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Queens College Entrepreneurship Final

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steven papa

on 18 February 2014

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Transcript of Queens College Entrepreneurship Final

Addressing enrollment issue
Develop cache for the college

Resources Required
Results of
Our Study

Queens College Entrepreneurship
Entrepreneurship is Important and Growing
AGENDA
3 Themes
Objectives
Approach
Results
Recommendations
Justification
Risk Factors
Resources Required
Market Strategy
Timeline / Rollout
Queens College Has Limited Offerings
(at the moment)
History of Entrepreneurship at QC

Schutzman Center established
Entrepreneurship Week
Old Website

BALA is successful - but only Business Minor available
1 entrepreneurship course at QC
(Only for BALA Students)
The Time is Right for Queens College
Existing Queens Eship Services are Limited
Limited Eship within CUNY
Fulfilling Objectives

Advance Eship Education
Provide Experiential Learning
Support e-Venture Community
Improve Networking Capabilities

Practice What We Preach:
Approach: Our Study
Conducted a study of successful Entrepreneurship programs within Academia
Examined the entrepreneurial landscape
Created a SWOT Analysis for Queens College
15 KCI Funded Campuses
Top 25 Undergrad Eship Programs
Methodology:
Success Factors
Drivers
Specific Programs
Major Themes
Produced a
comprehensive Matrix
Methodology:
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Produced a comprehensive Matrix / 'Moons Chart'
For the Community
For Students
For the College
Curriculum Offered
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Center
Workshops / Seminars
Incubator / Accelerator
Funding In / Funding Out
Success Factors
Recommendations
Justification
Market Strategy
Timeline / Rollout
Risk Factors
QC Coworking Space
Seed Fund
Coast-to-Coast Mentorship
Programs
5 Course Recommendations
Create Your Own Career
Small Business Consulting
Ideation and Pitching
Articulating Your Business
Strategy & Cases in Entrepreneurship
Survey
Brand Development
Content Strategy
Social Media
Advertising Strategy
Website
PR
Order of operations
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Quick pay back
Break-even point
Leverage resources (Len, Jukay, James Stellar)
Set us apart
Low-lying fruit
Smaller endowment
Attractive to faculty
Media notoriety
Why and why not or other programs? *
Phase I –
Research, Analysis and Proposal


Oct 1 – Dec 31, 2013

Phase II – Marketing Strategy and Operations,
Financing Gameplan (implementation plan)

Jan 1 – May 31, 2014

Phase III – Implementation and Launch
June 1 – Dec 31, 2014

‘Buy-in’ - faculty / students/ alum
Resources
Financial
People
Facility

Late to the game
No ‘Marquee player’

Coworking Space
Seed Fund
Coast-to-Coast Mentorship
Programs
Equipment / Space
Human Resources Needed
One-Time Cost
Recurring Costs
$55K
$35K
Equipment / Space
Human Resources Needed
One-Time Cost
Recurring Costs
$8K
$60K

Recurring Costs
(ex. staff)
$34.5K
Equipment / Space
Human Resources Needed
One-Time Cost
Recurring Costs
(ex. staff)
$21K
$0
+Zahn Center @CCNY
US Facts
NY Facts
Queens Facts
Academia Facts
For Profit
Non-Profit
Degree-Offering


Large-Screen, customized Mac computers in private ‘stalls’ or rooms and will have the capability for ‘Face-Chatting’, ‘Screen Sharing and Document Sharing’.
Non-intimidating common area that encourages eship community and free-flowing conversation

Short term
Idea-centered (not BP centered)

Non-intimidating
Fun
Reward creativity
Introduce entrepreneurship

Nearly every college
on our list has either a speaker series or
workshop series
Endowments and donations will create a pool of money dedicated to initial funding of startups.

This is completely new. Not a single program of the 40 schools we've studied has a mentorship platform like this
Course dedicated to general project management

Learn to
use and create project management tools and strategies
Designed to spur the growth of feasible ideas

Ideas must prove that they will provide value
Case studies

Covers full range of relevant issues from conception to exit strategies
Work with real
small business clients (all on campus)


Requirement for students
who wish to intern within entrepreneurship
Create an actual business plan based around your idea
20 large-screen Macs
collapsible walls

Housed in coworking space
17 mentors across the country
3 students
1 faculty
4 Desks
4 Computers

Small office
5 students
2 FTE / Adjuncts to oversee operation
Large Room (1500 sq ft)
furniture & fixtures
Collapsible walls
2 projectors / screens
1 Admin
2 Interns
Speaker series
Competitions
$30K for 2 competitions per year
9 speakers, each with $500 honorarium ($4,500)
"Entrepreneurship is now
considered one of the top-5 content programs that prospective MBA's want
their school to offer"
- Young Entrepreneur Council
6M small businesses in the US
- account for 15 million net new jobs created between 1993 and 2009
"...2012;

43% of Americans 'believed there were good opportunities for entrepreneurship around them
'.
A year earlier, that figure was 23%."
-2012 GEM Report
"In 2012, the average Total

Early-Stage Entrepreneurial Activity rate increased to nearly 13 percent, an all-time high
"
There are 8 NYC SBDCs - Helped NYers create:
70,000 businesses
24,000 new jobs
$565M invested into the economy
START-UP NY Initiative - Governor Cuomo is
creating tax-free zones for new and expanding businesses.
Now businesses can operate 100% tax-free for 10 years.
No business, corporate, state or local taxes, sales and property taxes, or franchise fees.
defined niche
faculty / student
buy-in
8 of 15 (More than half of the colleges studied)
cited faculty / student buy-in as a major factor in implementing an eship campus
"The Equine Entrepreneurship major had a student enrollment increase of 41% over the 17 majors in the previous year" -Lake Erie College
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Drivers
top-down
approach
funding
received
5 of 15 of KCI campuses relied on a top-down approach
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
enrollment
increases
Return Expected
1/3 were resistant
1/3 immediate support
1/3 incentives - research grants, forums and teaching classes
Coast-to-Coast Mentorship
Justification

We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Flattens Mentor Process - no geographic limitation
Increases desire for mentors to work with us - convenient for them
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Coworking
Justification

We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
$ in community
Works in another CUNY school
2011 started with single-digit attendence.
2013, 50 attendees.
Seed Fund
Justification

Justification for Eship at Queens College
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Multiplier
- enrollment
- income for students
-Illinois (double)
-Syracuse (triple)
-Purdue (exponential)
follow on funding
1/3 KCI schools claimed significant follow on funding after an endowment
"16% of 2011’s total college class
started a business after graduation
(5% in 1990)" - Intuit
"KCI has enabled the start of a program in entrepreneurship at the college, including the hiring of full-time faculty and the development of a Center for Entrepreneurship."
"...student enrollment in courses infused with entrepreneurship more than tripled, from 1,800 to 7,500 students annually.”
"
...more than 50 tech-related companies are now based in the borough of Queens, many of which are attracting significant venture capital and subsequently growing rapidly
."
-Queens.Brownstoner.com
Queens Eship is on the Map now, but
eastern Queens is under-served
Only 3 Incubators / Accelerators / Coworking spaces
(All in LIC)
80% of the student demographic is Hispanic.
Courses heavily based on minority entrepreneurship - including Hispanic Entrepreneurship.
6.6% of the working population in Queens County is self employed.
Up from 6.2% the year before
Conservative estimate,
1500 biz cases
opened in Queens in the past year
“Undergraduate enrollment in the Certificate Program
grew from 41 students in 2005 to over 2800 students by 2010-11."
"MBA in Entrepreneurship program enrolled about 20 students.
Post-KCI that number has doubled, with an increase in the number of students in the major who did not study business as undergraduates."
"We grossly underestimated student interest...When we proposed the minor to the University Faculty, we estimated that it was unlikely to grow to more than 40 students.
"...administration had to play a key role by providing a consistent “top down” message of institutional support and commitment...could not have been done without the support of the University's administration."
New York City
23 accelerators
52 incubators
25 coworking spaces
486 new tech companies since 2007
100 mergers and acquisitions for privately-held tech companies in NYC, with an accrued value of up to $8.3B -privco
"Compared to other generations, Millenials are 120% more likely to start businesses as their first job"
2003 / 2006 - 18 schools awarded a total of $40M
"90% of young people believe that entrepreneurship education is important, but 75% of college students claim that they have no access to on-campus entrepreneurial resources"
"A critical match to the Kauffman challenge came (1 year later) when Sergio Pino, Chairman and CEO of Century Homebuilders, honored his father by endowing the Center with a multi-million dollar gift (plus state match)..."
Arizona State University - 34% more funding ($12M)
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
Preliminary Student Interest
Surveyed 25 QC Undergraduates to gauge interest and attitudes toward eship
More Justification for Eship at QC
No personal experience
Are interested in eship
1st hand exposure through family entres.
Consider themselves creative / Somewhat knowledgeable
Find the idea of owning a biz, alluring
Would be more interested in starting if they received help
Results:
4/5 have never started a business... 3/4 would want to some time in the future
4/5 have a family member that is an entrepreneur
90% feel that they come up with "great, new to world ideas."
90% either agree or strongly agree that they would be "interested in starting their own business if someone trained them how to do it".
They also gave us preliminary insight into
the most effective channels to reach the rest of the QC student population
Facebook
Email
In-Person
previous examples
Competitive advantage
Gives jobs to students
Flexible space - mentoring and future incubator
Informal pitch events
Benefits a startup eship college
Create ideas / share them
Serves both stage I and II businesses
Serves community without paperwork
Serves as a venue for events/clubs
Gauges interest of faculty and students
24 of the 40 colleges studied have a seed fund
'Need it to be a player'
Gives students jobs
vet applicants
manage applicants and produce leads
Direct result from giving
Experiential learning
QC Eship Rollout:
Examined each school across these programs / services
NY VC Deals are
outpacing
Silicon Valley
Kauffman Campuses Initiative:
Successful startups are growing in NYC
Eship services are following suit
- Association of Business Schools, 2011 Survey
- intuit
-UTEP
Enrollment increased from 19K to 22K after entrepreneurship offered.
- Lake Erie College
- University of Illinois
- Syracuse University
- Purdue University
- Baldwin-Wallace College
We also carefully studied the top 25 undergraduate eship programs to find commonalities among the schools and their offerings
Academia / Curriculum
Student Organizations
Competitions
Internships
Mentoring Programs
Eship Centers
Workshops / Seminars
Incubator / Accelerator
Funding in / Funding Out
follow-on
funding
increased faculty and grant $
1/3 of KCI campuses cited significant funding following the launch / expansion of their entrepreneurship offerings
number of courses with entrepreneurship content offered
number of faculty teaching entrepreneurship
undergraduate enrollment in entrepreneurship courses
graduate enrollment in entrepreneurship courses.
"Arizona State University received 34% more outside funding – nearly $12 million – due to the existence of its entrepreneurship program"
Return Expected
- Arizona State University
Since Illinois received the KCI grant - the college has seen a
doubling
of:
-University of Illinois
Have online, private, ‘face-to-face’ conversations with top-tier business advisers and mentors from all across the country.
Entrepreneurs will be able to schedule meeting times with a variety of handpicked mentors and business advisers based on their business needs and the expertise of the mentors available.
Competitions
Speaker Series
Inspire ideas
Casual / informal
Important for an eship 'starter-school'
Important for schools with limited eship services in the area
Multi-purpose venue
- Wake Forest
Today approximately 80 students out of each class starting
as sophomores select the minor for a total of about 240 minors."
- FIU
Improves our mentor network
"Increasing membership in the student “eClub,” which has grown astronomically from 8 to 392 students."
- Syracuse
Queens Tech?
Need high foot traffic area / high student visibility for branding / marketing reasons
ROI
Multiplier
Internships to support programs
Easy sell / funds flow
Satisfy objectives
Preliminary student interest
"Increasing membership in the student “eClub,”
which has grown astronomically from 8 to 392 students."
- Syracuse University
"Entrepreneurship did not have a presence on Hiram’s campus, and there were no organized entrepreneurial activities. Only one course related to small business was offered...Today, things are different"
- Hiram College
faculty buy-in
“Since 2004, over 120 Illinois researchers, representing every degree-granting unit on campus, have produced dissertations (33), book chapters, conference papers, and especially scholarly journal articles.”
-University of Illinois
Eship is impt
Eship at QC
Time is right
Strengths
Weaknesses
Opportunities
Threats
Heavy Comp. Sci. program
Heavy Natural Sci. program
Diverse student population - minority eship
New offering - Coast-to-Coast Mentorship
Large, engaged student pop.Opportunities - FB 20K
Lite Business Curriculum
Distance to the city / geography - difficult to access
Lack of brand - we have to prove our worth
Queens Tech Incubator Partnership - use our entres and ignore reciprocation
Queens Borough gaining eship notoriety
Eastern Queens is extremely under-served
1st Mover Advantage for Coast-to-Coast Mentorship
Opportunity to greatly expand partnerships / network
Partnership with Jukay Hsu / Queens Tech Incubator
he has great momentum, which we can harness
'Clean-slate' - we're tailoring eship for our school
Faculty are not convinced of eship's importance to QC
Lack of brand - we have to prove our worth
CUNY-wide incubator may want to steal our talent
Coworking space -strengthened student community
QC Seed Fund - students / faculty-run collaboration
Small Business Consulting course - students, faculty and community
Justification for QC Eship - Satisfying Objectives
Building a Campus Community
Increase our market share
Serve our students
Enriching our Local Community
Raise our academic profile
Institutional Goals
Eship Satisfies QC’s Goals
Community ventures - financial support from QC Seed Fund and benefit from our workshops and speaker series.
Eship and economic-development related research from QC faculty
Track record of eship introduction leading to increased enrollment in other schools
4 programs and 5 new courses which compliment one another.
Allow students to ‘live entrepreneurship’ while they study it in the classroom
Goal to secure grants of similar to the Kauffman Foundation
Recognized as a 'player in the eship community'
Success of our programs, community service and partnerships = positive press for the college.
Coast-to-Coast Mentorship platform - new relationships with will connect QC other esteemed universities and academics across the country
Funding can be obtained by student / outside businesses through an application and vetting process.
2 Admin
3 Interns
Full transcript