ist digital entrepreneurship & innovation strategic plan
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IST Digital Entrepreneurship & Innovation Strategic Plan. Presentation to IST Advisory Board July 12, 2013. IST Entrepreneurship & Innovation Strategic Planning Team. IST Team commissioned to develop a strategic plan related to entrepreneurship and innovation for the College: Lee Erickson - PowerPoint PPT PresentationTRANSCRIPT
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