Paris Reflections: Entrepreneurship Past, Present and Future

Paris reflectionsI recently had the incredible opportunity to deliver the keynote presentation at the Paris School of Business’ symposium on Entrepreneurial Research: Past, Present and Future. First, I’d like to again thank the school for this experience and my gracious host, Dr. Adnane Maalaoui, for introducing me to his students and giving this first-timer a glimpse of Paris.

I had promised to share what I learned at the symposium, and I will attempt to give you the highlights. I found that there is tremendous research being done by doctoral students who want to make an impact on entrepreneurship education as well as to share the work of the researchers who came before them. (Interestingly, entrepreneurship as a research field has only existed for the past 30 to 50 years.) The students at the Paris School of Business and affiliated universities in Europe provided a look into the future of entrepreneurship education during the symposium, and it is bright:

  • The educational ecosystems is vibrant with dedicated students and educators sharing and building on entrepreneurship research;
  • Students globally continue to be interested in entrepreneurship, but the ecosystem isn’t developed enough to deal with failure and risk in many regions;
  • It is important to remember that although at MIT we focus on innovation-driven entrepreneurship, there are entrepreneurs around the world creating small sustainable business that support families and change the lives of many (but are not necessarily innovation-driven);
  • Current cases taught to students could be updated to better reflect the changing entrepreneurial ecosystem;
  • Financing ventures continues to be a struggle particularly outside the USA;
  • Food and wine can be enhanced by rigorous debate, even in France;
  • The Eiffel Tower is even beautiful in the rain, as I learned from our final night with a dinner cruise on the Seine with students and faculty.

As an entrepreneur in a vibrant MIT ecosystem where we teach students through experience, it was inspirational to meet some of the global educators and Ph.D. students who are continually doing research that helps prepare entrepreneurs to make an impact in the world.

When I decided to pursue my doctorate at the University of Pennsylvania, I had already been an entrepreneur and business executive, but I joined UPenn’s Chief Learning Officer program and focused on work-based learning and closing the 21st century skills gap – this led me to my current role at MIT which is all about creating a learning environment for entrepreneurs. The Ph.D. students and faculty I met in Paris are developing competencies in new venture development, resource management, micro, social and strategic entrepreneurship using analytics/statistics to evaluate interventions and outcomes based on those responses.  I was able to connect with so much of their research both on an academic and practical level.

Another exciting development for French entrepreneurship was the election of President Emanuel Macron on May 7, just before the start of the symposium.  President Macron ran on a platform to make France globally competitive and is enthusiastic about startups in France. Macron’s pro-technology and pro-entrepreneurship views are discussed in this  article and this TechCrunch interview  conducted at the Consumer Electronics Show in January Las Vegas, attended by 190 French startups (at the time, Macron was France’s Economy Minister). It will be interesting to watch how the French startup ecosystem progresses under this new president.

I’m also sharing some resources that may be of interest:

  • My presentation from the Symposium:

How Paris & Boston can learn from each other’s Entrepreneurship Communities,
by Trish Cotter

  • A presentation by Bill Aulet, Managing Director of the Martin Trust Center for MIT Entrepreneurship that also shares ideas on:

The Past, Present and Future of Entrepreneurship Education, by Bill Aulet

  • Great accounts to follow on Twitter:
    Paris School of Business @PSBeduParis, Grenoble Ecole de Management @Grenoble_EM, and Ecole de Commerce @EDCofficiel (The first is in in English, the second two are in French – but Twitter has a handy translate button.)

    Also, make sure you are following the Martin Trust Center at MIT … @EshipMIT !

In closing, I’ll share the words of Jean-Baptiste Say the French economist who first coined the word “entrepreneur” around the year 1800:

“The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.”

Bonne chance to all of our entrepreneurs!

 

Chasing Unicorns or Planting Trees?

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unicorn12967178What does Entrepreneurial Success Look Like?  

In the business world, privately held companies valued at $1 billion or more are known as unicorns. Like unicorns, the billion-dollar startup was once only a myth. Now, all that has changed.

Fortune now publishes “The Unicorn List” that includes 174 unicorns. Uber tops the list, with Airbnb, Snapchat, and Pinterest also in the top 10. The Wall Street Journal also publishes a dynamic “Billion Dollar Startup Club” graphic that shows unicorns with their current value and region of origin – Uber’s current $68 billion valuation is by far the highest of the group.

Some rankings use just one criterion, such as venture capital funding to measure success. Although not necessarily the best measurement, it is an easy, publicly available figure, and there have certainly been unicorns that have failed. But, should valuation or the ability to raise money be the only measure of success?

What about the important success factors such as profitability, revenue, job creation, and even intangibles such as social good – giving back to the community or the world. The combination of these metrics provide a more holistic view to measure success.

MIT has been measuring entrepreneurial success for years, and our figures take into account job creation and revenues. According to our last update, companies founded by living MIT alumni have created 4.6 million jobs and generated nearly $2 trillion in annual revenues – that’s about the same as the GDP of the world’s 10th largest economy.

While the trajectory of the unicorns is impressive, a great number of unicorns aren’t profitable. Many startups and entrepreneurs have focused on “growth at all costs,” often operating at a loss to grab market share.  It’s not a surprise to learn that some unicorns are terrified when they have to think about profits for the first time.  (For more in-depth analysis, check out this blog post by well-known venture investor Bill Gurley.)

All of these issues are things that we think about deeply here at the Martin Trust Center for MIT Entrepreneurship. We certainly want the startups that we help launch to be successful, not just in venture capital raised or achieving unicorn status. More importantly, we want that success to be sustainable and we want the entrepreneurial skills that we impart to be deeply rooted.

Think about trees for a second. Yes, much less magical than unicorns, but a tree has deep roots, a solid foundation, and branches that grow over time. We believe that with the tools that we provide to our students: from the proven framework of courses; to state-of-the art facilities; to advisory services; to our own delta v student venture accelerator, we are planting the seeds to help that tree grow. Obviously, drive and passion are important characteristics of successful entrepreneurs, but we know that entrepreneurship can be taught with a systematic, disciplined approach.

In fact, learning solid entrepreneurial skills might be even more important than launching a successful first startup on your first shot.

How does MIT produce so many successful entrepreneurs? We believe it’s all about planting a tree, rather than chasing a unicorn.

 

We’re on Fire!

mittrustcenter2-bwMIT’s Martin Trust Center: Quietly Educating and Empowering Students to Positively Change the World

Our fantastic team at MIT’s Martin Trust Center for Entrepreneurship was recently selected for a BostInno 50 on Fire” award recognizing innovative individuals and organizations in and around Boston!

We were excited to join BostInno’s year-end celebration, held at the Moakley Courthouse on the waterfront, which recognized the city’s inventors, disrupters, luminaries, and newsmakers. Over 800 nominations were submitted for the awards, which were culled down to a list of 150 finalists. From those finalists, 50 were selected by a panel of judges to claim the title of “50 on Fire.” Here’s a list of all the winners, and the finalists in the Education category – our kudos to BUILD, Panorama, and Shorelight Education, the other winners in our category.

When MIT’s Martin Trust Center was announced as a winner, a cheer rose up from our staff. It was a powerful reminder that while we celebrate our students all year round, once in a while we need to celebrate the staff for the time and effort they put into creating and executing innovative and thought-leading programming.  A quick overview for those of you unfamiliar with the Trust Center …

The Martin Trust Center for MIT Entrepreneurship, as the name implies, fosters entrepreneurship at the Institute. It serves all students across all schools and disciplines.  At the Trust Center, we provide MIT students proven frameworks, a global network of experts and a dynamic home to develop their skills using our curriculum and programs. Our goal is to be entrepreneurial leaders by advancing the field of entrepreneurship at MIT and around the world.

In June, the center unveiled its remodeled and expanded co-working digs, which can better accommodate startups on campus, host larger events centered on entrepreneurship and has a new makerspace called Protoworks. The Trust Center is also home to “delta v,” MIT’s student venture accelerator. The accelerator provides a capstone educational opportunity for MIT student entrepreneurs preparing them to hit escape velocity and launch into the real world, culminating in the accelerator’s Demo Day.

Our team at the Trust Center includes: Bill Aulet, Alicia Carelli, Elaine Chen, Eliza Deland, Pat Fuligni, Sorin Grama, Donna Levin, Tommy Long, Leah Lovgren, Erin Martin, Nick Meyer, Laurie Stach, Marvin Wilma, Greg Wymer, and all those that have gone before us…. The center is a rotation of folks who bring fresh perspectives and raise the bar on our thinking.

We believe it is important to view entrepreneurship as a craft, and we provide apprentice-like experiences for our students. These students want to make a positive impact in the world, and we enable that through our innovative, well-executed programming, along with the community support that makes the Trust Center so special.  We don’t shed a spotlight on it too much, but once in a while it is nice to shine a light on a creative team that executes in a world-class manner…that is the Martin Trust Center, and I’m proud to be a part of it!  Entrepreneurship is a craft that can be taught. Want to see more? This video captures all the winners clowning around during the photo shoot. Thanks to BostInno for showcasing the innovative talent we have here in Boston!

P.S. I’d also like to give a shout out to friends of the Trust Center who were at the awards including Drift, Pill Pack, Melissa James, Coach Up, Paul English, and Katie Rae, just to name a few …

Celebrating Sisterhood at “The Stevies”

31136830665_7f234bfc57_o-2There is something empowering about being in a room with 650 women celebrating accomplishments …  I was recently nominated for a Stevie® Award, and attended the awards ceremony in New York City with my sister.  This got me to thinking about sisterhood in the broader sense, and how much we all have to be thankful for.

I was honored to receive a Gold Stevie award for the “Mentor of the Year” category at a non-profit organization. At MIT’s Martin Trust Center for Entrepreneurship, I work with an amazing team that makes going to work every day a pleasure. As a mentor and lecturer it is a privilege to work with students at MIT from around the world on projects and companies that are making a positive impact in the world.  Given the state of the world today, working with such a bright and talented group of entrepreneurs makes me hopeful for the future, and is something I wish everyone could experience.

Although I have been previously honored in my career as a corporate executive, my role at MIT is still relatively new, so recognition that I am on the right track was significant to me.  One of the comments in the judges’ feedback was especially meaningful, because it seemed to capture why I chose this role:

“Trish Cotter is a testament to the spirit of ‘paying it forward.’ Instead of continuing an impressive career as an entrepreneur, she decided to change course and share her knowledge, passion and drive for entrepreneurship with the blossoming business women and men of today. She takes a hands-on approach to help these young entrepreneurs succeed, and is with them every step of the way. We all got our start by someone giving us a chance, Trish is an exemplary pillar of that message.”

The Stevie Awards are the world’s premier business awards. They were created in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide. More than 1,400 nominations were submitted for this year’s awards from 31 nations and territories. This celebration was streamed across the world, and was also shared in person with family and friends.

At our table, my fellow honorees included Jenny Feing (Coach Training School), Shannon Beurk (Founder Engage2Learn), and Melinda Durkee (Proforma Durkee), and each brought family and friends to share their evening.  I’d also like to send a shout out to Steph Speirs from Solstice (a company from the MIT delta v accelerator), who was a finalist as Female Executive of the Year for her community solar company.

In this season of gratefulness and giving, I’d like to thank all of those who have helped me along the way. As a mentor and coach, I hope I am doing my best to pay it forward and give others a chance.

P.S. What could be better to experience the Stevies, and then see the unveiling of the Christmas windows at Macy’s?!  A true evening of sisterhood, accomplishment, empowerment, and hope for the future!

 

Shining a Light on Female Entrepreneurs in Tech

Last night, MIT’s Martin Trust Center hosted a screening of the award-winning documentary “She Started It” which follows five women in their journeys to launch businesses in the technology industry. We were honored to have the director and co-producer of the film, Nora Poggi , with us to introduce the film and join in our discussion along with our own panel of budding tech entrepreneurs.

The event was inspiring and featured accomplished women who beat the odds. If one message came through “loud and clear” it was that the entrepreneurial journey is all about persistence and networking. Our discussion reinforced that entrepreneurship can be taught, and that practicing entrepreneurial skills will pay off in the end.

The “She Started It” film focuses on five female entrepreneurs and their experiences, along with empowering the next generation of women tech founders. (You can check out the trailer here.) The film cited statistics about being a female entrepreneur in the technology industry that were bleaker than a cross-industry perspective. For example:

  • Women create only 3% of tech startups
  • In Silicon Valley, women earn only 49 cents to a man’s dollar
  • Women receive less than 10% of venture capital funding
  • Only 12% of undergrad computer science degrees are earned by women
  • 96% of venture capitalists are men

Yet, the five women profiled in the film are out to break the mold.

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Following the screening, I moderated a discussion with Poggi and a panel of female founders sharing their own experiences. They included:

  • Elsa Sze of Agora which uses technology to bring more people to the civic conversation
  • Melissa James of The Tech Connection, a premier marketplace for purpose driven, diverse technical talent
  • Alex Wright-Gladstein of Ayar Labs which brings high bandwidths and energy efficiency of fiber optics to silicon chips
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L to R: Alex Wright Goldstein, Nora Poggi, Elsa Sze and Melissa James

 

The panelists discussed challenges and what is most intimidating about starting a tech business. The audience – which included many women in the process of exploring entrepreneurship for themselves was extremely engaged and had many questions. We also talked about how today’s female entrepreneurs can be role models to help other women and girls embrace the entrepreneurial path. Essentially, “you can’t be what you don’t see.”

One of the insightful quotes in the film is from Meghan Smith, Chief Technology Officer for the United States. She says, “There have always been women and minorities in all of the areas of technology for all history. It’s just the stories are less known. And so, we need to embrace our history and tell it to each other.”

Although women are a small minority of tech startup founders, it is also an issue that many women tend to understate their achievements, and not let their own light shine. “She Started It” is a first step to showcase some of these achievements. My thanks to everyone who participated in our event! It was a great success!

P.S. On a personal note, this week I received the exciting news that I’ve been selected as a finalist for the Stevie Awards for Women in Business the category of mentorship. As I worked with the panel for this our film event, I drew parallels to my own submission for the Stevie Awards. Often, as women, we dismiss the things that we do and don’t let our own lights shine (especially when surrounded by all the brilliance here at MIT). For me, this is a reminder to value our successes and share them with other women.

 

It’s a Wrap: MIT’s Educational Accelerator Demo Day 2016!

mit-gfsa-demo-16

Congratulations to all of the teams that presented at our Educational Accelerator Demo Day! We kicked off MIT’s campus-wide t=0 celebration of entrepreneurship and innovation, which will continue through September 18.

If you couldn’t join us, this post gives a quick recap; and you can catch all of the presentations on video as well. For an overview of the companies presented, check out this BostonInno article – “These are the 17 Startups MIT Kept Hush-Hush this Summer.”

First of all, in my last post I had let you know that our Global Founders’ Skills Accelerator (GFSA) would be changing its name. We are now MIT’s delta v accelerator.  Why the name change? The derivative of velocity is acceleration!  Hence, the MIT Acceleration Program delta v.

delta v literally means a change in velocity, and we believe this truly captures what happens to these students when they join us for MIT’s accelerator program.

The delta v Demo Day is focused on MIT students, and students filled the auditorium and were even sitting in the aisles. Our Managing Director Bill Aulet kicked of the program and explained how these startups have reached “escape velocity” and have been “kicked out of the house” so to speak.

Bill was followed by keynote speaker Dharmesh Shah, the CTO of HubSpot and an MIT grad. He talked about increasing the success for these student startups – how to get started, why you should avoid stealth mode, why speed matters, how to find a co-founder, attract amazing people, and give yourself crazy ambitious goals. He tells students to take advantage of all your classes to hone your skills… and he says he has never heard of a single entrepreneur who regrets taking a shot at a startup (even if it failed).

Governor Charlie Baker also joined us at Demo Day, and spoke about the amount of wizardry that comes out of MIT and the staggering contribution that MIT has made to the Commonwealth of Massachusetts, the country and the world.

It was then on to the student presentations. Fourteen startups made it through to Demo Day, and their company ideas covered topics from mental health to virtual reality.  We saw compelling videos from farmers whose lives have been changed because of MIT students, transportation in Rwanda and Mexico that will reduce costs for carriers, a way to make freight transportation more efficient and increase the income of truck drivers, and several ways to improve the environment.  We learned about innovations could change the lives of families dealing with cancer treatment and students in Africa.

Interested in learning more? Check out the companies that presented. They are listed below, in alphabetical order, along with links to their websites.  And, if you have a bit more time, check out the teams presenting in our Demo Day video recording.

Alfie
Armoire
Deepstream
dot Learn
Emerald
Factory Shop
FleteYa
Hive Maritime
kiron
Kumwe Logistics
Lean on Me
Leuko Labs
perch
Rendever
ricult
Solstice Initiative

I think everyone who attended Demo Day was inspired and impressed by the power of entrepreneurship at MIT. Now, we’re onward and upward, with t=0 this week with a full schedule of activities every day. Later this month, the delta v teams will be heading to New York City and San Francisco to meet with alumni and investors.

We hope you are inspired too!

Join us September 9th for MIT’s Educational Accelerator Demo Day!

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I’m wrapping up “boot camp” with this year’s MIT Global Founders’ Skills Accelerator (GFSA) cohort this week, and wanted to let you know about our Educational Accelerator Demo Day on September 9th! As Associate Director of the Martin Trust Center and the Director of the GFSA program, it’s been an amazing summer for me, helping to shape our teams of entrepreneurs and guiding them as they prepare to present their companies.

Sign up Now

On Demo Day, each of the groups that have been working in the accelerator will reveal their company to a live audience. This event is free and open to the public – just register here and then join us at MIT Kresge Auditorium; the program runs from 4 – 7 pm, and Dharmesh Shah, founder and CTO of HubSpot will be our keynote speaker.

Demo Day is the culmination of three months of intensive work and focus by our student teams in the educational accelerator. It’s the first chance to present their world-changing products and services to an audience of MIT students, mentors, friends, investors, and potential customers.

Who are this year’s Entrepreneurs?

Our 2016 cohort is bigger than last year with 86 entrepreneurs on 17 teams. We can’t reveal the companies or their concepts until September 9th, but innovative ideas will be presented by the fantastic teams – in vertical industries from healthcare to energy to logistics. To give you an idea of what Demo Day involves, here’s a round-up of inspiring startups from Demo Day in prior years.

As the premier university student accelerator in the world, the MIT GFSA provides a capstone educational opportunity for MIT student entrepreneurs and prepares them to hit “escape velocity” and launch their companies into the real world. We hope you can join us for this amazing event.

We’re Live Streaming too!

Can’t be there live? You can still watch the live stream. (Visit now and mark your calendar.)

After the Boston event, we’re on to New York on September 15 and San Francisco on September 22 to present Demo Day in those cities as well.

 

P.S. We’ll also be announcing a name change for the GFSA program at Demo Day … stay tuned.