IST Digital Entrepreneurship & Innovation Strategic Plan

Presentation to IST Advisory BoardJuly 12, 2013

IST Team commissioned to develop a strategic plan related to entrepreneurship and innovation for the College:» Lee Erickson» Irene Petrick» Shawn Clark» Jim Jansen

IST Entrepreneurship & Innovation Strategic Planning Team

Penn State Entrepreneurship & Innovation Eco-System

Recent increase in interest and momentum around e-ship and innovation across Penn State

• New approach to IP policy• TechCelerator@ State College

• Intercollege Minor in Entrepreneurship & Innovation (ENTI)

• Expansion of Startup Week• Increase in business competitions/idea pitches

across campus

• New Leaf 2.0 and co.space initiatives• Happy Valley Startup networking site• Business leaders reaching out to University

1. Facilitating e-ship/innovation for faculty, grad students, post-docs

2. Increased interest at undergraduate level

3. Increased activity within surrounding entrepreneurial community

Faculty working group established summer 2012 to: » Develop IST courses in support of ENTI Minor» Coordinate and advance the cause of IST e-ship courses, facilities, activities,

and events» Improve communications within and beyond the College

Deliverables:» ENTI Minor Cluster proposal and

piloting of courses:• Digital E&I Design and Innovation (Fall 2012)• Digital E&I Business Fundamentals (Spring 2013)• Applications, Technologies, and Tools for

Entrepreneurs (Fall 2013)

» B.A. Template with concentration in e-ship» Penn State Eco-System Handbook» Strategic Plan

Defining IST’s Role in E-ship at Penn State

Benchmarking: Top 25 Undergraduate E-ship Programs

Princeton University Study, 2011- 2012 data

Average Enrollment (rounded)

Average Length Offering Major

Scholarship Money Available

Grads Starting a Business

Business Plan Competition $ Awarded

771 students

19 yrs(oldest: 1971newest: 2008)

$1,482,480 24% $73,597/yr

IST’s Sweet Spot: Digital Entrepreneurship & Innovation

Based on benchmarking, visits to E-ship schools, conversations with Directors of E-ship centers, it is the recommendation that IST focus its efforts on:

• Critical role of IT and IT-driven innovation in today’s marketplace• Limited programs focused on digital entre/intrapreneurship

1. A digital emphasis

• Extends current majors/options• Produces more competitive students• Builds on current success with student acceptance into leadership

programs• 54% of young Americans (18-34) interested in e-ship

2. An undergraduate focus

3. Emphasis beyond venture capital

• Less than 1% of U.S. companies are VC funded• Increases in other funding sources (e.g., crowdsourcing, angel, etc.)

4. A regional mid-Atlantic presence

• IST is late to the table• Reachable yet stretch goal considering investment and resources

needed

Vision & Goals

IST’s Digital Entrepreneurship & Innovation program is designed to provide undergraduate students with the technical, business, and leaderships skills needed to start their own businesses, work with others starting new businesses, or become leaders of IT-driven innovation within traditional businesses by exposing them to cutting-edge digital technologies, new digital business models, and hands-on exploration and experimentation.

Design and implement a culture and programs within IST that foster innovation and entrepreneurship and prepare undergraduates with the skills, knowledge, and resources needed to start up new digital businesses and pursue successful careers as leaders of innovative digital business units, products, and services in established organizations.

2013 Academic Year

Phase 1:Prepare & Build

Achieve the long-term sustainability of a successful Digital E&I program by establishing and expanding the visibility of key entrepreneurship activities such as education, recruitment, career development, and mentoring, and by effectively engaging and supporting the entrepreneurial interests of IST students, faculty, staff, and alumni.

2014-2016 Academic Years

Phase 2:Expand & Extend

Establish a formal Digital E&I program that achieves regional recognition and positive economic impact by providing incentives to support and participate in entrepreneurial efforts through the active engagement of key stakeholders involved in entrepreneurship such as educators, corporate sponsors, community leaders, and students.

2016 and Beyond

Phase 3:Grow & Lead

2013 Academic Year

Phase 1: Prepare & Build

Phase 1:Prepare &

Build

Goal 1: Develop Digital E&I curriculum; align and build connections to current IST majors and options.

Goal 2: Create engaging and meaningful hands-on experiences for IST students related to Digital E&I.

Goal 3: Support and build connections to potential sources of funding for scholarships, seed money, and event sponsorship.

Goal 4: Build faculty expertise in entrepreneurship and innovation education.

Goal 5: Demonstrate leadership and facilitate awareness of e-ship and innovation activities across Penn State.

Goal 6: Promote the visibility of Digital E&I within IST and across the University.

Goal 7: Engage IST undergraduate student leaders in establishing and promoting Digital E&I events and activities.

Leveraging Internal & External Resources

Connecting with Entrepreneurs

Hands-On Experiences

Promoting Events & Clubs

Mentoring/Coaching

Internships/Shadowing

Emerging Entrepreneur Scholarship Entrepreneur-in-Residence Scholarship

Business Plan CompetitionElevator Speech Comp

Class projects with local/regional businesses

Student Incubator/Sandbox

Startup Week

Hack-a-thons

Networking Events

Alumni/Local/Regional Entrepreneurs, Investors, and Accelerators

Cross-departmental Activities

Club Events (e.g., WIST, SRA, TechPreneur)

IST 110Information, People

& Technology

MGMT/ENGR 297 Entrepreneurial

Mindset

ENGR/ENTR 310Entrepreneurial

Leadership

IST 3XXDigital E&I

Internet, Mobile Applications & Tools

IST 4XX Digital E&I

Design & Innovation

IST 2XX Digital E&I

Business Fundamentals

MGMT/ENGR/IST 425

New Venture Creation

IST Digital E&I Cluster Required Courses

Suggested IST Discovery Course

Semesters 1-3(Not Part of Minor)

Semesters 1-4 Semesters 4-6Semesters 4-6

University Minor Core Required Course

Semesters 1-4

Semesters 6-8

University Minor Core Required Course

Digital E&I Studio/Club

In-class Speakers

Global Entrepreneurship week

2014- 2016 Academic Years

Phase 2: Expand & Extend

Phase 2:Expand & Extend

Goal 8: Extend opportunities for IST students at UP and non-UP campuses to participate in Digital E&I courses.

Goal 9: Expand opportunities to collaborate with other Penn State Colleges/Schools.

Goal 10: Expand outreach outside IST to increase enrollment and interest in Digital E&I.

Goal 11: Expand participation of alumni and corporate sponsors in Digital E&I activities.

Goal 12: Extend reach regionally and expand opportunities for students to network by actively engaging entre/intrapreneurs and support organizations entrepreneurial organizations in Digital E&I activities.

2016 And Beyond

Phase 3: Grow & Lead

Phase 3:Grow &

Lead

Goal 13: Increase current faculty involvement in Digital E&I activities and grow Digital E&I faculty.

Goal 14: Grow participation and leadership in regional mid-Atlantic Digital E&I activities.

Jul

Develop Curriculum Proposals

Aug Sept Nov Dec Jan Feb Mar Apr May JuneOct

UpdateEco-system Handbook

Distribute Eco-system Handbook

Designate Director

Hire Admin Support

Create Advis. Brd

Develop E-ship Portal

Attend GCEC Conf.

ISTIdea Pitch

mHealth for GEW

Generate Awareness of IST Scholarships

Outreach to DUS Students

Startup Wk

Formalize Mentoring Program

Faculty Senate Approval of Minor

Integrate Consulting Solutions Program Host

BootcampsDevelop End-of-Yr Report

Recruit New Scholarship Applicants

Startup Showcase

Build Digital E&I Brand Run Awareness/Marketing Campaign

Open Studio

Launch Club

Identify Student Ldr

Create LinkedIn

Outreach to Alumni, Corporate Partners, Community, Funding Sources

Connect Students to D&I Events across Penn State

Tentative 1st Year Timetable

Silicon Valley Shadow Trip

Estimated Costs, Year 1*

Category Details Estimated Cost

Overall Program Support Director (1/2 time) TBD

Admin support (full time) $30,000

Discretionary Fund $10,000

Curriculum Development Formal proposal to Faculty Senate $20,000

Digital E&I Studio, Club Facilities, events, networking $13,000

E-Ship Portal Design, development, maintenance $25,000 - 35,000

Digital E&I Showcase Events Planning, speakers, awards (does not include Startup Week funds)

$11,000

Travel/Competitions Funds for faculty and student travel, entry fees, etc.

$8,500

Bootcamps 2 Bootcamps, summer 2014 $30,000

$157,500

* estimates are for personnel/resources/events outside those currently funded

Next Steps

1. Seek Advisory Board feedback2. Socialize with IST faculty3. Obtain approval and funding for

specific activities4. Prepare course proposals for IST

ENTI Minor 5. Launch Phase 1 (Fall 2013)

Phase 1:Prepare & Build

Phase 2:Expand

& Extend

Phase 3:Grow &

Lead

Digital Entrepreneurship & Innovation