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Monday May 20, 2019
Bill AuletManaging Director,
Martin Trust Center
for MIT Entrepreneurship
University of Stavanger
Overview of Program
Why be an entrepreneur? What does it take?
Why scale?
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Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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What is Entrepreneurship?3
The formation of a new venture that produces a
product (which includes in my definition an offering as
well) that creates some value for which your new
venture can capture some value to make it
economically sustainable.
DISCIPLINED ENTREPRENEURSHIP
Entrepreneurship
SME (Small Medium Enterprise)
Local Market Focus
Restaurants, Dry Cleaners, Services
IDE (Innovation-Driven Enterprise)
Global Market Focus
Products w/ Innovation at Core
• Δt is short• Linear growth (capped)• Less investment required
• Δt is long• Exponential growth (uncapped)• A lot of investment required
Further Refinement of this Definition
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Innovation = Invention*Commercialization
Definition of Innovation
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What Is Entrepreneurship?
Invention
* Technology essentials
* Knowledge of science & engineering
* Skills to develop
* Skills to build
Commercialization
* Business essentials
* Venture engineering
* Knowledge to frame decisions
* Skills to start
* Skills to grow
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Misperceptions7
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7 Whopping LiesTold About
Entrepreneurs Which are Actually Damaging to All Parties Involved
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#1 -“Entrepreneurs are
mercurial individualists”
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#2 -“Entrepreneurs are the smartest & most high
achieving people in the room”
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#3 -“Entrepreneurs are born,
not made”
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#4 -“Entrepreneurs love risk”
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#5 -“Entrepreneurs are successful because they are charismatic”
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#6 -“Entrepreneurs are lucky”
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#7 -“Entrepreneurs are undisciplined”
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One Other Misperceptions …
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The Truth
• Relevant elements of a craft: Accessible
Builders
Unique Products
Learnable
First Principles Exist But Don’t Assure Success
Apprenticeship
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Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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Importance of Spirit21
Willingness and even joy in being
different …
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Importance of Spirit22
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Spirit + Skills
Successful Entrepreneurship
Successful Entrepreneurship=
Spiritof a pirate
Skillsof a Navy Seal
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+
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Specifically Knowledge of the Process – First Principles
• Domain expertise will be covered on Ocean Industry in
this school as well
• Domain experistise is essential but it should build off
general first principles – which may be bent or altered
but there is no reason to start over everytime
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Benefits of Approach
Comprehensive yet Practical
Integrated
Proven & Tested – To Stand the Test of Time
Sequential/Prescriptive
Creates Common Language for Knowledge Transfer and
Accumulation
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The MTC4ME Entrepreneurship Ramp
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Inspiration: Idea,
Technology
Application:Extra-Curricular
Acceleration: Fully Immersive
Capstone
Fundamentals:Classroom
Exploration:Workshops, Grants, EIR’s
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The Experience for the Student …38
SeptDemo Day
(Sat)“Yes I Can!”
thenT=0 Festival
(M-Th)Gettingstarted
FallLow Friction
Events, Classes,
Clubs“Increasingexposure”
IAPFUSE,
StartMIT,$100K Pre-Accelerator
Treks,Internships“Starting
to commit”
SpringMore
AdvancedClasses,
Competitions,Ind. Studies,
Services“In the race”
Summerdelta v
Accelerator,Plus other
Fullcommitment
options“Full
immersion –all in for summer”
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Integrated but highly Customizable
as well
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What Does this Look Like on the Ground?
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The Story of Reo, Rita, Natalie, Chuan & Gavin
Start IAPJan 2015
15.390Feb – May 2015
delta vJune – Aug 2015
BCG
Hacking Arts
PowderWave
GSDSept – Jan 2015
IDEOSumo Logic
TA
6.933
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Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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What is Scaling?44
To take a small venture and make it a big one – in
impact.
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Sense of Urgency45
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Other Examples46
