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!

 

Innovation: 2017 Style

fuse_2Here in Massachusetts, we tend to get somewhat of an inferiority complex. Maybe it’s those Puritan roots. We have it stuck in our heads … “Boston’s not as big as NYC” or “We’re not as innovative as Silicon Valley” …

Wait?! Bloomberg says that Massachusetts is the most innovative state in America … for the second year in a row? That’s pretty cool. Take that inferiority complex!

According to the Bloomberg ranking, Massachusetts scored 95 out of a possible 100 points, followed by California, Washington, New Jersey, and Maryland. The six equally weighted metrics included:

  • R&D intensity;
  • Productivity;
  • High-tech density;
  • Concentration of science, technology, engineering and mathematics (STEM) employment
  • Science and engineering degree holders; and
  • Patent activity.

Massachusetts earned the ranking by producing more science and engineering jobs and by creating jobs in those industries. Current figures show a 2.9% unemployment rate in Mass, compared to a 4.6% national average. The state’s universities were also noted, included Harvard and MIT.

At MIT’s Martin Trust Center, we have the privilege of seeing that innovation every day.  And, it’s the type of innovation gets spread around the world. CES, the annual Consumer Electronics Show in Las Vegas is known for attracting and showcasing the world’s latest and greatest consumer innovations.  This year, atwoboo least eight companies with MIT roots showed off their cutting-edge products at the show. One of those, Woobo, is an alumnus of our MIT student venture accelerator program (now known as delta v). The company is using robotics and artificial intelligence to make a smart “imaginary friend” for young children and plans to launch the product this year.

Another MIT accelerator program alumnus, Accion Systems, was honored recently in BostInno’s 17 Startups to Watch in 2017. Definitely not in the consumer accionrealm, Accion is developing revolutionary propulsion for satellites which will make space more accessible and affordable across industries. The company itself is seeing quite a bit of propulsion here in Massachusetts, with funding from the Department of Defense and a Series A round last year, along with numerous awards.

img_0424And, here’s something pretty cool that’s happening in innovation right now: is MIT fuse program.  MIT fuse is the Trust Center’s entrepreneurial program that takes place every January during Independent Activities Period (IAP), which is January 9 to February 1 this year. The MIT fuse teams essentially take over the Martin Trust Center during these three and a half weeks, receive mentor advice from our Entrepreneurs in Residence, and learn from startup founders who have preceded them.

One intriguing company in the current MIT fuse program is Waypoint Labs.
Waypoint is building a platform for creating and extracting spatial data and insights for augmented reality (AR) applications. One possible applicawaypoint-labstion is using the Microsoft Hololens to enable non-pharmacy hospital staff to fill prescriptions quickly and without errors. The company was invited by AT&T to participate in its inaugural AR/VR Challenge at CES 2017, where it won the $20K grand prize after demoing its prototype to over 250 conference attendees.

At MIT, the students we mentor want to make a positive impact in the world, and our programs give these students the opportunity to do so.  Here’s to an innovative 2017!

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 …

Innovation in Real Estate: An Entrepreneurial Perspective

Presenting at MIT's Innovation in Real Estate Conference

Presenting at MIT’s Innovation in Real Estate Conference

I recently participated in the Innovation in Real Estate Conference at MIT, held at the MIT Media Lab. (If you don’t know the Media Lab at MIT, it is a magical place from the moment you step foot in the building. Art, Engineering Disciplines and Business are integrated into a place where creativity is encouraged and interdisciplinary work is the norm. I love it there!)

At the conference, a team from our summer GFSA Accelerator Program asked me to participate on a panel about the role real estate plays in innovation. Real Estate is essential in setting the right structure for an organization. For both businesses and institutions, space is often at a premium and you need ensure you use it wisely. This led me to think about the space we have at the Martin Trust Center for MIT Entrepreneurship that houses the Accelerator program, and also the role of real estate and the workplace of the future in three of the start-ups recently launched.

MIT’s Martin Trust Center Expands to accommodate more Accelerator Teams

At the Martin Trust Center, we have an open area that also has conference rooms, phone rooms to make calls all over the world, office supplies and equipment … and all the coffee, Ramen Noodles, and oatmeal that students can eat! We are expanding our space, and with that expansion we hope to take in 50% more teams into the Accelerator. This is terrific news to the applicants where turned many teams away.

The Trust Center at MIT is a work space that is supported by mentors and staff who help enhance learning and enthusiasm. Speakers who present at the center are MIT faculty, community leaders, and practitioners. Both the space and the people at the center make it a vibrant place to work.

Why is the space special? It is a place where like-minded people can meet and share ideas, coffee, and work in a collaborative work space. It is also where some of the new ideas about what a workplace will look like in the future.

Workplaces of the Future

Real estate innovation also encompasses how spaces will be transformed to fit future needs. Four of the start-ups who were part of the Accelerator program look at space in a new and innovative ways.

Spyce is a healthy automated restaurant that fits into a 20 square foot area, Tekuma curates art for Airbnb’s unique places to stay (and our space as well!), Morphlab is another real estate related venture that brings robotic furniture to small spaces to increase functionality. And, finally Smarking addresses the real estate of parking spaces with an application that optimizes parking. These are just a few of the new projects that are bringing innovation to real estate.

The message at the conference came through loud and clear that innovation in real estate is here. On a personal note, I can tell you as we reconfigure our space at the Trust Center, optimization and utilization are important, but maintaining the collaborative and entrepreneurial culture is first and foremost.