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IST Digital Entrepreneurship & Innovation Strategic Plan

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

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IST Digital Entrepreneurship & Innovation Strategic Plan

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  1. IST Digital Entrepreneurship & Innovation Strategic Plan Presentation to IST Advisory Board July 12, 2013

  2. IST Entrepreneurship & Innovation Strategic Planning Team • IST Team commissioned to develop a strategic plan related to entrepreneurship and innovation for the College: • Lee Erickson • Irene Petrick • Shawn Clark • Jim Jansen

  3. 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 • Facilitating e-ship/innovation for faculty, grad students, post-docs • Increased interest at undergraduate level • Increased activity within surrounding entrepreneurial community

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

  5. Benchmarking: Top 25 Undergraduate E-ship Programs Princeton University Study, 2011- 2012 data

  6. 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: • A digital emphasis • Critical role of IT and IT-driven innovation in today’s marketplace • Limited programs focused on digital entre/intrapreneurship • An undergraduate focus • 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 • Emphasis beyond venture capital • Less than 1% of U.S. companies are VC funded • Increases in other funding sources (e.g., crowdsourcing, angel, etc.) • A regional mid-Atlantic presence • IST is late to the table • Reachable yet stretch goal considering investment and resources needed

  7. 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.

  8. Phase 1: Prepare & Build 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 2: Expand & Extend 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 3: Grow & Lead 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

  9. 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. Phase 1: Prepare & Build 2013 Academic Year

  10. University Minor Core Required Course IST Digital E&I Cluster Required Courses University Minor Core Required Course MGMT/ENGR 297 Entrepreneurial Mindset IST 110 Information, People & Technology IST 2XX Digital E&I Business Fundamentals IST 3XX Digital E&IInternet, Mobile Applications & Tools IST 4XX Digital E&IDesign & Innovation MGMT/ENGR/IST 425 New Venture Creation ENGR/ENTR 310 Entrepreneurial Leadership Suggested IST Discovery Course Semesters 1-3 (Not Part of Minor) Semesters 1-4 Semesters 4-6 Semesters 4-6 Semesters 6-8 Semesters 1-4 Connecting with Entrepreneurs In-class Speakers Mentoring/Coaching Internships/Shadowing Hands-On Experiences Elevator Speech Comp Business Plan Competition Class projects with local/regional businesses Student Incubator/Sandbox Leveraging Internal & External Resources Club Events (e.g., WIST, SRA, TechPreneur) Emerging Entrepreneur Scholarship Entrepreneur-in-Residence Scholarship Alumni/Local/Regional Entrepreneurs, Investors, and Accelerators Cross-departmental Activities Promoting Events & Clubs Digital E&I Studio/Club Startup Week Global Entrepreneurship week Networking Events Hack-a-thons

  11. 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. Phase 2: Expand & Extend 2014- 2016 Academic Years

  12. 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. Phase 3: Grow & Lead 2016 And Beyond

  13. Tentative 1st Year Timetable Faculty Senate Approval of Minor Develop Curriculum Proposals Designate Director Hire Admin Support Create Advis. Brd Update Eco-system Handbook Distribute Eco-system Handbook Develop E-ship Portal Generate Awareness of IST Scholarships Recruit New Scholarship Applicants Build Digital E&I Brand Run Awareness/Marketing Campaign Outreach to DUS Students Outreach to Alumni, Corporate Partners, Community, Funding Sources Connect Students to D&I Events across Penn State Open Studio Identify Student Ldr Create LinkedIn Launch Club IST Idea Pitch mHealth for GEW Startup Showcase Startup Wk Attend GCEC Conf. Formalize Mentoring Program Silicon Valley Shadow Trip Integrate Consulting Solutions Program Host Bootcamps Develop End-of-Yr Report Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May June

  14. Estimated Costs, Year 1* * estimates are for personnel/resources/events outside those currently funded

  15. Next Steps • Seek Advisory Board feedback • Socialize with IST faculty • Obtain approval and funding for specific activities • Prepare course proposals for IST ENTI Minor • Launch Phase 1 (Fall 2013) Digital Entrepreneurship & Innovation Phase 1: Prepare & Build Phase 2: Expand & Extend Phase 3: Grow & Lead

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