Supporting Entrepreneurs

0044_8788 copyAnother MIT delta v Demo Day is in the books! Our 2018 cohort was the biggest yet, with 25 teams presenting, and for the first time, we had a program in New York City in addition to our Cambridge team.

With all our preparation for Demo Day and the excitement of the day itself, sometimes it’s tough to step back and look at the big picture – but, it’s important. In this case, the big picture is the MIT ecosystem for entrepreneurs, and how it works to support our startups.

As our Managing Director Bill Aulet said in his introductory presentation, the mission of MIT is that we DO things, and that’s what this is all about. We are driven to bring knowledge to bear on the world’s great challenges. Our entrepreneurship program at delta v is about trying to solve some of these great challenges – and we do it by creating an environment and an ecosystem where these entrepreneurs can thrive and flourish.

An Inspiring Environment for Diverse Ideas

Delta v 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, the delta v teams eat, sleep, and breathe their companies. They are guided through a process that makes them really think through the realities of starting an actual business. It’s not just chasing a cool idea – the fundamentals and bedrock of the business must be in place, including a solid business plan, working collaboratively with a board of directors, and testing their concepts with customers. The mentors, Entrepreneurs-in-Residence, our board of directors and the customer community are all part of the ecosystem.

This year, I was really impressed by the diverse industries in which the students worked. We had students with business ideas in crypto-currency, social, agriculture, mental health, financial, construction. And despite these wildly different spaces, the students still managed to find common ground and problem solve together. Three big themes stood out this year:

  • Inclusion – such as financial and societal inclusion
  • Human isolation – people are more connected today, but there is a lack of real relationships
  • Machine learning & AI – technologies with strong MIT foundations

A Strong Entrepreneurial Community

At delta v, we realize that a startup is only as strong as its community. So, we really focused on building more support systems for our students. We brought back delta v alums, like our keynote Spyce, a 2015 delta v alum who just closed on a $21 million series A round. We did consistent one-on-one counseling with founders and hosted outside advisors and speakers to provide novel perspectives for our students. In addition, this area provides an unparalleled innovation ecosystem access. The MIT campus and Kendall Square area is the densest innovation cluster in the world, with its concentration of startups, high-tech companies, and venture capital firms. This enriches the lives of our student entrepreneurs and expands the ecosystem where our they can grow and learn.

Personal Development as Leaders

A lot of this summer was about personal development for our entrepreneurs. I never worry about these students when it comes to technology. But it takes intentional entrepreneurship education – through many different teaching methods and technologies – to help create leaders that can rise to the challenge of starting a business. That’s something we hope to continue to grow at delta v in the coming years. Because really, anyone can raise money for their startup. But it takes better leaders and teams to know how to use that money and tech knowledge more effectively to continue generating revenue and try to solve some of the world’s great challenges.

If you want to get the full experience (and have 3+ hours), watch the video of the entire Boston Demo Day 2018 program:

To learn a little about each of the teams and view the startup videos (about 5 minutes each).

Also, see what BostInno and the MIT Sloan Newsroom have to say about Demo Day 2018!