U N I V E RS I T Y OF

MARYLAND O F F I C E O F T H E S E N I O R V I C E P R E S I D E N T A N D P R O V O S T

1119 M a i n Administrat ion Bui ld ing College Park, Maryland 20742-5031 301.405.5252 T E L 301.405.8195 F A X

December 17,2015

M E M O R A N D U M

T O : Darryll Pines Dean, A. James Clark School of Engineering

Charles Caramello Associate Provost and Dean, Graduate School

F R O M : Elizabeth Beise Associate Provost for Academic Planning and Programs

S U B J E C T : Proposal to Modify the Master of Professional Studies in Technology Entrepreneurship (PCC log no. 15019)

The proposal to modify the Master of Professional Studies in Technology Entrepreneurship has been administratively approved. A copy of the proposal is attached.

The change is effective Spring 2016. Please ensure that the change is fully described in all relevant descriptive materials.

MDC/ Enclosure

cc: Andrew Harris, Chair, Senate PCC Committee Barbara Gill, Office of Enrollment Management Reka Montfort, University Senate Erin Taylor, Division of Information Technology Pam Phillips, Institutional Research, Planning & Assessment Anne Turkos, University Archives Linda Yokoi, Office of the Registrar Alex Chen, Graduate School William Fourney, A. James Clark School of Engineering

T H E U N I V E R S I T Y O F M A R Y L A N D . C : 0 L L E ( ; E P A R K

P R O G R A M / C U R R I C U L U M / U N I T P R O P O S A L

Plc'fise email the res ofllic proposa! as an MSWonJ attuchmeni

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PCC LOG NO.

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College^Scliool: A. James < Mark Stiujoi of Lngint'cring Please also add Collcgc/Scliool Unit Codc4"ir.st 8 digits: 012(B2«« Unii Codes am hefaiiiKl at: haps: ^liy/ipnHljuudi'dii'Hipil lk'p(nisumilsjitm

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Ty |H' of .•\ctioii (cho»se O I K ' ) :

X Ciirriculiiin change {including inlbrmal -specializaiions)

Cunictikun uhaiige for an I'rograin Renaming; ofproiiram or /hniial Area aj

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New ticiuk'iitic (k'urer-award program

New Proiessional Sftidies award iteration .New Minor

keciiiesl 10 create tin online version of an ixisting progrant

Sujiimary of Proposed Action:

The A. .lames Clark Scliool of Engineering and Miecli are re(|uesting approval to add "ENES672: Launching the 'I echnology Vciitinx''" to the eligible courses for the Master of Professional Studies in Technology Einirepreneurship.

Depaitmenlal/Uiiit C:ontaci Person lor Proposal: J iuncs \'. {.recn j^grecn.w iintU.tdii 301-3I4-1-I50

Al'FRCVAl .SRiXA i I 'RhS - Plmtsr ]>rm name, smi and date. I 'sc addihoiuil Htifsjor nnilti-unil programs

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PCC PROPOSAL FOR CURRICULUM CHANGE ADD COURSE ENES672 TO THE MASTER OF PROFESSIONAL STUDIES IN

TECHNOLOGY ENTREPRENEURSHIP

O V E R V I E W O F M A S T E R S

The Master of Professional Studies in Technology Entrepreneurship aims to first equip students with a conceptual understanding of the principles of effective new venture creation and launch. The program then prepares its students to apply these insights and acquired competencies to real-world entrepreneurial opportunities across five major stages of the innovation value chain from idea generation to launching a technology-based venture. The curriculum maps to the lifecycle of new venture creation and launch.

C U R R E N T C U R R I C U L U M

The 30-credit, 10 course curriculum is completed on a 15-month schedule. Students enroll in two 3-credit courses per 12-week term.

Table 1. Curriculum Overview (Existing)

Term 2 Innovative

Thinking

Business

Modeling &

Tenn3 Creative Design,

Prototyping, &

Testing

Market

Terml • Innovative •

Ideas &

Concept •

Development

• Strategies for

Managing

Innovation

Customer

Validation

Development &

Commercialization

Term 4 Legal Aspects of

Entrepreneurship

Financial

Management &

New Venture

Financing

Terms • Corporate

Technology

Entrepreneurship

• Fxmdamentals of

Technology

Startup Ventures

A detailed description of the courses is provided as table 2 on the next page.

Table 2

. Cou

rse Description

s

Te

rm

1

EN

ES

66

2 Inn

ov

ativ

e Idea

s an

d (Con

cept D

ev

elo

pm

en

t: lH

)ciises

on th

e con

tent,

me

tho

ds,

an

d mo

de

ls fo

r ne

w

ve

ntu

re

op

po

rtun

ity asse

ssme

nt a

nd a

na

lysis. Le

arn

ho

w to id

entify

an

d

an

alyze

en

trep

ren

eu

rial o

pp

ortu

nitie

s for

techn

olo

gy-b

ased

ventu

res b

y first un

de

rstan

din

g tlieir perso

na

l self a

nd

decisio

n­

ma

kin

g fa

ctors.

Ex

am

ine

ho

w

lo evalu

ate

tlie op

po

rtun

ities a

nd

cha

lleng

es with

in itid

iistries an

d ma

rkets

of

interest.

Te

rm

2 E

NE

S6

64 B

tjsiness M

od

elin

g an

d C?u

stc>rn

er Va

lida

tion

.: Fo

cu

ses

on h

ow

to create a

nd d

eliv

er v

alu

e fo

r cirstom

ers a

nd h

ow

to

susta

ina

bly

extra

ct va

lue fo

r the v

cn

tirre. D

ev

elo

p b

usin

ess

mo

dels

tha

t en

co

mp

ass tire p

rod

uc

t or service,

custo

mers,

an

d

the eco

no

mic

eng

ine

tha

t will

deliver o

n ven

ture

ob

jectives.

'T'erm

3 IZ

NE

S6

66 C

reative D

esign

, P

roto

typ

ing

, an

d Testin

g:

En

ab

les

stud

ents

to tran

sition fro

m crea

tive, in

no

va

tive

, desig

n th

ink

ing

me

tho

ds

to pro

toty

pin

g a

nd co

ncep

t testin

g their p

rod

uc

ts a

nd

services. Em

ph

asis

is pla

ced on a

n inte

gra

ted

an

d

interd

isciplin

ary a

pp

roa

ch, to en

gin

eering

desig

n,

con

currerrt

eng

ineerin

g, d

esign

for m

an

ufa

ctirrtn

g, in

du

strial

desig

n, a

nd

tlit

bu

siness o

f ne

w

pro

du

ct d

ev

elo

pm

en

t.

Te

mr

4 E

NE

S6

69 L

ega

l .A

spects o

f En

trep

ren

eu

rship

: Hig

hlig

hts th

e

critical

lega

l an

d b

usin

ess issues e

ntre

pre

ne

ms

face as

they

bu

ild

an

d lau

nch a n

ew

ven

ture.

Ex

plo

re real

wo

rld scen

aricxs, an

d

ad

die

ss leg

al a

nd h

usitiess

issues fro

m

idea

tion to a

ll of

the

imp

orta

nt ju

nctu

i:es alo

ng th

e pa

th to success. S

ign

ifican

t

atten

tion is p

laced o

n ne

w v

en

ture fo

rma

tion

, intellectu

al

pro

pe

rty ma

na

gem

ent:,

an

d I'in

an

cing

arra

jigem

ents.

Te

rm

5 E

NE

S6

68 C

'orp

ora

te .re(.:h

nology E

nt:rep

reneu

rshi[.i:

Pro

vides

insig

ht

into th

e inn

t)va

tion p

rocess in co

rpo

ratio

ns

an

d th

e

un

iqu

e pro

ble

ms a

nd o

pp

ortu

nitie

s tha

t ma

na

gers

an

d co

rpo

rate

entrep

reneu

rs fa

ce in tran

slatin

g inn

ov

ativ

e idea

s into

successfu

l

results,

ho

rn op

p'o

rtun

ity recog

nitio

n to new

ven

ture

coi'p(,)i'ation.

EN

ES

66

3 Stra

tegies fo

r Ma

na

gin

g Inn

ov

atio

n: E

mp

ha

sizes h

ow

inn

ova

tive lea

de

rs can

use

strateg

ic m

an

ag

emen

t o

f inn

ov

atio

n to

en

ha

nc

e firm

perfo

rma

nce.

Un

de

rstan

d the p

roc

ess

of

techn

olo

gica

l ch

an

ge; th

e wa

ys th

at firm

s co

me u

p w

ith

inn

ova

tion

s; the stra

tegies tfiat firm

s use

to ben

efit fro

m

iniro

vatio

rt; and th

e pro

cess of fo

rmu

latin

g tec

hn

olo

gy

strateg

y.

Pro

vides fra

me

wo

rks fo

r an

aly

zing k

ey asp)ects of

the

se

in.d

ustries a

nd

. teach

es stud

ents

ho

w to a

pp

ly the

se fram

ew

ork

s,

EN

ES

66

5 Inn

ov

ativ

e Th

ink

ing

: In

trod

uces to

ols to b

oo

st crea

tive

pro

ble

m

solv

ing sk

ills. .Red

iscover

perso

na

l th

ink

ing

preferen

ces,

iden

tify an

d elim

ina

te me

nta

l blo

cks,

an

d e

nh

an

ce

coiru

iiun

icaH

on a

nd

tea

min

g skills. U

nlo

ck th

eir crea

tive

po

tentia

l, an

d exp

lore

win

-win

ap

pro

ac

he

s to pro

ble

m so

lvin

g.

EN

ES

66

7 Ma

rke

t De

ve

lop

me

nt

an

d Co

mm

erc

ializa

tion

: P

rovid

es

an o

rien

tatio

n to key

ma

rke

ting c

on

ce

pts critica

l to ma

rke

ting

techn

(.>logy-based

pro

du

cts a

nd services. Id

entify

ma

rke

t

op

po

rtun

itie.s, un

de

rstan

d custo

mer

preferen

ces, evalu

ate

ma

rke

t

accep

tan

ce, an

d d

evise th

e apj.'sropriate go

ing to

ma

rke

t

strateg

ies.

EN

ES

67

0 Fin

an

cial

Ma

na

ge

me

nt

an

d .N

ew V

en

ture

Fin

an

cing

;

Pro

vides

the essen

tial

too

ls an

d k

no

w-h

ow

to bu

ikf

a strtmg

fina

ncia

l fo

un

da

tion fo

r a new

tech

no

log

y v

en

ture

. E

xa

min

es

ac

co

un

ting

prin

cip

les as

well

as mellso

ds

fr^r k

ee

pin

g firm

fina

ncia

l co

ntro

l c>f yo

ur en

terprise.

Insig

lits are sh

ared

ori

na

vig

atin

g fina

ncia

l ba

rriers as well

as h

ow

to raise th

e rig

ht

am

ou

nt o

f cap

ital at tlie rig

ht

time fro

m tfie rig

ht

sou

rce.

EN

ES

66

0 Fu

nd

am

enta

ls o

f T

ectrno

log

y Sta

rtup

Ve

ntu

res:

Ex

plo

res th

e pro

cesses an

d sk

ills need

ed to la

un

ch a

nd

. ma

na

ge

startu

p ventu

res. Ex

am

ines

best p

ractices

!*or pla

nn

ing

,

lau

nch

ing

, an

d ma

na

gin

g ne

w

com

pa

nies.

Disc

usse

s ho

w

to

lau

nch a

nd g

row

the v

en

ture effectively b

y lev

era

gin

g m

od

els

an

d a

pp

roa

clres to n

avig

ate

un

certain

ty,

N E W C O U R S E P R O P O S E D F O R I N C L U S I O N I N T H E M A S T E R S

E N E S 6 7 2 : Launch ing the Technology Venture

The A . James Clark School of Engineering is requesting approval to add "ENES672: Launching

the Technology Venture". This new six-credit course is to be offered as the f i f th term course as

the final course in the program. ENES672 w i l l replace the current three-credit ENES660 and

ENES668 courses.

Table L Curriculum Overview (New: Term 5 three-credit courses replaced w i t h the new

ENES672 six-credit course)

Terms

Crea t i ve D e s i g n ,

P r o t o t y p i n g , &

Tes t ing

M a r k e t

T e r m l

• I n n o v a t i v e

Ideas &

Concep t

D e v e l o p m e n t

• Strategies fo r

M a n a g i n g

I n n o v a t i o n

Term 2

I n n o v a t i v e •

T h i n k i n g

Business

M o d e l i n g & •

C u s t o m e r

V a l i d a t i o n

D e v e l o p m e n t &

C o m m e r c i a l i z a t i o n

Term 4

• Lega l Aspec ts of

E n t r e p r e n e u r s h i p

• F inanc ia l

M a n a g e m e n t &

N e w V e n t u r e

F i n a n c i n g

Term 5

• L a u n c h i n g the

T e c h n o l o g y

V e n t u r e

ENES672 explores the processes and skills needed to launch and manage technology startup

ventures. Students learn how to apply best practices for planning, launching, and leading new

companies. We discuss a wide range of issues of importance and concern to technology

entrepreneurs, to include how to navigate uncertainty.

ENES672 is currently pending approval f rom VPAC.

4

ENES 672 Launching Technology Startup Ventures

COURSE DESCRIPTION

This course helps students to learn the processes and skills needed to launch and manage technology startup ventures. Students learn how to apply best practices for planning, launching, and managing new companies. Students wil l discuss a wide range of issues of importance and concern to technology entrepreneurs, to include how to navigate uncertainty.

COURSE GOALS

• To learn how to plan, launch, and manage a technology start-up venture; • To build confidence in students' personal talents, develop an entrepreneurial skill set, and learn

how to pair these talents with others who have complementary skills; • To develop specific skills, competencies, research and analysis methods, and perspectives of

technology start-up success factors; and • To provide students with the skills for identifying and analyzing entrepreneurial opportunities

throughout their career.

STATEMENT OF CONFIDENTIALITY

Throughout the course, students wil l be exposed to proprietary information from other students, guest lecturers and faculty. A l l such information is to be treated as confidential. By enrolling in and taking part of this course, students agree not to disclose this information to any third parties without specific written permission from students, guest lecturers or faculty, as applicable. Students further agree not to utilize any such proprietary information for their own personal commercial advantage or for the commercial advantage of any third party. In addition, students agree that any advice provided by the instructor and any affiliated parties wil l not serve as the basis of any legal suit. Any breach of this policy may subject a student to academic integrity proceedings as described in the University of Maryland policies and procedures, and to any remedies that may be available at law. Receipt of this policy and registration in our classes is evidence that you understand this policy and will abide by it.

UNIVERSITY CODE OF ACADEMIC INTEGRITY

The University of Maryland, College Park has a nationally recognized Code of Academic Integrity, administered by the Student Honor Council. This Code sets standards for academic integrity at Maryland for all undergraduate and graduate students. As a student you are responsible for upholding these standards for this course. It is very important for you to be aware of the consequences of cheating, fabrication, facilitation, and plagiarism. For more information on the Code of Academic Integrity or the Student Honor Council, please visit http://www.shc.umd.edu.

5

COURSE MATERIALS

• "Technology Ventures" by Byers, Dorf, and Nelson. 4* edition. • Articles and readings as assigned.

GRADING

Interim Assignments 35% 1. Concept Submission 5% 2. Competitive Analysis 10% 3. Marketing Strategy 10% 4. Financial Statements 10%

Business Plan 35% Investor Presentation 30%

PARTICIPATION POLICY

Active participation in the online conferences and discussion boards are expected each week. Our class for the each week wi l l start on Monday morning and conclude at midnight on Sunday.

6

Concept Submission

Develop a five-page description and analysis on your new venture concept with attention to:

1. Defining the concept. 2. What is unique about the concept compared to current and expected competitors? 3. What is the current and expected state of the market (customers)? 4. How do your personal interests, ambitions, and relationships align wi th the opportunity?

Competitive Analysis

Develop a five-page competitive analysis for your venture. Focus on:

1. Defining each of the Five Forces impacting your venture

2. Assessing the relative force (low, medium, high) on your venture for each force 3. Discussing potential strategies to position your venture successfully given the forces

Marketing Strategy

Develop a five-page marketing strategy for your venture. The outline for the marketing plan is:

1. Marketing objectives 2. Target customer segments: With consideration of how you wi l l Cross the Chasm 3. Marketing mix: Product, price, promotion, & placement 4. Sales methods to include personal selling and/or sales channels, etc.

Financial Statements

Develop comprehensive sales forecasts and financial statements:

1. Sales Forecast

2. Income Statement 3. Cash Flows Statement 4. Balance Sheet

Within each of these items, include 3years of forecasts from the time that revenues are initially generated. For example, include 3 years i f revenues start in year 1, 4 years i f revenues start in year 2, etc. Include a page to define key assumptions about Revenues and Expenses.

Business Plan

Using the outline provided in the text, develop a business plan of approximately 25 pages including cover page, tables of contents, executive summary (of 1 to 2 pages), financials, tables, charts, etc.

Investor Presentation

Develop and present a presentation to share your concept with a panel of investors.

7

SCHEDULE

P A R T I: V E N T U R E O P P O R T U N I T Y ,

C O N C E P T , AND S T R A T E G Y

1. Economic Growth and the Technology a. The Entrepreneur b. The Entrepreneur's Challenge c. The Entrepreneur d. Economics and the Firm e. Creative Destruction f. Innovation and Technology

2. Opportunity and the Concept Summary a. Opportunity Identification b. Trends and Convergence c. Opportunity Evaluation d. The Concept Summary

3. Vision and the Business Model a. The Vision b. The Mission Statement c. The Value Proposition d. The Business Model e. Business Model Innovation in

Challenging Markets f. Core Competencies g. Sustainable Competitive

Advantage

4. Competitive Strategy a. Venture Strategy b. The Industry and Context for a

Firm c. SWOT Analysis d. Barriers to Entry e. Achieving a Sustainable

Competitive Advantage f. Alliances g. Matching Tactics to Markets h. The Socially Responsible Firm

5. Innovation Strategies a. First Movers Versus Followers b. Imitation c. Creativity and Invention d. Types and Sources of

Innovation e. Technology and Innovation

Strategy f. New Technology Ventures

P A R T I I : V E N T U R E F O R M A T I O N A ND

P L A N N I N G

6. Risk and Return a. Risk and Uncertainty b. Scale and Scope c. Network Effects and Increasing

Returns d. Risk Versus Return e. Managing Risk

7. The Business Plan a. Creating a New Business b. The New Venture Story c. Crafting the Business Plan

8. Types of Ventures a. Independent Versus Corporate

Ventures b. Nonprofit and Social Ventures c. Family-Owned Businesses

Franchising d. Corporate New Ventures e. The Innovator's Dilemma f. Incentives for Corporate

Venture Success g. Building and Managing

Corporate Ventures

9. Knowledge, Learning, and Design a. The Knowledge of an

Organization b. Managing Knowledge Assets c. Learning Organizations d. Product Design and

Development e. Product Prototypes f. Scenarios

10. Legal Formation and Intellectual Property

a. Legal Form of the Firm b. Company Name c. Intellectual Property d. Trade Secrets e. Patents f. Trademarks g. Copyrights h. Licensing

8

PART ni: FUNCTIONAL PLANNING FOR THE VENTURE

n. The Marketing and Sales Plan 14. Management of Operations a. Marketing b. Marketing Objectives and

a. The Value Chain b. Processes and Operations

Description d. Market Research and Customer

Customer Target Segments c. Product and Offering

Management c. The Value Web d. Strategic Control and the

Development e. Brand Equity f. Marketing Mix g. Customer Relationship

Balanced Scorecard e. Scheduling and Operations

15. Acquisitions and Global Expansion a. Acquisitions and the Quest for

Management h. Diffusion of Technology and

Synergy b. Acquisitions as a Growth

hinovations i . Crossing the Chasm

Strategy c. Global Business

j . Personal Selling and the Sales Force

12. The New Enterprise Organization a. The New Venture Team b. Organizational Design c. Leadership d. Teams e. Management f. Emotional Intelligence g. Organizational Culture h. Social Capital i . Attracting and Retaining Talent

j . Ownership and Stock Options k. Board of Directors

13. Acquiring and Organizing Resources a. Acquiring Resources and

Capabilities b. Influence and Persuasion c. Location and Cluster Dynamics d. Facility Planning e. Telecommuting and

Teleconferencing f. The Internet g. Vertical Integration and

Outsourcing h. Innovation and Virtual

Organizations i . Acquiring Technology and

Knowledge

9

PART TV: FINANCING AND BUILDING THE VENTURE

16. Profit and Harvest a. The Revenue Model b. The Cost Model c. The Profit Model d. Managing Revenue Growth e. The Harvest Plan f. Exit and Failure

17. The Financial Plan a. Building a Financial Plan b. Sales Projections c. Costs Forecast d. hicome Statement e. Cash Flow Statement f Balance Sheet g. Breakeven Analysis h. Measures of Profitability

18. Sources of Capital a. Financing the New Venture b. Venture Investments as Real

Options c. Sources of Capital d. Bootstrap and Seed Financing e. Debt Financing f Grants g. Angels h. Venture Capital i . Corporate Venture Capital

j . Valuation k. Terms of the Deal 1. Initial Public Offering

19. Presentations and Deal Negotiations a. The Elevator Pitch b. The Presentation c. Negotiating the Deal d. Critical Issues for the Business

Plan

20. Leading Ventures to Success a. Execution of the Business Plan b. Stages of a Business c. The Adaptive Enterprise d. Ethics

10

1

Michael D Colson

From: James Vaughn GreenSent: Tuesday, November 10, 2015 11:38 AMTo: Michael D ColsonCc: Alyssa E. Cohen ShermanSubject: RE: Questions about Proposal to Modify Technology Entrepreneurship

Mike,  For the rationale:  

From a course management and student workload perspective, we see a single 6‐credit course as a more cohesive, coordinated experience for students versus the two 3‐credit courses completed in parallel per our current model.  

From a content perspective, a single capstone experience within the new ENES672 course allows students to develop their own startup company instead of completing a course in corporate entrepreneurship (intrapreneurship) per the current model. Our current students are overwhelmingly interested in developing their own company instead of working within an existing company. 

 For currently enrolled students, we will offer students the option of aligning their ENES672 assignments with (1) a new startup company or (2) a new entity within an established corporation. This will preserve key elements of the corporate entrepreneurship course should there be any students that desire that option at that time.  Thanks,  James  Dr. James V. Green Director of Entrepreneurship Education Maryland Technology Enterprise Institute (Mtech)  A. James Clark School of Engineering University of Maryland, College Park Tel: 301.314.1450   Fax: 301.314.9192   Web : Mtech.umd.edu  

From: Michael D Colson  Sent: Tuesday, November 10, 2015 11:26 AM To: James Vaughn Green <jvgreen@umd.edu> Subject: Questions about Proposal to Modify Technology Entrepreneurship  Hi James,  We are looking over http://www.provost.umd.edu/ProgDocs/15‐16/15019_GRAD_ENGR_ModifyMPSTechnologyEntrepreneurship.pdf and have a couple questions.  What is the rationale for the change to the curriculum?  Also, how will you handle students who are currently in the program?  Thanks, Mike  ‐ ‐ ‐