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Transformational Change in a Competitive Environment

Transformational Change in a Competitive Environment. Sherwin Greenblatt Director, MIT Venture Mentoring Service. Sixth Congress of University Administration Santiago, Chile 14 January, 2010. Experience in the Business World. Founding of Bose Corporation Early experiences

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Transformational Change in a Competitive Environment

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  1. Transformational Change in a Competitive Environment Sherwin Greenblatt Director, MIT Venture Mentoring Service Sixth Congress of University Administration Santiago, Chile 14 January, 2010

  2. Experience in the Business World • Founding of Bose Corporation • Early experiences • Establishing a successful company • Discovering the need to make a transformational change

  3. Quality at Bose • Competitive problems • Early attempts • Automotive experience • Center for Quality of Management (www.cqm.org)

  4. Lessons Learned - Needs • Support from the top • A focus for everyone • Realization that for improvements to occur, changes have to take place. Big improvements require major changes

  5. Characteristics of a Good Improvement Program • Draws on proven tools • Uses systematic techniques • Involves everyone in the improvement process • Provides a common way of sharing successful ideas

  6. Benefits of a Successful Program • Better productivity – more with current resources • Less errors – lower costs • Frees up resources for other activities • Good morale

  7. Experience in the Academic World • Retirement from Bose • MIT Venture Mentoring Service • MIT Executive Vice President • MIT Alumni Association CEO • What I Learned

  8. Retirement from Bose • Goals achieved • Job not matching my skills/interests • Desire to experience “The Rest of the World” • Uncertain about the future • Desire to focus on entrepreneurship

  9. Experience in the Academic World • Retirement from Bose • MIT Venture Mentoring Service • MIT Executive Vice President • MIT Alumni Association CEO • What I Learned

  10. MIT Venture Mentoring Service • VMS is an educational program supporting aspiring entrepreneurs from the MIT community. The program is driven by a group of volunteer mentors willing to share their significant business experience. • VMS helps individuals commercialize an idea they are passionate about.

  11. Mission of VMS • Supports entrepreneurial activities within the MIT community • Furthers the educational mission of MIT • Strengthens MIT’s role as a world leader in innovation • Broadens MIT’s base of potential support

  12. VMS Goals • Educate aspiring entrepreneurs about the venture creation process • Develop entrepreneurial leaders • Build a vibrant community of experienced business mentors • Bridge the worlds of academia and business • Create successful ventures

  13. VMS Accomplishments • > 1,200 entrepreneurs served • > 700 ventures served • > $600 million raised by ventures • Other institutions starting programs modeled after ours

  14. Experience in the Academic World • Retirement from Bose • MIT Venture Mentoring Service • MIT Executive Vice President • MIT Alumni Association CEO • What I Learned

  15. MIT Executive Vice President • The call from the President • Similarities with business • Nature of the enterprise– two products and an independent source of revenue • Research • Education • Philanthropy

  16. University as an Enterprise • Intellectual framework • Many influential constituencies • Lots of independent organizations • Lines of authority unclear • Focus on today’s problems

  17. Experience in the Academic World • Retirement from Bose • MIT Venture Mentoring Service • MIT Executive Vice President • MIT Alumni Association CEO • What I Learned

  18. Experience in the Academic World • Retirement from Bose • MIT Venture Mentoring Service • MIT Executive Vice President • MIT Alumni Association CEO • What I Learned

  19. Environment is Changing • Endowment support has dropped dramatically • Tuition rising faster than inflation • Weaker federal and state aid for higher education • Declining support for sponsored research • Internationalization of higher education • Post 9/11 fall out

  20. Traditional Values are Changing • Business world is indifferent • Value of a college degree is being questioned • For profit institutions growing rapidly • Foreign students go home when they graduate

  21. Some Things Stay the Same

  22. But They’re Not the Same

  23. No One Solution to Problems • Old models aren’t working anymore • New ideas beginning to emerge – must learn from them

  24. New Ideas in Higher Education • For profit colleges • Open sharing of the best – OCW • Online/blended learning – Fast Track • Interactive learning • More productive administrative organizations - NCCI

  25. Impediments to Improvement • NIH (Not Invented Here) • Conservatism • Internal competition • Local optimization

  26. Our Challenge • Rise above the fray • Get people working together • Focus on outside competition • Build on what is unique and beneficial about our institutions • Experiment continually • Never give up

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