Four Highlights of the ATD’23 Conference

Posted on June 5, 2023 by Trish Cotter

In May, I traveled to San Diego to present at the Association of Talent Development’s ATD ’23 conference which featured over 250 sessions to educate and inspire professionals in the talent development field.

This is a terrific conference for Learning and Development (L&D) leaders to share insights, research, and best practices, and when my colleague Rita B. Allen, and I learned our presentation was accepted for the conference, we were thrilled. (Rita, author of Personal Branding and founder of Rita B. Allen Associates, has presented at the conference before and says only a small percentage of submitted presentations are accepted, so this was music to our ears.)

Our session, titled Think Like an Entrepreneur: Foster Creativity in Your Organization, aimed to help L&D professionals take lessons from entrepreneurship and apply them to their organizations. This is different from the audiences of entrepreneurs I usually present to. With this audience, there is an opportunity to bring some frameworks that might help foster the entrepreneurial mindset in their organizations or unleash their inner entrepreneur. For that, I am grateful for the opportunity.

Since this message is something that we’d like to share more widely, I’ll be writing blog posts on the elements of our presentation, including disciplined entrepreneurship, an antifragile and entrepreneurial mindset, and energy leadership. Before I dive into those topics, however, I’d like to share four highlights of the conference – and positive messages that I walked away with. These are not in any particular order, other than they build on each other.

Adam Grant

If you’re not already a fan of Adam Grant, he is an organizational psychologist at Wharton, a best-selling author, and the host of the TED podcast WorkLife. If you don’t follow Adam on social media, I suggest you start – his practical advice on work/life balance is a breath of fresh air. Adam hosted the opening general session, titled Think Again: The Power of Knowing What You Don’t Know. He covered a lot of ground, but three things stood out from his keynote:

Invitations into your network should be given to “disagreeable givers” — blunt people who aren’t afraid to tell you hard truths, but who also have your best interests at heart. An example for those familiar with the Ted Lasso TV series is Roy Kent.
“Unlearning” often focuses on making room for new learning. This lets you address things you are doing that are not servicing you or others. Adam explains it takes courage to unlearn. Unlearning requires the integrity to admit that you were wrong yesterday. Learning is how you evolve. Unlearning is how you keep up as the world evolves.
As an entrepreneur, Adam also discussed scientific thinking and its impact on startups. Thinking more like a scientist, having the ability to pivot, individuals with the humility and curiosity to search for information all support entrepreneurship success.

Priya Parker

Facilitator, strategic advisor, and author Priya Parker presented on The Art of Gathering. Priya presented a new – at least new to me – way of thinking about how you hold meetings and gatherings. She spoke about how these gatherings should be intentional and benefit from setting expectations around the goals of the meeting, party, or gathering. The intent in the design is critical to ensure that both the host’s and guests’ experience is as intended.

This made me think about how I am designing my summer entrepreneurship classes with MIT/Dalhousie with specific learning content. I do focus on the experience for the students, but the classes are much more focused on the content. This talk offered me a fresh look at hosting and attending events from now on, putting some boundaries around what is acceptable. It works best if you are super-specific about the intention of a meeting (or another event) and specify what you intend to accomplish. Priya recommends starting with a strong opening and closing as opposed to covering logistics.

Katrina Kennedy

Known to the training community as “the trainer’s trainer,” Katrina Kennedy’s session was titled It’s All About Retrieval and discussed the retrieval of information. She explained that retrieval is more than just recall; retrieval is accomplished in a way that you have context for the information. Learning needs to be varied, spaced, and interleaved. The retrieval practice needs to focus on learning. How many times have you re-read material several times and still not been able to recall the information when it is required?

Retrieval in practice is what we refer to as “use it or lose it.” If you want to play a piece of music and it is difficult to start, the struggle to learn to play it is actually a “desirable difficult” process that helps you solidify the learning. This isn’t about repetition. It is about spacing and breaking up the learning. In the classes I teach, I use breakouts to discuss further and debrief concepts as well as games to reinforce learning. Still, this retrieval discussion brought both the unlearning and learning of new ways of teaching and the intention to gather for a class together. The most memorable experiences will be those in which you have “desirable difficulty.”

University of Pennsylvania Chief Learning Officer Ed.D. Program

One personal highlight at the conference was the scholarly presentations of University of Pennsylvania Chief Learning Officer (CLO) doctorate graduates. I graduated from this program with an M.Ed. ’13 and Ed.D. ’14 and couldn’t be prouder! I wanted to give a shout out to these amazing presentations by my fellow Penn CLO grads:

Dr. Carol Henry (Implications for Practice: Behaviors and Competencies for Future Leadership Development Programs)

Dr. Jennifer Neumaier presented her dissertation: A Perspective Study on Cultural Conditions That Enable Social Learning.

Dr. Kandi Wiens, is a Senior Fellow and runs the master’s portion of the program at Penn, also presented the Ed.D. program and her research which will be out in her book due out next year, Burnout Immunity: How Emotional Intelligence Can Help You Build Resilience and Heal Your Relationship with Work. (Read her recent HBR article on Has Cynicism Infected Your Organization?)

If there was any concern that COVID slowed down the Penn CLO program, it was clear that this was not the case! Applications are up, the strength of diverse cohorts was showcased, and the quality of the research adding to the field of Learning and Development and other areas was on display at ATD ‘23.

In closing, post-COVID travel to a conference can often feel tougher than before, yet the amazing and energized professionals I met, and the concepts discussed at gatherings like this were worth the effort and can unexpectedly warm your heart.

A New Resource for Global Entrepreneurs

Posted on March 31, 2023 by Trish Cotter

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 trillio n 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

Posted on September 22, 2022 by Trish Cotter

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.

Regaining my Footing

Posted on July 26, 2022 by Trish Cotter

We take a lot of things for granted in this life … like walking.

Last winter I had some pretty extensive foot surgery. Sure, I expected some recovery time, but it was longer and involved more rehabilitation than I had counted on – I essentially needed to learn to walk again after being in a cast, and then a boot for three months.

Although this isn’t the heroic story of someone who learns to walk again after losing a limb or being in a severe accident, it certainly was humbling for me. This setback made me reflect on how, in life, sometimes you need to stop, assess, and start again from the beginning. When you can’t walk, it is certainly a wake-up call – and you put yourself in the hands of experts.

At some point in our lives, we all need to reach out for help and lean on other people (sometimes literally!). Taking those “baby steps” again as I re-learned the basics of balance, stability, and moving my body in the correct way made me think of the parallels to coaching. The physical shifts and the mental shifts involved mirror each other.

In my energy coaching practice, I am the one telling others to start at the beginning, work from the ground up, and lean on me for support. Just like my physical therapists, I am trying to help people get from one place to another. It’s not always easy, and often, it takes a lot of hard work over a period of time to get there.

I am now through the worst of it and walking several miles each day. I’ve realized the surgery and all the physical therapy were worth the end result. Here are the lessons I’ll try to hold on to and embed in my coaching practice:

Don’t take things for granted. Easy to say … hard to do. Be grateful for what you have and try not to be resentful when you no longer have those things.
It’s OK to start all over again. We are all starting from different places, and sometimes you need to regroup and go back to square one.
You will get discouraged. And angry. And furious. It’s natural to get discouraged but remember you are learning and perfecting the process.
Reach out for help. What resources do you have? Although it might not be in your nature, take stock of the people or organizations that are there to help and lean on them. When you lose hope, those folks can help lift you to the next milestone.
Take baby steps. It’s natural to want to hurry up and do all the things necessary to get better. But sometimes slow is good. If you can trust your guide (therapist/coach/mentor), learning each new step can end in a better result.
Be realistic. Be realistic with yourself that change is going to take time. Also be realistic about the milestones that will get you there.
Gain new perspectives. Sitting on the sidelines gives you a new appreciation, and also time to look at things with fresh eyes. Shifting your perspective may help you understand situations better
Be aware of your blind spots. Sometimes you don’t see the bumps in the road that may trip you up. When reassessing your goals, try to be consciously aware of your blind spots. Believe me, I have a new appreciation of physical accessibility issues, something that I had not considered much in the past.
Keep your skills current. This is always a good practice, but my forced slow-down gave me a chance to do some research and work on some new skills as I was recuperating.
Just keep swimming. As Dory tells Nemo, in Finding Nemo, “just keep swimming” or walking! Try to make forward progress each day. . Keep moving and you will regain strength, whether it is physical or mental.

Life may throw us curveballs, but we need to gain wisdom and knowledge from those experiences in order to forge ahead.

Taking a Well-Deserved Break … and What I’ve Learned

Posted on August 9, 2021 by Trish Cotter

Recently, I left my job at MIT, and I don’t have another job. As the Executive Director of the Martin Trust Center for MIT Entrepreneurship, my days (and many nights) were filled with activity – working with students, teaching, and shaping entrepreneurship education programs. All that has stopped, and I’ve taken time to be still, breathe, take stock, and think.

This time of reflection is providing me a much clearer view of what is possible—and realizing the big picture is even bigger than I thought. Quitting your job is not for everyone (and I am very fortunate that I’m in a position where I could do that), however, taking time to make room for other activities is something I highly recommend to everyone. Creating space to see that there are other opportunities, different ways to work, new skills to learn, and passions to embrace is enlightening. (My new passion is tennis! Who knew?)

I have had three acts thus far in my career. I held roles from engineer to executive in tech companies. Then, as an entrepreneur, I navigated two startups through to IPOs, and my third act was a career in academia teaching entrepreneurship in the classroom and through hands-on programs. Each transition had its moments where I said, “What did I get myself into?!” Yet, digging in and being open to learning proved to be rewarding in every case. I’ve had great rides with successful companies, enjoyed relationships with diverse and interesting colleagues, and embarked on learning experiences I could never have imagined. I have traveled the world, thrived in new environments, and have seen colleagues soar and cheered on their success. I’ve learned so much about people and how they think, work, celebrate, and come back from setbacks. It makes you realize that the people you work with truly can make or break any job experience.

As someone with many, varied job experiences, I’ve realized that experience is double-edged sword. On the one hand, you know how to do things, and perhaps you have even forgotten what others have not yet learned. However, experience also can leave you in a lane you know too well and prevent you from taking the risk of trying—and potentially failing—at new skills. When you are starting fresh, you know there will be new risks, new failures, and new experiences.

I am extremely fortunate to have enjoyed every job I’ve had, but I do realize my enjoyment of work is dependent on my own attitude and approach. Approaching each new role as a learning experience helps you get over the hurdles and enjoy the successes. I’ve worked with folks who had deep expertise but lacked some of the skills I have, and we ended up being a terrific team. I am fortunate to have friends from my very first job and from my most recent job, and I make a concerted effort to keep in touch with these people. My network—and talent tree—is something that was built organically with people I enjoy, and it makes a career so rewarding.

In my research findings for my doctorate, it wasn’t a real surprise that matching new graduates with seasoned employees in data analytics roles was a recipe for success. The veterans could contextualize situations for the students based on experience, and the recent graduates would apply that context to achieve a much more robust analysis. Later, my work at MIT included building mentorship programs and creating networking relationships between students, alumni, and startup founders. When I was no longer running these programs, I realized I needed to apply my networking and mentorship skills to myself as well.

Although I am a certified professional coach, it’s true that even coaches need a coach. If you want to do something different and are unsure about how to get there, working with a coach is a perfect way to figure out these decisions. I needed a coach to look at why I was working so hard; although I enjoyed the work and the people, it didn’t feel like it was enough for me at the time. My coach helped me realign my values and aspirations—something that had not been done for quite some time.

I have always been curious, optimistic, and a contributor, but I needed more balance, less commuting (yes, I still commuted through most of the pandemic!), and a good challenge to be passionate about. The first two were difficult to manage in my last job, but there was no lack of challenge, in fact, there were actually too many challenges! I spread myself so thin because I wanted to do everything and for everyone—and this led to an erosion in my passion for my job.

So, as I take time to reflect, I’m betting on myself and focusing on balance. Just creating the space to reflect has let me think about of all sorts of exciting things I can do next, both professionally and personally. I am enthusiastic about the future and approaching new challenges with the renewed energy that taking a break has given me. I hope my story inspires you to give yourself some space to think, reflect and renew!

We See Ourselves as Entrepreneurs, But Others See Our Gender or Race …

Posted on February 22, 2021 by Trish Cotter

Last November, the Martin Trust Center for MIT Entrepreneurship celebrated Women’s Entrepreneurship Month by featuring a different female entrepreneur each day on Instagram. Accompanying each photo was a short Q&A with questions about their entrepreneurship journey, including, “What are 3 words to describe entrepreneurs who are female?”

One response, in particular, stood out to me. Sonal Singh, founder of Spatio Metrics, said, “I struggle with this one – I’m proud to represent female and minority founders because we’re tenacious, grounded, and human. But at the end of the day, I’m like every other entrepreneur. No preface, no modifier, no disclaimer.”

Do you see yourself simply as an entrepreneur? A female entrepreneur? A Black female entrepreneur? Do you use the modifier or not? Do you see yourself differently? Do you feel that others note your gender, race, or ethnicity when describing you? There is no right or wrong answer here.

Sonal’s quote made me think. Is our goal as underrepresented entrepreneurs to be evaluated on exactly the same playing field? Or, should we be thinking about equality versus equity – that is, distributing resources based on the needs of the recipients? Should women and people of color be afforded a leg up until they can catch up? How can established entrepreneurs (of any gender or race) help others who are trying to succeed in launching their own ventures?

To the entrepreneurs reading this blog, my goal is to present information, ideas, and resources as you undertake your entrepreneurial journey. Learn from those who have taken this path before you and be prepared to blaze your own trail, sharing your lessons with those who follow.

Susanne Althoff, the author of the book Launching While Female: Smashing the System That Holds Women Entrepreneurs Back conducted over four years of research on entrepreneurship and gender, race, ethnicity, LGBTQ status, disability status, and other identities. “The entrepreneurial path is harder than it should be [for these groups],” she states. “We’re all missing out on innovation when we do not see full entrepreneurial participation in this country.” If this topic is of interest, be sure to watch the Trust Center’s Speaker Series event featuring Susanne. She urges taking action by being a mentor or a sponsor to help underrepresented entrepreneurs.

Perhaps our differences are what set us apart and make us unique. In this Business Insider article, Simmone Taitt, founder and CEO of Poppy Seed Health, says, “I’m a Black woman in tech, and for some people that counts as being ‘different,’ but for me, it’s just me moving through the world as the person that I am. That doesn’t mean that it hasn’t come with challenges. Early in my career I would scratch my head trying to figure out if I was given opportunities or not given opportunities because of my gender, race, or both.”

As today’s underrepresented entrepreneurs try to establish themselves, it’s important to understand some of the challenges they may face.

Underrepresented Entrepreneurs by the Numbers

Let’s take a look at some statistics from Fast Company about women entrepreneurs and entrepreneurs of color based on the 2019 State of Women-Owned Business Report:

Women started an average of 1,817 new businesses per day in the U.S.
This now represents 42% of nearly 13 million businesses overall
These businesses employ 9.4 million workers and generate revenue of $1.9 trillion
Women-owned businesses are growing 2X faster on average than all businesses nationwide
Women of color are starting businesses at 4.5X the rate of all businesses
Women of color represent 39% of the total female population in the U.S. but account for 89% of the net new women-owned businesses per day (1,625)
The greatest growth in women-owned businesses happened at the two extremes of the spectrum: low-revenue companies and million-dollar-plus businesses.

What does this mean for you? Maybe it means you are not alone in your pursuits. Underrepresented entrepreneurs are making an impact despite the challenges.

Access to Funding

One of the major challenges for underrepresented entrepreneurs is access to capital to grow their business. Although it is probably not a conscious decision, investors tend to give venture money to people that look like them – they see the potential of people who remind them of themselves. This unconscious bias and lens of exclusion keeps funding away from underrepresented groups.

Another interesting point to consider is that raising money in a “friends and family” round is often the first access to capital for entrepreneurs – but, what if your friends and family don’t have anything to spare?

A CNN Business article interviewed Serena Williams on why Black female founders are often counted out right from the start. Williams has started the venture capital firm Serena Ventures, which invests in companies that embrace diverse leadership, individual empowerment, creativity, and opportunity. Statistics from the article show the discrepancies that face some entrepreneurs.

Black women rarely have a wealthy network they can call upon for early investment. The average Black household had a net worth of $17,150 in 2016, nearly 10 times less than their white counterparts.
Only 4% of the people who work in venture capital are Black, and only 3% of the people actually leading investments are Black, according to data from the National Venture Capital Association.
In 2018 and 2019, Black women founders raised only 0.27% of venture capital according to a data report by digitalundivided.

The Tech Inclusion blog explores similar stats in the technology industry and states, “there’s a reason why the Silicon Valley investor community has been called a ‘good old boys network.’ This is also borne out in the numbers.” One of the sticking points today is that female-founder companies don’t scale to the same level as those started by men. Also, there is a rather large drop off of female founders past the Series B level. They tend to get pushed out one way or another, and this is a very real problem that nobody talks about.

Data shows that women-led companies receive less than 5 percent of all venture capital funding, that African-American and Latino founders receive only 1 percent of funding, and that just 0.2 percent of it goes to Black women founders.
Compare this to the fact that tech companies led mostly by white, male founders receive over 97 percent of all venture capital funding and the landscape becomes particularly bleak.
There are also limitations due to geography. Data shows that almost 45 percent of total global venture-capital investment resides between San Francisco, San Jose, Boston, New York, Los Angeles, and San Diego.

The Tech Inclusion blog post is a call to the technology industry “that lives off of and trumpets disruption” and suggests “it’s time for it to disrupt its own patterns of entrenched bias and elitism.” If you are part of the VC industry, think about how you can recognize and strip away your own unconscious biases. If you are an underrepresented entrepreneur seeking funds, look at a VC firm’s record of investments to see if they support diversity. Or investigate funds and organizations run by women or people of color – such as these VC firms that are bridging the gap – who make it part of their mission to support other underrepresented entrepreneurs.

Access to Networks

In a recent Fast Company article, Shelly Bell, founder of Black Girl Ventures, says, “I experienced firsthand how relationships and introductions are essential to open doors to new opportunities as a serial entrepreneur. I can not emphasize this enough: Black and Brown entrepreneurs, especially women, need access to new networks.” She continues, “I believe in the power of building community to bring about systemic change…Everyone can play a part. Donate your time, expertise, or money to ecosystem builders. Bring diverse voices to the table and listen to what they have to say.”

A related area where women are advancing is representation on corporate boards, enabling access to the networking opportunities they provide. California was the first state to sign a Women on Boards bill into law in 2018 to advance equitable gender representation on California corporate boards. At least 11 other states have enacted or are considering board diversity legislation, according to the Harvard Law School Forum on Corporate Governance. The Forum reports, “The statutes are grounded on a large body of empirical evidence that board diversity contributes significantly to ‘good governance’ and improved financial performance. Businesses must focus on enhancing the diversity of their boards to both comply with the new statutory requirements and secure the underlying benefits to their performance.”

Despite Lack of Access, Women Entrepreneurs Deliver a Better Return

Yet, despite a lack of access to funding and networks, there is data that women-run businesses are more successful than those run by men. Boston Consulting Group (BCG) wrote an in-depth, research-based article on “Why Women-Owned Startups Are a Better Bet.” According to their research, the investment gap is real. When women business owners pitch their ideas to investors for early-stage capital, they receive on average $1 million less than men. Yet businesses founded by women ultimately deliver higher revenue – more than twice as much per dollar invested – than those founded by men, making women-owned companies better investments for financial backers.

Why? The article postulates several reasons, including that women founders and their presentations are subject to more challenges and pushback – this may ultimately mean they are more rigorously screened. Secondly, male founders are more likely to make bold projections and assumptions in their pitches – and this may backfire in the long run.

How can you use this information to your advantage? BCG’s advice is that women entrepreneurs (and by extension all underrepresented entrepreneurs) should ask for bigger investments during pitches, and also ask more frequently. They should avoid underselling their companies and focus on the positives. They should arm themselves with objective data and be prepared to deflect and defend against unwarranted criticisms.

The Issue of Scale. What Are Your Goals?

Of course, as an entrepreneur, it’s important to assess your personal goals. We hear about Jeff Bezos and Elon Musk jockeying to be the richest entrepreneur in the world with wealth measured in the hundreds of billions of dollars. But not all entrepreneurs have the same aspirations.

Almost 90% of businesses owned by women generate no more than $100,000 yearly, according to the What to Become blog. Is this because women focus more on B2C rather than B2B businesses – and often in the health and beauty industries? Half of all women-owned businesses are in the categories of personal services, healthcare and social assistance, or professional and technical services, according to the American Express State of Women-Owned Businesses Report. We also need to remember that not all entrepreneurs work full time – this may be their goal for purposes of work/life balance, or the entrepreneurship gig may be a side hustle to supplement income.

This report states that “as work trends shift towards side hustles and the gig economy, so does female entrepreneurship…part-time entrepreneurship, often referred to as ‘sidepreneurship,’ is providing additional options to traditional employment and entrepreneurship for women.” This points to the conclusion that more underrepresented entrepreneurs may be considered need-based versus innovation-based entrepreneurs. Need-based entrepreneurs may start their own business after losing a job, to supplement their income, or to gain the flexibility they need in their lives. The What to Become blog states that “flexibility related to family care is the main reason why women start their businesses…women choose to be self-employed five times more often than men because of their families.”

At the Trust Center, our focus is innovation-based entrepreneurs, and these are typically the entrepreneurs vying for venture capital. However, that doesn’t discount the efforts of need-based entrepreneurs who are seeking the benefits of being your own boss, flexibility with childcare or elder care, and providing opportunities for yourself that a company can’t. All entrepreneurs deserve a shot at the funding and networks needed to help their businesses thrive.

Conclusion

“Women-owned businesses are driving economic growth in the United States…Yet there is a significant size disparity between these businesses and others,” states the State of Women-Owned Business Report. “Closing the gap benefits everyone, not just women…[this] requires changes in policies, business practices and attitudes. Some changes, such as family leave and affordable childcare, impact all working women while others, such as training and access to capital and markets, are specific to particular segments of business owners.”

The economic realities of the current pandemic may serve to jump start entrepreneurial activity according to The Boston Globe. “One team of researchers estimated that if U.S. women launched high-growth firms at the same rate as men, we’d add 15 million jobs in only two years. If we hope to turn around our pandemic-ravaged economy, we’re going to need lots more entrepreneurs.”

In summary, as a community we need to recognize how much underrepresented entrepreneurs bring to the table – and how much more they could bring with the right support.

How can you find support?

Listed below are some resources, studies, and reports as a starting point.

MIT Resources:

Martin Trust Center for MIT Entrepreneurship

MIT Orbit – A resource for exploring entrepreneurship (most info is available to everyone)

Resources Beyond MIT

ICIC: 12 Organizations Driving Inclusive Entrepreneurial Ecosystems

BostInno: Guide – Resources for underrepresented entrepreneurs in Boston

The Root: In 2020, Who is Helping Black Women Start Their Own Businesses?

Ladies Who Launch: Founder Resources for Black Women Entrepreneurs

Studies / Reports:

Guidant Financial: Women in Business – 2020 Trends

Cornerstone Capital Group: Women Entrepreneurs: Foundational to Economic Recovery

NVCA-Deloitte Human Capital Survey: Diversity & Inclusion in the VC Industry

Boston Consulting Group: Why Women-Owned Startups are a Better Bet

American Express: State of Women-Owned Businesses, 2019

Pivots, a Pandemic, and Startup Founders’ Mental Health

Posted on October 26, 2020 by Trish Cotter

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.

How did we adapt MIT’s Venture Accelerator as a Virtual Experience?

Posted on June 26, 2020 by Trish Cotter

2020 is a year we’ll remember for many things, but 2020 graduates will certainly remember how typically crowd-filled graduation ceremonies were transformed into unique and socially distanced celebration amid COVID-19 restrictions. At MIT’s delta v, we can relate. We are just starting our summer-long student venture accelerator program, and, our entire program – start-to-finish will be virtual this year.

What does that mean? Although our fantastic space at the Martin Trust Center – usually buzzing with activity – will be dark, we’ve created a virtual model to provide a unique experience and lots of new and different opportunities for our student-entrepreneurs. At the end of the summer, these students will kick-start their ventures and reach escape velocity with a final presentation of their startup companies at Demo Day. We anticipate seeing some of the best and brightest new startups ever to come out of MIT, because – as said by Benjamin Franklin – “Out of adversity comes opportunity.”

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Prepping to Go Virtual

The delta v program has become known as a “transformative experience that only MIT could provide,” and the entrepreneurs that go through this program are truly helping to make the world a better place (Check out this video for 2-minute synopsis.) Many MIT programs were cancelled this summer, but thanks to Managing Director Bill Aulet’s advocacy across MIT and with the Trust Center donors, this summer’s virtual delta v program has become a reality.

Students joining this program, and the whole MIT community, have major expectations of delta v. So, we knew we would need to go beyond just transitioning to Zoom meetings and putting our content online. We looked at what worked for MIT’s remote learning classes in the spring, and also reached out to our entrepreneurial education colleagues at other universities to gain their insight.

We held brainstorming sessions and many, many meetings to figure out how we could make this year’s delta v experience engaging and interactive. We honestly looked at the challenges and worked hard to address issues like onboarding, the lack of personal connections, less-than-ideal work from home situations, and “Zoom fatigue.” We knew that engagement, high-touch experiences, and cohort learning would all be essential for making this a success, and we put in extra effort to ensure delta v would not lose its special touch.

The 2020 Cohort

Our 2020 cohort of delta v teams was the smallest we’ve had in six years – 11 teams in Cambridge and six in New York City. We purposely selected fewer teams to allow for more individualized attention from our Entrepreneurs-in-Residence (EIRs), who are spending dedicated online time mentoring each team. (This also means if you didn’t get selected this year, think about applying again for 2021!)

This infographic shows the makeup of our 2020 delta cohort. Each year, we work on trying to get a diverse and balanced group of entrepreneurs tackling problems in a variety of industries.

More Talent!

A big part of delta v is learning from the pros. One of the benefits of our virtual session this summer is the sheer number of experts we’ve been able to line up. In fact, in the month of June alone, the delta v teams will have opportunities to hear from 21 different speakers delivering workshops.

With a virtual program, we have the benefit of being able to approach experts who are located anywhere, rather than focusing only on local resources or those willing to travel to the MIT campus. This summer, our students are fortunate enough to learn from many outstanding experts, including the following people:

Ryan Choi, MIT Alum, now with Y Combinator for a discussion on finding product-market fit and will be back for a discussion on hiring

Eleanor Carey, who spent 62 days at sea, rowing from California to Hawaii, gave an inspiring talk relating to the realities of entrepreneurship

James Baum, technology leader, investor, and advisor, who shared his advice on managing boards and will be back for office hours

George Petrovas, serial entrepreneur, who shared his founder journey and is on a delta v mock board

Brad Feld, Managing Director at Foundry Group will talk about fundraising in a Covid-19 environment

John Belizaire, CEO of Soluna, will speak about leadership

Perry Cohen, Founder Executive Director of The Venture Out Project will speak about his journey

Plus, our amazing faculty including Kirk Arnold, Kit Hickey, Erin Scott, Jason Jay, Bill Aulet, Paul Cheek, and Dip Patel.

More Mindfulness

This year at delta v, we will build on our Entrepreneurial Confidence and Communication (ECC) program to teach tools for self-awareness and mindfulness with the goal of better mental health and “anti-fragility” for entrepreneurs. We recently wrote about this program for the Harvard Business Review, and it has been well-received by students and the community. We believe that if we teach new entrepreneurs how to work through the stresses of entrepreneurship more effectively, it will lead to better decision making and healthier choices for their life and their business.

An interesting dimension to this year’s delta v cohort is that they are particularly receptive to learning about meditation and mindfulness for stress reduction, according to Kathleen Stetson, our ECC coach and creator of the program. She believes this is a direct result of the proliferation of information in the news and on social media about mental health concerns during the pandemic.

Demo Day

This year, Demo Day may be where we see the biggest impact of going virtual. Traditionally, at the end of the summer, all of the delta v teams gather to formally present their startups to the MIT entrepreneurship community. Things will change this year, but we are making some amazing plans for Demo Day and a post-event networking experience.

We will also hold a Virtual Investor Day, which is new this summer. This will focus specifically on the financial foundation of the startups and will allow the final Demo Day pitches to be a bit shorter. Students will benefit by having two completed pitches when they finish the program.

Conclusion

Conducting the delta v accelerator program virtually is a first for all of us – we are learning too. We strive to bring this year’s delta v cohort an incredible and rewarding experience, and we are open to feedback and suggestions.

The delta v student venture accelerator is the most inspiring environment I can think of for an entrepreneur. There’s an energy here that propels each of our teams forward. For 90 days, our student-entrepreneurs will eat, sleep, and breathe their startups. They will be guided through a process that makes them really think through the realities of starting an actual business, not just chasing a cool idea. Our fervent desire is that some of our student-entrepreneurs will create companies that will help to solve some of the big, global problems we are seeing in our world today – such as preventing the next pandemic or eradicating racism.

As the delta v leadership team, our opportunity this summer is to assist our students in their educational journeys as entrepreneurs and to guide them in making entrepreneurship a force for good.

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

Posted on January 31, 2020 by Trish Cotter

“Enjoy every moment of being fire-hosed.”

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

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

Bill Aulet kicks off a session on Disciplined Entrepreneurship

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

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

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

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

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

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

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

Here is some of the feedback from participants:

MIT Entrepreneur Development Program, class of 2020

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

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

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

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

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

Want to learn more? Visit these websites:

Entrepreneurship Development Program

Disciplined Entrepreneurship

Why We Need to Redefine Start-up Culture With Positive Mental Health Habits

Posted on January 14, 2020 by Trish Cotter

Data shows self-awareness practices helped M.I.T. entrepreneurs better manage the stress of entrepreneurship.

Anxiety and depression are rampant among entrepreneurs. The stereotype of a founder — fueled by caffeine and ramen noodles, while forgoing sleep, exercise, fresh air, friends, and family in the quest for success — has been the norm for years. It has been encouraged, and even glorified, by start-up culture.

The Inc. article “The Psychological Price of Entrepreneurship” explores this topic and explains, “the same passionate dispositions that drive founders heedlessly toward success can sometimes consume them. Business owners are ‘vulnerable to the dark side of obsession.’” Yet this is not healthy or helpful for long-term success.

Compounding this problem is the start-up founder’s hesitation to show weakness or self-doubt. They feel the need to project confidence for investors and employees, despite any inner insecurities. They also tend to connect their self-worth and identity to their start-ups, which can lead to feelings of depression if their start-up fails.

We also commonly see “impostor syndrome” — an unjustified, yet pervasive feeling of self-doubt, insecurity, or fraudulence. This can slow down an otherwise well-designed new organization by curtailing its ultimate impact and potentially even its existence. The majority of entrepreneurs have experienced these feelings, but they are pushed away and not discussed.

At M.I.T., we don’t believe entrepreneurship has to be this way. The health of a start-up doesn’t need to impact founders’ mental health. We believe self-awareness and mental preparedness can enhance an entrepreneur’s abilities. This, in turn, leads to creating a more successful business. The right tools can help entrepreneurs work through stress, rather than work in spite of it. This is a real game changer for the start-up culture.

Through a new exploratory program, 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. In fact, 93% of M.I.T. delta v entrepreneurs believe self-awareness practices can help them create more successful businesses. Here’s more about the program:

Entrepreneurial Confidence and Communication

Last year, we debuted Entrepreneurial Confidence and Communication (E.C.C.) at M.I.T.’s delta v accelerator. This is the first comprehensive program to address mental health challenges in the start-up community and builds on our previous smaller experiments in this area. Our goal was to teach 84 student founders and their team members tools to build greater self-awareness and to provide a confidential environment for venting and peer feedback. Stress is inevitable in start-ups, but by learning how to be less affected by that stress, participants could make better choices for themselves and their start-ups.

In the first six weeks of the program, participants were taught the tools of self-awareness, including meditation and mindfulness, and their benefits. What are the benefits of meditation or mindfulness? Studies abound, but two that may be of particular interest to entrepreneurs are:

A Harvard study on practicing mindfulness meditation for at least 30 minutes a day reports that the practice can increase grey matter in the hippocampus. This is one of the more important meditation facts, since this part of the brain plays an important role in memory and learning.
Another study, published in Heliyon, showed that practicing mindfulness meditation for a short period of time may enhance visuospatial processing, working memory, and executive functioning.

In the second six weeks, they applied their learnings, discussing key choices entrepreneurs face — taking breaks vs. spending all your time on your start-up, working through limiting beliefs, considering others’ perspectives, and approaching challenges with fear or curiosity. Participants learned through readings, optional group meditation, and small group sessions where they could talk confidentially about challenges they were facing with people who could relate to what they were going through.

The results were significant. Participants didn’t just learn that a self-awareness practice can benefit them — they decided to implement it on a regular basis in their own lives. The overall experience had a measurable effect on their well-being.

The student entrepreneurs started becoming what we call “antifragile.” The term antifragile is used by professor and author Nassim Nicholas Taleb in his book titled Antifragile: Things That Gain from Disorder. When applying his systems analysis to humans, antifragile people are those who “grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty.”

A comparison of surveys conducted before and after the program, with 60 participants responding, revealed the following results:

Learning new skills

Before the program, 65% of participants had never meditated and only 21% were regularly practicing meditation or mindfulness.

By the end of the summer, 88% of had independently established their own regular, weekly meditation or mindfulness practice, despite heavy workloads and continual critical deadlines. And, their practices were measurably impacting how they worked through stress. After the program, 53% of participants were using a deliberate technique to calm themselves when in the midst of a stressful situation.

Sharing challenges

Most founders rarely have the opportunity to talk about the challenges of entrepreneurship with someone who is knowledgeable, and whom they don’t feel the need to impress. Participants in E.C.C. reported significant value from both small group discussions and optional one-on-one sessions, which were both 100% utilized by the students. The fact that very busy students took full advantage of E.C.C.’s optional one-on-one coaching, in particular, indicates the strong value the participants realized from the program.

*Credit:* The Martin Trust Center for MIT Entrepreneurship

Making better choices

We hypothesized that self-awareness tools could help founders make better moment-to-moment choices in their daily entrepreneurial lives. We found that after the program, 34% of participants who had established a meditation or mindfulness practice were more confident in their communications with others. And 40% were more aware of the emotions they were feeling, choosing to go ahead and feel those emotions rather than push them away.

The data affirms that self-awareness tools are useful in managing stress — and they can be taught. These tools help you understand your automatic responses to difficult situations and to perspectives different from your own. You start to notice problems earlier and feel more personal confidence, making it is easier to treat yourself and others with respect and to be resilient in the face of entrepreneurship’s challenges.

As demonstrated in this Boston Consulting Group article “Unleashing the Power of Mindfulness in Corporations,” meditation and mindfulness have proven positive effects in other industries — and now we have data that shows they can be significantly beneficial in entrepreneurship. Integrating self-awareness into the entrepreneurial experience will help prevent burnout, encourage better mental and physical health, and create better team dynamics. It’s great for entrepreneurs, and it could be great for their start-ups’ bottom line too.

Self-awareness education can guide entrepreneurs to not only take care of themselves, but to spread these skills across the entrepreneurial ecosystem, building company cultures that are supportive of both individual and start-up success. As M.I.T.’s delta v program works to redefine the start-up culture by incorporating positive mental health practices, we want to help entrepreneurs practice the self-awareness skills necessary to nurture their own mental health and create more successful businesses.

This piece originally appeared in Thrive Global and was co-written by Kathleen Stetson.

Trish Cotter

Big Data, Business Analytics and Education – Leadership and Innovation

Tag Archives: entrepreneur